Step into the future of sustainable smart city development
Pavegen, a global kinetic energy company, unveiled its innovative “Solar+” tile in Dubai. This tile harnesses the power of movement,...Business
Xi, Biden in Peru for APEC summit, pre-Trump face-to-face
uncertainty over Trump's next moves now clouds the APEC agenda -- as it does for the COP29 climate talks underway...Business Economy
UAE banks’ investments reach $157 billion by July end
Abu Dhabi, UAE -- Investments of banks operating in the UAE reached AED 580 billion ($157.90 billion) at the end...The data showed that investments of banks operating in the country increased by 18.8 percent on an annual basis, from AED 487.7 billion in July 2022.
On a monthly basis, investments of banks increased by 0.91 percent, from AED 574.3 billion in June 2023.
Saudi capital market assets under management rise by $14bn in Q2
Riyadh, Saudi Arabia -- The total assets under management (AUM) held by capital market institutions licensed by Saudi Arabia’s Capital...The total AUM held by licensed capital market institutions in Q2 2023 are the largest in years, according to Argaam.
Dom Capital led the way with a 100 percent increase in AUM in Q2 2023. Sidra Capital followed with a 195 percent rise.
15m electric cars will be shipped globally in 2023: report
Dubai, UAE - Nearly 15 million electric cars, including both battery electric and plug-in hybrid vehicles, are expected to be...Electric cars are predicted to represent a significant portion of this growth, accounting for 97% of total EV shipments in the upcoming year
Battery electric vehicles (BEVs) are poised for substantial growth, increasing from 9 million units in 2022 to an estimated 11 million units by the end of 2023
Healthcare, F&B and telecom companies spoil GCC stockmarkets’ three-month party
GCC equity markets saw their first decline in three months during August, influenced by global market performance and hawkish Fed...GCC equity markets saw their first decline in three months during August, influenced by global market performance and hawkish Fed policies, says a report
Despite some sectors showing gains, the overall trend was downward, with Qatar leading the decline and Dubai emerging as the best performing market
Qantas loses court fight over Covid lockdown layoffs
The airline is already under fire over soaring ticket prices, allegations it sold tickets for cancelled flights, and claims that...The court said Qantas had failed to disprove that one reason for the mass sacking was to prevent the workers from taking industrial action in the future
The Transport Workers Union (TWU), which took Qantas to court over the layoffs, hailed the decision and called for the airline's board to be replaced
WTO says era of de-globalization is closer than it appears
Geneva, Switzerland - The de-globalization of international trade is far from being a reality, but "the first signs of fragmentation" are...After this phase of slowing globalization, the question is "whether we are moving towards a phase of deglobalization", said WTO official Ralph Ossa.
"We're quite far away from deglobalizing, but at the same time, you start seeing... the first cracks in the system," the WTO official said.
US govt face Google in landmark antitrust lawsuit
Washington, US - A landmark case pitting the US government against Google over the dominance of the company's world-dominating search engine..."This case is about the future of the internet and whether Google will ever face meaningful competition in search," said Justice Department lawyer Kenneth Dintzer
The US government launched its case against Google during the Trump administration and the suit carried over in the transition to President Joe Biden
Agthia okays H1’23 interim dividend
The interim dividend reflects the firm’s robust balance sheet.Agthia Group had announced strong first-half results, with group net revenue increasing 10.3 percent year-on-year to US$599 million.
EBITDA increased 18.3 percent supported by margin expansion in snacking, protein, water and food, and a 6.6 percent increase in group net profit.
Normalization of Israeli-Saudi ties hit Palestine, security barriers
Despite Israel's strong determination and increasing US mediation efforts, the establishment of diplomatic relations between Tel Aviv-Riyadh still face serious...The Chinese-mediated restoration of diplomatic ties between Saudi Arabia and Iran served as a catalyst for US efforts to advance Tel Aviv-Riyadh ties.
For Israel, the normalization of relations with Arab countries has remained an important strategic goal for years.
UAE banks to perform strongly in 2023: Standard & Poor’s report
Abu Dhabi, UAE -- Standard & Poor's Global Ratings expects that the banks of the United Arab Emirates (UAE) will...The credit rating agency said that UAE banks will benefit from strong non-oil GDP growth, which will mitigate the impact of rising interest rates on credit growth.
The report expects bank credit growth at UAE banks to rise to about 7 percent in 2023, from 5 percent in 2022, WAM reported.
