Former US treasury secretary says preparing buyout of TikTok
Washington, US - Former US Treasury Secretary Steven Mnuchin on Thursday said he is putting together a team of investors to...Business Geostrategy
UAE, Hungary ink pact to enhance trade, investment ties
ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade...Business Economy Geostrategy
Dubai logs over $678m in realty transactions on Thursday
Dubai, UAE - Dubai witnessed 604 sales transactions totaling AED2.1 billion ($567.8 million) on Thursday in addition to 106 mortgage...The sales transactions consisted of 557 villas and apartments worth $449.6 million and 47 land plots worth $117.7 million
As for the mortgage deals, 94 villas and apartments were involved, with a value of $67.8 million, along with 12 land plots valued at $23.7 million
Gulf telecom shows robust growth, eyes new avenues
Driven by expats and national development programs, the UAE and Saudi Arabia are expected to experience growth in consumer and...Driven by expats and national development programs, the UAE and Saudi Arabia are expected to experience growth in consumer and enterprise segments, say experts
Telecom operators in the region are diversifying into fintech, gaming, healthcare, cybersecurity, cloud, IoT, and emerging tech, driving digital transformations across sectors
Siemens to expand business
BERLIN, GERMANY - German industrial giant Siemens said on Thursday it would build a new high-tech factory in Singapore and expand...Details on further investments in Europe and the United States across the globe are expected to follow, said Siemens.
The group's announcement came after the German government published its first National Security Strategy that took aim at China for acting against Berlin's interests.
Sri Lankan economy contracts 11.5 percent in Q1 2023
COLOMBO, SRI LANKA - Crisis-hit Sri Lanka's economy shrank by 11.5 percent in the first quarter just before an IMF bailout...The contraction in the first three months compared with shrinkage of 0.5 percent in the corresponding period of 2022.
A currency crisis from late 2021 led to severe shortages of food, fuel and medicines and triggered months of protests.
Audi Middle East achieves 33% sales growth in first 5 months of 2023
DUBAI, UAE : Â Â In the first five months of 2023, Audi Middle East achieved a 33 percent growth compared to...This success is bolstered by Audi's strategic partnerships and investments in electric vehicle infrastructure across the Middle East.
Audi's EV portfolio now features an extensive range of models, spanning sports cars, sedans, hatchbacks, and the SUVs.
Qatar bid for Man Utd awaiting clarity after reports of exclusivity offer
London, United Kingdom -- A source close to Sheikh Jassim Bin Hamad Al Thani said Thursday that the Qatari bidders...United announced in November that the board was exploring "strategic alternatives to enhance the club's growth", with a full sale one of the options.
Sheikh Jassim made a final bid for the club and it is understood that his offer is viewed more favorably by the owners than a rival bid from British billionaire Jim Ratcliffe.
Tawuniya Q1 2023 net profit $20m
Insurance services results in Q1 improved by US$55 million.The growth in revenues were offset by an increase in claims incurred and attributable expenses by US$172 million.
Tawuniya booked additional risk adjustments of US$10 million in Q1 2023 and additional acquisition costs of US$18 million.
Finland firm to slash 1,150 jobs
Stora Enso plans to permanently close four units in Europe.Stora Enso employs 22,000 people in over a dozen countries around the world, including South America and China.
The planned restructuring actions would result in a 380 million euro ($411 million) hit to Stora Enso's annual sales.
ESG, Q Holding form joint venture
JV to develop accommodation project in Abu Dhabi island.This project aims to address the diverse housing needs of employees in sectors such as healthcare, transportation.
Upon completion, the project will cater to approximately 5,000 staff, offering a convenient environment.
Tecom secures $2.06bn loan
This facility replaces an existing partially utilized term loan of the same amount.The loan is split into a term loan of AED 4.4 billion, equivalent to the drawn-down amount from the previous agreement, and a revolving credit facility of AED 3.2 billion.
The company said the new loan facility offers greater financial flexibility and more favorable terms, resulting in immediate interest expense savings over the five-year period.
