Category: Economy

Egypt aims to invest $7.2 billion in drilling 586 exploratory wells for oil and gas by 2030, Minister of Petroleum and Mineral Resources Kareem Badawi said Sunday….

ADES Holding Company announced the amendment of its syndicated facility, securing an additional $3 billion….

UAE Vice President Sheikh Mohammed bin Rashid Al Maktoum announced Sunday a cabinet reshuffle, which includes the appointment of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum as Deputy Prime Minister and Minister of Defense….

Former President Donald Trump was escorted off stage by Secret Service during an incident at a Pennsylvania rally Saturday that left him bloodied—and one rally attendee and the alleged shooter are both dead—though Trump’s campaign has said the former president is fine….

The world was abuzz with the return of ‘Bridgerton’. Here’s how the third season of Shondaland series performed in the MENA region, according to Netflix’s weekly top 10 lists….

Elie Saab Jr., Group CEO and Vice Chairman of ELIE SAAB, is continuing his father’s legacy well beyond the realm of fashion. While focusing on building a long-lasting legacy, he’s exploring new markets and incorporating a future-focused strategy for running one of the region’s biggest fashion houses….

If Warren Buffett didn’t decide to start giving away his wealth, he would easily be the richest person on Earth….

The UN estimates that the world’s population will peak in the mid-2080s at 10.3 billion. …

Former President Donald Trump will face fewer restrictions on Instagram and Facebook in the coming weeks, Meta announced in a statement Friday that outlined new guardrails for Trump’s accounts ahead of the presidential election and Republican convention—lifting the penalties that date back to the 2021 Capitol riot….

The Saudi Public Investment Fund (PIF) and RB Sports & Media will increase their shareholdings in Newcastle United, acquiring PCP Capital Partners' shareholding in the club, according to a statement released on Friday….

Our new list of the 20 Leaders Behind Luxury Dining in the Middle East list spotlights the homegrown tastemakers challenging global chains' dominance. Lebanese restaurateurs lead with 5 entries, followed by 3 Indians….

Shift Up shares jumped 18% in their public-trading debut and made its founder and CEO, Kim Hyung-tae, a billionaire….

Skild AI has raised $300 million to continue building its plug-and-play robotic intelligence with the hope of enabling companies to integrate it into robots of all kinds….

Gross capital inflows into emerging markets, excluding China, have returned last year to levels not seen since 2018, reaching $110 billion, or 0.6% of their economic output, the IMF said….

The European Commission has accused Elon Musk’s X (formerly Twitter) of breaching its Digital Services Act (DSA), saying that the platform deceives users with its blue checkmarks for verified accounts….

The UAE is a wonderful destination year-round, including during the summer despite the high temperatures, offering enjoyable summer activities that cater to all visitors' tastes….

Wealthy donors to President Joe Biden are reportedly withholding $90 million in pledged contributions to the main super PAC supporting his candidacy in protest of his decision to stay in the race—a significant financial setback for the president’s campaign following his June 27 debate performance….

Global debt funds drew a net $9.75 billion worth of inflows in the week ended Wednesday after about $12.28 billion worth of net purchases in the previous week as an unexpected monthly drop in US consumer prices heightened rate cut expectations….

Water and amusement parks are among the most prominent recreational destinations that attract visitors from all over the world, whether they are seeking thrilling adventures or relaxing moments in the water….

David just trounced Goliath on Wall Street, a potentially worrisome occurrence considering the concentration of the recent rally in the world’s largest stocks, but research suggests that smaller stocks outperforming the giants can be a healthy development for the broader market, at least in the short term….

Mukesh Ambani, the richest person in Asia, is set to hold a grand four-day celebration for the wedding of his youngest son Anant in Mumbai starting Friday, which will be attended by world leaders, CEOs, celebrities and Bollywood megastars….

