Riyadh, Saudi Arabia - The Saudi Ministry of Municipal, Rural Affairs, and Housing and the Ministry of Investment have signed a memorandum of understanding (MoU) with the NAVER Group of South Korea to undertake joint digital projects in the kingdom .  The NAVER, NAVER LABS, and NAVER Cloud, specialize in...

Riyadh, Saudi Arabia--Saudi Arabia has presided over the 26th session of the Commission on Science and Technology for Development (CSTD) of the United Nations Economic and Social Council (ECOSOC). The kingdom was represented by the Director General of International Affairs at the Communications, Space, and Technology Commission, Eng. Mansour Al-Qurashi,...

Women earn on average nearly 13 percent less per hour than men for the same work in the 27-nation European Union, according to official data for 2020. Under the new rules, workers can demand to know individual and average pay levels, broken down by gender, in their workplace.

Petrofact and Hitachi Energy secured a $14.1bn energy deal.

Abu Dhabi, UAE - The AD Ports Group has launched a new weekly shipping service that facilitates commercial and logistic connectivity with Qatar and Kuwait. The services are likely to be free for cargo arriving via land transport throughout Ramadan, which will be shipped via container vessels between UAE’s Khalifa...

The company's profit more than doubled in the first quarter.

Warsaw, Poland - Poland's prime minister on Wednesday appealed to Brussels to limit the amount of Ukrainian grain entering the European Union, saying it was destabilizing local markets. Ukraine, one of the world's largest grain exporters, saw its traditional Black Sea export routes blocked or limited by Russia's invasion. The EU...

The Senate report "describes legacy issues, some from a decade ago," which the bank has sought to address by implementing extensive enhancements "to root out individuals who seek to conceal assets from tax authorities," it said.

The tie-up would lead to the creation of a $10 billion plus group.

Dubai, UAE -- Dubai real estate market recorded real estate deals worth AED1.8 billion ($490 million) on Wednesday, Dubai Land Department said. The deals included 526 sales transactions worth AED1.16 billion, in addition to 89 mortgage deals of AED628.25 million, and 19 gift deals amounting to AED96.75 million. The sales...

The 10.57-carat stone is being marketed as the most valuable purplish-pink diamond ever brought to auction, with the highest ever pre-auction price per carat estimate, according to Sotheby's.

The complex is expected to be operational by 2026.

Contract worth $2.6bn with ADNOC Offshore part of the launch.

Riyadh, Saudi Arabia--Alistithmar Capital has joined hands with Safa Investment Co. to set up several real estate funds worth around $292.9 million.    The two companies will combine their strength to enable Saudi Arabia's growth in the real estate sector through funds that target the residential space in main cities with...

Washington, United States--US lawmakers accused regulators Tuesday of failing to do enough to prevent the collapse of Silicon Valley Bank earlier this month, despite knowing it was over-exposed to the risk of rising interest rates. The Senate Banking Committee grilled senior Federal Reserve, Treasury and Federal Deposit Insurance Corporation (FDIC) officials...

This month Crown Prince Mohammed bin Salman, unveiled Riyadh Air, the new airline which is intended to transform the capital into "a gateway to the world."

Doha, Qatar--The Doha-based Global Carbon Council (GCC) and Egyptian Exchange (EGX) have signed a memorandum of understanding (MoU) to launch Africa's first regulated voluntary carbon market. The MoU was signed by GCCs founding Chairman Dr. Yousef Alhorr and EGX's Executive Chairman Rami El Dokany. As an outcome of this agreement...

Doha, Qatar - Qatar Gas Transport Company Ltd. (Nakilat), the largest LNG shipping fleet owner in the world, announced that it had obtained all the necessary approvals to raise the ceiling for non-Qatari ownership in the company’s capital to 100 percent. In a statement posted on the website of the...

Abu Dhabi, UAE--The UAE government has endorsed 24 national initiatives to double the country’s re-export industry by 100 per cent over the next seven years. The measures were approved during a cabinet meeting chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler...

UAE minister said that the emirates will continue its efforts to build partnerships with strategic global markets under the country’s comprehensive economic partnerships program.

Each will be managed by its own CEO and board of directors.

Berlin, Germany - Germany's anti-cartel watchdog said Tuesday it was examining if it needed to place US giant Microsoft under close watch for any possible abuse. The Federal Cartel Office said it was taking a first step to see if Microsoft is of "paramount significance across markets". If this is found...

The UAE is likely to remain the top e-commerce market in the GCC in 2023 but Saudi represents the largest potential growth over the medium and long term.

The participation of Emirati firm ADNOC is the latest sign of the quickening normalisation of relations between Israel and the UAE since their opening of diplomatic ties in 2020.

The charge sheet accuses Binance of failing to uphold standards that are required of a company operating as a derivatives market and dealing with major US trading companies. Since July 2019, "Binance's compliance program has been ineffective," the statement said.

Moscow, Russia--Russian oil sales to India surged more than twentyfold last year as European buyers turned to other markets following the conflict in Ukraine, Russia's deputy prime minister said Tuesday. Russia shifted its oil exports to India and China last year as European Union nations sought to end their reliance on...

