Chinese EV company Xpeng shares up 6% post mass-market car launch
Xpeng shares rose after the Chinese electric car company launched its new mass-market Mona brand on Tuesday with prices starting...Business
China’s robot makers chase Tesla to deliver humanoid workers
Beijing, China - China dominates the market for electric vehicles. Now it's chasing in the race to build battery-powered humanoids...Business
Dubai witnesses green transit revolution
Dubai is actively implementing climate adaptation strategies and technologies in transportation and infrastructure to mitigate climate change effects and enhance...By the end of the decade, the emirate aims to have 10% of public buses run on hydrogen or electric powered, ramping up to 20% by 2035, 40% by 2040, 80% by 2045
According to Sandalkhan, of BCG, Dubai aims to set a global standard in eco-friendly transportation and RTA's 2050 Zero-Emissions plan reflects that ambition
Saudi EXIM Bank signs deals with African banks and institutions worth $185m
Riyadh, Saudi Arabia - Saudi EXIM Bank has signed multiple agreements and memoranda of understanding (MoUs) with African banks and...Saad Al-Khalb, the CEO of the Saudi EXIM Bank, signed Line of Credit agreements worth $185 million to finance Saudi exports of goods and services
The agreements aim to support African economies, enhance trade and economic exchange between Saudi Arabia and African countries
Saudi Arabia sets ambitious goals for mining sector
"We have begun discussions with 80 countries participating in the mining sector. ... An international platform has been established in...Saudi Arabia focuses on maximizing value from natural resources and developing mining investments.
The Kingdom creates platforms for collaboration in mining, targeting the Middle East and Central Asia.
EDGE buys 50% stake in Flaris, marking strategic expansion into aviation technology
Abu Dhabi, UAE -- The UAE’s EDGE Group, one of the world’s leading advanced technology and defence groups, has announced...The two companies will also establish a joint venture, enabling EDGE to further develop Flaris’ portfolio of jets
The innovations resulting from this joint venture will be showcased at the upcoming Dubai Airshow 2023
BCCI yet to hear officially about Saudi interest for stakes in IPL
NEW DELHI, INDIA - Recent reports of Saudi Arabia expressing an interest in buying a stake in the Indian Premier League...The plan is being seen as another move by the oil-rich kingdom to be the biggest ‘soft power’ in the West Asian region.
Saudi Arabia is now the sole bidder for the 2036 FIFA World Cup and the Saudi Pro League boasts the crème de la crème of global footballers
DEWA Q3 2023 revenue $2.5bn
The revenue was driven by demand for electricity, water.For January-September 2023, DEWA’s consolidated revenue totalled US$6 billion with an operating profit of US$1.8 billion.
By the end of Q3 2023, DEWA’s net cash from operating activities increased by a robust US$205 million to US$2.6 billion.
Japan to invest $13 billion on semiconductors and generative AI
Tokyo, Japan - Japan's government said on Friday that it plans to spend 2 trillion yen ($13 billion) to boost domestic...The planned outlays will include 700 billion yen ($4.6 billion) to support the construction of a Taiwan Semiconductor Manufacturing Company (TSMC) plant in Kumamoto.
Japanese trade ministry said the government will also spend 650 billion yen ($4.3 billion) to support Japanese startup Rapidus, which aims to develop next generation microchips.
Dubai’s weeklong real estate transactions exceed AED10.3bn
Dubai, UAE -- The total value of real estate transactions conducted in Dubai during the week ending 10 November 2023,...The DLD report showed that 1,782 sales transactions worth AED7.4 billion were conducted, with 396 plots sold for AED3.99 billion.
The total value of mortgaged properties for the week reached AED1.86 billion. A total of142 properties were granted between first-degree relatives worth AED1 billion.
TASI-listed firms report an aggregate net profit of $48.1bn in Q3
RIYADH, SAUDI ARABIA - Tadawul-listed companies reported a US$48.1 billion (SAR 157.09 billion) aggregate net profit for the third quarter...Sector-wise, the energy sector contributed the largest portion of the aggregate net profit of Saudi listed companies in Q3 2023.
The banking sector accounted for 11.5 percent of the market’s aggregate profit, coming in second in terms of the most profitable sectors.
Qatar records real estate contracts worth $60 million in five days
Doha, Qatar - The real estate market in Qatar witnessed a significant surge in trading activity as the Department of...The total value of sales contracts specifically for residential units during the same period amounted to above QR 705 million
Sales were notably concentrated in key municipalities of Al Rayyan, Doha, Al Daayen, Umm Salal, Al Wakrah, Al Khor and Al Dakhira.
