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
West tells Iran to ‘stand down’ Israel attack threats; Tehran says ‘no way’
With tensions soaring in the Middle East, the United States says that Iran along with its proxies might attack Israel...Business Economy Geostrategy
RTX engine issue to hit profit by $3.5bn
RTX said 600-700 engines will be removed for inspection.Company officials previously described the problem as one of quality control, stressing that there was no immediate danger to flight safety.
The impact on pre-tax operating profit, however, is expected to be between $3 billion and $3.5 billion in the coming years, RTX said on Monday.
Iran-US non-oil trade reaches US$31m in January-July 2023
TEHRAN, IRAN - The US Bureau of Statistics in its latest report said the trade between Iran and the United...Trade between Iran and the US in January- July 2023 registered a 26 percent growth compared to the same period last year.
Iran and the United States had traded US$24.7 million worth of non-oil products from January to July 2022.
Aldar Estates buys FAB Properties
Aldar Estates will benefit from a stable growth pipeline.The transaction will see Aldar Estates integrate a property management portfolio of 22,000 residential units across 600 properties.
The platform will now comprise 157,000 residential units under management, prime retail, and commercial spaces.
Saudi Industrial Production Index falls third month in a row
Riyadh, Saudi Arabia -- Saudi Arabia’s Industrial Production Index (IPI) fell for the third month in a row, declining by...Saudi IPI retreated to 122.03 points in July, according to the base year 2010, compared to 135.23 points in the year-ago period.
The decline in IPI is the largest since April 2021, when it recorded a drop of 24 percent.
BMW to make ‘multi-million’ pound investment in UK plants: govt
The first generation of the iconic British vehicle's electric model was launched at the Oxford plant in 2019, but last...The money will be used to "transform" BMW's plant in Oxford, southern England, "securing 4,000 high-quality jobs", UK government said
BMW's investment is another shining example of how the UK is the best place to build cars of the future," said Prime Minister Rishi Sunak
Saudi Arabia’s ROSHN Group announces $2.4bn in commercial partnerships
Riyadh, Saudi Arabia - Saudi Arabia's leading real estate developer, ROSHN Group, announced on Sunday a series of commercial partnerships...The most significant deal, valued at SR7.69 billion, was signed with China Harbor Engineering to develop 6,700 residential units in Riyadh's Sedra and Warfa communities
ROSHN also inked an SR840 million agreement with BC Marine Services to execute canal and bridge works for the recently announced MARAFY project in Jeddah
Alibaba announces surprise departure of ex-CEO
CEO Daniel Zhang was due to take charge of the firm's new cloud computing branch, now a separate entity, on...Alibaba is one of China's most prominent technology firms, with business operations spanning cloud computing, e-commerce, logistics, media and entertainment
After years of turbulence in the Chinese tech sector, Alibaba in March announced the biggest restructuring in its history, dividing itself into six entities
Single window offers fresh air to Qatar enterprises
This enhanced suite of services simplify registration for investors, enabling them to complete company setup steps without visiting multiple ministries...This enhanced suite of services simplify registration for investors, enabling them to complete company setup steps without visiting multiple ministries or their websites
Before the new system, licensing took 6-8 weeks. Now, the enhanced process bolsters global confidence in Qatar's business landscape, drawing international inquiries
Keen on promoting digital payments in India, UAE, says RBI
NEW DELHI, INDIA – The Chief General Manager of the Reserve Bank of India's Department of Payment and Settlement Systems,...India and UAE have signed two MoUs to strengthen the use of national currencies for bilateral trade, link payment and financial messaging systems.
The RBI official said the two countries can work together to further develop digital payments and make them more efficient and convenient.
IsDB to finance projects worth US$800m in member states
JEDDAH, SAUDI ARABIA - The Board of Executive Directors (BED) of the Islamic Development Bank (IsDB) approved to finance projects...The aid will contribute to ameliorate the socio-economic challenges faced by the people and will help in achieving significant SDG targets.
IsDB had made an emergency intervention to support the communities affected by the conflict in Sudan.