JPMorgan Chase posted Friday a 25% increase in second-quarter profits to $18.1 billion, beating expectations, as the bank cashed in on its Visa shares. Results were also helped by higher interest rates. …

The International Olympic Committee (IOC) announced Friday that it has partnered with the National Olympic Committee (NOC) of Saudi Arabia to host the inaugural Esports Olympics 2025 as the kingdom tries to diversify its economy away from oil….

For the first time, we have revealed our new Fashion 50 consisting of three lists: the Middle East’s 40 Fashion Innovators, 5 Middle East Stylists Making Waves, and 5 Fashion Business Leaders. Here are the trendsetters who made the cut….

Standard Chartered’s expansive global network and dedicated wealth hubs position it to support the wealth journeys of private banking clients in the region….

Dr. Duaa Alahmadi, entrepreneur, pediatrician, and board member of DHSA Hospital, demonstrates the importance of strong leadership in business and healthcare. …

At The St. Regis Saadiyat Island Resort, Abu Dhabi, guests are invited to indulge in incredible experiences from wellness treatments and culinary delights to the signature St. Regis Butler Service….

Here are five reasons to stay at Four Seasons Resort Sharm El Sheikh, Egypt, this summer….

Tesla shares fell during premarket trading Friday after UBS downgraded the electric carmaker over fears AI hype had inflated its stock value….

With diverse destinations and hundreds of bookable activities, Saudi Arabia invites visitors to experience a whole new side of summer….

Bain Capital has agreed to acquire integrated technology and wealth solutions provider Envestnet for $4.5 billion, resulting in the latter becoming a privately held company….

Former President Donald Trump mocked President Joe Biden’s gaffes and stutters during Thursday night’s closely watched press conference on the sidelines of NATO’s Washington Summit, before highlighting his meeting with Hungary's President Viktor Orban in a likely attempt to show off his own foreign policy chops….

Intel is on track to reach $1 billion in cumulative software revenue by the end of 2027 or maybe “sooner,” according to Chief Technology Officer (CTO) Greg Lavender….

Türkiye’s lira touched a fresh record low on Friday, hitting 33.0450 against the US dollar despite indications of easing inflation….

Chris Kirchner, whose company was once valued $240 million, was arrested in 2023 following a Forbes investigation that revealed he overstated company financials and spent lavishly on personal expenses….

China's exports grew for the third consecutive month in June, supported by a recovery in global manufacturing and the front-loading of orders ahead of expected tariff hikes by some of its major trading partners….

China incurred $12.8 billion (¥93.16 billion) in direct economic loss from natural disasters in the first half of this year….

Fans looking to watch Sunday’s Copa América final between Argentina and Colombia in person will have to fork over more than $2,000 to do so, according to multiple ticketing services on the secondary market, paying about nine times the cost of the soccer tournament’s average ticket price….

The Nasdaq and S&P 500 indexes dropped sharply Thursday and posted their worst trading days since late April, as tech stocks cooled off following a rally led by Apple and Nvidia on Wednesday that sent the indexes to all-time highs….

The rapid growth of private credit lending beyond its traditional market has sparked potential concerns among regulators about its future risks to the US economy, Reuters reported, citing a Moody's report on Thursday….

Elon Musk’s estimated net worth fell about $11 billion Thursday after Tesla’s share price dipped for the first time in over two weeks, with a sharp drop coming after a Bloomberg report was published saying the automaker decided to delay the launch of its robotaxi service….

The International Monetary Fund (IMF)'s executive board has delayed the consideration of an $820 million disbursement to Egypt until July 29 to finalize a few policy details, as the North African country continues to struggle with a difficult economic environment despite easing inflation. …

Mark Pincus, the billionaire co-founder of game maker Zynga, told the Financial Times on Thursday Joe Biden should drop out of the race for president to give Democrats the “best chance” of beating Donald Trump in November, the latest influential name to join a growing list of former supporters calling on him to step down as the party’s candidate….

Gold prices pushed higher to more than $2,400 per ounce Thursday after US data showed an unexpected monthly drop in consumer prices, increasing expectations for a Federal Reserve rate cut decision….

