Malaysia

MDEC: $2.8tn ripe for digitalisation in global Islamic economy

Muslims worldwide estimated to spend $2.8tn by 2025 on Islamic faith-inspired consumption needs – and Malaysia looks to capture digitalisation opportunities in the sector through MDEC

Walt Disney

Disney begins second round of job cuts, affecting thousands

Disney’s latest job reductions are part of chief executive officer Bob Iger’s ambition to save $5.5bn in annual costs

Sudan

Thousands flee Sudan fighting as countries pull out diplomats

The UK and US militaries airlifted their diplomats to safety, with the US ferrying consular staff in MH-47 Chinook helicopters

UAE, Germany

UAE, Germany explore partnerships to build on industrial ties and climate efforts

Ministry of Industry and Advanced Technology hosts around 30 German companies to discuss expanding cooperation in fields such advanced technologies and de-carbonisation

100 most powerful arabs 2023

Top 100 most powerful Arabs 2023

This year’s power list honours Arab leaders driving and shaping growth in industry, sports, entertainment, and culture from across the region and beyond

EFG Hermes exit Oman

EFG Hermes shuts Oman operations

The universal bank said the move comes in light of its efforts to drive shareholders’ value by optimising its operations and improving the return on equity metric

israel gaza crisis global financial markets

Global growth to fall from last year: IMF

The latest IMF World Economic Outlook update found that recession concerns have gained prominence, while worries about stubbornly high inflation persist

Egypt

Egypt inflation surges to highest since July 2017 on food prices

On a monthly basis, prices grew 2.7 per cent, compared with 6.5 per cent in February

TotalEnergies, Iraq deal

Iraq, TotalEnergies to proceed with $27bn energy project

The energy project aims to recover flared gas on three oil fields in order to supply power plants and build a seawater treatment plant to increase oil production

World Bank Egypt

World Bank approves five-year plan to support Egypt development

The framework’s projects will be supported with $7bn in lending, comprising of $1bn a year from the International Bank for Reconstruction and Development

Delhi

Earthquake hits Afghanistan, strong tremors felt in Delhi-NCR

There was no immediate report of any deaths or property damage

Islamic Digital Economy

Startups injecting fresh innovations to Malaysia’s Islamic Digital Economy

The ASEAN nation continues to be an excellent market for Islamic fintech players to make a mark in the region

Silicon Valley Bank UK

HSBC acquires Silicon Valley Bank UK for less than Dhs5

The assets and liabilities of the parent companies of SVB UK are excluded from the transaction

Nomo

Digital Islamic bank Nomo launches multi-currency accounts

First available in Kuwait, the multi-currency accounts will soon roll-out in phases to customers across the GCC

Africa Energy Expo

Informa Markets to launch Africa Energy Expo in 2024

The expo aims to support Africa’s COP27 climate commitments and align with the Africa Power Vision by bringing together key energy stakeholders

EgyptAir

EgyptAir takes delivery of Africa’s first Airbus A321neo

The A321neo brings 20 per cent reduction in fuel consumption and emissions per seat

Investcorp Tokyo Japan

Bahrain’s Investcorp launches presence in Japan

The firm has appointed Professor Heizo Takenaka as the chairman of Investcorp Japan

Tajikistan-China

Magnitude 7.2 earthquake strikes Tajikistan-China border

It occurred near the border between the northwestern Chinese Xinjiang Uyghur Autonomous Region and Tajikistan’s Gorno-Badakhshan

quakes hit Turkey

Fresh quakes hit Turkey, two weeks after disaster

A 6.4 and 5.8 magnitude earthquakes hit the country’s southeastern Hatay province on Monday

Ministry of Defence

UAE’s Ministry of Defence ends rescue and search activities in Turkey

During the operation, the team managed to rescue 10 people and recover 26 bodies

UAE President sends additional $50m in releif aid to Syria -e1674207563941

UAE President orders additional $50m in relief aid for Syria

The UAE is continuing to send relief supplies to Syria and Türkiye, with more than 70 flights sent to both countries so far, carrying food, medical supplies and other items

Sturgeon

Scotland’s Sturgeon to resign as first minister

It’s unclear when she plans to leave office

Turkey

Rescue efforts continue a week after Turkey, Syria earthquakes

The death toll in Turkey and Syria from the earthquakes and major aftershocks rose above 35,000

Etihad

Etihad Cargo expands European capacity

The carrier will introduce two new routes from its Abu Dhabi hub to Copenhagen in Denmark and Düsseldorf in Germany

ESG investing in the MENA region

Insights: Maximising the potential of ESG investing in the MENA region

Investors in the region could be missing a big opportunity, as investment firms globally are facing increasing demand for ESG investment products that integrate thematic ESG strategies and comply with regulatory requirements

Qatar

Qatar Airways Cargo resumes passenger freighter service to Penang

The service will recommence from February 2, 2023

Middle East CEOs PwC global ceos survey GettyImages-645973195

Middle East CEOs confident about economic growth in 2023, finds PwC survey

According to the survey, 61 per cent of Middle East CEOs expect regional economic growth to improve in 2023 and are ‘very confident’ about prospects for business revenue growth over the next three years

Dubai Investments acquires 9% stake in UK-based digital bank

Dubai Investments acquires 9% stake in UK-based digital bank

Monument Bank is focused on the overlooked ‘mass affluent’ segment in the UK

Jacinda

Jacinda Ardern resigns as Prime Minister of New Zealand

Ardern was expected to seek a third term at this year’s general election

Zambia

Zambia signs $2bn solar power development pact with UAE

Construction will be done in phases, starting with the installation of 500 megawatts