Doha, Qatar-- Qatar’s Communications Regulatory Authority (CRA) released the National Blockchain Blueprint prepared in partnership with Hamad Bin Khalifa University (HBKU) and Qatar University (QU). The objective of the blockchain initiative is to identify and construct an effective legislative basis for blockchain, establishing a strong foundation for the government’s strategy...

Riyadh, Saudi Arabia-- The market capitalization of Tadawul, the Saudi stock exchange, has shot up 477 percent to $2.6 trillion during the last five years. According to Yazid Al-Dumaiji, the Capital Market Authority’s (CMA) Undersecretary for Strategic and International Affairs, the exchange takes the ninth place among the world’s stock...

AMMAN,  JORDAN -  Vice President of the Jordan Chamber of Commerce (JCC) Jamal Rifai discussed with Hungarian Ambassador to Jordan Attila Kali ways to develop joint economic and trade relations and the role of commerce chambers in strengthening them. According to a JCC statement on Saturday, the meeting went over...

New Delhi, India--India has stepped up multi-faceted consultations with GCC states ahead of the Group of Twenty (G20) Summit to be held in New Delhi in September under its presidency. A 12th round of India-Oman Strategic Consultative Group meeting in Muscat “reviewed bilateral ties in different domains and identified new...

Abu Dhabi, UAE – The UAE banks provided AED 83.3 billion ($23 billion)  in financial facilities to small and medium-sized enterprises in 2022, according to the latest data released by the Central Bank of the UAE (CBUAE). Loans to SMEs accounted for 10.4 percent of the total accumulated balance of...

It will dole out cash dividends to the tune of US$601m.

The Swiss National Bank (SNB) and financial markets watchdog FINMA told their US and British counterparts their "plan A" to stop the crisis of confidence facing Credit Suisse was to merge it with UBS, the FT reported Friday, citing unnamed sources. The Swiss central bank "wants the lenders to agree...

Dubai, UAE-- Consumer spending in the UAE has shot up 19 percent in 2022 as against the previous year, according to Majid Al Futtaim's "state of the UAE retail economy" Q4 report. There was a notable 13 percent growth in spending across the retail economy for the full year including,...

TOKYO, JAPAN - The ninth session of the Abu Dhabi-Japan Economic Council (ADJEC) here has reaffirmed its commitment to further enhance partnerships and benefits from investments opportunities. Chairman of Abu Dhabi Department of Economic Development (ADDED) Ahmed Jasim Al Zaabi and President of Japan Cooperation Center for the Middle East...

The UAE and Georgia signed a joint statement confirming the successful conclusion of negotiations towards the UAE-Georgia Comprehensive Economic Partnership Agreement (CEPA). UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi and Vice Prime Minister and Minister of Economy and Sustainable Development of Georgia Levan Davitashvili...

Abu Dhabi, UAE -- The United Arab Emirates capital, Abu Dhabi, will host the world's largest autonomous racing league, with the first race scheduled to take place in the last quarter of 2024. ASPIRE, the Technology Transition Arm of Abu Dhabi’s Advanced Technology Research Council (ATRC), announced the launch of...

The G24 data analytics firm received $496 million in its offering.

Dubai, UAE -- A total of 3,903 real estate transactions worth AED 10 billion ($2.72 billion) were conducted during the week ending 17th Mar 2023, according to figures released by the Dubai Land Department (DLD). The DLD report revealed that 208 plots were sold for AED 1.12 billion, while 2,906...

The OECD raised its global economic growth forecast as inflation eases and China emerges from Covid restrictions, but warned of vulnerabilities as seen in the US bank sector turmoil. The Organization for Economic Co-operation and Development said it now expects the global economy to grow by 2.6 percent this year.

The profit of 6% of paid-up capital will be paid as bonus shares.

Global finance was rocked by the collapse of Silicon Valley Bank last week, and the digital currency sector was hit hard by the demise of US crypto lenders Silvergate and Signature -- just months after the bankruptcy of troubled crypto exchange trading platform FTX. Regulators are increasingly keen for oversight...

The Redmond, Washington giant has been swiftly adopting language-based AI, showing less caution than its rivals despite early problems such as chatbots giving disturbing responses or blatantly inaccurate information. The thrust of the new release is that generative AI, the term for ChatGPT style capabilities, will function as an assistant...

The rival bidders, Qatari businessman Sheikh Jassim Bin Hamad Al Thani and British billionaire Jim Ratcliffe were invited to visit United this week although Sheikh Jassim did not travel to Manchester on Thursday, he sent a delegation. Sheikh Jassim and Ratcliffe are the only interested parties to publicly announce their...

A multi-plural world that embraces diversity and contradictions is crucial for peaceful coexistence free of conflicts, Prof Subramanian Rangan of INSEAD tells TRENDS.

The bank’s net profit in 2022 surged 26 percent.

ABU DHABI, UAE - Bharat Dynamics Limited (BDL), a Defense Public Sector Undertaking under India's Ministry of Defense appointed EDGE's GradeOne as an official channel partner. The handing over of the Authorization Letter occurred during the International Defense Exhibition (IDEX) held in Abu Dhabi from February 20-24. Khalifa Al Ali,...

"I think large banks are properly supervised and therefore the risk that some people see, I don't see," Finance Minister Mohammed al-Jadaan said, a day after Credit Suisse's shares closed 24% lower after Saudi National Bank, its main shareholder, said it would not raise its stake due to regulatory constraints.

