Iran becomes world’s ninth biggest steel producer, says WSA
TEHRAN, IRAN – The Middle Eastern country has improved its global standing in steel production, becoming the ninth largest producer...Business Economy
Rat on a plane sparks worries for Sri Lanka’s airline
Colombo, Sri Lanka - Sri Lanka's national airline on Tuesday blamed a rat for grounding a plane for three days, sparking...Business
AD Ports ups stake in Egypt firms
The majority stake in the two companies was valued at $140m.The group acquired a 70 percent equity stake in Transmar International Shipping Company (Transmar) and Transcargo International.
Transmar is a regional container shipping company that operates across the Middle East, Red Sea, Arabian Gulf and Eastern Coast of Africa
First phase of ADNOC Refining’s WHR project nears completion
ADNOC Refining's Waste Heat Recovery (WHR) project is designed to capture exhaust heat from the gas-powered turbines at ADNOC Refining's...The firm is looking to reduce its greenhouse gas (GHG) emissions intensity by 25% by 2030, aligned to the UAE Net Zero by 2050 Strategic Initiative
ADNOC has announced partnerships to decarbonise its operations at scale, with up to 100% of the company's grid power being supplied by clean nuclear and solar energy sources
Dubai records realty transactions worth $517 million: Land Department
Dubai, UAE--- Dubai real estate market recorded 344 sales transactions worth AED1.77 billion ($481 million), in addition to 67 mortgage...The sales included 286 villas and apartments worth AED600.16 million, and 58 land plots worth AED1.17 billion.
The emirate's real estate market recorded a total of 7,092 transactions in July 2022, which is its best performance in the past decade.
EU court to rule on record antitrust fine against Google
The decision by the Luxembourg-based General Court could undo or demand modifications to the landmark decision, taken by the European...Google urged a panel of EU judges last year to throw out the decision it argued was unfounded and falsely relied on accusations it imposed its search engine
Google insisted that downloading rival apps was only a click away and that customers were in no way tied to Google products on Android
Europe’s battle with Big Tech: billions in fines and tough laws
In the past few years, the EU has slapped eye-watering fines on Apple and Google in tax and competition cases,...Brussels has slapped over eight billion euros in fines on Google alone for abusing its dominant market position
The EU has also gone after Apple, accusing it of blocking rivals from its contactless iPhone payment system and fined Microsoft 561 million euros
Wio launches in UAE
The digital bank is co-owned by ADQ, Etisalat, and others.It has three main business lines: digital banking apps, embedded finance and banking-as-a-service, the provision of banking through third-party distributors
Wio is 65 percent owned by Abu Dhabi sovereign wealth fund ADQ and Alpha Dhabi, 25 percent by Etisalat and 10 percent by First Abu Dhabi Bank
PIF to buy stake in Seera
PIF will pick up $1bn stake in Seera Group's travel unit.Seera Group said in a bourse filing that the PIF wants to hold 30 percent of Almosafer’s capital
Almosafer aims to use the capital injection to scale up its tourism operations and strengthen its position as a leading travel agency in the kingdom
ADQ monetises minority stake of 8.6% in TAQA
TAQA is a diversified utilities and energy group headquartered in Abu Dhabi, and listed on the Abu Dhabi Securities Exchange.TAQA is a diversified utilities and energy group headquartered in Abu Dhabi, and listed on the Abu Dhabi Securities Exchange
The company has significant investments in power and water generation, transmission and distribution assets
Twitter ex-security chief in Congress as shareholders back Musk buyout
Nearly 99 percent of the votes cast by stock owners endorsed the agreement with Musk to sell him the tech...The shareholder decision clears the way for the contract to close, even as billionaire Musk tries to exit it
Musk has listed bot accounts as among the reasons to justify his walking away from the deal
Why are millionaires flocking to UAE?
By the end of 2022, the UAE is expected to attract more than 4,000 high-net-worth individuals, mostly from India, Russia,...Around 25 percent of GCC's millionaires are moving to the UAE. At the same time, others are relocating to other regions like the UK, US and Europe.
The total private wealth of the wealthy in the UAE increased by US$46 billion between 2019 and 2021, to nearly US$917 billion, according to a Global Citizens report.