UAE-based telecom service provider e&, formerly called Etisalat, has decided to pursue legal action after a Moroccan court upheld a ruling that requires its subsidiary, Maroc Telecom, to pay a $645 million (MAD 6.4 billion) fine to its rival Inwi for alleged anti-competitive practices….

The ever elusive question of when interest rates will come down from their 23-year high appeared to get a clearer answer Thursday, as better-than-expected inflation data shifted bets dramatically toward a rate cut by the end of summer….

Apple will allow access to its tap-and-go mobile payments system to third-party mobile wallet and payment services, bringing an end to a four-year probe that could have seen the iPhone maker potentially hit with a massive fine, the EU antitrust regulators said Thursday….

Germany announced Thursday that it would phase out the use of components from Chinese telecom giants Huawei and ZTE in its 5G networks before the end of the decade amid lingering concerns that they pose a threat to the country's national security….

Inflation moderated to its lightest level in years, coming in far better than economist estimates as Americans and policymakers alike look to put this inflationary cycle in the rearview mirror….

PepsiCo reported Thursday $22.5 billion in second-quarter net revenue, registering a marginal 0.8% growth over the same period a year ago, despite subdued category performance of the convenience foods division in North America….

Pfizer said it is moving forward with a once-daily weight loss pill, danuglipron, after getting promising data from an early-stage trial, a milestone for the pharma giant hoping to enter the lucrative obesity drug market and compete with popular weight loss injections Wegovy and Zepbound….

Elon Musk’s brain implant company Neuralink will one day bestow “cybernetic superpowers” on people and allow them to control robots with their mind, offering a futuristic and unrealistic forecast for the opaque company’s next steps after he delivered a rare update and revealed plans to implant a second human patient within “the next week or so.”…

Global oil demand growth is expected to average just below 1 million barrels per day in 2024 and 2025, largely due to subdued economic growth….

The world is at risk of missing its target to triple renewable energy capacity by 2030, the International Renewable Energy Agency (IRENA) warned, due to an insufficient current growth rate of 14%….

Museums serve not only as repositories for precious artifacts but also as portals through which visitors can traverse history and culture….

Saudi-based oil and gas driller ADES Holding Company secured a contract extension for one of its standard jackup drilling rigs operating in Saudi Arabia….

The UK's gross domestic product (GDP) grew by 0.4% in May, surpassing expectations, driven by increased housing construction and higher services output, according to official data released on Thursday….

A jury found Bill Hwang, founder of Archegos Capital Management, guilty on 10 charges related to the 2021 collapse of the firm that led banking shares across Europe and the U.S. to fall, putting an end to the two-month trial….

Oil prices rose Thursday as crude stocks fell following increased processing by US refineries, coupled with a decline in gasoline inventories, indicating strong demand….

Two NASA astronauts aboard the International Space Station, who were scheduled to return to Earth weeks ago, said Wednesday they were confident Boeing’s Starliner capsule can bring them home, after a series of technical issues caused their return from the International Space Station to be delayed for nearly a month….

China is leading the global charge in renewable energy, building nearly double the combined wind and solar capacity of all other countries….

Price increases are headed for Xbox Game Pass users alongside the inclusion of a new tier for the subscription service, creating key price differences between Xbox and rival gaming platform PlayStation that mark the latest price hike amid increasingly expensive subscription plans within the entertainment industry….

Samsung’s Galaxy Unpacked event, held Wednesday in Paris, revealed its new Galaxy Ring wearable, a first of its kind for the company, in addition to other new products, such as the Galaxy Buds 3 and 3 Pro, a Galaxy Watch Ultra, and a Galaxy Z Fold 6, redesigned with AI and brighter displays…

Air taxi maker Lilium has won a major order from Saudi Arabia’s flagship carrier Saudia and will likely formalize the deal arranged in late 2022, according to news reports published Wednesday….

“Inside Out 2” continued its box office success and became Pixar’s highest-grossing movie on Wednesday, shortly after it became the first film of the year to hit $1 billion….

