UAE economy posts best growth rates in comparison to others: IMF official
Dubai, UAE-- The UAE's economy has recorded the best growth rates in comparison to other economies in the region, according...Business
UAE leads global charge in generative AI adoption
With 40 percent of UAE workers already exploring generative AI, the nation stands as a beacon of tech adoption, far...Business
Abu Dhabi International Airport receives 5.26m passengers in 2021
Abu Dhabi International Airport has welcomed 5.26 million visitors in 2021 thanks to a fourth-quarter surge that saw 2.43 million,...The airport recorded 74,176 flights during the year compared to 61,034 in 2020, an increase of 21.5 percent.
Abu Dhabi International's network also expanded significantly during 2021, with 103 destinations now being served compared to 75 destinations in 2020.
UAE, Philippines ink deal to bolster trade ties
The UAE is already the Philippines’ biggest export partner in the Middle East.The UAE and the Philippines are said to be headed towards unprecedented economic relations
The two countries have concluded negotiations for the Investment Promotion and Protection Agreement
Facebook co-workers now ‘Metamates’ as image evolves
Zuckerberg shared his note to employees on his Facebook page, the revamped credo coming on the heels of the internet...Zuckerberg shared his note to employees on his Facebook page, the revamped credo coming on the heels of the internet giant being renamed Meta in October
"As we build the next chapter of our company as Meta, we just updated the values that guide our work," Zuckerberg wrote
Online privacy and profit clash with fortunes at stake
At the heart of the issue is how much internet companies should know about people's online lives, which is key...Facebook and Google have faced steadily stricter rules since the EU passed a data privacy law in 2018
This law requires firms to seek direct consent of users before installing cookies on their computers
Meta settles privacy suit
Facebook-parent has agreed to pay $90 million.The agreement was filed Monday in a California court and if approved by a judge would put to rest one of the series of suits alleging the social media giant invaded users' privacy
The suit alleged the social media giant violated privacy guidelines by tracking its users' visits to outside web pages that contained Facebook "like" buttons
UAE’s Dragon Oil announces first oil find in Egypt’s Gulf of Suez
The discovery is one of the largest in the area in the past 20 years, and the field could contain...The discovery is one of the largest in the area in the past 20 years, and the field could contain around 100 million barrels in reserves
The announcement was made on the sidelines of the ongoing Egypt Petroleum Show (EGYPS) 2022
Air Arabia profits up 476%
Its profit stood at AED720 million ($196.05 million) in 2021.The Sharjah-based carrier said its profit stood at AED720 million ($196.05 million) over the previous year
This was compared to a net loss of AED192 million ($52.28 million) registered for the full year 2020
Saudi Arabia turns to PIF to transform its economy
The Saudi decision to transfer 4% of Saudi Aramco shares worth $80 billion to the kingdom’s Public Investment Fund is...The transfer of Aramco's shares to PIF is part of the kingdom's long-term goal to promote the restructuring of the national economy, says Saudi Crown Prince
The move is likely to enhance Aramco's position and help it garner good credit rating in the medium term
Zain Group to sell tower infrastructure
PIF-led consortium to buy 80 percent stake in 8,069 towers.PIF will acquire a 60 percent stake, Sultan Holding Company acquiring 10 percent and Prince Saud bin Fahd bin Abdulaziz acquiring 10 percent.
Zain KSA will own the remaining 20 percent stake, with the PIF having a call option to buy this remaining 20 percent for a specified amount.
Elm to list on TASI
The final offer price was set at SR128 ($34.1) per share, the top end of an indicative range.The listing comes amid a boom in the Saudi initial public offering market in a bid to enhance liquidity.
Owned by the Public Investment Fund, the company had earlier raised $820 mil in proceeds from an IPO.
