EDGE bags another big order
The group will supply 200 unmanned helicopters to UAE defense ministry.Company News Business
US approves inspection program to return Boeing 737 MAX to service
The FAA announcement is a major step after the agency grounded 171 MAX 9 planes after the January 5 incident...Business
Dubai to have a ‘crypto asset and blockchain hub’
Dubai World Trade Center Free Zone and CoinMENA have tied up to develop a “crypto asset and blockchain hub" in...The memorandum of understanding was signed by the DWTC and CoinMENA’s subsidiary
The agreement will likewise see CoinMENA’s UAE headquarters relocate to the DWTC Free Zone
Yansab of Saudi Arabia posts 8% drop in net profit to $47.7m
Yanbu National Petrochemical Co (Yansab), of Saudi Arabia, has revealed that its net profit declined 8 percent to $47.7 million...The drop in net profit was due to lower production and sales because of the temporary shutdown of its plants
The result missed most analyst estimates. Riyadh-based Al Rajhi Capital had estimated 476 million riyals
Mubadala Capital leads Huboo Fulfilment’s $82m funding round
Mubadala Capital led a Series B funding round in Huboo Fulfilment, the UK-based logistics start-up, closing at $82 million in...Huboo said in a statement it plans to roll out their first Spanish fulfillment centre in Madrid having already opened its first mainland European base in Eindhoven
The round led by Mubadala Capital was joined by existing investors including Stride, Ada Ventures, Hearst Ventures, Episode 1 and Maersk Growth
Foreign investment in Egypt’s oil sector drops 26% to $5.4bn
Foreign investment in the oil sector of Egypt has dropped 26.02 percent to $5.4 billion in the current financial years,...The coronavirus crisis led to a slowdown in investments from international oil companies worldwide,”
Egypt's oil sector had received more than $7 billion in investments a year earlier
Sabic leads low-carbon plan
Sabic, WEF, and global companies will formalize the plan.The agreement will look to formalize the low-carbon emitting technologies or LCET initiative into a standalone entity by 2023
As a result, LCET members will share early-stage risks and co-invest in developing and upscaling low-emission technologies
ADNOC Distribution opens two stations in Sharjah
The openings support the company’s commitment to delivering on its promise to provide greater fuel retailer convenience to customers and...The openings support the company’s commitment to delivering on its promise to provide greater fuel retailer convenience to customers and neighborhoods
The fuel-only Al Talaa offers fast and efficient refueling for customers, while the Al Madean station provides the full fuel and retail offering with an onsite ADNOC Oasis store
No fear of inflation becoming a ‘runaway train,’ says IMF chief
Global finance officials are worried about rising inflation pressures but there it is little fear that it will become a...However, in advanced economies “policymakers have the tools” to deal with inflation
With supply chain bottlenecks growing in the face of surging demand, policymakers have focused attention on rising prices
Response Plus Holding of UAE posts net profit of $10.9m
Response Plus Holding, the UAE healthcare investment and management firm, has posted a net profit of $10.9 million during the...Its revenue for the nine-month period climbed to 197.7 million dirhams from 2.1 million dirhams last year
As a result of revenue growth and improved margins, gross profit reached 60.1 million dirhams
Facebook ‘metaverse’ to become reality soon
The technology might, for example, allow someone to don virtual reality glasses that make it feel as if they're face-to-face...The technology might, for example, allow someone to don virtual reality glasses that make it feel as if they're face-to-face with a friend
Metaverse enthusiasts point out that the internet is already starting to blur the lines between virtual experiences and "real" ones
Oman and Lebanon explore new trade avenues
Businessmen and stakeholders from Oman and Lebanon have discussed investment and trade exchange.The discussions took place during the Omani-Lebanese Business Forum organized by the Oman Chamber of Commerce and Industry
The forum was organized on the sidelines of an official visit by a Lebanese business delegation to Oman
