American Airlines orders 260 jets
It is part of the airlines' effort to 'modernize' its fleet.Business
Dubai International Boat Show helps in marine business
DUBAI, UAE – Dubai International Boat Show has wrapped up following a hugely successful week of high-value boat sales, important...Business Global Tourism
Saudi Arabia tops MENA region’s hotel construction boom, UAE close behind
Dubai, UAE -Taking advantage of the boom in the tourism sector in the Middle East, Saudi Arabia and the UAE...Saudi Arabia is building more than 42,000 hotels rooms in order to cater to tourist demand in the country
The MENA region’s hotel construction will see some 119,505 new rooms being added in the near future
ADAFZ reports two-fold rise in leased-out spaces, properties
Abu Dhabi, UAE - Abu Dhabi Airports Free Zone (ADAFZ), a subsidiary of Abu Dhabi Airports, has recorded a two-fold...The strong performance was driven by growth in leased spaces and properties, where ADAFZ signed contracts for a total of 163,580 m2
Properties included commercial spaces, land development plots, and administrative facilities, resulting in an increase in annual leases by 256%
UBS hopes to complete Credit Suisse takeover before July
Analysts polled by the Swiss financial newswire AWP expected UBS's first quarter net profit to tick in at around $1.7...Net income of UBS for the first quarter was reduced by an increase in litigation provisions of $665 million to settle an old dispute linked to the subprime crisis
UBS said it saw a net inflow of new money into its global wealth management division of $28 billion, of which $7 billion came in the last 10 days of March
Netflix to invest $2.5 bn in South Korean content
Netflix, which spent more than 1 trillion won ($750 million) developing Korean content from 2015 to 2021, had previously said it...Sarandos said that Netflix had great confidence that South Korea's creative industry would continue to tell great stories, pointing to the recent success of "The Glory"
Yoon Suk Yeol, who arrived in Washington Monday for a six-day state visit, said the new investment will be a great opportunity for Korean content industry, creators, and Netflix
ADB operations cross $20bn
Financial results were published in ADB’s Annual Report 2022.The $20.5 billion comprised loans and guarantees, grants, and equity investments provided to governments and the private sector
The bank made wide-ranging investments in quality infrastructure as well as in education, health, and other social sectors
Coca-Cola profits surge
Coca-Cola's profits came in at $3.1 billion, up 12% from 2022.Sales volumes grew three percent thanks to increases at sporting events, movie theaters and other away-from-home venues.
The company benefited from the reopening of China's economy, but noted that activity is still below pre-pandemic levels.
Saudi Fund for Development to provide $130m loans to Kyrgyzstan
Two loan agreements were signed in the Kyrgyz capital Bishkek by the SFD CEO Sultan bin Abdulrahman Al-Marshad with the...The first agreement worth $100 million involves financing the construction of 3000 housing units covering an area 255,000 square meters.
The second agreement is related to financing of the Taraz-Talas Road Project (Phase 4), which aims to reconstruct 93 km of road to improve road safety.
Dubai Metro ferries 2 billion people since inauguration: RTA
Dubai, UAE - The passengers of Dubai Metro surpassed two billion since its inauguration on September 9, 2009, the Roads...The metro's Red Line transported 1.342 billion commuters while the Green Line served 673.531 million commuters.
Also, the Dubai Metro maintained a punctuality rate of 99.7%, surpassing international safety standards.
Multiply Group, Media 247 sign pact
The Group will acquire a 55 percent stake in Media 247.The investment in Media 247 falls under the buy and build vertical strategy of acquiring profitable companies, Multiply Group said.
Media 247 assets include over 45 exclusive outdoor premium hoardings, unipoles and 3D structures spread across Dubai's strategic locations.
Russian tech company Sber launches GPTChat rival Gigachat
The state company said in a statement on its website that it was "launching its own version" of a chatbot,...Sber said GigaChat can "have a conversation, write messages, respond to factual questions" but also "write code" and "create images from descriptions".
Russia has been strengthening its domestic technology sector, particularly since being hit by Western sanctions after the Kremlin launched its Ukraine offensive.
