UAE’s working mothers get extended maternity leave
The Gulf country is setting a new benchmark for supporting working mothers by doubling the mandated maternity leave to 120...Business
Dubai Financial Market delists shares of three companies
Dubai, UAE -- Dubai Financial Market has delisted shares of Gulf General Investments Company's shares, effective 23 June 2023, under...Shares of Gulf General Investments Company, Arabtec Holding Company and Marka Company were deslisted from 23 Jun 2023.
Gulf General's delisting comes under the rule that empower it to delist any security that has been suspended from trading for a duration of six months.
IsDB, AFD to finance $4bn projects in developing countries
Jeddah, Saudi Arabia -- The Islamic Development Bank (IsDB) and the Agence Française de Développement have signed an agreement to...The MoU was signed by the president of the Islamic Development Bank, Dr. Mohammed Al-Jasser in Vienna.
Al-Jasser said last year that one out of every three member states of the Islamic Development Bank (IDB) is living in poverty.
Eurozone economic growth slows sharply in June
BRUSSELS, BELGIUM - Eurozone economic activity worsened in June to a five-month low, hit hard by a fall in industrial production,...Inflation remains well above the European Central Bank's target of two percent, which will keep pressure on the ECB to keep raising interest rates.
The eurozone entered a technical recession at the start of the year, according to official figures published earlier this month.
SAMI, Safran sign helicopter pact
Paris, France -- SAMI, a PIF-owned national defense and security organization of Saudi Arabia, has signed an agreement with Safran...The agreement includes technical assistance and qualification, development of technical infrastructure, and technical training for Saudi talents.
Safran Helicopter Engines is the world's leading manufacturer of helicopter engines, with more than 75,000 produced since being founded.
Riyadh Air orders 90 GEnx engines for Boeing 787 Dreamliners
Le Bourget, France - Riyadh Air has signed a deal for 90 GEnx-1B engines to power its new fleet following...The GEnx engine family has nearly 50 million flight hours since entry into service in 2011
Riyadh Air was launched in March, and this marks the first engine partnership with GE Aerospace
Tech-driven sustainability focus of banks
Financial institutions in the Gulf region are also focusing on sustainable practices like renewable energy investments, reducing their carbon footprint,...Through digitalization, collaboration with fintech companies, and responsible banking practices, banks are leading the charge in sustainable development in the region, say experts
Gulf banks are also focusing on sustainable practices like renewable energy investments, reducing their carbon footprint, and supporting sustainable businesses, they add
Airlines face trouble in Europe over greenwashing charges
PARIS, FRANCE - European airlines have been hit by a consumer complaint filed with the EU's executive arm accusing the 17...The European Consumer Organization, or BEUC, said the claims made by the airlines breach EU rules on unfair commercial practices.
The BEUC called for a Europe-wide investigation and for airlines to "stop making claims that give consumers the impression that flying is sustainable".
Interest rate increase must to control inflation, says Federal Reserve official
A senior US Federal Reserve official said that additional interest rate hikes are needed to tackle historically high inflation. "I...The Federal Reserve's benchmark now sits in a range between 5.0 and 5.25 percent - its highest level since 2007.
All members of the Federal Open Market Committee predicted that the bank will have to raise its benchmark further before the end of the year.
Musk, Zuckerberg seek cage fight to settle differences
Months after Musk took over Twitter, Zuckerberg's Meta hinted it was planning to launch its own text-based social media platform...The two men have baited each other for years with opposing views on everything from politics to artificial intelligence.
Musk responded angrily to a recent claim by a Meta official that there was appetite for a "sanely run" Twitter alternative.
AD Ports Group signs 50-year pact with Karachi Port Trust for container terminal
ABU DHABI, UAE/ KARACHI, PAKISTAN - AD Ports Group announced on Thursday the signing of a concession agreement with Karachi...Under the terms of the 50-year concession agreement, a Joint Venture has been formed to manage, operate and develop the Karachi Gateway Terminal Limited.
The JV will undertake significant investments in infrastructure and superstructure over the next 10 years, with the bulk of it planned for 2026.
