UAE announces top-up tax for multinational enterprises
Abu Dhabi, UAE - The Ministry of Finance has announced the issuance of Cabinet Decision No. 142 of 2024 on...Business
Dubai airport clocks record 92.3 million passengers
A record 92.3 million passengers travelled through Dubai's international airport last year, its operator said on Thursday, extending a post-pandemic...Business
ADQ and Azerbaijan’s AIH set up joint-investment platform
Abu Dhabi, UAE--ADQ, an Abu Dhabi-based investment and holding company, and Azerbaijan Investment Holding (AIH), a strategic sovereign wealth fund...The joint-investment platform will leverage investment opportunities with the goal of generating sustainable financial returns on deployed capital
Both the entities will each hold a 50 percent interest in the joint venture, with each party committing US$500 million to the JV platform
KIPCO sells its stake in GIG
The deal is valued at 256 million Kuwaiti Dinars ($832 million).The purchase price was set at KD two per share, with an adjustment of 54 fils per share to account for the cash distributions GIG made in 2022
The sale of KIPCO's stake in GIG is seen as a testament to the company's effective strategy of acquiring, expanding, and then timely exiting companies
Turkish Airlines to buy 355 planes from Airbus
Istanbul, Turkey - Turkish Airlines said on Friday it has decided to order 355 Airbus aircraft over the coming decade as..."It was decided to purchase 355 aircraft from Airbus," Turkish Airlines chief executive Bilal Eksi said in a social media statement
The Turkish firm said in a separate corporate filing statement that the purchases would made as part of its "strategic plan" for 2023-2033
ADNOC to buy stake in Fertiglobe
ADNOC to buy OCI’s entire shareholding in Fertiglobe.Fertiglobe is listed on the ADX and is the world’s largest seaborne exporter of urea and ammonia combined.
It is also an early mover in sustainable ammonia, with production facilities in Egypt, Algeria and the UAE.
Storm-1152: Vietnam-based creator of fake Microsoft accounts
Seoul, South Korea - Microsoft has seized the websites of a Vietnam-based group it alleges sold millions of fake accounts to...Storm-1152 is "the number one seller and creator of fraudulent Microsoft accounts", creating around 750 million to date, the company said Wednesday
Storm-1152 pursued a model called "cybercrime-as-a-service" or CaaS, acting as a provider to other criminal groups, Microsoft and Arkose said
Finland’s Vaisala to equip Kuwait airport with observation system
Kuwait City, Kuwait -- The Directorate General of Civil Aviation (DGCA) of Kuwait has inked a KD 6.7 million ($21.7...The contract for three runways at Kuwait International Airport is the largest single airport instrumentation contract for Vaisala ever.
It includes the design, manufacturing, delivery, installation, maintenance, technical support, and user training.
ENEC, CNNC sign MoU
Both the firms will offer their expertise in the sector.The two firms will collaborate on identifying potential development and co-investment opportunities for new international nuclear energy plants.
They will form a Joint Working Group to leverage their strengths in project management, nuclear technology development and implementation.
Dubai records $3.51 billion in weeklong real estate deals
Dubai, UAE -- The real estate and properties transactions valued at 12.9 billion ($3.51 billion) in total during the week...A total 304 plots were sold for AED 3.53 billion, 2,744 apartments and villas were sold for AED 7.15 billion.
The sum of the amount of mortgaged properties for the week was 1.77 billion, with the highest being a land in Trade Center Second, mortgaged for AED 364 million.
GCC region’s non-hydrocarbon growth momentum strong: IMF
Riyadh, Saudi Arabia -- The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital...A comprehensive package of policies should be implemented to respond to near-term shocks and uncertainty and to firmly address medium- and long-term challenges.
The IMF affirmed that structural policies should continue focusing on diversifying the economies away from hydrocarbon.
EU seeks critical details from Apple and Google on digital safety
Brussels, Belgium - The EU demanded on Thursday that Apple and Google provide more details on how they identified risks concerning...The European Commission said it wanted "more information on how" Apple and Google "have diligently identified any systemic risks concerning the App Store and Google Play"
It also wants the companies to demonstrate that they have complied with rules on digital marketplaces and transparency about adverts in order to protect users online.
