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Business

Focused coverage of the latest developments in Business, in clear language with continuous updates.

The Palestinian Payment Services Company Signs a Memorandum of Understanding with the Jordanian Fintech Academy to Enhance Cooperation

Amman - Afaq News - Under the patronage of the Governor of the Central Bank of Jordan, Dr. Adel Sharkas, and in the presence of the Deputy Governor of the Central Bank of Jordan, Dr. Khaldoun Washah, the Palestinian Payment Services Company (PPSC) signed a memorandum of understanding with the Jordanian Fintech Academy - Institute of Banking Studies, aimed at enhancing joint cooperation in the field.

New Face 242 minutesSaturday, 26 September 2026 at 09:45

Business

Launch of the "Afaq Economic News" Platform in Arabic

Dubai, United Arab Emirates - The "Afaq Economic News" platform, Afaq News Business Arabic, was launched on January 15, 2023, under the management of the International Media Investments (IMI) and in partnership with the commercial division of the Afaq News Global Network (CNNIC), as a digital business platform providing news, facts, and analysis.

New Face 241 minuteTuesday, 17 January 2023 at 12:37

Business

Apple CEO Agrees to 40% Pay Cut After Shareholder Revolt.. What Is His Salary?

Dubai, United Arab Emirates - Tim Cook, the CEO of Apple, the largest technology company in the world, has agreed to a 40% pay cut following a shareholder revolt. Apple stated in a statement that it will reduce the targeted pay package for its CEO to $49 million, which is 40% less than his previous salary.

New Face 242 minutesFriday, 13 January 2023 at 23:42

Business

After China.. "Tesla" Reduces Prices of Its Cars in the United States and Europe

Dubai, United Arab Emirates - Tesla has reduced the prices of its electric cars in the United States and Europe by up to 20%, to expand its aggressive discount strategy, after falling short of Wall Street's delivery estimates in 2022. This move resulted in a 4% drop in shares.

New Face 243 minutesFriday, 13 January 2023 at 20:49

Business

Egypt.. Significant Increases in Prices of Goods, Cars, and Building Materials with the Decline of the Pound Against the Dollar

Dubai, United Arab Emirates - The prices of basic goods, building materials, and cars in Egypt have risen due to the decline of the pound against the dollar, with the price of a ton of steel increasing by 2500 pounds ($84.61), and cement by 100 pounds ($3.38). The percentage increase in car prices varied among different models.

New Face 246 minutesThursday, 12 January 2023 at 23:19

Business

Food Products Crisis in Egypt.. Record Prices for Poultry and Shortage of Oil with Boycott Campaigns

Cairo, Egypt - The food products market in Egypt has witnessed a significant rise in poultry prices, exceeding 60 pounds (2.02 dollars) per kilogram for consumers, for the first time in history, due to the substantial increase in feed prices, according to breeders, and the supply of oil in commercial chains and shops has noticeably decreased. In response to

New Face 244 minutesThursday, 12 January 2023 at 08:28

Business

The Pound Continues Its Decline Against the Dollar, Reaching a Record Level After the IMF Agreement

Dubai, United Arab Emirates - The price of the Egyptian pound against the dollar dropped by 7.7% during trading on Wednesday, with the greenback recording 29.63 pounds for buying and 29.76 pounds for selling at the Central Bank - marking a new record level - and continuing the pound's decline against the dollar by more than 100% since the devaluation decision.

New Face 244 minutesWednesday, 11 January 2023 at 19:09

Business

M&M's Company Makes Changes to Its Candy Packaging and Sparks Cultural Controversy

New York, USA - M&M'S candy manufacturer has issued a statement with its latest candy package, which features an entirely female cast of characters - including Purple, the latest addition, placing the company once again in the midst of the cultural wars. Mars, the manufacturing company, announced

New Face 243 minutesWednesday, 11 January 2023 at 11:58

Business

Egypt.. The government postpones "dollar projects" to rationalize public spending

Dubai, United Arab Emirates - Egyptian Prime Minister Mustafa Madbouly issued a package of decisions to "rationalize public spending" and postpone "dollar projects" at a time when the country is facing a significant shortage in foreign currency reserves. According to a government statement on Monday, Madbouly's decisions included postponing the implementation of any new projects that have not been started.

New Face 241 minuteMonday, 9 January 2023 at 22:57

Business

These Cities Are Crowded with Millionaires.. Here Are the Top 10 Cities by Number of Millionaires

Dubai, United Arab Emirates - The global citizenship and residency consultancy firm "Henley & Partners" has revealed a report highlighting high net worth population data in the wealthiest cities in the world during the third quarter of 2022. The analysis included more than 150 cities across five regions around the world.

New Face 242 minutesMonday, 9 January 2023 at 14:22

Business

Suez Canal: Sudden Technical Malfunction in the "Glory" Ship's Engines.. Towed to the "Balah" Area for Repairs

Dubai, United Arab Emirates - After reports of the "Glory" ship running aground in the Suez Canal, Egypt, on Monday, the Suez Canal Authority clarified that the ship's engines experienced a sudden technical malfunction, prompting the authority's tugboats to tow it to the "Balah" area for repairs. The head of the Suez Canal Authority, Lieutenant General Osama Rabie, stated...

New Face 241 minuteMonday, 9 January 2023 at 12:27

Business

A Startup in Abu Dhabi Plans to Send Quinoa Seeds to Space.. Why?

Dubai, United Arab Emirates - The climate crisis has significantly impacted the cultivation of many food crops, prompting some scientists and entrepreneurs to seek solutions beyond our planet. The startup "StarLab Oasis" in Abu Dhabi, an extension of a Texas company called "Nanoracks," aims to grow seeds in space.

New Face 244 minutesSunday, 8 January 2023 at 13:10

Business

Does Saudi Arabia Allow the Sale of Alcohol in Duty-Free Shops at Customs Points?

Dubai, United Arab Emirates - The Saudi Authority for Zakat and Tax responded on Friday to questions about whether the sale of alcoholic beverages would be allowed in duty-free shops at customs points in the Kingdom, confirming that "it is not allowed to sell them." The Authority for Zakat and Tax stated via its Twitter account,

New Face 242 minutesFriday, 6 January 2023 at 20:47

Business

Dubbed the 'Spotify of the Middle East'.. What is the next step for 'Anghami'?

Dubai, United Arab Emirates - The platform 'Anghami' describes itself as the largest music streaming app in the Middle East and North Africa. It was quickly dubbed the 'Spotify of the Middle East'.

New Face 243 minutesFriday, 6 January 2023 at 12:56

Business

Summoning Saudi Public Investment Fund Chairman Yasir Al-Rumayyan in Musk's 'secured funding' tweet case

New York, USA - Elon Musk's legal team has summoned Yasir Al-Rumayyan, the Chairman of the Public Investment Fund of Saudi Arabia, as part of the litigation regarding the tweet from the Tesla CEO in 2018 where he stated that he was considering taking the car company private and that he had secured funding.

New Face 242 minutesFriday, 6 January 2023 at 11:14