EGA advances plans to build new US aluminum plant
Abu Dhabi, UAE -- Emirates Global Aluminum, the largest ‘premium aluminum’ producer in the world, today announced the progression of...Business
Luberef net profit falls 7% in Q1
A fall in by-products sales leads to profit dip.Company News Business
ACWA Power-led consortium signs deal for wind energy project
Cairo, Egypt -- The Egyptian government signed an agreement yesterday with a consortium led by the Saudi company ACWA Power...This wind energy production project in the Middle East in Egypt will be the largest in the Middle East.
With investments reaching up to $1.5 billion, the project will be established in the Gulf of Suez and Jebel El-Zeit regions, boasting a capacity of 1.1 gigawatts.
EU court’s adviser says $2.6bn fine on Google be upheld
Google suffered a legal blow at the European Court of Justice when the body's adviser recommended that a US$2.6 billion...The opinion will feed into a legal battle Google has been waging to overturn the fine the European Commission hit it with in 2017.
The commission determined that Google abused its dominant position by favoring its own Google Shopping service.
Borouge signs supply agreement
The two-year agreement is worth AED 160 million ($43.56 million).Under the two-year agreement, Borouge will provide advanced infrastructure solutions to NAFFCO for various infrastructure projects across the region.
The Guggenheim Museum, the Riyadh city project, Mohamed bin Zayed City and the Yas Island Development Project are some of the projects.
FAB issues first Sukuk globally in 2024
ABU DHABI, UAE - First Abu Dhabi Bank (FAB) has issued a five-year US$800 million Sukuk at US Treasury +85bps,...The allocation sees 76 percent directed towards dedicated Islamic investors and 38 percent towards international counterparts.
The 1.9x oversubscribed order book represented high-quality investors, including international fund managers, supranational and banks.
Houthi attacks idle Suez Canal, deepen Egypt’s economic woes
The man-made waterway - which officially opened in 1869 - is crucial for Egypt, earning it $9.4 billion in transit...IMF figures show 35 percent less cargo was transported through the Suez Canal in the first week of 2024 compared with the same period last year
Analysts say the financial impact will become painful if Houthi attacks keep throttling traffic through the main maritime artery connecting Europe and Asia
Amazon cuts hundreds of jobs
The cull will reach 27,000 positions across the company.Amazon said it was slashing hundreds of staff in its entertainment division, targeting both movie streaming service Prime Video and Amazon MGM Studio
The cull comes as part of Amazon's biggest ever job cutting plan launched last year, which it said will reach 27,000 positions across the company
UAE, Saudi Arabia lift up Arab stock markets, post US$493bn in gains in 2023
Abu Dhabi, UAE-- Stock markets across the Middle East posted record highs in 2023, with combined gains of $493 billion,...ADX's market capitalization surged to US$803.4 billion and DFM's value jumped to $187.2 billion
Saudi Arabia's stock exchange posted $368.2bn in gains, sendings it market capitalization up to $3trn
Uber, Kia sign EV partnership
It is aimed at "enhancing electric vehicle offerings".Uber and Kia said they are committed to "collaborate on Kia's planned development and deployment" of its new series of electric vehicles
The partnership of the two companies is aimed at "enhancing electric vehicle offerings available on Uber's mobility platform," they said
DP World signs MoUs in India
The agreements worth US$3bn were signed with Gujarat.The agreements would result in the development of new ports, terminals, and economic zones in the western Indian state
DP World CEO said that during the last 20 years, the company has invested almost $2.5bn and "we are going to invest more"
Emerging crypto hub UAE shapes digital assets’ future
"As 2024 unfolds, we anticipate that both private and public enterprises will increase their investments in the infrastructure and services...Bitcoin marked a 134 percent increase in the year 2023, signifying a resurgent crypto market.
The UAE thawed the crypto winter, with institutional investments driving cryptocurrency deals.
