Government chiefs and tech leaders gather in Paris for AI summit
Political and tech industry leaders were set to descend on Paris Monday for a two-day summit on artificial intelligence, hoping...Business
UAE non-oil foreign trade up by 14.6% in 2024 to reach $816bn
Abu Dhabi, UAE -- UAE's non-oil foreign trade increased by a record 14.6 percent in 2024, compared to 2023, reaching...Business Economy
Oil prices rise following Red Sea attacks
Oil prices shot up three percent as more companies suspended shipping through the Red Sea following attacks on vessels by...Yemen's Iran-backed Houthi rebels said on Monday that they had attacked two "Israeli-linked" vessels in the Red Sea..
Ships must travel through the Red Sea to use the Suez Canal, a key transit route for cargo and oil..
UAE issues federal decree on regulating electronic, digital media
ABU DHABI, UAE - The UAE Government has issued a federal decree which aims to regulate and organize media in...The decree aims to promote the UAE as a global media hub and establish an enabling environment for the growth and prosperity of the sector.
The provisions of the decree apply to individuals, organizations, media outlets, and free zones dedicated to the media in the UAE.
AviLease, SDH Wings Sign MoU
The MoU will expand SDH Wings' portfolio of aircraft.AviLease acquired a 10 percent share of SDH Wings as part of the recently completed acquisition of the aircraft leasing platform of Standard Chartered.
AviLease and SDH Wings have already identified the first five new technology narrowbody aircraft from AviLease’s owned portfolio that are now under LOI.
Japan’s Nippon to acquire US Steel
Nippon Steel will also assume the US firm's debt.Nippon Steel will acquire US Steel in an all-cash deal at $55 per share, a 40 percent premium above its closing price on December 15
US Steel launched a strategic review in August after receiving several unsolicited offers for a partial or total takeover.
Abu Dhabi fund CYVN invests $2.2bn in Nio
This follows an earlier investment of $738.5 million by CYVN in July.The investment for Nio, one of US-based Tesla's rivals in China, comes as the Shanghai-founded business remains largely loss-making.
CYVN, an investment vehicle based in Abu Dhabi, had made an investment of $738.5 million by CYVN in July.
Taiwan shipping giant Evergreen suspends Israel cargo services
Due to "escalation of war situation in recent days, Evergreen will temporary suspend Israel import and export service due to rising...Several of the world's largest shipping companies, including Maersk and Hapag-Lloyd, and energy giant BP have already suspended passage through the Red Sea.
Yemeni rebels have said they were targeting vessels near the strait to pressure Israel over its devastating onslaught on Gaza.
ACWA Power signs $800m agreement for South Africa renewable project
Dubai, UAE -- Saudi-listed renewable energy giant ACWA Power has signed a $800 million power purchase agreement for ACWA Power Project...The project will reach around 50% local content in procurement during the construction and create more than 1,000 construction jobs at peak.
Commencement of operations is scheduled by Q2 2026, adding significant dispatchable capacity onto the grid.
BCI’s subsidiary secures US$100m loan from SIDF
RIYADH, SAUDI ARABIA - Basic Chemical Industries Co.'s (BCI) subsidiary Chemical Marketing and Distribution Co. Ltd. secured a loan from the Saudi...The US$100 million loan has a duration of seven years and three months starting from October 8, 2025.
BCI mortgaged all fixed assets of the project as guarantees for financing, in addition to a corporate guarantee.
Saudi EVIQ unveils R&D facility
It will be used to test a range of EV chargers and software.The CEO of EVIQ said that with the setting up of R&D facility the company was paving the way for the growth of a sustainable EV ecosystem in Saudi Arabia
The company said that the facility will serve as a hub for developing the expertise and knowledge in EV charger technology, bolstering the EV market in the kingdom
Russia’s Gazprom sets new daily record for gas supplies to China
Moscow, Russia--Gazprom has set a new record for daily gas supplies to China via the Power of Siberia pipeline on...According to Gazprom, supplies are made under a bilateral long-term gas purchase and sale agreement between the oil company and China
The company added that since November it has ramped up the volume of gas supplies to China as per the previously signed additional agreement