Abu Dhabi, UAE -- Borouge is supplying sustainable “Made in UAE” polyethylene materials worth AED120 million ($32 million) that are used in several development projects across the Middle East and Africa region. Borouge’s contribution to these mega projects is driven by collaboration with the local manufacturing companies who selected quality...

Doha, Qatar--Qatar's bourse intends to open a new derivatives market that will allow investors to trade options and futures on local stocks and its equity index, the country's financial regulator said on Monday. The Qatar Financial Centre Regulatory Authority (QFCRA) issued a new regulatory framework for listed derivatives after a...

The stock rocketed to AED3.7 from an offer price of AED1.34.

Brussels, Belgium - The 27 EU member states approved Monday a deal between Brussels and Germany that lifted Berlin's block on a planned phaseout of sales of new fossil fuel cars by 2035. A spokesman for Sweden, which holds the EU presidency, said ambassadors backed the agreement. Energy ministers are expected...

The agreement with Rongsheng Petrochemical comes as Saudi Arabia -- the world's biggest crude exporter -- increases political ties with top importer China including a recent Beijing-brokered reconciliation with Iran. Aramco said in a statement the deal stipulates the supply of 480,000 barrels per day of Arabian crude "under a...

The sukuk terms will be determined as per market conditions.

It will explore low-carbon ammonia value chain in Germany.

Saeed Mohammed Al Ghamdi, who had been serving as CEO, will replace AlKhudairy as chair, Monday's statement said. Talal Ahmed Al Khereiji has been appointed acting CEO, it said.

Its IPO had been oversubscribed by 136 times.

It will buy "all loans and deposits" from Silicon Valley Bank, whose fall this month set off global fears about the sector. SVB became the biggest US bank to fail since 2008 when regulators seized it after a sudden run on deposits. The bank was a key lender to the...

Amman, Jordan--Standard Chartered has decided to sell its Jordanian business to Arab Jordan Investment Bank (AJIB), according to both the parties. Standard Chartered, the emerging markets-focused lender, plans to exit seven markets in Africa and the Middle East. The bank entered into an agreement with AJIB, subject to central bank...

The company's profit vaulted 157% to US$147m in 2022.

The customs deal is viewed as the concluding phase of a free trade agreement following the normalization of relations between the two countries. Netanyahu describes it as historic.

The email to employees dealt with a new stock compensation program in the San Francisco-based company and the attribution to employees of stock in X Holdings, Twitter's umbrella company since Musk purchased it in late October. "Twitter was trending to lose ~$3B/year," Musk said in a message posted Saturday on...

Beijing, China - Saudi Arabia's Aramco said it wants to be an all-inclusive source of energy and chemicals for China’s long-term energy security and China’s high-quality development. Amin H. Nasser, Aramco President and CEO, told the China Development Forum 2023 that the company is doubling down on China’s energy supply,...

It suffers from constant stand-offs between elected lawmakers and cabinets installed by the ruling Al-Sabah family, despite a parliamentary system in place since 1962.

Abu Dhabi, UAE-- In order to improve commercial connectivity and trade between the UAE and Kuwait, AD Ports Group launched a new direct shipping service dedicated to Ro-Ro between UAE’s Khalifa Port and Kuwait’s Shuwaikh Port. Commenting on the launch of the new shipping service, Captain Ammar Mubarak Al Shaiba,...

The Iraqi oil ministry said that Turkey stopped oil exports from Iraq's autonomous Kurdistan region on Saturday in the wake of arbitration at the International Chamber of Commerce. It said that Baghdad's claims had been accepted in a dispute with Ankara over who had responsiblity for exporting the autonomous region's...

Manchester United have received a second Qatari bid to buy the English football giants, British media reported. The reports said that Sheikh Jassim Bin Hamad Bin Jassim Bin Jaber AI Thani, the chairman of Qatar Islamic Bank, had placed a second round offer. British billionaire Jim Ratcliffe made a revised...

CHENNAI, INDIA - The UAE spoke on food and energy insecurity and their implications in the second Framework Working Group (FWG) meeting within the G20 Finance Track for 2023 held here on March 24 – 25. The meeting was held to discuss the progress made on the 2023 FWG work...

BRUSSELS, BELGIUM - The European Union and Germany on Saturday said they had struck a deal after a dispute over the planned phaseout by 2035 of the sale of cars using fossil fuels. A landmark deal to prohibit new sales of fossil fuel cars from 2035 is key to the bloc's...

The shares fell on the lender's rising cost of default cover.

Doha, Qatar--Qatar's General Tax Authority (GTA) has extended the deadline for submitting the tax return for 2022 for all entities subject to the income tax law for one additional month to end on May 31, 2023. Excluded from this extension are companies operating in the field of petroleum operations and...

Dubai, UAE -- The 27th Dubai World Cup, which begins on Saturday at the Meydan Racecourse, will see a total of 78 international and 51 emirati horses compete for a prize money of $30.5 million. For the worldwide equestrian community, the Dubai World Cup represents the pinnacle of excellence not...