Renewed fighting likely, Washington couldn’t be trusted: Iran commander
Mohammad Jafar Asadi's remarks came after Trump's assertion that he was dissatisfied with Iran’s latest offer, delivered through Pakistani mediators....
Geostrategy
Low-pressure system eases over UAE: Dubai Airport delays remain
The Ministry of Interior has announced the end of the low-pressure weather system that wreaked havoc for many Dubai International...
Economy
Business
UAE exports 31.3m barrels of crude oil to Japan in February
Tokyo, Japan--The UAE exported 44.1 percent, namely 31.3 million barrels, of Japan's crude oil needs in February 2024, according to...
- Japan bought nearly 71 million barrels of oil for February and 96.7% of that came from five Arab countries
- The rest of Japan’s oil imports came from Asia (0.4%), Central and South America (1.7%), and the US (1.1%)
Business
Omantel approves cash dividend
Net profit grew by 13.1 percent compared to 2022
- Omantel continued to successfully implement its strategy Shift Gear despite market challenges and increasing competition.
- Omantel Group revenues and profits, as the group's revenues were up by 9.7percent
Business
Microsoft, AI to set up data-center project
It will cost US$100bn and will include an AI supercomputer.
- As per a media report, Microsoft would be responsible for financing the project, which would be 100 times more costly than some of the biggest current data centers
- OpenAI's next major AI upgrade is expected to land by early next year, the report said, adding that Microsoft executives are looking to launch Stargate as soon as 2028
UAE and Kenya sign agreement to enhance digital, tech cooperation
Abu Dhabi, UAE--The UAE and Kenya have signed an investment memorandum establishing a framework for investment cooperation in digitalisation and...
- The cooperation between the two countries could also include developing data centre projects with a total capacity of up to 1,000 megawatts
- The African country is also becoming a preferred investment destination for data centre providers, with the growing demand for cloud services
Business
Amanat FY 2023 revenue $195m
The company's revenue grew by 40 percent year-on-year.
- Amanat announced a proposed dividend of US$13 million for FY 2023, with additional interim dividends planned for 2024.
- The balance sheet reached US$158 million in cash at year-end, and low leverage provided significant capital for deployment.
Business
UAE earns first spot in Global Entrepreneurship Monitor 2024 report
Abu Dhabi, UAE-- The United Arab Emirates has been ranked first globally for the third consecutive year in the Global...
- The report said the UAE was the best place to start and conduct new business ventures, surpassing many advanced economies
- The report put Saudi Arabia on the third spot, Qatar at fifth, and Estonia South Korea, Switzerland, and China following them
Economy
Arab Bank for Economic Development in Africa expects financing to touch US$2.5bn
Abu Dhabi, UAE--The Arab Bank for Economic Development in Africa (BADEA) expects the bank's annual financing to reach US$2.5 billion...
- The annual financing of the bank is witnessing a steady increase, rising from US$2 billion in 2022 to US$2.23 billion in 2023
- Nearly 30 percent of the bank's financing in the last 10 years was allocated to sustainable development projects in Africa
Business
Abu Dhabi Chamber and UAEIIC team up to boost investment
Abu Dhabi, UAE--The Abu Dhabi Chamber of Commerce and Industry has signed an agreement with the UAE International Investors Council...
- The two entities will ensure the growth of investments in the region and across the world to promote Abu Dhabi as an investment destination
- They will work together to assess growth opportunities in strategic priority markets, provide consultations, and share studies and information
Business
Investcorp Capital names new CFO
Rohit Nanda, the new CFO, will take up his new job next month.
- Nanda before his new appointment was the head of Operations and head of Investment Structuring and Business Support, Asia, at Investcorp
- He is a chartered accountant, holding a master's degree in science with a specialization in finance from the London School of Economics
Business
Lapita sees surge in leisure and wedding bookings in 2023
Dubai, UAE--Lapita, Dubai Parks and Resorts, has reported a surge in demand, bookings from across leisure and corporate segment last...
- The company saw a noticeable uplift in interest in corporate customers, wedding bookings, and leisure bookings across 2023
- It also hosted over 35 wedding ceremonies and receptions as well as birthdays, with the resort providing the perfect backdrop
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Renewed fighting likely, Washington couldn’t be trusted: Iran commander
Mohammad Jafar Asadi's remarks came after Trump's assertion that he was dissatisfied with Iran’s latest offer, delivered through Pakistani mediators....
Geostrategy
Company News
Latest News
FAB, Microsoft forge partnership
Business
ADQ launches new firm in healthcare sector
Arcera will aim to improve the quality of "human life."
Business
Economic growth in Asia forecast to slow to 4.5 percent, says World Bank
Bangkok, Thailand--Asian economies are not doing as well as they could and growth in the region is forecast to slow...
Economy
Most Read
Economy
China records expansion in factory activity for first time in six months
Shenzhen, China--China's manufacturing activity expanded for the first time in six months in March. The official purchasing managers' index (PMI)...
- The PMI jumped to 50.8 in March from 49.1 in February, above the 50-mark separating growth from contraction
- The PMI data showed that the new export orders rose into positive territory, breaking an 11-month slump
Business
UAE exports 31.3m barrels of crude oil to Japan in February
Tokyo, Japan--The UAE exported 44.1 percent, namely 31.3 million barrels, of Japan's crude oil needs in February 2024, according to...
- Japan bought nearly 71 million barrels of oil for February and 96.7% of that came from five Arab countries
- The rest of Japan’s oil imports came from Asia (0.4%), Central and South America (1.7%), and the US (1.1%)
Business
Omantel approves cash dividend
Net profit grew by 13.1 percent compared to 2022
- Omantel continued to successfully implement its strategy Shift Gear despite market challenges and increasing competition.
- Omantel Group revenues and profits, as the group's revenues were up by 9.7percent