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
DFZs to contribute AED250bn to Dubai’s GDP by 2030
DFZ Council chairman Sheikh Ahmed underlined the significance of facilitating the investor journey role in strengthening the UAE’s position as...DFZ Council chairman Sheikh Ahmed underlined the significance of facilitating the investor journey role in strengthening the UAE’s position as a preferred investment destination
The Council also explored a new phase of the Invest in Dubai platform that adds 80 new services, including electronic connectivity through a single portal
Algeria threatens to cut gas contract with Spain
Gas giant Algeria threatened Wednesday to break a contract to supply gas to Spain if Madrid transferred it onwards to...Algeria, Africa's largest gas exporter, previously also supplied gas through a second GME (Gaz Maghreb Europe) pipeline, which links Spain to Algeria via Morocco
But Algiers in November shut supply through the GME due to a diplomatic rupture with Rabat, depriving Morocco of Algerian gas
‘UAE’s new labor law is a game-changer’
Legal and business leaders tell TRENDS that the new legislation is in line with the industrial modernization roadmap that the...The changes in the new labor law are fairly substantial and necessitate amendments to existing employment contracts
They also call for modifications to policies and procedures concerning future agreements with new employees
UAE and Turkey close to signing economic partnership agreement
The UAE and Turkey are in final talks regarding the launch of a comprehensive economic partnership agreement, according to the...The new partnership is expected to double bilateral trade between both countries.
Bilateral trade between the UAE and Turkey has climbed 80 percent over the past three years.
GM lifts 2022 profit forecast
The automaker now sees 2022 net profit of between $9.6 bn and $11.2 bn.Net income in the first quarter dipped three percent to $2.9 billion on an 11 percent jump in revenue to $36 billion.
GM's auto deliveries declined in all its operating regions in the wake of supply chain shortages, especially a crunch of semiconductors.
US calls for immediate end to Libya oil shutdowns
The US said Wednesday it was "deeply concerned" about an ongoing closure of key oil installations in Libya, calling for...The closure of several sites this month, including oilfields and export terminals, has seen Libya's output halve to around 600,000 barrels per day
Libya's reduced output also comes as global oil prices remain under pressure since Russia, an OPEC+ producer, invaded Ukraine in February
Saudi Arabia to purchase some 100,000 Lucid electric vehicles
Saudi Arabia has signed an agreement with Lucid Motors to purchase a minimum of 50,000 electric vehicles and up to...The Saudi sovereign wealth fund, also known as the PIF, owns a considerable stake in Lucid
The kingdom is setting up its first electric vehicle manufacturing plant in the country with Lucid
Ramadan brings $6bn windfall for MENA
The spending through the month of April has been widespread, including a broader increase in sales volume and a diversification...Saudi spending on travel, accommodation, and dining in restaurants rose by 37% in Ramadan 2022
Consumers in the MENA are predicted to spend US$ 6.2 bn online during Ramadan in 2022
Aldar Properties Q1 net profit $187m
The firm said its revenue grew 32 percent to 2.68 billion dirhams.Its quarterly sales were AED 2.2 billion, driven by inclusion of SODIC’s strong Q1 performance and continued momentum in Abu Dhabi’s real estate market.
It expanded strategic land bank for development with a 6.2 million square meter plot acquired on Saadiyat Island during the second quarter.
Can Twitter become more profitable under Elon Musk?
Listed on the New York Stock Exchange for just under nine years, Twitter has posted a net loss every year,...Musk is paying above $44 billion for the company, an amount dwarfed by Facebook's valuation of more than $500 billion.
Twitter's revenues are mainly derived from advertising rather than its user base, which isn't large enough to make up its finances.
