Trump awards next-generation F-47 fighter jet contract to Boeing
US President Donald Trump announced Friday that Boeing has been awarded a major contract for the Air Force's high-tech next-generation...Business
ADQ and US equity firm ECP to invest $25bn in data center energy projects
Dubai, UAE -- Abu Dhabi sovereign wealth fund ADQ has partnered with the American private equity firm Energy Capital Partners...Technology Business Energy
Saudi consumer spending up 4 percent in October: SAMA
Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia increased 4 percent to SAR 110 billion ($29.32 billion) in October,...Consumer spending includes total cash withdrawals, point-of-sale (POS) transactions and e-commerce sales through "Mada", Argaam reported.
Cash withdrawals from ATMs declined by almost 3 percent YoY to roughly SAR 45.5 billion in October.
Dubai Taxi IPO raises US$315m
It received more than US$41 billion in investor orders.The IPO will result in total gross proceeds of approximately US$ 315 million being paid to the Department of Finance, representing the Dubai government
DTC said the previously announced offering size consists of a total of 624,750,000 shares, equivalent to 24.99% of DTC’s total issued share capital
Honda to make electric mopeds
It will pour US$3.4bn into the new venture this decade.The company said it plans to launch 30 new electric models by 2030 and to reduce the current cost of electric motorcycles by 50 percent
In 2022, the electric motorcycle market was worth $30 billion and is expected to grow by almost 19 percent per year between 2023 and 2030
Fintech fuels growth in Islamic finance sector
Islamic banking, making up 70% of the Islamic finance market's assets, is undergoing a transformative phase, fueled by fintech innovations...Islamic banking, making up 70% of the Islamic finance market's assets, is undergoing a transformative phase, fueled by fintech innovations and poised to hit $4 trillion by 2026
The UAE and Saudi Arabia are at the forefront of the Islamic fintech revolution, setting new digital standards and driving the sector's global expansion, says a latest report
UAE and Cuba look to boost economic, energy ties
The discussions between the UAE president and the Cuban president at Expo City Dubai focused on cooperation in various fields...The meeting also covered the UN Climate Change Conference (COP28), starting today at Expo City Dubai
The two leaders exchanged views on regional and international developments and a number of other issues
ENOC and Neste sign MoU to drive sustainable aviation fuel initiatives
Dubai, UAE--ENOC Group has signed a memorandum of understanding (MoU) with Neste, the world's leading producer of sustainable aviation fuel...The partnership is the first step in ENOC’s plan to supply blended SAF to all its customers across its entire network by 2030
The fuel taken from renewable raw materials has the potential to reduce air travel related carbon emissions by up to 80%
UAE to pump CO2 into rock as carbon capture debate rages
Fujairah, UAE - High in remote mountains in the oil-rich Emirates, a new plant will soon take atmospheric CO2 and pump...The first CO2 injection is expected during COP28, and where the debate over hydrocarbons will be a key battle between campaigners and the oil lobby.
Oil producers are throwing their weight behind carbon capture and storage (CCS) technology as a global warming solution despite criticism from climate experts.
UAE presents its maritime contributions at IMO meet in UK
DUBAI, UAE - Presenting its category B candidacy in the International Maritime Organization (IMO) Council at the organization’s focus group...The UAE’s strategic location at the crossroads of global shipping routes has enabled it to become a central maritime hub in the world.
The country has strived to achieve continuous development in the maritime industry, which is a key pillar of its national economy.
Eve Air Mobility, flynas ink MoU
The firms will explore starting eVTOL services in Saudi Arabia.The agreement will contribute to Saudi Arabia’s aviation industry by building the ecosystem for electric flights.
flynas operates over 1,500 weekly flights to over 70 domestic and international destinations.
Google to pay Canadian media $73m annually after a deal with Ottawa
Ottawa, Canada -- The Canadian government and Google have reached a deal to support the country's media, heading off an...The amount is less than the government-estimated compensation, but heads off a potential online blackout for news in Canada, where Google and Meta are the dominating platforms.
The agreement will reportedly allow Google to negotiate with a single group representing all Canadian media, rather than one-on-one deals.
