Hyperloop progress: Racing ahead or falling behind?
Over a decade after Elon Musk's hyperloop proposal, no commercial operations have begun, and Virgin Hyperloop shut down in 2023...Business
Saudi Arabia announces major gas discovery in Jafurah
Riyadh, Saudi Arabia--Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz revealed on Sunday that an additional 15 trillion...Business Economy
Dubai sets up $100m fund to support fintech startups
Dubai has set up a $100 million venture capital fund in order to provide financial support to fintech startup companies....“We are committed to create a vibrant business environment and provide the opportunities to promote excellence,” Sheikh Hamdan said in a statement
The fund is expected to contribute around 1 billion dirhams ($815 million) to the country's GDP during the eight-year implementation period
JAFZA hold groundbreaking for park
The new logistics park is scheduled to open in 2023.The purpose-built trading and logistics development will accommodate the growing number of warehousing, processing and logistics activities carried out in Dubai, JAFZA said.
Jafza’s logistics cluster is home to over 460 companies from 30 countries, almost all international logistics providers which already operate from the free zone.
Unilever posts rise in revenue
The British firm reported $14.5bn revenue in Q1.Unilever said in a trading statement that its higher prices had turned off some customers, with volume of sales down one percent
Inflation, which was accelerating sharply as economies reopened from Covid lockdowns, has worsened following Russia's invasion of Ukraine
China to cut coal import taxes to ensure energy security
China will slash coal import tariffs to ensure energy security, the finance ministry said Thursday, the latest move to cast...Beijing is the world's biggest importer of coal, but import volumes dropped in the first quarter of the year and energy prices have surged globally
Policymakers in Beijing have long walked a tightrope balancing climate objectives with domestic growth
Total deposits by February end $541 billion: Central Bank of UAE
The Central Bank of the UAE said that total bank deposits increased by 0.3 percent, climbing from AED 1,982.4 billion...The bank said the rise in total bank deposits was due to growth in Resident Deposits by 0.5 percent, overshadowing the reduction in Non-Resident Deposits by 1.4 percent.
The Money Supply aggregate M1 increased by 0.8 percent, from AED 706.5 billion at the end of January 2022 to AED 712.1 billion at the end of February 2022.
Boeing shares dive on $1.2bn loss
The company is set for recovery in 2022-23, said analysts.Boeing shares finished 7.5 percent lower at $154.46, beyond the expectations of analysts as the firm is delaying release of its 777X model
Boeing will lift production of 737 MAX in next quarter of this year as it has reported a jump in the plane deliveries during the first quarter
TotalEnergies makes $4.1 bn writedown on Russian gas project
French energy firm TotalEnergies said Wednesday it had taken a $4.1 billion impairment charge on its Arctic LNG 2 gas...TotalEnergies took a stake in the project in 2019, making it its second in Russia's extreme north alongside the Yamal LNG facility
Chief executive Patrick Pouyanne said last month that TotalEnergies would not suddenly stop its Russian operations completely
Strong Meta profit calms investors
Investors had been worried that as the pandemic eased and people socialized more in real life that they would engage...Meta hits profit of $7.5 billion on revenue of $27.9 billion in the first three months of 2022
Meta owner Mark Zuckerberg cited pressure from TikTok, and launched his own short-form video sharing feature Reels as Facebook and Instagram
MA’ADEN Q1 profit is SAR 2.9b
The company recorded sales of SAR 8.9 billion, up by 64%.The company recorded sales of SAR 8.9 billion, up by 64 per cent from the same quarter last year
EBITDA stood at SAR 4.4 billion, up by 101 per cent compared to the same quarter of 2021
Samsung Q1 profit up almost 60%
Steady chip demand and brisk smartphone sales led to the rise.Samsung said net profit in January-March was 11.32 trillion won ($8.9 billion)
This was an increase of 58.6 percent year-on-year, beating expectations
