GM reports US sales dip, that of EVs grew
The big Detroit automaker reported 659,601 US sales during the period.Company News Business
Microsoft cutting more jobs from its gaming unit amid industry layoffs
San Francisco, United States- Microsoft is cutting about 650 more positions from its gaming unit as it continues to tighten its...Business
Exclusive: Private military companies look at $366.8bn market as their demand, role in global conflicts rise
Rising security concerns, confrontational geopolitics, and chaotic global changes have fueled the demand for private military companies, the new reality...Rising security concerns, confrontational geopolitics, and chaotic global changes have fueled the demand for private military companies, the new reality of modern warfare
Experts stress the urgent need for regulation and careful consideration of the risks and benefits associated with PMCs in an increasingly complex and conflict-prone world
World’s largest cruise ship all set to sail
TURKU, FINLAND - With cruise bookings seeing a resurgence after the Covid pandemic caused luxury liners to mothball, a Finnish shipyard...Royal Caribbean's luxurious new vessel Icon of the Seas is nearing completion in the Turku shipyard on Finland's southwestern coast.
Resembling a village more than a ship, the mammoth vessel boasts colourful waterparks, more than 20 decks and can carry nearly 10,000 people.
UAE witnesses record 2.4m tourists in first six months of 2023
Abu Dhabi, UAE - A record 2.4 million tourists visited the UAE during the first six months of 2023, a...The emirate’s hotel establishments generated revenues exceeding AED3 billion during the same period, a 26 percent growth compared to last year.
The hotels also recorded an average occupancy rate of 70 percent, with the average stay in the emirate's hotels being 2.7 nights.
ADFD finances $105.4m energy security project in Tanzania
ABU DHABI, UAE - The Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the Government of...The project’s objective is to fully connect the Kagera administrative region with the national electricity grid.
It will reduce dependency on energy imports from Uganda and provide sustainable electricity source.
Saudi Arabia’s real estate deals decline by 16 percent in 2022
Riyadh, Saudi Arabia -- The value of Saudi Arabia's real estate transactions declined 16 percent year-on-year (YoY), or SAR 36.2...The Ministry of Justice said that this is the firs decline in the value of real estate transactions in the past four years, according to Argaam.
Riyadh witnessed the largest number of real estate deals at SAR 73.81 billion. It was followed by Jeddah with SAR 26.91 billion worth of deals.
Dubai Chamber attracts 69 emerging technology firms in H1
Dubai, UAE -- Dubai Chamber of Digital Economy, one of the three chambers operating under the umbrella of Dubai Chambers,...The chamber said that during the six-month period, the chamber successfully conducted a series of 12 roadshows across the Middle East, Africa, Asia, and Europe.
As part of these roadshows, meetings were coordinated with 279 companies including multinationals, SMEs, startups and scale-ups to showcase the growth potential in Dubai.
Sony hikes sales and profit forecasts on strong music business
The Japanese electronics-to-entertainment conglomerate said its annual net profit for the year to March 2024 should reach 860 billion yen...Sony's music segment was seen enjoying both stronger sales and a one-off accounting gain related to a subsidiary, Japanese electronics-to-entertainment conglomerate said
For three months to June, Sony said its net profit fell 16.7 percent to 217.9 billion yen, as losses in the financial and movies businesses overwhelmed strong gains on music side
CBUAE revokes licenses of currency exchange house, commercial broker company
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) has revoked the license of Dirham Exchange, an exchange...The administrative sanctions followed after the entities were found in violation of the UAE laws on combating money laundering crimes, the financing of terrorism, etc
The findings showed that the entities had a weak compliance framework and failed to comply with their regulatory obligations and to report regulatory breaches to the CBUAE
ADNOC Gas awards $3.6bn contract to expand its gas processing infrastructure
Abu Dhabi, UAE: ADNOC Gas, the integrated gas processing company, announced on Wednesday the award of a $3.6 billion (AED13.1...Over 70% of the award value will flow back into the UAE’s economy under ADNOC's successful In-Country Value (ICV) program
The scope of the contract includes the commissioning of new gas processing facilities which will enable an optimized supply to the Ruwais Industrial Complex
Oman Air approves restructuring program to lower rising debt
Muscat, Oman--Looking to address its mounting debt, Oman Air has backed a restructuring program to reduce its losses by 15...In the month of May, the airline said it will reduce its net loss by a further 56 percent in 2023, compared to a reduction of 35 percent in 2022
Its chairman said the program stands on four pillars: financial sustainability, corporate governance, commercial factors, and human capital
