$2.65bn in contracts signed during first two days of IDEX and NAVDEX 2025
Abu Dhabi, UAE -- Tawazun Council, UAE's authority responsible for managing acquisitions, procurement, and contracts on behalf of the Ministry...Business
OpenAI board rejects Elon Musk-led $97.4 billion buyout offer
San Francisco, United States -- OpenAI's board chairman on Friday said it has unanimously rejected an Elon Musk-led offer to buy...Technology Business
Telefonica to cut 3,421 jobs
The layoffs will reduce costs for the Spanish company.The layoffs will happen during the first quarter of 2024 and will mainly involve employees who are 56 years or older
The Spanish company employs about 16,500 people in its home country, while its global workforce is over 100,000
King Abdulaziz International Airport serves 42.7m passengers in 2023, a 36% growth
Jeddah, Saudi Arabia — King Abdulaziz International Airport served over 42.7 million passengers in 2023, reflecting a remarkable growth rate...The total number of flights reached 250,000, a 25% jump compared to 2022, which recorded 200,000 flights
Its Terminal 1 ranked first with 179.9 thousand flights, a 16% increase compared to 2022, which recorded 154.6 thousand flights
UAE and Jordan discuss boosting trade and investment ties
Amman, Jordan--The UAE and Jordan discussed enhancing trade and investment relations in order to stimulate joint economic growth and create...The decision to enhance ties came up in a meeting between the UAE's minister of state for foreign trade, and Jordan's prime minister
Al Zeyoudi said the two countries wish to develop economies driven by innovation and the unhindered exchange of trade and investment
Dubai leads way as GCC markets show mixed results
Amid market volatility influenced by geopolitical tensions and fluctuating oil prices, pharma, insurance, and healthcare indices led with substantial gains...Amid market volatility influenced by geopolitical tensions and fluctuating oil prices, pharma, insurance, and healthcare indices led with substantial gains in 2023.
In 2023, global equity markets neared record highs, led by the US and Japan, with the Nasdaq index's remarkable surge standing out as a key highlight
Asia stocks track global losses as traders step back after rally
Hong Kong, China - Asian markets fell Wednesday in line with a sell-off across most of the world as traders took...On Wall Street, the Nasdaq slumped 1.6 percent and the S&P 500 was also in the red, though the Dow enjoyed a small gain
And the negative mood continued in Asia, where Hong Kong, Sydney, Seoul and Taipei were among the biggest losers
UAE creates ‘Parkin’ to oversee parking space operations in Dubai
Dubai, UAE - The UAE has issued a law establishing ‘Parkin’, a public joint stock company (PJSC) that will oversee...Parkin PJSC is likely to be tasked with creating, planning, designing, operating and managing public parking spaces
The newly established company will have financial, administrative and legal autonomy to fulfil its responsibilities
Most owners holding on to Burj Khalifa homes longer: Report
Dubai, UAE -- The total number of homes available for sale in Dubai’s Burj Khalifa declined by 52 percent during...Burj Khalifa homes available for sale dropped 52% in 2023, but total deals climbed 22%, reflecting long-term investor interest.
Dubai prime residential prices soared 16% in 2023, making it one of the world's most "affordable" luxury markets.
ROSHN recognized as best place to work in Saudi Arabia for 2023
Riyadh, Saudi Arabia -- ROSHN Group has been recently recognized as "The Best Place to Work in Saudi Arabia" for...ROSHN achieved its ranking based on anonymous surveys conducted by the Best Places to Work group
ROSHN Group was certified by the organization in 2021, 2022 and 2023, securing the top position in 2022 and 2023
Saudi Ports Authority invests US$3.46bn in maritime and logistics sectors
Riyadh, Saudi Arabia-- The Saudi Ports Authority also known as Mawani strengthened the maritime and logistics sectors with an investment...The investment into the maritime and logistics sectors corresponds with the targets of the National Transport and Logistics Strategy
The authority signed several agreements in 2023 to establish 5 new logistics parks and centers, with investments exceeding $1.06 billion
BYD overtakes Tesla in EV sales
Tesla's stock slipped after the news was announced.Despite losing its quarterly sales crown, Tesla was still top on an annual basis, delivering more than 1.8 million EVs to customers in the year to December
"Tesla sales is likely to be boosted by the introduction of its "long-promised mass market EV model later this year," says Garrett Nelson, an equity analyst at CFRA Research
