Air Arabia 2023 net profit $408m
The firm recorded a 27 percent rise in profit compared to 2022.Company News Arts & Culture Business Aviation
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
‘Don’t be Google’: The rise of privacy focused startups
Google once used the slogan "don't be evil" to distinguish itself from its competitors, but now a growing number of...They are taking on Google Analytics, a product used by more than half of the world's websites to understand people's browsing habits
The smaller players know they are not going to overturn Google's domination, rather their aim is to inject a bit of fairness and choice into the market
TikTok eyes a bigger slice of Arab social media
TikTok is among top ten most downloaded apps in the region, particularly in Saudi Arabia, UAE, and Qatar, says Hany...The cumulative follower total of the top 10 GCC TikTok personalities grew from 24.6 million at the beginning of 2020 to 54.6 million in February 2021
Food, sports and comedy are among the most popular content pillar on TikTok
Mubadala closes Brazil fund
Brazil Special Opportunities Fund I is Mubadala's first fund in Brazil.The fund raised capital from a diverse set of global investors, including a leading public pension fund, family offices and corporates among others.
Mubadala Capital manages over $10 billion of assets in third-party managed funds across its Brazil, private equity, public equities and venture capital businesses.
India to list its largest insurer, set to raise $10bn
India is embarking on the blockbuster listing of the country’s largest insurer as part of a wider privatization drive to...After the listing, which is expected in March, LIC will be one of India’s biggest publicly listed companies alongside giants such as Reliance and TCS
The company holds a two-thirds share in the domestic life insurance market. It manages assets of 36.7 trillion rupees ($491 billion)
Saudi Arabia to issue second local sukuk for the year
For the second time this year, the Saudi government will issue riyal-denominated sukuk for the year, seeking to take advantage...The local issuance comes amid rising demand for both international and domestic fixed income markets that provide safe and guaranteed returns
Countries are resorting to fixed income instruments to settle budget obligations in a bid to fuel economic recovery
YGS awarded $247m mandate
The company will provide enhanced managed services to the UAE government.The agreement augments the previous operations and maintenance services provided, to include technology management support, from Jan 2022 until the end of 2026.
Yahsat has been providing operations and maintenance services since 2011 on its first two satellites, Al Yah 1 and Al Yah 2.
Nawy raises $5m in funding
Nawy, a Cairo-based property dealer, obtained a seed funding round of $5 million, led by the Sawiris family office.Nawy is focused on capitalizing on digital technologies and expanding the business to create an informed and transparent decision-making process for its customers
“We were one of the initial investors in Nawy because we saw the company's potential,” said Onsi Naguib Sawiris, who leads the family office
