Boursa Kuwait posts $51m net profit
Operating profit for 2023 was recorded at US$59 million.Company News Business Economy
China’s Guangdong province now boasts of 75,000 high-tech companies
Shenzen, China--The total number of high-tech enterprises in south China's Guangdong Province has exceeded 75,000, local authorities have said.By the...Economy
BMW Q3 net profit US$3.1bn
Profit was due to high demand for pricier luxury models.Car deliveries were down nearly one percent over the period as the industry continues to grapple with supply chain disruptions.
BMW said higher prices for its premium vehicles had helped deliver a solid third quarter.
Smugglers devise novel ways in Middle East to traffic captagon
Fastening weapons or drugs to livestock to cross borders is an age-old smuggling trick. Latin American cartels took this a...The creativity of smugglers continues to astound the authorities, with seizures more often the result of tip-offs than the technological prowess of customs checks
More than 5.3 million pills were found by the Saudi authorities in a large shipment of pomegranates in April 2021, with the drugs stuffed inside some of the fruit
Turkish inflation jumps to 85.51 percent in October
Central banks worldwide are raising borrowing costs in efforts to tame soaring consumer prices, but Turkey has bucked the global...Last month, Turkey's central bank cut its policy rate for a third consecutive time, bringing it down to 10.5 percent from 12 percent
On Wednesday, Erdogan praised the state of the economy, in an address to his ruling AKP lawmakers in the parliament
GCC states raise interest rates after Federal Reserve’s hike
Most of the GCC states have raised their key interest rates in the wake of the Federal Reserve's decision to...The impact of higher interest rates among Gulf oil exporters in 2022 has so far been limited
The IMF said higher oil prices are likely to lead to fiscal surpluses and growing foreign reserves for Gulf economies, which will reduce the need for governments to borrow
UAE president, Biden meet virtually to discuss energy transition
The two leaders highlighted the just announced comprehensive UAE-US initiative to accelerate the energy transition.The two leaders highlighted the just announced comprehensive UAE-US initiative to accelerate the energy transition
UAE president briefed Biden on the UAE’s funding and assistance for clean energy projects on six continents
BoE set for biggest rate hike in 33 years to bring down inflation
Struggling to bring down the runaway inflation, the Bank of England is expected to hike its key interest rate on...The expected hike would mirror aggressive rate-tightening by central banks worldwide as economies battle the highest prices in decades
The US Federal Reserve on Wednesday announced a fourth consecutive hike of 0.75 percentage points, taking its benchmark lending rate to 3.75-4.0 percent
Kazakhstan impounds jewels worth US$230m from ex-leader’s nephew
Almaty, Kazakhstan—Kazakhstan's anti-corruption agency said Wednesday it had seized jewels worth more than $230 million, in a case involving the nephew...The agency said in a statement that exclusive gems and precious stones worth 230 million US dollars were seized in "operational-search activities"
The anti-corruption agency also said that $300 million that he had invested abroad will be "soon be given to the budget of Kazakhstan"
Saudi Arabia, Egypt discuss renewable energy cooperation
The two ministers also talked about the progress in the electrical interconnection efforts.The two ministers also talked about the progress in the electrical interconnection efforts
They also discussed ways to improve cooperation between their specialized businesses
UAE, US partner to invest $100bn in renewables, clean technologies
The UAE-US Partnership for Accelerating Clean Energy (PACE), aims to produce 100 new gigawatts (GW) of clean energy in the...The UAE-US Partnership for Accelerating Clean Energy (PACE), aims to produce 100 new gigawatts (GW) of clean energy in the two countries
The UAE has invested more than US$50 billion over the past ten years in clean energy technologies and solutions around the world
Abu Dhabi, Kyrgyzistan’s Bishkek City sign twinning agreement
Abu Dhabi, represented by Abu Dhabi's Department of Municipalities and Transport, and Bishkek City have signed a twinning agreement to...As part of the city twinning agreement, the two capital cities will enable mutual exchange between delegations and the business community.
The pact will also facilitate exchange of knowledge in urban planning and explore the feasibility of joint venture projects.
