Commercial vehicle sales in China soar 79.6% in January
Beijing, China--China's commercial vehicle sales soared 79.6 percent year on year to 324,000 units in January, according to industry data....Business
Binaa Al Bahrain aims to create expansive mixed-use projects
ABU DHABI, UAE – Chairman of Eagle Hills International Mohamed Alabbar has said that US$4 billion joint venture Binaa Al...Business Economy
India seizes $725m from China’s Xiaomi over ‘illegal’ remittances
India seized $725 million from the local bank accounts of Xiaomi after a probe found the Chinese smartphone giant unlawfully...India's financial crime investigations agency began investigating the company in February and said it seized the money from the firm's local arm
Relations between New Delhi and Beijing have been at a low ebb since a deadly Himalayan border clash between soldiers from both countries in 2020
Swvl to buy Zeelo of UK
The buyout will give Swvl a foothold in developed markets.The buyout will provides Swvl, which has locations in Dubai and Cairo, with a launchpad to land and expand business operations in developed markets
The transaction is expected to be completed in May 2022
GCC stock exchanges witness a mixed week
The main Saudi index had a variable week, the Abu Dhabi exchange suffered a slight decline, while, the main index...A 1.4% drop in Al-Rajhi Bank's stock and a 1.8% drop in Saudi National Bank's stock weighed on the TASI on Tuesday, causing a 0.3% drop
On Friday, the Abu Dhabi index fell by 0.2%, with losses of 1.3% at First Abu Dhabi Bank capping off two sessions of gains
IDB lists US$ 1.6 billion Sukuk on Nasdaq Dubai
The first public Sukuk issuance from IsDB in 2022 strengthens its position as the largest supranational institution.The first public Sukuk issuance from IsDB in 2022 strengthens its position as the largest supranational institution
The Bank successfully priced the 5-year Trust Certificates at par with a profit rate of 3.213%, payable on a semi-annual basis
Abu Dhabi’s realty transactions exceed Dh11.3b in Q1 2022
The transactions included the buying, selling, and mortgages of all types of lands, buildings, and real estate.The transactions included the buying, selling, and mortgages of all types of lands, buildings, and real estate
Yas Island topped the list with AED1.2 billion in real estate transactions, followed by Al Saadiyat Island with AED673 million
Surging ecommerce boon for GCC businesses
A rising number of tech-savvy millennials, 60 percent of whom shop online, is one of the most important factors responsible...A meager $5.3 billion, or 0.4 percent of the GCC's GDP, was generated by e-commerce in 2015. By 2020, revenue had quadrupled to $21.6 billion.
According to the Kearney Global Consultancy Firm, GCC e-commerce sales are expected to surge to $52 billion annually by 2025.
Deutsche Bank offices raided in money-laundering probe
Investigators searched the offices of Germany's biggest lender Deutsche Bank on Friday, prosecutors said, with the focus on the bank's...Deutsche Bank has in recent years been closely watched by financial authorities in relation to suspicious transactions
Investigators searched Deutsche Bank's headquarters in 2019 for failing to report possibly illicit money flows
Altaaqa and TotalEnergies to set up EV charging ports in KSA
Altaaqa of Saudi Arabia and TotalEnergies of France have teamed up to establish charging stations for electric vehicles in the...Under the Altaaqa EV brand, the companies will offer end-to-end solutions for the development of the stations
The move will help Saudi Arabia in its bid to achieve net-zero carbon emissions by 2060
EITC Q1 net profit $86.44m
Revenues grew 8.5 percent to AED 3,128 million.Mobile service revenues increased 6.9 percent to AED 1,402 million while handset sales generated AED 216 million in revenues.
Fixed services revenues jumped 22.8 percent to AED 815 million on sustained demand from consumer and enterprise customers.
ADNOC acquires stake in Borealis
The oil giant acquired shareholding from Mubadala Investment Company.Borealis now will be owned 25 percent by ADNOC and 75 percent by OMV, an Austrian multi-national integrated oil, gas and petrochemical company listed on Vienna Stock Exchange.
ADNOC and Borealis have been partners for two decades through their jointly held Abu Dhabi-based polyolefins company Borouge.
