Meta, YouTube face trial over children harm
Opening statements in the first trial began in Los Angeles County Superior Court, where Instagram parent company Meta and Google’s...
Geostrategy
Dubai receives 3.67 million visitors in first two months of 2024
Dubai, UAE--Dubai received 3.67 million overnight visitors in January-February 2024, with an increase of over 18 percent year-on-year (YoY), figures...
Business
Economy
Passenger air traffic has surpassed pre-pandemic levels: ICAO
Montreal, Canada--The International Civil Aviation Organisation (ICAO) projected that passenger air traffic levels will be around 2 percent higher In...
- The aviation arm of the UN said that demand this year is forecast to be around 3 percent above 2019 levels and could reach 4 percent if the pace of recovery strengthens
- According to its analysis, global demand expressed in Freight Tonne-Kilometres (FTK) is forecast to be around 2 percent below 2019 levels for the full year 2024
Science
ENEC and General Atomics to collaborate on use of technology for nuclear energy
Abu Dhabi, UAE--The Emirates Nuclear Energy Corporation (ENEC) today announced that it has signed a Memorandum of Understanding (MoU) with...
- The two will also cooperate to utilize ENEC's experience in developing new nuclear builds and investments in GA's' advanced non-light water reactors
- ENEC and GA Electromagnetic Systems (GA-EMS), as part of the memorandum of understanding, will explore collaboration opportunities covering several projects
Economy
GCC and Turkey begin free trade negotiations to boost ties
Ankara, Turkey-- The Gulf Cooperation Council and Turkey have started off free trade negotiations to deepen their ties further. In...
- Albudaiwi said the free trade talks exemplify the strategic partnership between the GCC countries and Turkey, as well as the regional cooperation in various sectors
- He said the GCC countries are actively engaged in free trade negotiations with other nations to expand trade opportunities, promote economic cooperation
Science
COP hosts UAE, Azerbaijan, Brazil pledge stronger climate action
Paris, France--Past and future hosts of the UN climate negotiations the United Arab Emirates, Azerbaijan and Brazil announced Wednesday they would...
- Countries across the world have been under pressure to keep this warming limit alive by pledging to accelerate their efforts to slash greenhouse gas emissions
- The United Nations climate chief last week stressed that the new round of commitments were essential to keep the world from blowing past 1.5 Celsius
Economy
Saudi Industrial Production Index climbs up in January 2024
Riyadh, Saudi Arabia--The Saudi Industrial Production Index (IPI) recorded 103.3 points in January 2024, compared to 103 points in December...
- As per reports, the sub-index for mining and quarrying activity, which accounts for 61.4% of the index weight, grew by 0.1% to reach 98.2 points in January 2024
- The report added that the sub-index for manufacturing activity, which accounts for 35% of the index weight, grew by 1.1% to reach 113.8 points in January 2024
Economy
GCC central banks hold rates steady, following US Fed
The Central Bank of the UAE kept the Base Rate for the Overnight Deposit Facility (ODF) steady at 5.40%, aligning...
- Both central banks' decisions come after Fed's vote to maintain interest rates at a 23-year high
- The decision is a careful balancing act by the UAE and Qatar aimed at fostering stability and growth
Geostrategy
GCC and EU hold talks to boost economic, political ties
Brussels, Belgium-- The Gulf Cooperation Council (GCC) and the European Union have held talks in Brussels in order to enhance...
- Jasem Mohamed Albudaiwi, head of the GCC, held talks with members of the EU Political and Security Committee
- The two sides exchanged views on a group of regional and international issues, including the crisis in the Gaza Strip
Business
ADX partners with Eureeca
The collaboration will bolster accessibility to ADX IPOs.
- The partnership between ADX and Eureeca capitalises on the exchange’s robust e-IPO investor portal, highlighting its commitment to simplifying the IPO process
- The tie up will take advantage of Eureeca’s international investor base, giving regional and international retail and HNWIs the opportunity to participate in ADX IPOs
Business
Bahrain and France sign MoU to boost tourism education
Lyon, France--Vatel Hotel and Tourism Business School Bahrain signed a memorandum of understanding (MoU) with EKLYA School of Business in...
- The MoU will strengthen educational ties, foster mutual understanding, and enhance bilateral relations in the realms of academia, culture, and knowledge exchange
- The curriculum for the EKLYA students will encompass a variety of subjects, including cross-cultural studies, project management, event management, and geopolitics
Economy
UAE banking sector looks poised for continued growth in 2024
Abu Dhabi, UAE--The UAE banking sector continued its growth momentum last year and is poised for further growth and recovery...
- The indicators of rising assets, financing and capital adequacy ratios reflect the sector's flexibility and resilience to adapt to the changes the world is witnessing
- At the end of December 2023, total deposits of resident and non-resident customers with banks operating in the UAE rose by 4.2% and annually by 13.5% ), reaching $686bn
Meta, YouTube face trial over children harm
Opening statements in the first trial began in Los Angeles County Superior Court, where Instagram parent company Meta and Google’s...
Geostrategy
Company News
FAB, Microsoft forge partnership
Business
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Omantel approves cash dividend
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...
Business
Microsoft, AI to set up data-center project
It will cost US$100bn and will include an AI supercomputer.
Business
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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