Thread's launch comes after a period of uncertainty at Twitter since Tesla owner Elon Musk took over in October, with the billionaire restructuring the company, firing thousands and placing many features behind a subscription paywall. Threads will enable users to "connect directly with your favorite creators and others who love...

Dubai, UAE--The UAE's financial advisory market is expected to reach a market volume of nearly $239 billion by the end of this year. According to Bas Kooijman, CEO and Asset Manager of DHF Capital S.A., the UAE's ultra-high-net-worth individuals (UHNWI) demographic is projected to grow at a compound annual growth...

Manama, Bahrain--The Electricity and Water Authority (EWA) of Bahrain has invited bids for a $53.19 million tender to upgrade the Ras Abu Jarjour reverse osmosis desalination plant. International companies vying for the project will be required to submit their competitive technical and financial bid, within the latest international standards, said...

The focus of the discussion between the two was war refugees and a crackdown on cross-border smuggling, according to Jordan's foreign ministry. The diplomat's visit comes amid an increasing regional engagement with the Assad regime, peaking with Syria's return to the Arab League after years of isolation since Syria's war...

Riyadh, Saudi Arabia--Former Liverpool captain Steven Gerrard is the latest star name to make the move to Saudi Arabia after signing a deal to become head coach of Al-Ettifaq. The 43-year-old has been out of the game since being sacked by Aston Villa in October. Gerrard had previously said he...

The new ministry will bolster the UAE's business aims and investment policies, apart from promoting its infrastructure as a global platform to attract investments in various sectors. The ministry will propose the general investment policies of the country in coordination with the relevant authorities, in addition to preparing strategies, legislation,...

Gerry Murphy is new chairperson of Britain's biggest retailer.

BEIJING, CHINA - China said on Monday it would slap export controls on two rare metals essential for the manufacture of semiconductors over security concerns, as Beijing and Washington tussle over the global market for chips. Exports of gallium and germanium, of which China is a major producer, will require a...

RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Chamber of Food and Agriculture (ICFA) signed a Memorandum of Understanding (MoU) aimed at fostering mutual growth and development within the food and agriculture sectors of the UAE and India. The MoU was signed by Group...

WASHINGTON, US-  Google revealed seven new features to be added to Google Chat, a communication and collaboration tool, to enhance the user experience on the app. The upcoming additions include the integration of Gmail features, improved editing, quoting options, and the ability to include apps in personal conversations. One of...

Dubai, UAE -- Dubai's real estate market recorded deals worth AED1.4 billion on Monday, according to Dubai Land Department. The deals included 495 sales transactions worth AED1.15 billion on Friday, in addition to 79 mortgage deals totaling AED 297.58 million, and six gift deals amounting to AED7.52 million. The sales...

KUWAIT CITY, KUWAIT -  Kuwait reinvited Iran on Monday to talks on their sea borders after Tehran said it was ready to start drilling in a disputed gas field in the resource-rich Gulf. Kuwait insisted it held "exclusive rights" to the maritime field along with Saudi Arabia, after the neighboring countries...

In April, several OPEC+ members opted to slash production voluntarily by more than one million bpd -- a surprise move that briefly raised prices but failed to bring about lasting price recovery.

New tourism framework has been enacted, refining regulations and systems to lure investors, boost competitiveness, and elevate service quality in the sector across the Kingdom of Saudi Arabia.

PIF ranked seventh with a score of 92 (on the GSR score of 100), followed by Mubadala (88), among the SWFs. Regionally, the Middle East saw the biggest improvement from 32 percent in 2020 to 52 percent in 2023. It said Saudi PIF is managing to make its unparalleled growth sustainable by...

The cut which first took effect for July will continue in August and "can be extended", the Saudi Press Agency (SPA) reported, citing an energy ministry source. "The source confirmed that this additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting...

The contracts were awarded to Petrofac Emirates and a consortium.

PwC Australia has been mired in controversy since January this year, when it emerged that staff had leaked information from a confidential government tax briefing in an attempt to drum up new business. PwC will drastically restructure its Australian arm in an attempt to move on from the scandal, recently...

In Beijing, Yellen will discuss how the United States views its economic relationship with China, a senior Treasury official said Sunday. She will meet with senior Chinese officials and leading US firms, the American spokesperson said without providing specifics.

From April to June, the Texas-based electric vehicle giant produced 479,700 cars -- an 85 percent increase compared to the second quarter in 2022. That brings Tesla's total production by the middle of this year to 920,508, well on its way to its goal of manufacturing 1.8 million cars in...

The shareholders approved to distribute an 8.3% dividend.

The shareholders elected a new board of directors as well.

Beirut, Lebanon--Beirut motorists pull up to a drive-through counter -- not for fast-food, but to exchange empty bottles and cardboard for cash, a novelty in a country long plagued by garbage crises. Festering landfills often overflow in crisis-hit Lebanon, waste is burnt illegally at informal dump sites and rubbish floats off...

Saudi Arabia is investing $500 billion in NEOM, a future city in the northwest, expected to be a hotspot for tourism, tech, and innovation. It is also transforming the UNESCO heritage site, AlUla, into a key tourist attraction.

Israel has approved buying a third squadron of advanced F-35 fighter jets manufactured by Lockheed Martin in a $3-billion deal, the defense ministry said. Israel is the only Middle East nation with F-35s which is stealth capable and can be used to gather intelligence, strike deep into enemy territory and...

SHARJAH, UAE - Sharjah International Literary Agency (SILA) has named one of UAE’s top publishing executives, Tamer Said, its next director, opening a new chapter for the ambitious rights exchange and literary translation body. Since its creation in 2020 by Sharjah Book Authority under Chairperson Sheikha Bodour Al Qasimi, SILA...

