Novel concept: China’s spellbinding bookstores draw selfie snappers
Tianjin, China -- Towering accordion steps and a fantastical spiral staircase greet visitors to a massive bookstore in northern China's...
Arts & Culture
US unemployment rises further, hovering at highest since 2021
A deteriorating jobs market could nudge the central bank to lower rates further to boost the economy, despite some policymakers'...
Economy
Business
Al Ansari to pay $81m dividend
This brings the total amount of dividend for 2023 to $162m.
- The approved cash dividend payment is in line with the dividend policy set out in the IPO prospectus.
- The company had reported a net profit of AED495 million for 2023, a decrease of 15.7 per cent year-over-year, from AED595 millon.
Geostrategy
Hate crimes surge 32 percent in France following Gaza war: Govt
Police recorded 8,500 crimes and misdemeanors "committed because of the ethnicity, nationality, supposed race or religion" of the victim across...
- There were twice as many crimes and misdemeanors recorded in October-December as in the same period in 2022.
- "The increase can be seen from October, with a level of offences holding at the same high level in November before falling back in December," the report said.
Business
Nearly 71% firms plan to expand workforce in ADGM in 2024
Abu Dhabi, UAE:Â A total of 70.81 percent of companies anticipate expanding their workforce in Abu Dhabi Global Market during...
- Asset Management is poised to take the lead, as 18.56%Â of respondents recognize its significant growth potential.
- Fintech and the fields of Digital Assets, Blockchain, and Distributed Ledger Technology, came second, with 17.08%Â and 16.83%Â of stakeholders banking on their rise respectively.
Geostrategy
Planet ‘on the brink’, with new heat records likely in 2024: UN
The annual State of the Climate report by the UNÂ weather and climate agency confirmed preliminary data showing 2023 was by...
- "Earth's issuing a distress call," UN chief Antonio Guterres said in reaction to the report, pointing out that "fossil fuel pollution is sending climate chaos off the charts".
- One especially worrying finding was that marine heatwaves gripped nearly a third of the global ocean on an average day last year.
Business
ACWA Power refinances Al Dur debt
ACWA was the sole financial advisor to Al Dur Phase II IWPP project company.
- The $1 billion project uses sea water reverse osmosis (SWRO) technology to produce 227,000 cubic meters per day of desalinated water.
- The list of lenders to the project include Ahli United Bank, APICORP, Al Rajhi Bank, Arab National Bank, Banque Saudi Fransi and Gulf International Bank.
Business
UAE first: Islamic banking assets by 2023 end cross $190bn mark
Abu Dhabi, UAE -- The assets of Islamic banks operating in the UAE exceeded AED 700 billion ($190 billion) for...
- Deposits in Islamic banks rose to AED 495.5 billion at the end of last December, an annual increase of about 12.6 percent, compared to about AED 440 billion in December 2022.
- The total investments of Islamic banks reached AED 132.7 billion at the end of last December, an annual increase of 27.1 percent or AED 28.3 billion.
Geostrategy
Russia working to establish visa-free travel with Gulf nations: Bogdanov
Moscow, Russia -- Russia is working to establish a visa-free regime with all Gulf countries, said Mikhail Bogdanov, Russia's deputy...
- "In principle, such work is going on systematically. Because, of course, I think it is in the interests of our countries," said Mikhail Bogdanov, Russia's deputy foreign minister.
- In September last year, Russia offered the complete cancellation of tourist visas to Kuwait, Oman, Bahrain, Saudi Arabia and Malaysia.
Business
Digital surge: UAE’s e-commerce eyes $17bn milestone
Widespread internet and smartphone use is the key driver of online shopping growth, with nearly two-thirds of the UAE's population...
- E-commerce revenues are predicted to reach $9 billion by 2024, reflecting a market penetration rate of 66.1 percent and a CAGR of 6.54%.
- Flexible payment options such as "Buy now, pay later" are gaining traction, with predictions stating that by 2024, almost 90 percent of sellers will offer these plans.
Business
Arabian Drilling to pay $60m dividend
The firm said the total dividend for 2023 will be S120 million.
- The company posted a net profit SAR 605 million in 2023, up 8 percent compared to SAR 558 million in 2022.
- The fourth-quarter net earnings jumped 34 percent to SAR 183 million from SAR 137 million in Q4 2022.
Economy
World Bank plans $6 billion in financial assistance for Egypt
The financial assistance includes "$3 billion for financial support to Government’s programs and $3 billion for the private sector (including...
- The World Bank Group is comprised of five separate agencies which deal with a range of issues, including investment. Its current portfolio with Egypt is above $8bn.
- Earlier this month, the IMF agreed an expanded $8bn loan package after Cairo implemented reforms that included moving towards a flexible exchange rate and hiking interest rates.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Novel concept: China’s spellbinding bookstores draw selfie snappers
Tianjin, China -- Towering accordion steps and a fantastical spiral staircase greet visitors to a massive bookstore in northern China's...
Arts & Culture
Company News
Latest News
BP announces $7bn gas project
Business
Musk’s AI startup raises $6bn more, Saudi and Qatari funds among investors
Paris, France -- Billionaire tech mogul Elon Musk's startup xAI said it had raised $6 billion from investors in its latest...
Business
Honda and Nissan expected to begin merger talks
Honda and Nissan were poised Monday to announce the start of talks on a merger to help the Japanese giants...
In stabilization bid, Syria’s new ruler declares all weapons under state control, including Kurdish arms
Ahmed al-Sharaa announced all weapons, including those held by Kurdish-led forces, will come under state control, emphasizing unity and coexistence...
Most Read
Geostrategy
Tunisia women herb harvesters struggle with drought and heat
In Tunisia's highlands, women harvest wild herbs to earn a living, but drought is making their work harder, shrinking incomes...
- Tunisia produces around 10,000 tons of aromatic and medicinal herbs each year, according to official figures.
- Rosemary accounts for more than 40 percent of essential oil exports, mainly destined for French and American markets.
Business
AD Ports Group secures $2.125 billion refinancing deal
The move aims to optimize financing costs.
- The deal is also aimed at extending the facility’s maturity to 2028, with an option to extend further until 2030.
- The increased facility, which was oversubscribed 2.5 times, will be used to support the Group’s short and medium-term growth objectives.
Geostrategy
UAE says will not arm Sudan paramilitary RSF: White House
Washington, United States -- The United Arab Emirates has informed the United States that it will not arm paramilitaries in Sudan's...
- Two US lawmakers said the UAE pledged to address their concerns and that, as a result, they would drop their attempt to block $1.2 billion in arms sales.
- The UAE has long denied arming the RSF, with which it has fought Yemen's Houthi rebels. Trump has shown a greater willingness to sell weapons to the UAE