Iran signs deals worth US$13bn to boost oil production
The oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields....Business
Apple tops $3trn in market value
Wall Street rises as US consumer inflation moderates.The personal consumption expenditure index measure of inflation eased to 3.8 percent year-on-year in May.
The data comes on the heels of other upbeat economic reports this week adding to hopes the US economy can avoid a recession.
OFID, partners offer $60m loan to Tanzania for renewable energy
VIENNA, AUSTRIA - A new US$60 million loan by the OPEC Fund for International Development (OFID) and partners is expected...The project will include constructing a 166km overhead transmission line connecting the Kagera region to the national grid.
Tanzania is investing in expanding its hydropower capacity with plants under development at Rusumo and Kakono in its northwestern region.
Over 1,500 new companies join RAKEZ in Q2, 2023
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) has announced the addition of over 1,500 new companies...This robust growth represents a remarkable 132 percent increase compared to the same period in 2022.
The majority of these investors are from countries such as India, Pakistan, the UK, Egypt and Russia.
Petrofac Emirates awarded $700m ADNOC Gas Procession EPC contract
Abu Dhabi, UAE - ADNOC Gas Procession, an ADNOC subsidiary, has awarded $700 million contract to Petrofac for Engineering, Procurement,...The contract was awarded to Petrofac Emirates and involves the construction of a new gas compressor plant, aimed at bolstering gas output from the Habshan Complex.
The new plant, expected to play a pivotal role in increasing gas production, will consist of three gas compressor trains, as well as associated utilities and power systems.
UAE tops MENA region in overall skill proficiency
Learners across the country excel in business skills, communication, leadership, management, and human resources skills, Coursera's latest Global Skills Report...Learners across the country excel in business skills, communication, leadership, management, and human resources skills, Coursera's latest Global Skills Report points out
The UAE, according to the report, showcases strong commitment to learning with over 800,000 Coursera learners, representing 7.98% of the working-age population
US first quarter economic growth 2 percent after strong consumer spending
Washington, United States - US economic growth came in at two percent in the first quarter this year, the Commerce Department...The growth of 2 percent for US economy is markedly higher than the annual rate of 1.1 percent originally estimated.
However, GDP growth in the world's biggest economy has still cooled from 2.6 percent in the final three months of 2022.
BMW to put in $218m in S Africa
BMW's Pretoria plant has made over 1.6 million vehicles.The investment will make the country the second after the US to manufacture and export the X3 hybrid.
Adrica's most industrialized economy began manufacturing the X3, BMW's best-selling model, in 2018.
UAE Head of Cyber Security leads delegation to conference in Israel
ABU DHABI, UAEÂ - Dr. Mohamed Al Kuwaiti, Head of Cyber Security for the Government, led a high-level UAE delegation...The UAE delegation met with the stakeholders in the Israeli cyber ecosystem including investors and top experts.
The visit provided valuable insights into the latest global trends in cybersecurity and allowed the participants to explore potential collaborations.
H&M shares up
The company had reported a net profit of 3.29bn kronor ($305m).It was down from 3.68 billion kronor the year before but above expectations of 2.84 billion kronor in a Bloomberg survey of analysts.
The company also reported a near five percent drop in operating profit to 4.74 billion kronor, but this was also better than analysts' expectations of 4.26 billion kronor.
Virgin Galactic finally takes its first paying customers to space
Italian Air Force officers unfurled their nation's flag and peered out windows at the Earth's curvature while enjoying a few...Fifty miles is considered the border of space by NASA and the US Air Force, though the internationally recognized boundary, known as the Karman Line, is 62 miles high.
The flight came almost two years after Virgin Galactic's founder Richard Branson flew to space in a test flight meant to usher in a new era of lucrative space tourism.
