The cull will reach 27,000 positions across the company.

Abu Dhabi, UAE-- Stock markets across the Middle East posted record highs in 2023, with combined gains of $493 billion, propelled by strong performances in the UAE and Saudi Arabia. The UAE led the charge, adding $117.5 billion to its market value, reaching $990.6 billion by the end of last...

It is aimed at "enhancing electric vehicle offerings".

The agreements worth US$3bn were signed with Gujarat.

IATA’s Director-General Willie Walsh said that international travel is 5.5% below pre-pandemic levels, but that gap is narrowing fast. "And domestic markets have been above their pre-pandemic levels continuously since April." According to Walsh, international travel is moving ever closer to surpassing the 2019 peak year.

Riyadh, Saudi Arabia -- Saudi Arabia Wednesday announced preferred bidders in the fourth series of the licensing rounds conducted as part of the Accelerated Exploration Program designed to leverage the Kingdom's mineral resources in support of the development and growth of the mining sector. The development and growth of the...

Bitcoin’s mass adoption is growing and projected in the next four years to have around 1 billion users.

These residency products offer several benefits, including the ability to conduct business and invest in Saudi Arabia, own real estate, obtain work permits for themselves and family members and access exclusive perks and services provided by the Premium Residency Center in collaboration with government partners.

The Kingdom raised its mineral resources estimates from $1.3 trillion in 2016 on the exploration of nearly 30 percent of the Arabian Shield region, said the Minister of Industry and Mineral Resources, Bandar Alkhorayef. There are more resources to be explored and with more exploration investments, Saudi Arabia can reach the maximum capacity...

Abu Dhabi, UAE--The UAE Ministry of Investment has signed three memorandums of understanding (MoUs) with India, setting out frameworks for the expansion of bilateral investment cooperation in the renewable energy, food processing and healthcare sectors. The agreements were signed by the respective Indian ministries, underscoring the UAE’s strong commitment to...

Astrobotic's Peregrine Lunar Lander blasted off Monday from Florida's Cape Canaveral Space Force Station, then successfully separated from its rocket. Just hours later, though, Astrobotic reported an inability to orient Peregrine's solar panel towards the Sun and keep its battery topped up. A propulsion system glitch was found to be...

Wielding piles of cash and cutting-edge technology, many Arab telecom firms are scouting overseas markets to expand business beyond home territory.

The jump in the price of bitcoin to almost $48,000 came immediately after the SEC published a message on its X account (formerly Twitter) suggesting that it had approved the long-awaited launch of a new type of investment product, known as an ETF. But minutes later, SEC Chairman Gary Gensler...

It will introduce a commercial model in the US in 2026.

Baku, Azerbaijan-- The UAE and Azerbaijan have discussed ways to enhance cooperation in renewable energy, environmental protection, culture, education, and other areas that contribute to sustainable development. The discussion on the deepening of ties took place in a meeting between Shaikh Mohamed bin Zayed Al Nahyan, President of the United...

Dubai, UAE--The Real Estate Regulatory Agency (RERA), the regulatory arm of Dubai Land Department (DLD), signed a memorandum of understanding (MoU) with ‘Zand Digital Bank’ identifying Zand as an approved bank authorised by DLD to oversee real estate development escrow accounts and offer associated services. Real estate escrow accounts are...

The focus is on an asthma medication still at the testing stage.

The deal could be worth as much as $8.5 billion.

Tokyo, Japan - Tokyo stocks closed higher on Tuesday on the back of gains in US tech stocks, pushing the Nikkei index to a 33-year high. The benchmark Nikkei 225 index climbed 1.16 percent, or 385.76 points, to end at 33,763.18, while the broader Topix index added 0.82 percent, or 19.55...

This is Mubadala's seventh listing of a green debt instrument on ADX.

GENEVA, SWITZERLAND - The International Air Transport Association (IATA) released data for November 2023 global air cargo markets indicating the strongest year-on-year growth in roughly two years. This is partly due to weakness in November 2022, but also reflects a fourth consecutive month of strengthening demand for air cargo. Global...

The Qatari firm placed orders for 6 carriers with HSHI.

RIYADH, SAUDI ARABIA - The Saudi Electricity Company (SEC) and its subsidiary National Electricity Transmission (NET) have signed here two agreements with Emaar, The Economic City (EEC) which is the main developer of King Abdullah Economic City (KAEC). The agreement was signed in the presence of Saudi Arabia Minister of...

It is in talks with buyers including tech giant Tencent.

Wall Street indices enjoyed solid gains, including the Dow, which mustered a 0.6 percent advance in spite of an eight percent dive in Boeing shares after an emergency landing on an Alaska Airlines aircraft revived safety worries. "We basically are having a little bit of a bargain hunting today," economist...