Doha, Qatar -- Qatar's Industrial Production Index (IPI) hit 103 points in Jan 2023, rising by 3.5 percent compared to Dec. 2022, but decreased by 2.1 percent when compared to the corresponding month in 2022. Issued by the Planning and Statistics Authority, the IPI is a short-term quantitative index that...

The firm's revenue rose 14 percent to nearly US$2.4 billion.

AMMAN, JORDAN -  The Jordan Chamber of Commerce (JCC) took part in the fourth Arab-French Economic Summit 2023 in Paris. A statement issued by the JCC on Thursday said that the summit , jointly organized by the French-Arab Chamber of Commerce (CCFA), the Union of Arab Chambers, Business France, the...

The EBITDA increased by 31 percent to $5 billion.

The company also announced new dividend policy for 2023-25

The ultimatum to TikTok came from the US interagency board charged with assessing risks foreign investments represent to national security. Western powers, including the European Union and the United States, have been taking an increasingly tough approach to the app, citing fears that user data could be used or abused...

While many women still believe they are not adequately compensated, men, in contrast, have a different view, with many saying women are paid the same as men.

In February 2021, Credit Suisse shares were worth 12.78 Swiss francs, but since then, the bank has endured a barrage of problems that have eaten away at its market value. Wednesday's plunge also came amid fears of contagion brought on by the failure of the US-based Silicon Valley Bank.

Riyadh, Saudi Arabia -- Saudi Arabia's new national airline plans more aircraft orders as it prepares to operate its first flights in early 2025, its CEO told AFP on Wednesday. The carrier, Riyadh Air, was officially unveiled on Sunday, and on Tuesday announced an agreement to purchase 39 Boeing Dreamliners, with...

Riyadh, Saudi Arabia -- As uncertainty in the global economy is limiting clarity about the outlook for oil markets, the OPEC+ should stick to the production pact agreed last October, Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman has said. SPA reported that Prince Salman said that sticking to the...

Iran has been under renewed US sanctions since then president Donald Trump abandoned a landmark nuclear agreement between Tehran and major powers in 2018. Saudi Arabia, a longtime US ally, has said it supports the sanctions, which target key areas, including oil.

The Saudi utility company will pay $774m cash dividend.

GPT-4 has been widely awaited ever since ChatGPT burst onto the scene in late November, wowing users with its capabilities that were based on an older version of OpenAI's technology, known as a large language model. The company said the new update of ChatGPT is "more creative and collaborative than...

The shareholders approved dividend after record growth.

Zara owner is the world's biggest fashion retailer.

Damascus, Syria--His medical studies in Syria keep Mohammed Shasho busy enough but whenever he can he also pores over German vocabulary and grammar points in hopes of a move to Europe. Like many youngsters in the war-ravaged country, he dreams of joining the almost one million Syrians already in Germany to...

Dubai, UAE - Apple has lost ground in the Middle East smartphone market during 2022 to main rival Samsung, according to research by Canalys.  Samsung has enhanced its share in the smartphone market in the Middle East to 40 percent in 2022, up from 34 percent in 2021, while Apple...

Tokyo, Japan--The UAE and Japan are looking to increase economic, trade and investment cooperation, and explore new economic opportunities of common interest. This came at the Abu Dhabi Business Forum, which was organised by the Abu Dhabi Department of Economic Development following the conclusion of the 9th session of the...

Morocco has joined the bid by Spain and Portugal to host the centenary World Cup in 2030, according to its ruler, King Mohammed VI. The king said in a message delivered as he was named the winner of the African Football Confederation 2022 Award of Excellence in Kigali, where FIFA...

Riyadh, Saudi Arabia -- Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has announced three key initiatives aimed at supporting and enabling the private sector. These initiatives include the Local Content Growth Program, called MUSAHAMA, which seeks to increase the share of local content spend in PIF's domestic...

The firm also announced 5,000 other roles would remain unfilled.

The profit increased by more than 440 percent compared to 2021.

Dubai, UAE -- Mashreq Bank, the oldest privately-owned bank in the UAE, has facilitated $15.5 billion in sustainable finance, Joe Van Dusen, Group Head of Corporate & Investment Banking at Mashreq, said on Tuesday. In a statement in January, the bank said that the finance was facilitated between Jan 2021...

Consultations to prolong Ukrainian grain exports deal are continuing, the UN said, after a Russian proposal for just a 60-day extension cast doubt over its fate. "The United Nations will do everything possible to preserve the integrity of the agreement and ensure its continuity," Jens Laerke, spokesman for the United...

DUBAI, UAE - The UAE Regulations Lab has issued a license for an electric cargo aircraft to promote eco-friendly transportation and enhance the sustainability of the air cargo industry in the country. The license is aimed at reducing carbon emissions by encouraging the adoption of clean energy and leveraging technology...

Riyadh, Saudi Arabia--Saudi Arabia’s banking sector grew in 2022 on the back of potent revenue growth and is set for further gains, according to the Boston Consulting Group.   Analysis by the US-based firm reported the Kingdom’s banking profits after taxes have grown an average of 7.9 percent per year since...

Crypto companies were taking out TV adverts, sponsoring sports teams and touting their technology as world-changing as they sought new investors among the general public. But the sector has been shredded by a severe economic downturn, rampant criminality, crackdowns from regulators and the collapse of high-profile companies.

Volkswagen is also setting up a series of battery plants in Europe - one will open in 2023 in Sweden, followed by one in Salzgitter, Germany in 2025 and the company has chosen Valencia, Spain for a third. Volkswagen said last year it planned to open a total of six...