In Middle East, ‘manufacturing’ is a new buzzword
Form Saudi Arabia to the UAE, Qatar to Kuwait, governments of the region compete to jumpstart an industrial sector. But...Business Economy
ESG 2023 net profit at US$187m
The firm posted a year-on-year net profit rise of 316 percent.Company News Business
DP World to run Southampton terminal on vegetable oil
DP World's Southampton container terminal will now be run on vegetable oil instead of the usual diesel fuel to scale...Diesel previously accounted for 90 percent of the terminal’s emissions but Hydrotreated Vegetable Oil (HVO) eliminates more than 80 percent of net carbon dioxide emissions
DP World first trialed HVO last year, using the fuel in its forklift trucks, reefer (refrigerated unit) generators and straddle carriers
UAE looks to boost economic partnership with Egypt, Jordan
The UAE wants to boost cooperation with Egypt and Jordan in the financial sector in order to achieve sustainable growth...The governors noted that their industrial partnership reflects a new phase of enhancing financial relations and contributes to achieving sustainable economic growth
At the end of the meeting, Balama and Dr. Al Sharkas signed a Memorandum of Understanding (MoU) to enhance financial and banking co-operation
Wall Street stocks down as World Bank lowers global growth outlook
Wall Street stocks fell early Tuesday as the World Bank slashed its global growth outlook and Target warned of lower...The World Bank cut its growth estimate for the global economy to 2.9 percent, 1.2 percentage points below the January forecast.
The broad-based S&P 500 fell 0.5 percent to 4,100.91, while the tech-rich Nasdaq Composite Index also declined 0.5 percent.
Apple unhappy as EU agree on common charger for all its devices
The EU said the current situation remained wasteful and that European consumers spent approximately 2.4 billion euros ($2.8 billion) annually on...For most portable devices the requirement for charging via a USB Type-C port will come into effect from late 2024, negotiators said, while laptops will be given more time.
The USB-C rule will also stretch to digital cameras, headphones, headsets, portable speakers and E-readers.
EQT X, Mubadala to buy Envirotainer
Envirotainer is the global provider of transportation of biopharmaceuticals.EQT Private Equity and Mubadala said they will seek to support Envirotainer in its next growth phase by accelerating expansion in APAC.
Envirotainer has a fleet of circa 6,700 containers globally and approximately 375 employees in 20 countries.
Masdar City, DANA to develop beta site for agritech
Masdar City, DANA, beta site, agritech, pilot projects, greenhouses, net houses, open field farming, water scarcity, irrigation, greenhouse cooling, soil...Masdar City, DANA sign MoU to help contribute to agritech sustainability
MoU to help UAE in meeting objectives as per National Food Security Strategy 2051
Ajman Free Zone stresses on SEZs in business growth
Ajman Free Zone stresses on the importance of Special Economic Zones and their impact on businesses from various perspectives.Ajman Free Zone highlights the importance of Special Economic Zones during a time of crisis
The Free Zone discusses SEZs in driving up skill levels and technological advancements in a region
Emirates Steel Arkan, ADU to set up UAE’s first specialized metallurgy lab
Emirates Steel Arkan Group, the UAE’s largest listed steel and building materials company, has signed a Memorandum of Understanding (MoU)...The laboratory will contribute to enriching the educational experience in this discipline and conducting advanced studies and research in metallurgy.
Emirates Steel Arkan Group will offer comprehensive scholarships to 20 undergraduate Emirati students covering the four-year study.
New twist in Twitter deal, Musk may withdraw the bid
Elon Musk threatened Monday to withdraw his bid to buy Twitter, accusing it of failing to provide data on fake...Twitter had failed to respond to Musk's valid inquiry about fake accounts, said Musk's attorney
According to Musk, the real number of bots may be four times higher than Twitter estimates
Brothers held in UAE on graft charges face extradition to S.Africa
Two Indian-born brothers who allegedly wove a web of corruption across South Africa have been arrested in Dubai and face...Dubai police confirmed the arrest of Atul and Rajesh Gupta after receiving a so-called red notice from Interpol
They were accused of paying bribes in exchange for massive and lucrative state contracts and influence over ministerial appointments
