Tesla suspends production in Germany
Houthi attacks in the Red Sea caused a shortage of parts.Business
Infosys lowers revenue forecasts
Its net profit fell 7.29% Y-o-Y in the three months to December.Company News Business
Construction of $834m steel casting plant in Saudi to begin this year
A metal casting and forging plant will be built by South Korea’s Doosan Heavy Industries and Construction at the cost...The plant will be constructed at the King Salman Global Maritime Industries Complex by South Korea’s Doosan Heavy Industries.
The plant orders in Saudi Arabia and the Gulf Cooperation Council are expected to grow around 2 trillion won per year in 2028.
Amanat Holdings income leaps up
Amanat Holdings has posted a huge jump in its income for the year ended December 31, 2021 to AED367 million...Amanat has recommended the highest dividend payout to date of AED150 million, for which the Board of Directors will be seeking shareholders' approval
The company reported a record net profit of AED280.8 million, a twenty-eight fold increase from the AED10.1 million reported in FY-2020
Erdogan invites UAE business leaders to invest in Turkey
Turkish President Recep Tayyip Erdogan called on business leaders in the wealthy United Arab Emirates Tuesday to invest in his country,...Erdogan arrived in the UAE capital Abu Dhabi on Monday for a two-day visit to revive relations that were long strained by regional disputes
Turkey-UAE trade topped 26.4 billion dirhams ($7.2 billion) in the first half of 2021. The UAE hopes to double or triple trade volume with Turkey
Engie posts €4.2bn profit
It pointed to energy prices and good asset performance for the rise.The firm posted a net profit of €3.7 billion ($4.2 billion) after a loss of €1.5 billion in 2020
The emergence of the Covid-19 pandemic had roiled the global economy and energy prices
Investcorp acquires 64 industrial properties in US for US $640 million
The properties grow Investcorp’s US industrial real estate holdings to approximately $3.5 billion across approximately 32 million square feet comprised...The properties grow Investcorp’s US industrial real estate holdings to approximately $3.5 billion across 32 million square feet comprised of more than 425 buildings
The latest acquisitions provide Investcorp with Class B+/B industrial warehouses that are 95 percent leased
UAE F&B trade hit $20bn in first 9 months of 2021: Dubai Chamber
The rise was said to have been supported by growing demand and expanded efforts to enhance food security and diversify...Imports, at $12.8 billion, accounted for the largest share of the UAE’s F&B trade during January-September 2021
This was followed by exports at $4.1 billion and re-exports at $3.3 billion over the same period last year
Accountants drop Trump, say records can’t be relied upon
Mazars informed the Trump Organization in a letter last Wednesday that it would no longer work for the company.Mazars informed the Trump Organization in a letter last Wednesday that it would no longer work for the company
The accounting firm added that an investigation of its own and "information received from internal and external sources" had also played a part in it reaching that conclusion
Hollywood actor jailed for $650m scam
Zachary Horwitz has swindled millions in a huge Hollywood Ponzi scheme to finance a lavish lifestyle of yachts, jets and...35 year old American actor swindled $650 million in multi-million dollar Ponzi scheme
Judge Mark Scarsito sentenced Horwitz to 20 years and ordered him to repay $230 million to his victims
US regulator announces $100 mn fine on crypto lender
The first-ever such case came as the Securities and Exchange Commission (SEC) looks to establish regulatory authority over digital currency...The first-ever such case came as the Securities and Exchange Commission (SEC) looks to establish regulatory authority over digital currency services
"This is the first such case involving crypto lending platforms," SEC chair Gary Gensler said in a release
UAE launches Nationals Development Pathway for food security
The UAE Food & Beverage Business Group enables the active participation of professionals, Emiratis and SMEs to support the food...The UAE Food & Beverage Business Group enables the active participation of professionals, Emiratis and SMEs to support the food sector
The Middle East Sugar and Calorie Reduction Programme was also unveiled at Gulfood as the first series under the NDP
