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

Riyadh, Saudi Arabia - Saudi Arabia achieves first rank across MENA for the first time in terms of the amount of Venture Capital (VC) funding in 2023, according to MAGNiTT, the MENA-based venture data platform. The Kingdom captured the highest share of total VC funding in the year, accounting for...

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 January 10...

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 interest...

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...

Washington, United States -- An historic private mission to land on the Moon was facing potential failure Monday due to technical problems, in a blow to America's hopes of placing its first robot on the lunar surface in five decades.Fixed to the top of United Launch Alliance's new Vulcan rocket,...

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

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 the...

"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 pandemic...

HALEU fuel is needed to power many of the next generation of advanced nuclear reactors, including so-called small modular versions that the UK intends to use. The first plant of the uranium fuel will be in northwest England and is scheduled to be operational by the 2030s, the government said.

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. As...

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 initial...

Most large international shipping companies have decided to reroute trading to avoid the Red Sea and Suez Canal through which 12 percent of world trade usually passes. The Houthis say the strikes are in solidarity with Palestinians in war-ravaged Gaza, which Israel has bombarded relentlessly for three months, in what...

The data supports comments by European Central Bank (ECB) chief Christine Lagarde, who has warned that Europe should remain on guard despite falling inflation.

NEW YORK, US - Former US president Donald Trump's businesses received at least $7.8 million from foreign governments including China during his time in the White House, a congressional report claimed.Officials from Saudi Arabia, India, Turkey and Democratic Republic of Congo were among some 20 countries' representatives who paid money to...

Riyadh, Saudi Arabia - Saudi Arabia saw an 18% surge in health insurance beneficiaries in 2022, reaching a total of 11.5 million individuals by year-end, a report by the Saudi Council of Health Insurance revealed. The target is to reach 25 million beneficiaries by 2030, aiming for health insurance to...

Cairo, Egypt--AD Ports Group (AD Ports) has signed a contract with Egypt to build, develop, operate and maintain terminals for passengers and cruise lines at the Red Sea ports of Hurghada, Safaga and Sharm El Sheikh.The contract will also commit AD Ports Group to develop yacht and cruise ship tourism...

It produced 1,620,665 metric tonnes of aluminium in 2023.

Battling aftershocks and roads littered with gaping holes and blocked by frequent landslides, thousands of rescuers from all over Japan are trying to reach hundreds of people in stranded communities in the Ishikawa region. Two elderly women were pulled from the rubble, but hopes of finding other survivors are fading...

Sheikh Meshal al-Ahmed Al-Sabah, who was sworn in as emir last month, named Sheikh Mohammed Sabah al-Salem Al-Sabah, a popular ex-foreign minister, as the new premier. He replaces Sheikh Ahmed Nawaf al-Ahmed al-Sabah, son of the late emir whose death has raised hopes of a political shift in the country.

DUBAI, UAE - The New Year began on a high note for Dubai Duty Free with the announcement of an all-time sales record of US$2.16 billion (AED 7.885 billion) for 2023, representing a 24.39 percent increase over the previous year and 6.4 percent up on pre-pandemic in 2019.December finished with...

The World Bank raised its target for climate-related projects from 35% of its annual financing to 45%. Given that the Bank's lending commitments in the most recent financial year were less than $130bn, the only way to get close to this target is by encouraging far greater private sector participation,...

The bank expects to enhance operations with AI tools.

The layoffs will reduce costs for the Spanish company.

Amman, Jordan--The UAE and Jordan discussed enhancing trade and investment relations in order to stimulate joint economic growth and create more opportunities for cooperation between their business communities and private sectors.The discussions took place between in a meeting between Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign...

Dubai, UAE -- Jordan's public debt till the end of October 2023 has risen to $46.1 billion, 89.6 percent of the country's GDP.The Ministry of Finance said the government had borrowed $3.8 billion in the first ten months of 2023.In December, the government approved the 2024 budget with a deficit...

Turkey's official annual inflation rate ticked up to 64.77 in December, from 61.98 percent in November. But the month-on-month pace of increases of 2.93 percent was the smallest of the past six months.

Riyadh, Saudi Arabia -- ROSHN Group has been recently recognized as "The Best Place to Work in Saudi Arabia" for 2023 by the globally recognized employer of choice certification program Best Places to Work, the company said in a press release.ROSHN achieved its ranking based on anonymous surveys conducted by...

Doha, Qatar--The Qatar Development Bank's Export Development and Promotion Agency (Tasdeer), a subsidiary of the Qatar Development Bank, announced an increase in Qatari exports to its clients by over $412 million during 2023.In a statement released today, the agency highlighted its participation in eight international exhibitions over the past year,...