Big technology stocks led major stock indexes to new heights Wednesday, with the world’s largest company, Apple, rallying toward the next unattained milestone in today’s bull market—becoming the first $4 trillion company—and the potential emergence of another entrant into the illustrious trillion-dollar club….

American industrial giant Honeywell has agreed to buy Air Products’ liquefied natural gas process technology and equipment business for $1.81 billion in cash, its fourth acquisition of the year….

Dubai announced Wednesday a project for the development of the world's largest logistics hub for food, particularly for fruit and vegetable trade….

Inflation isn’t just hurting Joe Biden in a political sense—it’s affecting him personally. The president earns a fixed $400,000 annually, which is worth less every year that prices increase….

Amazon claimed Wednesday it had achieved a key environmental milestone in which all electricity consumed by its operations in 2023 was “matched” with 100% renewable energy, a claim some experts say is vague on details as the tech giant released its annual sustainability report….

Actor George Clooney published an opinion piece in the New York Times Wednesday calling on President Joe Biden to drop out of the presidential race….

Volkswagen may close the Brussels factory for its luxury EV maker Audi due to a sharp decline in demand for high-end electric cars. …

BMW is recalling more than 390,000 vehicles in the U.S. equipped with recalled airbag inflators, which have an increased risk of exploding in a crash, an issue regulators say has killed dozens of people over the last decade….

OPEC on Wednesday kept its crude oil demand growth forecast for 2024 unchanged from previous forecasts, anticipating high use in the summer driven by strong mobility and air travel….

Nasdaq Dubai welcomed Wednesday three new Sukuk issuances by Indonesia totaling $2.3 billion, as part of the stock exchange's $35 billion trust certificate issuance program, reflecting strengthening economic ties between Dubai and Indonesia….

Saudi Arabia has signed a contract with Airbus to purchase four additional A330 Multi Role Tanker Transport aircraft to enhance the operational capabilities of the Royal Saudi Air Force….

Microsoft has relinquished its seat on OpenAI’s board and Apple will no longer assume an equivalent role, an unexpected move from the tech giants….

Abu Dhabi-based Electra Investment Holding has acquired an approximately 20% stake in Cairo-based integrated energy products company Elsewedy Electric for $449 million, EFG Hermes said Wednesday….

Dubai Mercantile Exchange (DME) will rebrand itself as the Gulf Mercantile Exchange (GME) starting September 2, 2024….

Egypt's Ezz Steel posted a net profit of $26.1 million (EGP 1.3 billion) for the first quarter of 2024, compared to a loss of $51.6 million (EGP2.5 billion) for the same period a year ago….

Global energy giants Shell, BP, Mitsui & Co., and TotalEnergies have signed an agreement to acquire a 10% stake each in the Ruwais liquefied natural gas (LNG) project owned by Abu Dhabi National Oil Company (ADNOC)….

Wealth growth in Europe, the Middle East, and Africa (EMEA) surged by 4.8% in 2023, outpacing the global rebound from the previous year's 3% contraction, a report by Swiss banking giant UBS showed Wednesday….

TSMC posted a 32.9% increase in revenue in June to $6.37 billion (T$207.87 billion) compared to the same month last year. …

Egypt's agricultural exports surged 26.1% year-on-year to $2.9 billion for the first half of 2024….

Samsung Electronics’ unionized workers in South Korea announced an indefinite strike on Wednesday to step up their campaign for a pay raise—in a move that could impact global chip supplies….

Oil prices edged lower following China's consumer price index (CPI) rising less than expected….

Egypt's annual inflation rate eased to 27.1% year-on-year in June, thanks to a decline in certain food prices, official data showed…

Total project awards in the Gulf Cooperation Council (GCC) region fell by 19.7% year-on-year to $51.7 billion in the second quarter of 2024, mainly dragged down by weak activity in the UAE and Qatar….

Zhong Shanshan, the founder of Chinese beverage giant Nongfu Spring and the country’s richest man, has seen his wealth shrink by as much as $20 billion since early May, as investors doubt the company’s strategy of selling new bottled water products at heavy discounts….