Baghdad, Iraq - Iraq's Ministry of Oil has said that the country's crude oil exports reached over 100 million barrels in June, generating revenue of approximately $7.115 billion. The preliminary statistics issued by the Iraqi Oil Marketing Company (SOMO) revealed that the majority of these exports - amounting to almost...

BAGHDAD, IRAQ -   Total crude oil exports in June reached over 100 million barrels, the Iraqi government said in a statement. The preliminary statistics issued by the Iraqi Oil Marketing Company (SOMO) revealed that total crude oil exports in June generated revenue of approximately US$7.115 billion. The majority of these...

Dubai, UAE -- Dubai Electricity and Water Authority (DEWA) has developed an in-house, versatile gateway that can connect terrestrial sensors to satellites and ground networks. The gateway was developed by DEWA's Research and Development (R&D) Centre as part of the Space-D program. The gateway has various physical, operational technology (OT)...

Tehran, Iran-- Iran has earned revenue to the tune of $54 billion last year from the export of oil, according to US Energy Information Administration (EIA) estimate. OPEC members earned about $888 billion in net oil export revenue last year. That’s what the US Energy Information Administration (EIA) estimates in...

Muscat, Oman--Oman's gross domestic product (GDP) at constant prices recorded an increase of 4.7 per cent to reach $22.59 billion at the end of the first quarter of 2023. The GDP at constant price was $21.71 billion in the first quarter of 2022, according to the initial data issued by...

The decision was made "to address extreme levels of data scraping" and "system manipulation" by third-party platforms, Musk said in a tweet Saturday afternoon, as some users quickly hit their limits. The company is limiting verified accounts to reading 10,000 tweets a day and non-verified users are limited to reading...

The brokerage firms added 26,953 new accounts in H1.

AMMAN, JORDAN  -  The pharmaceutical and medical supplies sector of Jordan has experienced an impressive 29.7 percent growth in exports during the first five months of this year compared to the corresponding period last year. Fadi Al-Atrash, the sector's representative at the Jordan Chamber of Industry, revealed that exports from...

GABORONE, BOTSWANA -  Botswana has reached an eleventh-hour deal with diamond giant De Beers after months of tense negotiations that saw the continent's top producer threatening to cut ties with the storied company. The Botswana government and Anglo-American, the majority owner of De Beers, have reached an "agreement in principle", the...

Washington, United States--One year after its ruling to erase abortion rights, the conservative-dominated US Supreme Court has underscored its determination to push society sharply to the right by scrapping long-established progressive policies. In emphatic rulings this week the court banned universities from giving minorities priority in admissions -- so-called "affirmative action"...

Amman, Jordan-- Trade between Jordan and non-Arab Asian countries has shot up in the first quarter of 2023, with the value of the kingdom's exports to the countries surging to about $1.16 billion, compared to about $1.07 billion for the same period last year, according to foreign trade data issued...

A former assistant of Riad Salameh, the governor of Lebanon's central bank, has been charged with money laundering by France. Last year, France, Germany and Luxembourg seized assets worth $130mn in a move linked to a probe into Salameh's wealth. He is accused of having amassed a fortune during his...

PARIS, FRANCE - French Minister of Foreign Trade Olivier Becht said his country and the UAE share a common vision of accelerating the shift to green energy to tackle the growing threats posed by climate change. The two countries are working together on low-carbon energy solutions, he said,  expressing his...

Wall Street rises as US consumer inflation moderates.

VIENNA, AUSTRIA -  A new US$60 million loan by the OPEC Fund for International Development (OFID) and partners is expected to significantly strengthen energy security in northwest Tanzania. The project will include constructing a 166km overhead transmission line connecting the Kagera region to the national grid, replacing the current energy...

RAS AL KHAIMAH,  UAE - Ras Al Khaimah Economic Zone (RAKEZ) has announced the addition of over 1,500 new companies in the second quarter of 2023. This robust growth represents a remarkable 132 percent increase compared to the same period in 2022, further cementing RAKEZ’s role as an accelerator for...

Abu Dhabi, UAE - ADNOC Gas Procession, an ADNOC subsidiary, has awarded $700 million contract to Petrofac for Engineering, Procurement, and Construction (EPC) project at its Habshan Complex. The contract was awarded to Petrofac Emirates and involves the construction of a new gas compressor plant, aimed at bolstering gas output...

The International Monetary Fund warned in a report that Lebanon's failure to implement reforms could have "irreversible" consequences for the crisis-hit country and risks jeopardizing economic and social stability. Lebanon has been mired since 2019 in an economic collapse that has seen the local currency lose around 98 percent of...

Washington, United States - US economic growth came in at two percent in the first quarter this year, the Commerce Department said Thursday, making a significant upward revision to earlier estimates partly on stronger-than-expected consumer spending. While GDP growth in the world's biggest economy has still cooled from 2.6 percent in...

BMW's Pretoria plant has made over 1.6 million vehicles.

The company had reported a net profit of 3.29bn kronor ($305m).

Italian Air Force officers unfurled their nation's flag and peered out windows at the Earth's curvature while enjoying a few minutes of weightlessness at 85 km above sea level.

MANILA, PHILIPPINES - Asian Development Bank's financing partners committed US$11.4 billion to confinance projects in 2022 that boosted the resilience of developing member countries in Asia and the Pacific, said a Partnership report. The Partnership Report 2022: Driving Growth, Boosting Resilience showcases how ADB and its partners are helping developing...

Baghdad, Iraq-- An advisor to Iraq's Prime Minister said the country has effective price monetary policy tools to manage public funds. Mudher Muhammed Salih, the advisor to the Prime Minister for Financial Affairs, emphasized the effectiveness of quantitative and price monetary policy tools in managing public funds and discussed factors...