UAE discusses tourism with India, UK, Indonesia and Japan
NEW DELHI, INDIA - UAE Minister of Economy and Head of the Emirates Tourism Council Abdullah bin Touq Al Marri...
Geostrategy
Aramex likely to buy out Turkish MNG Kargo for $500m
Aramex, the Dubai-listed courier agency, is in talks with MNG Kargo, the Turkish delivery company, to buy it completely for...
- The potential deal comes at a time when relations between regional rivals the United Arab Emirates and Turkey are showing signs of improvement
- One of the sources said the talks were at an advanced stage and a second said the pair were engaged in due diligence
Business
Adnoc Drilling eyes $86m rigs
Adnoc, Adnoc Drilling, and H&P have formed an alliance for this.
- The rigs are expected to be delivered and commissioned in stages over a 12-month period
- The process is subject to acceptance upon successful completion of a final inspection on customary terms and conditions
Business booms in Dubai, best in two years
Business activity has grown in Dubai at the fastest rate since September 2019, and is likely to improve further on...
- Expo 2020, further easing of COVID-19 restrictions to boost economic activity
- “We remain optimistic that private sector business conditions will improve further in Q4 2021 as Expo 2020 gets underway
Business
AD Ports plans new $154m terminal
The new terminal will be at the Khalifa Port in Abu Dhabi.
- The terminal will be managed by a joint venture where AD Ports Group will have a 30 percent stake
- CMA CGM’s subsidiary CMA Terminals will have a 70 percent stake in the JV
Business
Twitter tests Communities
When people join a Community, they can Tweet directly to that group instead of to all their followers
- When people join a Community, they can Tweet directly to that group instead of to all their followers
- Only members in the same Community are able to reply and join the conversation so it stays intimate and relevant
Science
Saudi institute invests $500,000 to research farming in space
The equity investment was reportedly a part of Interstellar Lab's latest $3-million seed round.
- The non-profit FII Institute has made the investment in the French firm Interstellar Lab
- The Paris-based firm designs closed-loop bio domes for sustaining life on Earth, the moon, and Mars
Business
Iran mulls preferential trade agreement with Lebanon
The director-general of the Iranian Trade Promotion Organization’s Office of Arabian and African Countries has said Iran is in talks...
- Lebanon is currently suffering under one of the world’s worst economic crises since the mid-1800s
- The situation is such that senior economist Nasser Saidi has said hyperinflation is imminent in the country
Investors to sue Boeing’s Board of Directors for 737 crashes
Boeing has already lost $20 billion in fines, lost orders, and other costs, due to these two crashes, both of...
- A Delaware judge observed that while those who died in the crashes were the primary victims, Boeing shareholders were secondary victims
- She has allowed the Board of Directors to be prosecuted on charges that they did not make good-faith decisions about the safety of the aircraft
Business
Iker Casillas to launch goalkeeper training center in Dubai
Called the Iker Casillas Goalkeeper Training Center, this will be the first such facility by the Real Madrid goalkeeper outside...
- The center is to be established in partnership with Dubai’s Fursan Hispania FC
- It will be helmed by former Spain international footballer Michel Salgado
Business
Japanese-French consortium to operate Dubai Metro now
The change in operators coincided with the 12th anniversary of Dubai Metro, which started operation on September 9, 2009.
- The operation and maintenance contract of Dubai Metro and Tram with Keolis-MHI LLC spans 15 years
- Of these, nine are base years, and six years are renewable every two years
UAE discusses tourism with India, UK, Indonesia and Japan
NEW DELHI, INDIA - UAE Minister of Economy and Head of the Emirates Tourism Council Abdullah bin Touq Al Marri...
Geostrategy
Company News
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WPS Index: Poor show by most MENA countries
Infographics
UAE to deepen collaboration with India in education sector
The UAE has agreed to deepen collaboration with India in the field of education, and in this regard the two...
Business
UAE stocks gain US$3bn in Wednesday trade
Abu Dhabi index (FTFADGI) rose 0.566 percent to 9,717.380 pts, with conglomerate International Holding Company (IHC.AD) closing high at AED...
Market Report
Oil and gas sector fuels demand for industrial space in Dubai
Ecommerce operators, who have seen an acceleration in activity post the onset of the pandemic, have further expanded their operations.
Economy
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Business
Investcorp leads Pre-IPO round in TruKKer
TruKKer is one of the region’s largest online trucking aggregator.
- TruKKer is one of MENA’s fastest growing technology companies and the region’s largest online trucking aggregator
- This investment is part of the recently launched Investcorp Saudi Pre-IPO Growth Fund LP, targeting equity growth capital investments across a range of companies
Business
Mubadala to buy Fortress
The Abu Dhabi fund will buy it from SoftBank for $2bn.
- The PIF-backed SoftBank Group acquired Fortress in 2017 intending to use the New York-based company's expertise to aid in managing its Vision Fund
- The reports said the Abu Dhabi sovereign fund could announce an agreement in the coming weeks
Business
BinDawood CEO resigns
Ahmad BinDawood stepped down due to personal reasons.
- The company said it will announce any developments about the appointment of a replacement in due course
- BinDawood Holding Co. is a leading grocery retail operator of hypermarkets and supermarkets in the kingdom