The tech giant forecasts profit to fall to US$2.1bn for Q4.

Manama, Bahrain--The Central Bank of Bahrain (CBB) announced that the monthly issue of the Sukuk Al Salam Islamic securities has been oversubscribed by 372%. Subscriptions worth $426 million were received for the $114.36 million issue, which carries maturity of 91 days. The expected return on the issue, which begins on...

Hong Kong, China - Asian markets stumbled out of the gates Monday, extending last week's grim start to the year, after a forecast-busting US jobs report further dampened hopes for an early interest rate cut. The keenly awaited non-farm payrolls data Friday showed the world's number one economy remains resilient despite...

PARIS, FRANCE  - A consortium of Brazilian, British, French and Chinese energy firms will test new technology aimed at capturing CO2 in an undersea oilfield off Brazil in an effort to reduce emissions, TotalEnergies said on Monday. The pilot unit will separate oil from CO2-rich natural gas at the bottom of...

The plane, which suffered a dramatic blowout of a fuselage panel during a flight over the US state of Oregon, has had a turbulent time in the seven years since it took to the skies.

RIYADH, SAUDI ARABIA - The Federation of Saudi Chambers and the National Center for Marketing and Price Study at the Ministry of Foreign Affairs of Belarus signed on Monday a memorandum of understanding to boost investment and trade between the two countries. The memo was signed at the federation's headquarters...

Doha, Qatar -- Qatar witnessed a 36.1 percent increase in the number of inbound visitors in November 2023, compared to 2023, to a total of 393,000, but a 33.5 year-on-year decrease. The highest number of visitors was from the Gulf Cooperation Council (GCC) at 46 percent. As for visitors by type...

It delivered 6,032 cars in 2023, the highest in its 119-year history.

The firm plans to incorporate one-to-one tutoring services.

The company produces and supplies high-grade iron ore pellets.

The company also appointed two new Board directors.

It is part of the company's planned US$2bn investment.

The plant is estimated to cost Honda US$14 billion.

Doha, Qatar--Qatar's non-energy private sector registered broadly stable business conditions in December, the latest Purchasing Managers Index (PMI) survey data from Qatar Financial Centre (QFC) has revealed. Volumes of output, new business and backlogs of work were all largely stable compared with November levels, while employment growth was maintained, and...

"We do not see ourselves, as the German federal government, opposing British considerations on other Eurofighter (sales)," Baerbock told journalists on a trip to Israel, in which she highlighted the Saudi role in the Middle East security crisis since the eruption of the Israel-Hamas war on October 7.

It will help the kingdom in the processing of aluminum.

Wielding piles of cash and cutting-edge technology, many Arab telecom firms are scouting overseas markets to expand business beyond home territory.

DUBAI, UAE – For over 30 years, globalization has been the evergreen megatrend as global trade has helped lift some one billion people out of poverty, an expert has said. Yin Zou, the Executive Vice President of Corporate Development, DHL Group, wrote in the World Economic Forum that the COVID-19...

The firm will offer 6 million shares in its Initial Public Offering.

DUBAI, UAE - The Artificial Intelligence (AI) revolution is upon us, with AI becoming a pervasive force in our daily lives, an expert has said. Igor Tulchinsky, Founder, Chairman and Chief Executive Officer, WorldQuant, wrote for the World Economic Forum that while AI brings tremendous potential benefits — from diagnosing...

Dubai, UAE -- Regulations alone will not safeguard the public against nefarious uses of Artificial Intelligence, people also need to be educated on how generative AI is used, what can be gained and what they should look out for while consuming it, an expert has said. Victor Riparbelli, cofounder and...

MUSCAT, OMAN - As part of its ongoing efforts to support the Islamic banking industry, ahli Islamic signed a Memorandum of Understanding (MoU) with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The primary goal is to reinforce collaboration in capacity building within ahli Islamic and foster the...

Madinah, Saudi Arabia -- The number of existing electronic-commerce records in Madinah reached 1,834 during the 4th quarter of 2023, registering a slight increase of 2.6 percent from the 1,792 records for the third quarter, according to official figures. According to the business sector bulletin for the 4th quarter of...

Shanghai, China--Shanghai plans to build 200 new smart factories and 20 demonstration sites by end of 2025 after 70 intelligent plants in 2023, officials announced, solidifying its intelligent manufacturing stronghold, according to China Daily report. Covering auto, equipment and IT, this year's batch features life-cycle, process and supply chain enhancements....

Doha, Qatar--Qatar National Bank (QNB) expects the global economic growth to be around 2.9 percent in 2024, roughly the same rate as last year. QNB, in its weekly commentary, said, "There is no doubt that expectations for 2024 were influenced by the experience of investor sentiment from 2023, when negative...