His decision to change the logo to a Shibu Inu dog, whether permanent or another short-lived joke, caused the price of dogecoin to surge by more than 20 percent. Musk has 133 million followers and has long used the platform for self-promotion and humor, occasionally also promoting dogecoin, a cryptocurrency...

The packaging plant will be one of the largest in the world.

Hong Kong, China--Chinese property developer Evergrande said it has entered into a restructuring agreement with a group of international creditors, in what could be a breakthrough deal toward easing the developer's massive debt. Once China's largest real estate company, Evergrande was found in 2021 to be drowning in more than $300...

The poll discovers people struggling across the Middle East to cope with high cost of living in the holy month of Ramadan, with inflation in some places reaching 100.

Manama, Bahrain - Bahrain has announced the launch of a Golden Licence, providing incentives and streamlined services to foreign and local businesses with large-scale investment projects in the country, in an important step in the country's pursuit to incentivise investments and boost job creation under its fiscal and economic reforms,...

ABU DHABI, UAE - Labor disputes in Abu Dhabi plunged by 40 percent in 2022 compared to the same period in 2021, local media reports said. This follows awareness efforts which contributed to strengthening the legal knowledge of workers and companies, and introducing them to their rights guaranteed by the...

A total of 3049 new companies joined DMCC in 2022.

BEIJING, CHINA - Chinese authorities have begun an investigation into leading US memory chipmaker Micron Technology, a decision Beijing's foreign ministry said Monday was intended to "safeguard national security". The probe escalates an already fierce battle between Beijing and Washington for supremacy in the field of semiconductors as broader bilateral relations...

Geneva, Switzerland--Swiss federal prosecutors said Sunday that they had opened an inquiry into the UBS takeover of its embattled banking rival Credit Suisse, following pressure from federal authorities and media leaks. In an email to AFP, prosecutors said they issued orders to investigate after "taking stock of the situation with all...

Beijing, China--Investment bank China Renaissance suspended trading in its Hong Kong-listed shares on Monday, saying the disappearance of its chairman meant it was unable to publish its annual results. Bao Fan, the group's billionaire chairman and executive director, went missing in February and was later revealed to be "cooperating" in an official investigation...

The New York Times was among news media companies, firms and charities that had already lost their blue tick and were tagged as verified business accounts with a gold tick under Musk's new system. To retain the gold tick after the rollout of the subscription service dubbed Twitter Blue, these...

Tokyo, Japan--Japan's largest manufacturers feel less optimistic about business conditions with confidence falling to its lowest level in more than two years, a key survey showed Monday. The Bank of Japan's closely watched quarterly Tankan survey is considered the broadest indicator of how Japanese businesses are faring. It reports the...

The company announced Earnings Per Share of 10.1 fils.

Baghdad, Iraq--Iraqi oil ministry has affirmed the federal government's keenness on speeding up the resumption of the Kurdistan region of Iraq's oil exports through the Turkish port of Ceyhan as well as work to bring views closer to serve the public interest. In a statement issued on Sunday, the ministry...

A joint economic city is going to come up on the Iraq-Jordan border and in this regard an international tender has been set up by the two countries. The tender, according to the Jordanian ministry of industry and trade, includes preparing studies, designs, engineering plans, developing, financing, and operating the...

Cuts by the Saudis, Iraq, UAE, Kuwait, Algeria and Oman from May to the end of the year will total more than one million barrels per day -- the biggest reduction since the OPEC+ cut 2 million bpd in Oct. A Saudi official called it a measure "aimed at supporting...

The investment was announced during Investopia 2023.

Geneva, Switzerland -- The merger between banks Credit Suisse and UBS could see up to 36,000 jobs being cut across the world, the SonntagsZeitung weekly reported on Sunday. The takeover by UBS of Credit Suisse was hastily arranged by the Swiss government on March 19 to prevent a global financial...

QatarEnergy will hold the interest in the Exploration and Production Agreement pertaining to the C-10 block, while Shell will hold a 50 percent interest and the Societe Mauritanienne des Hydrocarbures a 10 percent interest. The C-10 block covers an area of approximately 11,500 sq km.

Its revenue for 2022 rose to US$2.8bn, a 78% jump.

Spelling the end of independent oil exports by the regional government, Iraq's autonomous Kurdistan region will resume oil exports through Turkey on Monday, but in the future they will be supervised by the federal government in Baghdad. The outcome was achieved in talks between federal and regional officials.

GENEVA, SWITZERLAND - The WTO’s annual Public Forum 2023 will focus this year on how trade can contribute to a greener, more sustainable future. The Forum will examine in particular how the services sector, digitalization and inclusive trade policies can support global environmental goals and help combat the climate crisis....

The minister said the refinery, built by South Korean firm Hyundai, can produce nine million liters of fuel a day -- over half of Iraq's daily imports of 15 million liters. The refinery has the capacity to produce 200 megawatts of electricity and "60 megawatts will be allocated to the...

ISLAMABAD, PAKISTAN - The American Jewish Congress celebrated the arrival of the first shipment of food products from Pakistan to Israel, marking a milestone in bilateral trade between the two nations, media reports said. The transaction reportedly involved Pakistani-Jewish businessman Fishel BenKhald and three Israeli entrepreneurs. Based in Karachi, BenKhald...

Dubai, UAE -- A total of 3,035 real estate transactions worth AED10.7 billion ($2.91 billion) were recorded during the week ending 31 March, Dubai Land Department (DLD) said Friday. The DLD report said that 158 plots were sold for AED1.27 billion, while apartment and villa sales stood at 2,261, totaling...

DUBAI, UAE -  Dubai International Boat Show 2023 attracted over 30,000 visitors and industry players from across the globe for five days of demonstrations, displays, seminars, launches and workshops. The global boat-building market is expected to reach over US$47 billion in 2027, at a CAGR of 7.5 percent, and the...

Abu Dhabi, UAE -- The Central Bank of the UAE Friday revoked the license of Russia's MTS Bank's, which was granted last year. The bank said that under its supervision, the operations of MTS bank, which is licensed in Abu Dhabi, would be wound down within six months. Revocation of...

Riyadh, Saudi Arabia -- Saudi Arabia will host the 42nd edition of the Global Real Estate Summit next December in Riyadh. According to Saudi News Agency (SPA), the summit is considered the industry's largest annual gathering, which includes real estate pioneers and CEOs of critical real estate companies from all...

TOKYO, JAPAN -  Japan on Friday unveiled planned export controls on 23 items used to make semiconductors, following US pressure for countries to restrict Chinese access to the technology. The move was immediately slammed by Beijing, which warned against moves that "politicize, instrumentalize and weaponize" trade. It comes as Tokyo confirmed...

Its net profit recorded a drastic drop to US$5.2 billion.

London, United Kingdom--The British economy performed slightly better than previously estimated in the final quarter of last year as it expanded by 0.1 percent, revised official data showed Friday. The Office for National Statistics (ONS) initially said growth had been flat in the October-December period. Either way, the UK narrowly avoided...

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...