UAE says will invest up to $50 billion in Canada
The fresh North American investment pledge came after UAE President Mohamed bin Zayed Al Nahyan promised in May to pump...
Geostrategy
Flydubai inks $13bn Boeing deal for 75 jets as city’s airlines build up
State-owned flydubai and its long-haul partner airline, Emirates, have been the chief deal-makers at this week's Dubai Airshow, the largest...
Business
Economy
Foreign investors’ ownership in Saudi market surges 300%
Riyadh, Saudi Arabia - The Saudi capital market has witnessed a surge in foreign investments, with the value soaring by...
- This exponential growth accounts for 14.2% of the total value of free float in the main market, compared to SAR 86.86 billion ($23.48 billion) in 2018
- Since allowing direct foreign investment in 2015, the Saudi Capital Market has evolved into a hub where foreign investors actively engage in daily trading
Business
Tajikistan plans to link up with China’s telecom network
Dushanbe, Tajikistan - Tajikistan announced plans Friday to link with China's telecommunications network in order to improve the mountainous, landlocked country's...
- Tajikistan has one of the slowest internet services in the world despite improvements in recent years, with all traffic going through a center controlled by a government monopoly
- The project will be carried out alongside the construction of a highway linking Dushanbe, the country's capital in the west, with a town on its border with China
Business
DEWA Q3 revenue soars
The company posted an operating profit of US$1bn.
- DEWA’s increase in revenue was mainly driven by an increase in demand for electricity, water, and cooling services
- The company net cash from operating activities at the end of Q3 increased by a robust $205 million to $2.66 billion
Israel agrees pauses in fighting but rules out ceasefire
Tens of thousands of civilians have streamed out of devastated northern Gaza in recent days, with men, women and children...
- US President Joe Biden welcomed the pauses, which formalise an arrangement that has already seen tens of thousands of Palestinians flee devastation in northern Gaza
- Netanyahu said Israeli troops were performing "exceptionally well" in the offensive launched after Hamas fighters poured across the border on October 7
Qatar Central Bank foreign reserves rise by 11.73% in October
Doha, Qatar - The International reserves and foreign currency liquidity of Qatar Central Bank (QCB) surged by 11.73% in October...
- The official reserves consist of foreign bonds and bills, cash balances with foreign banks, gold holdings, special drawing rights deposits, and Qatar's share in the IMF
- In addition to these, there are other liquid assets (Foreign Currency Deposits), so the two together constitute what is known as the total foreign reserves
Business
Bitcoin value tops $36,000 first time since May 6, 2022
Dubai, UAE - The value of bitcoin rose above $36,000 on Thursday for the first time since May 6, 2022,...
- Miners are steadily accumulating their block rewards, driving the cryptocurrency's price toward $40,000 mark
- Adding to the bullish momentum, it appears that Bitcoin's market demand has exceeded its supply
Geostrategy
‘Gulf nations should unite for Palestinian cause’
"Our stance on the Palestinian issue is unequivocal. The Palestinian people's right to resistance, including reclaiming their occupied land and...
- GCC parliament heads condemn violence against Palestinians, support their struggle for statehood and rights.
- As part of global diplomacy, GCC seeks to to strengthen relations with European and Latin American parliaments.
UBS posts bigger loss
Last year, the bank took over its Swiss rival Credit Suisse.
- Switzerland's largest bank UBS was in March strong-armed by Swiss authorities into a $3.25-billion takeover of Credit Suisse, to keep its closest domestic rival from going under
- UBS said that the third quarter included integration-related expenses of $2 billion, adding that "we have now stabilized Credit Suisse and continued to grow our franchise"
Business
Yahsat net profit up
Its revenue stood at US$323m in the first nine months of 2023.
- The company has recorded an increase in net profit to $75 million in the first nine months of 2023
- Its CEO said the construction of the Thuraya-4 NGS satellite remains on track for launch in 2024
Geostrategy
Iran president to travel to Saudi Arabia for Gaza summit
The upcoming summit is being organised by the Organisation of Islamic Cooperation (OIC), a 57-member bloc of majority Muslim countries....
- The summit will take place one day after an emergency meeting of Arab League leaders on the war to be held in Riyadh
- Raisi and Mohammed bin Salman held their first phone call on October, both voicing support for the Palestinian cause
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UAE says will invest up to $50 billion in Canada
The fresh North American investment pledge came after UAE President Mohamed bin Zayed Al Nahyan promised in May to pump...
Geostrategy
Company News
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Magritte’s ‘Empire of Light’ to fetch nearly $100m at New York auction
New York, United States -- With a Magritte painting estimated to sell for nearly $100 million, drawings by pop artist Keith...
Arts & Culture
End of a love affair: news media quit X over ‘disinformation’
Paris, France -- News outlets have begun quitting X, formerly Twitter, once a favorite of global media but now accused of...
Geostrategy
Lebanon economic losses top $5 billion in year of clashes: World Bank
Beirut, Lebanon -- More than a year of clashes that recently escalated into war have cost Lebanon more than $5 billion...
Geostrategy
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Geostrategy
Saudi-hosted summit says Mideast peace requires end to Israeli occupation
The summit's closing statement said that "a just and comprehensive peace in the region... cannot be achieved without ending the...
- The international community should "launch a plan with specific steps and timing under international sponsorship" to make a sovereign Palestinian state a reality, it added.
- The leaders also condemned "horrific and shocking crimes" by Israel's army, saying they occurred "in the context of the crime of genocide".
Business
Avia to buy 40 Boeing aircraft
The transaction for the purchase of 737 MAX 8 jets valued at $4.9bn.
- Avia's first firm order with the aviation giant comes with an option to add another 40 jets later, Boeing and Avia said in a statement.
- The purchase announcement came shortly after striking workers at Boeing last week approved a new contract proposal, ending a more than seven-week stoppage that cost it billions
Geostrategy
Saudi crown prince demands Gaza, Lebanon ceasefires at Arab summit
Prince Salman also called on Israel not to attack Iran, highlighting improving ties between Saudi Arabia and its former regional...
- Prince Mohammed bin Salman said the international community must "immediately halt the Israeli actions against our brothers in Palestine and Lebanon".
- A draft resolution for the summit stresses "firm support" for "national rights" for the Palestinian people, "foremost among which is their right to freedom".