European Union and UAE agree to launch trade deal negotiations
Emirati President Mohammed bin Zayed Al Nahyan "and I just decided to launch negotiations on an EU-UAE free trade agreement,"...Business Economy Geostrategy
$20 million rare blue diamond goes on show in Abu Dhabi
Abu Dhabi, United Arab Emirates -- A rare blue diamond valued at $20 million went on pre-auction display on Tuesday...Arts & Culture Business Culture & Society
Saudi EXIM Bank ink $51bn deal with Turkish firms
Riyadh, Saudi Arabia - Saudi EXIM Bank signed line of credit agreements worth $51 million with Türkiye Finans Katılım Bankası...The agreement is likely to help boost trade between the two countries and facilitate the flow of Saudi non-oil exports to the Turkish markets
The agreement with Türkiye Finans Katılım Bankası A.Ş values at $26 million, the one with Albaraka Türk Katilim Bankasi A.S. at $25 million
UAE insurance sector assets rise US$3.1bn in 9M 2023
ABU DHABI, UAE - The UAE insurance sector continues to exhibit robust growth, as evidenced by a 9.6 percent increase...Central Bank of the UAE data shows that assets rose 3.05 percent from US$1 billion to US$ 34.7 billion between Q2 and Q3 of 2023.
The UAE's leadership position within the Arab insurance landscape is further solidified by its consistent ranking among the top global performers.
Google agrees to settle $5bn data privacy breach lawsuit
Google has agreed to settle a consumer privacy lawsuit seeking at least $5 billion in damages over allegations it tracked...The lawsuit, filed in a California court, claimed Google's practices had infringed on users' privacy by "intentionally" deceiving them
Lawyers for the plaintiffs were seeking at least $5,000 for each user it said had been tracked as they visited Google Analytics in private browsing mode
Saudi’s Maaden announces discovery of new gold reserves
Riyadh, Saudi Arabia - Saudi Arabian Mining Company (Maaden) on Thursday announced a discovery of substantial gold reserves, marking a...The company's exploration program has led to discovery of a gold resource potential spanning across a 100-kilometer stretch from the existing Mansourah Massarah gold mine
As of year-end 2023, Mansourah Massarah boasted nearly seven million ounces of stated gold resources and a nameplate production capacity of 250,000 ounces annually
Huawei says expects higher revenue
The company is leading equipment manufacturer for 5G.Sanctions since 2019 have cut the firm off from access to US-made components and technologies, forcing it to diversify its growth sources
In 2023, the group expected revenues of more than 700 billion yuan ($99.2 billion), Hu said - an increase of nearly nine percent from last year
Xiaomi launches first electric car
The car manufactured by Xiaomi likely to enter market by 2025.Xiaomi boss Lei Jun took to the stage in Beijing Thursday to unveil the SU7, a sedan that is scheduled to enter the market in 2025
Xiaomi announced in 2021 to enter the highly competitive sector of electric vehicles manufacturing
QatarEnergy, Shell sign agreement
QatarEnergy will supply 18m barrels of crude oil per year to Shell.QatarEnergy and Shell have a long-standing strategic partnership through several shared investments in the energy industry in Qatar and globally.
"We look forward to building on our historic relationship and hope we achieve greater success with Shell," said Saad bin Sherida Al Kaabi, CEO QatarEnergy
Norway fund drops Aramco, 11 other Gulf firms over ’rights concerns’
KLP, which manages over 700 billion kroner ($70 billion), said the exclusion amounted to $15 million. The fund dropped 11...Saudi Aramco was blacklisted due to its ties to the Saudi state and for "contravening expectations over climate and energy transition plans", the fund said.
In 2021, the fund excluded 16 companies with links to Israeli settlements in the West Bank, which are considered to be in violation of international law.
ESG buys 60% stake in AFKAR
Emirates Stallions Group is an IHC subsidiary.AFKAR has been active in various sectors including commercial enterprise investment, institution and management.
AFKAR has recorded a 13 percent increase in assets and a 10 percent rise in revenue during the past 3 years, underpinned by a workforce of over 600 employees.
UAE farm harvests $5.6m from carbon credits in eco-friendly agriculture triumph
Dubai – An innovative agricultural project in the United Arab Emirates, has generated $5.6 million euros from carbon credit sales. The...Carbon credits are permits that allow a company to emit a certain quantity of greenhouse gases, with one credit equaling the emission of one ton of carbon dioxide
Companies are allocated a specific number of these credits, and If they reduce their emissions and have surplus credits, they can sell these to other companies