The Al Wasl field is its first oil discovery in Egypt.

Riyadh, Saudi Arabia - Saudi Arabia is poised to launch its inaugural financial center, with unified and standardized policies and guidelines, Chairman of the Steering Committee at the Ministry of Finance, Abdul Aziz Al-Furaih said during the inauguration of the Leadership Forum for the Transformation to Accrual Accounting in Riyadh....

Beijing, China -- China's import and export tariff adjustments on some goods took effect on Monday, including implementing provisional import tariff rates lower than the most favored nation rates on 1,010 goods, implementing tariff rates on some commodities under agreements and applying preferential tariff rates to 43 least-developed countries (LDCs).‏As...

Doha, Qatar -- Qatar's Producer Price Index (PPI) of the industrial sector in the country for November was 118.65 points, a decrease of 1.95 percent compared to October 2023. On Y-o-Y basis, PPI of November 2023 showed a decrease of 17.36 percent.The main four industry sectors by weight are "Mining"...

Dubai, UAE--Bitcoin stormed above $45,000 on Tuesday for the first time since April 2022.Bitcoin touched a 21-month peak of $45,532, having gained 156% last year in its strongest yearly performance since 2020. It was last up 2.5% at $45,318 but remains far off the record high of $69,000 it touched...

Dubai, UAE--The UAE's Ministry of Human Resources and Emiratisation (MoHRE) has started implementing the cabinet decision to expand the scope of companies subject to Emiratisation targets, where more than 12,000 companies with 20-49 employees, are required to hire at least one UAE citizen in 2024 and another one in 2025.The...

The production started at the first well in the Gulf of Suez.

Dubai, UAE--Brokerage firms at the Dubai Financial Market (DFM) opened 57,054 new investor accounts in 2023, marking a significant increase of 12.5% over the previous year, according to data released by the DFM.The growth was driven by a number of factors, including the strong momentum in the market since the...

The Israeli military spokesman said the army was currently "planning the management of the forces operating in the field" in the months ahead. He added some of the 300,000 army reservists would get a break from the conflict, with Israel seeking to boost its war-hit economy.

Tehran, Iran-- Trade between Iran and Azerbaijan has registered a 46 percent jump in 2022, according to the deputy prime minister of the Republic of Azerbaijan.Shahin Mustafayev, who is also the Azeri head of the Iran-Azerbaijan Joint Economic Cooperation Commission, stated that the relations between the two countries are on...

Abu Dhabi, UAE--Sheikh Zayed Festival is witnessing a large public turnout from citizens, residents and tourists from all over the world to celebrate New Year's Eve and welcome the new year 2024, which contributes significantly to increasing retail sales for exhibitors and commercial stores at the festival.During the celebration of...

ABU DHABI, UAE - The prices of petrol and diesel are set to decrease in the country in January following fluctuations in the global oil market.This change reflects a continuous trend observed in the fuel prices over the past few months, with September and October witnessing increases and November and...

Abu Dhabi, UAE -- The UAE is bidding farewell to 2023, dubbed the ‘Year of Sustainability'. From hosting the relatively successful COP28 to space, the country achieved several milestones. Sustainability drive- 28th UN Climate Change Conference's (COP28) culmination in the historic ‘UAE Consensus' on climate change, which was adopted by...

The National Bureau of Statistics (NBS) said, "In December... the level of vitality in the manufacturing sector somewhat declined." In recent months, Beijing has announced a slew of targeted measures as well as a sizeable issuance of sovereign bonds to boost infrastructure spending and rev up economic activity.

Manama, Bahrain-- The GCC Commercial Arbitration Centre has started to harness AI techniques, according to its secretary general, Dr. Kamal bin Abdullah Al Hamad.The initiative aims to enhance international commercial arbitration processes, aligning with the national visions of the Gulf Cooperation Council countries. It is in harmony with the prevailing...

Manama, Bahrain--The Bahrain Tourism and Exhibitions Authority (BETA) began a roadshow in Shanghai and Guangzhou, China, involving prominent travel, tourism, aviation, and hotel sectors. The roadshow aims to promote Bahrain as a prominent tourist destination in regional and global markets, enhancing the sector's contribution to the gross domestic product in line...

Dubai, UAE--The Arab Strategy Forum will commence in Dubai on January 3rd, 2024 to debate the intricate political and economic landscape of the Arab region.Titled "The Political and Economic State of the Arab World in 2024," the thought-provoking event will bring together prominent global leaders, strategic experts, and leading figures...

The fabrication unit will cost the firm US$5.44m.