Economic & Business News

Saudi Arabia, Iraq to cooperate on reducing crude oil supply level

(Reuters - 10/21/2017 1:46:00 PM)

Saudi Arabia’s Oil Minister Khalid al-Falih and his Iraqi counterpart Jabar al-Luaibi, agreed on Saturday to cooperate on implementing decisions by the Organization of Petroleum Exporting Countries to curb oil global oil supply, Iraq’s oil ministry said. ...

Gulf money stalling tech IPOs

(Reuters - 10/21/2017 8:50:00 AM)

Big cash infusions for startups from an ever-expanding group of investors, led by SoftBank Group and Middle East sovereign wealth funds, have extinguished hopes that the technology IPO market would bounce back this year. These deep-pocketed financiers, ...

Google releases study quantifying economic impact of digital maps

(Arab News - 10/21/2017 8:49:00 AM)

A Google-commissioned study conducted by marketing research firm AlphaBeta quantified the economic impact of services like Google Maps and Google Earth by looking at the benefits and value geospatial technology brought to consumers, businesses and ...

Mubadala opens US office to manage venture with SoftBank

(Bloomberg - 10/20/2017 11:04:00 AM)

Abu Dhabi’s Mubadala Investment Co is opening an office in San Francisco to manage its $15 billion (Dh55 billion) commitment to SoftBank Group Corp’s Vision Fund. The sovereign fund will work with SoftBank executives in California as it opens its venture ...

Saudi Arabia's IDB Plans Blockchain-Based Financial Inclusion Product

(Reuters - 10/20/2017 11:00:00 AM)

The research arm of the Islamic Development Bank [ISDBA.UL] plans to use blockchain technology to develop sharia-compliant products, aiming to support financial inclusion efforts across its member countries. The Jeddah-based Islamic Research and Training ...

UAE retailer Majid Al-Futtaim seeks data scientists to capture growth

(Reuters - 10/20/2017 10:52:00 AM)

Dubai’s Majid Al-Futtaim, the Middle East operator of French retailer Carrefour, is hiring 200 people as it rolls out an ambitious strategy to expand its digital and e-commerce operations, its chief executive said. Majid Al-Futtaim, which in June ...

PIF in fresh drive to boost Saudi Arabia’s green credentials

(Arab News - 10/20/2017 10:51:00 AM)

Saudi Arabia’s Public Investment Fund (PIF) has announced the establishment of a new energy service company, Super Esco, to increase energy efficiency across government and public buildings. A royal decree has been issued requiring government entities to ...

Middle Eastern inbound M&A reaches all-time high of $7.3 billion

(CPI Financial - 10/19/2017 10:09:00 PM)

According to estimates from Thomson Reuters, Middle Eastern investment banking fees totalled an estimated $669.2 million during the first nine months of 2017, four per cent less than the value of fees recorded during the same period in 2016. Nadim ...

KAPSARC tackles challenges of electricity transition in GCC

(Saudi Gazette - 10/19/2017 10:03:00 PM)

The King Abdullah Petroleum Studies and Research Center (KAPSARC) addressed the Climate Change Polices and Challenges of the Electricity Transition in the GCC, during the meeting of Association of Energy Engineers (AEE) Saudi Chapter in collaboration ...

Arab Petroleum Investments Corp hires banks for dollar sukuk

(Reuters - 10/19/2017 10:02:00 PM)

Arab Petroleum Investments Corporation (APICORP) has mandated banks to arrange a series of fixed income investor meetings ahead of a potential five-year benchmark U.S. dollar-denominated sukuk sale, a document issued by one of the banks showed on ...

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