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Israel’s Tech Industry Continues to Struggle in 2023, According to State Agency

JERUSALEM: A slowdown in Israel’s technology sector has worsened in 2023, exacerbated by political turmoil, and the country may be detaching from broader trends that point to a global recovery, the state-backed Israel Innovation Authority said on Monday. High-tech has for a decade been the fastest growing sector in Israel and crucial for economic growth, accounting for 14 percent of jobs and almost a fifth of GDP — not to mention innovations coming out of Tel Aviv adopted around the world in cybersecurity, artificial intelligence and other fields.
Business

Saudi EXIM Bank and NBB collaborate to enhance exports

RIYADH: Bilateral trade between Saudi Arabia and Bahrain is set to receive a further boost after banks from both sides entered into an agreement to offer competitive financing to firms involved in the import and export of goods.  According to a memorandum of understanding signed between the National Bank of Bahrain and the Saudi Export-Import Bank, also known as Saudi EXIM Bank, NBB will offer competitive financing rates to Bahraini companies importing goods from Saudi Arabia.  
Business

ACWA Power gets $100m credit from Chinese bank to expand operations

RIYADH: In an effort to boost its operations, Saudi energy firm ACWA Power secured $100 million in a revolving credit facility from China Construction Bank. Engaged in collaboration with the Chinese bank since 2016, ACWA Power signed the three-year revolver agreement to scale up its power generation and water desalination portfolio in the Middle East, Uzbekistan and Kazakhstan.
sport

Nick Cassidy Triumphs in USA Formula E Race with Jake Dennis Leading Championship

Envision Racing’s Nick Cassidy on Saturday won the first-ever Southwire Portland E-Prix ahead of Avalanche Andretti Formula E Team driver Jake Dennis in second place, propelling the pair to the top of the world championship standings with Dennis leading Cassidy by a point. TAG Heuer Porsche’s Antonio Felix da Costa finished third while just seven seconds split the first 17 cars at the flag.
Business

TASI Market Cap Reaches $2.9tn with Strong Fundamentals: S&P

RIYADH: The market capitalization of the Tadawul All Share Index surged to over $2.9 trillion in June, up from $420 million in 2015, according to a report by S&P Global Ratings.   The firm suggested that the increase indicates solid economic fundamentals and positive investor sentiment in Saudi Arabia. Tadawul and the Capital Market Authority have launched several initiatives to expand the capital market in recent years as the Kingdom seeks to diversify its economy in line with the Vision 2030 initiative. 
Business

Islamic Banks in UAE See $177bn Asset Growth in Q1

RIYADH: Reflecting the growing popularity of Islamic financing, gross assets of the Shariah-compliant banks operating in the UAE grew to 650 billion dirhams ($177 billion) by the end of the first quarter of 2023, a year-over-year increase of 7.31 percent compared to 605.7 billion dirhams in the same period last year, according to figures by the Central Bank of the UAE.  
sport

Manchester City crowned European football royalty in Istanbul

ISTANBUL: In the presence of the UAE leadership, Manchester City joined footballing royalty as they became the kings of Europe. Finally, they had their Champions League — the trophy craved by their Abu Dhabi owners, manager Pep Guardiola, players and fans. A tense 1-0 win over Inter Milan in Istanbul confirmed their status as Europe’s elite club for the first time — and sealed a famous Treble, having already won the Premier League and FA Cup this season.
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US Media Reports US Had Advance Warning of Israel Attack on Iran

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DUBAI/WASHINGTON: Israeli missiles have hit a site in Iran, ABC News reported late on Thursday, citing a US official, while Iranian state media reported an explosion in the center of the country, days after Iran launched a retaliatory drone strike on Israel. Commercial flights began diverting their routes early Friday morning over western Iran without explanation as one semiofficial news agency in the Islamic Republic claimed there had been “explosions” heard over the city of Isfahan.

Zimbabweans bear cost of switching to new ZiG currency

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Businesses, transport, government services reject old notes despite the unavailability of new bills until end of month.

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US Media Reports US Had Advance Warning of Israel Attack on Iran

News 0
DUBAI/WASHINGTON: Israeli missiles have hit a site in Iran, ABC News reported late on Thursday, citing a US official, while Iranian state media reported an explosion in the center of the country, days after Iran launched a retaliatory drone strike on Israel. Commercial flights began diverting their routes early Friday morning over western Iran without explanation as one semiofficial news agency in the Islamic Republic claimed there had been “explosions” heard over the city of Isfahan.

Zimbabweans bear cost of switching to new ZiG currency

News 0
Businesses, transport, government services reject old notes despite the unavailability of new bills until end of month.

Popular

Google Fires 28 Staff for Protesting Cloud Contract with Israel

Economy 0
Tech giant says employees engaged in 'completely unacceptable behaviour' during sit-in at company offices.

Apple invests in Vietnam as Tim Cook visits Hanoi

Economy 0
Apple CEO is expected to meet programmers, students and content creators during two-day visit.

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