Alibaba share buyback program up $25bn
Following the announcement, the firm's shares rise 5% in trading.Company News Business
Abu Dhabi tourism department readies to launch summer campaign
The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) will announce its summer campaign at Arabian Travel...Located in Hall 2 at Dubai World Trade Centre, Visit Abu Dhabi will take guests on journey of the top sites and attractions in the capital.
Visitors will be treated to live performances from the City of Music, the creative craftsmanship of Emirati artisans at the House of Artisans zone.
Jeddah airport picks new acting CEO
Ayman Aboabah was appointed after the airport witnessed chaos.Aboabah has 28 years of experience, where he had held several leadership positions including the vice president for operations at Riyadh Airports Co.
Several clips featuring the chaotic situation have gone viral on the internet, with people questioning why su.ch a situation happened at the newly built $9.6 bn airport.
Inflation, geopolitics take toll on GCC businesses
Inflation spawns numerous hurdles as GCC business leaders struggle to find a way to surmount the difficulties aggravated by geopolitical...Abudawood remarked that the ongoing supply chain issues would definitely impact expenses and consumer pricing
According to IMF Middle East and Central Asia Director Jihad Azour inflation averaged 14.8 percent in 2021 and is expected to remain at 13.9 percent this year
UAE and Egypt home to leading startups in 2021
The UAE eyes around 20 unicorns, the start-ups valued at $1 billion-plus each, by 2031. These high-value startups will be...Dubai has set up a $100 million venture capital fund in order to provide financial support to fintech startup companies.
Startups affiliated with Hub71, Abu Dhabi’s global tech ecosystem, have bagged AED1.5 billion in investments since its inception in 2019 and created about 1,000 jobs.
Dubai ranked first globally in attracting greenfield FDI projects
The emirate attracted 418 greenfield FDI projects, Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said....Both FDI projects and FDI job creation witnessed a significant increase of 36 per cent in 2021, with an estimated 24,868 jobs in 2021, compared to 18,325 jobs in 2020.
The United Kingdom was the biggest source of FDI, accounting for 27 percent of total share of the FDI capital, followed by the US, France and Germany.
Flydubai posts 114% jump in passenger bookings in Q1
Flydubai has reported a 114 percent jump in passenger bookings in the first quarter of the year. The airline said...The airline said it has operated 19,000 flights and carried 2.35 million passengers during the period
It also witnessed an increase in demand for connecting traffic with 43 percent of the passengers connecting to the carrier’s network
Aafaq Islamic Finance picks new CEO
The company has appointed Hisham Hammoud to the post.Hisham Hammoud is considered one of the pioneers in the banking and financial sectors
He has more than 25 years of experience in the fields of banking and Islamic banking
Companies envision taxis flying above jammed traffic
Companies such as Archer, Joby and Wisk are working on electric-powered aircraft that take off and land vertically like helicopters...Neighborhood parking garage rooftops or shopping mall lots could serve as departure or arrival pads for electric vertical take-off and landing aircraft
Commuters would make it the rest of the way however they wish, even synching trips with car rideshare services such as Uber
Nigerian airlines suspend flights over soaring fuel prices
The cost of fuel has soared worldwide since Russia invaded its neighbor Ukraine in February and the West responded by...A customer will have to pay 120,000 naira ($289) for a one-hour flight as fuel price soared which is unaffordable for Nigerians, so Airlines decided to stop flying
Aviation ministry urged airlines to "consider the multiplier effect of shutting down operations, on Nigerians and global travelers"
Oman natural gas production sees slight increase
The country’s National Center for Statistics and Information has announced that the country’s production of natural gas at the end...The consumption of natural gas in industrial areas rose 13.9 percent in March this year, compared to the same period in 2021
Gas consumption witnessed a decrease in oil fields by 7 percent and in power plants by 3.3 percent at the end of last March