Global exports of personal computers (PCs) rose 3% year-on-year to 64.9 million units in the second quarter, partly due to better demand for artificial intelligence (AI) capable PCs….

Egypt’s Society of Play embraces play as a source of positive change in both personal and professional life, and after two years of successful operations, the organization is preparing to launch The Play Festival Vol1….

President Joe Biden has refused calls to take a cognitive exam in the wake of his startling June debate performance that’s heightened concerns about his health, but doctors say an exam alone couldn’t make a definitive determination whether Biden is fit for duty and could be misconstrued by non-medical professionals who don’t have a full picture of the president’s health….

China's consumer prices showed a slight increase in June, falling short of analysts' expectations, reflecting subdued demand amid a sluggish economic recovery….

Egypt's Safwat Kaliouby Group (SKG) and UAE-based KSH Investment Company have partnered on a significant real estate project in the North African country, valued at $500 million (EGP 24 billion)….

Tesla stock sped to a new 2024 high Tuesday, extending the automaker’s sizzling July and widening the gap between its CEO Elon Musk and the world’s next richest man, though Tesla may have a long road ahead to justify its rally….

Dining experiences are one of the most enjoyable activities to do while traveling, moving between different countries and cities. It allows for discovering new flavors and unique culinary experiences, from the bustling city streets to serene coastal retreats….

The fourth episode of the second season of HBO’s “Game of Thrones” spin-off, “House of the Dragon,” drew 8.1 million viewers Sunday night in the U.S., according to Warner Bros. Discovery, marking a viewership high for the show this season by narrowly beating out the season premiere….

Boeing’s second-quarter deliveries dropped to 92, most of them 737s, compared to 136 in the same period last year, as the company continues to face legal and production challenges….

The latest episode of Kitab Hayati featured Syrian actress Suzan Najm Aldeen, who shared her life experiences and inner journey with viewers, revealing aspects of her life previously unknown to her audience. …

A Massachusetts man can speak again after his cancerous larynx was removed and replaced in a rare procedure, the Mayo Clinic announced Tuesday, marking the world’s first successful larynx transplant in a patient with cancer….

Swvl signed a 5-year contract with telecom company e& Egypt, with a total value of up to $6.3 million. …

Federal Reserve Chair Jerome Powell noted “modest” progress in curbing inflation during his testimony before lawmakers on Tuesday, the first of two days in Congress. …

Shares of legacy Silicon Valley giant Intel rallied Tuesday to their highest level in months, bucking the multiyear trend of underperformance as investors favored Intel’s rivals amid the artificial intelligence bonanza….

The Egyptian cabinet on Tuesday approved five agreements for the research, utilization, and development of oil and gas with national and international energy companies involving expected investments of around $200 million. …

President Joe Biden is facing growing calls to step aside in the presidential race amid concerns about his mental fitness for the job and his ability to beat former President Donald Trump—raising legal questions about the fate of the $91 million he’s amassed in donations….

Shares of British oil major BP dipped Tuesday after the company flagged it expects to post an impairment of up to $2 billion in the second quarter and warned that weak oil trading and lower refining margins would hurt results during the period….

Roche announced that it will soon launch an AI-enabled continuous glucose monitoring (CGM) solution to help people with diabetes sleep without worry. …

Cairo-based Talaat Moustafa Group Holding has reported record sales of $7.1 billion (EGP 340 billion) for the first half of 2024, marking a sevenfold increase compared to the same period last year….

White House physician Kevin O’Connor on Monday night said Parkinson’s specialist and neurologist Kevin Cannard visited the White House multiple times last year to treat staff members at the White House including active duty military personnel and his work with President Joe Biden was only limited to his routine annual physical, pushing back against concerns about the president’s physical health and mental acuity….

Germany will require around $324.7 billion (€300 billion) in investments to modernize its power grids to support decarbonization by 2050, state-owned lender KfW reportedly said Tuesday….