Special economic zones are a new craze in Middle East
Vast swathes of land across the desert region are seeing the sprouting of new special zones to entice big business...Business Economy
DWTC welcomes 2.47m visitors in 2023, says EVP
DUBAI, UAE – Executive Vice President, Dubai World Trade Center (DWTC) Mahir Julfar said that the DWTC's performance in 2023...Business Economy Tourism
TAQA, GS Inima and EWEC seal deal
Abu Dhabi's Shuweihat 4 desalination project secures $444 million.The S4 RO project is primarily funded 71 percent through debt financing from both local and international banks.
The financial closing comes after TAQA and GS Inima signed the water purchase agreement with EWEC in August 2023.
ESG buys majority stake in UIG
The move is likely to enhance ESG’s manpower portfolio.ESG is a global investment, engineering and construction services business and a subsidiary of International Holding Company.
The strategic plan aims to deploy over 30,000 skilled professionals by the end of 2024, serving various sectors.
Ottawa approves RBC takeover of HSBC’s Canadian operations
Canadian Finance Minister Chrystia Freeland said RBC would be required to establish "a new integrated banking center" in Vancouver, eliminate...HSBC, under pressure from shareholders to refocus on its Asian activities, announced the sale of its Canadian operations to RBC for $13.5 billion in November 2022
The London-headquartered bank, which generates two-thirds of its sales in Asia, said it expected the deal would be completed in the first quarter of 2024
China unveils new gaming curbs, sending tech stocks tumbling
Beijing first moved against the gaming sector in 2021 as part of a sprawling crackdown on big tech, including a...New draft restrictions published online by the regulator are aimed at limiting in-game purchases and compulsive playing behavior
Following the news, Tencent tanked more than 15 percent in Hong Kong while rival Netease was down more than 30 percent
Tesla launches Shanghai battery plant project
The project was announced in April after Tesla chief Elon Musk presented a vague but ambitious plan to investors to...The plant is expected to make 10,000 units of Tesla's Megapack batteries per year, and "break ground in the first quarter of 2024 and start production in the fourth quarter"
Tesla says its Megapacks are intended to store energy and stabilize supply for power grids, with each unit able to store more than 3 megawatt-hours of power
Nike shares tumble after cost cuts
Nike promised up to $2 billion in cost savings Thursday.Shares fell heavily in after-hours trading as Chief Financia officer described the environment as "highly promotional" during a conference call with analysts
Profits for the quarter ending November 30 jumped 19 percent to $1.6 billion, while revenues edged up one percent to $13.4 billion
44 large direct deals on IHC worth $1.205 bn at ADX Thursday
Abu Dhabi, UAE – A wave of 44 large direct deals swept over the International Holding Company (IHC) shares on...Large direct deals are trades that are executed outside the order book and do not affect the closing price of the relevant company's stock
They also do not affect the highest and lowest prices executed during the session and during the last 52 weeks
Angola departure a blow for OPEC+ as cartel tensions rise
Despite slashing oil production for months on end and announcing new cuts in late November, the Organization of the Petroleum...Prices are sitting at their lowest level in nearly six months despite the cartel's announcement in November to further cut output.
Angola is far from the first small country to quit the cartel. Indonesia left in 2009, Qatar in 2019 and Ecuador in 2020.
UAE consumer spending expected to rise by 5% in 2024: Mastercard report
Dubai, UAE -- Consumer spending in the UAE is expected to increase by 5 percent in 2024, while consumers and...Expansionary fiscal policy is set to continue to support growth in the Gulf Cooperation Council (GCC) countries, the report said.
GCC’s strong push to grow its tourism sector have made the region one of the world’s fastest-growing destinations.
UAE central bank cash deposits up by 10.2% in Oct to $187 billion
Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) said Thursday cash deposits surged to AED 687.2 billion...The Central Bank's cash aggregates statistics reveal a monthly increase of 0.19 percent, or AED 1.3 billion, compared to around AED 685.9 billion in September 2023.
During the first ten months of this year, cash deposits increased by 8.12 percent compared to about AED 635.6 billion at the end of last year, an increase of AED 51.6 billion.
