Google says to buy Wiz for $32 bn
The all-cash deal brings Wiz into the Google Cloud operation.Company News Business
Gold tops $3,000 for first time on Trump tariff threats
Gold surpassed $3,000 for the first time Friday as US President Donald Trump's trade wars boost the safe-haven asset, while...Business
Global ESG assets poised to reach $53 trillion by 2025
"This significant growth is driven by a combination of factors, including the impact of the pandemic and the sustainable recovery...Innovative financial instruments are increasingly pivotal in the surging ESG market, drawing heightened investor interest in sustainable, ESG-focused investment products.
On a regional level, the UAE and GCC markets are at the forefront of promoting ESG practices as investor interest is growing in the Green Index and the ESG Index
Northvolt says it develops new sodium-ion battery
Stockholm, Sweden - Battery group Northvolt said on Tuesday it had developed a new sodium-ion battery, a technology using less critical...Sodium-ion batteries are viewed as a cheaper and in some respects safer alternative to the lithium-ion batteries.
While sodium-ion technology has been around for decades, it has lagged lithium-ion batteries in performance.
Tax havens only half the story, says OECD
Paris, France - Tax havens are blamed for lower public revenues elsewhere as they lure away multinational firms but a study...Half the profits booked by multinationals benefitting from low tax rates were from countries that have high rates but offer various tax breaks to attract investments.
"Many jurisdictions typically considered (to be) 'high tax' offer various incentives which can lead to substantially reduced tax rates," said the report further.
Indonesia unveils plan to bring $20bn energy investment from West
Jakarta, Indonesia - Indonesia on Tuesday launched an investment plan to attract $20 billion pledged by Western nations in a renewable...The roadmap, which comes less than two weeks before the COP28 summit in Dubai, outlines Jakarta's vision to reach net-zero power sector emissions by 2050.
Under the plan, Indonesia will seek to slash its carbon dioxide emissions to 250 million metric tons for its on-grid power sector by 2030.
EGA begins construction of UAE’s largest aluminum recycling plant
ABU DHABI, UAE - Emirates Global Aluminum (EGA) on Tuesday announced the start of construction of the country’s largest aluminum...The state-of-the-art facility, with an annual production capacity of 170,000 tonnes, is being built adjacent to EGA's existing smelter in Al Taweelah.
Completion of the plant is anticipated within the next three years, positioning EGA as the UAE's leading consumer of aluminum scrap.
Sustainable aviation fuel production lags behind demand: IATA official
Dubai, UAE -- The current production of sustainable aviation fuel (SAF) represents less than 1 percent of the sector's demand,...The current production of sustainable aviation fuel (SAF) represents less than 1 percent of the sector's demand.
Al-Eisawi also noted that global travel has recovered more than 97 percent of pre-pandemic levels, exceeding 100 percent in the Middle East region.
MBC Group IPO plea okayed
The conglomerate intends to sell 33.25 million shares.The number of shares represent 10 percent of the capital of the Saudi media conglomerate.
The company's prospectus will be published ahead of the planned share sale, the market regulator said in a statement.
Yalla 9M revenue at $237.9m
The results underscore the firm’s robust financial performance.The company's net margin remained exceptionally high at 41.4 percent, highlighting its strong monetization capabilities.
Yalla's average monthly active users experienced significant growth, surging by 13.6 percent to 35.1 million in Q3 2023.
UAE defense conglomerate EDGE signed nearly $2bn in deals
Dubai, UAE -- UAE defense conglomerate EDGE Group has inked deals worth at least $1.8 billion during the Dubai Airshow,...A $1.1 billion deal with UAE Ministry of Defense for aircraft munitions was the biggest of the deals.
The EDGE Group is only four years old, but now consists of more than 25 subsidiaries.
DTC sets IPO offer price range
Final offer price will be fixed through a book-building processThe company announced that the offer price range had been set between US$0.49 (AED1.80) and US$0.5 (AED1.85) per share.
This implies a market capitalization at the time of listing of between US$1.2 billion (AED4.5 billion) and US$1.25 billion (AED4.6 billion).
