Alpha Dhabi acquires interest in NCTH
The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.Company News Business
Borouge signs supply agreement
The two-year agreement is worth AED 160 million ($43.56 million).Under the two-year agreement, Borouge will provide advanced infrastructure solutions to NAFFCO for various infrastructure projects across the region.
The Guggenheim Museum, the Riyadh city project, Mohamed bin Zayed City and the Yas Island Development Project are some of the projects.
FAB issues first Sukuk globally in 2024
ABU DHABI, UAE - First Abu Dhabi Bank (FAB) has issued a five-year US$800 million Sukuk at US Treasury +85bps,...The allocation sees 76 percent directed towards dedicated Islamic investors and 38 percent towards international counterparts.
The 1.9x oversubscribed order book represented high-quality investors, including international fund managers, supranational and banks.
Houthi attacks idle Suez Canal, deepen Egypt’s economic woes
The man-made waterway - which officially opened in 1869 - is crucial for Egypt, earning it $9.4 billion in transit...IMF figures show 35 percent less cargo was transported through the Suez Canal in the first week of 2024 compared with the same period last year
Analysts say the financial impact will become painful if Houthi attacks keep throttling traffic through the main maritime artery connecting Europe and Asia
Amazon cuts hundreds of jobs
The cull will reach 27,000 positions across the company.Amazon said it was slashing hundreds of staff in its entertainment division, targeting both movie streaming service Prime Video and Amazon MGM Studio
The cull comes as part of Amazon's biggest ever job cutting plan launched last year, which it said will reach 27,000 positions across the company
UAE, Saudi Arabia lift up Arab stock markets, post US$493bn in gains in 2023
Abu Dhabi, UAE-- Stock markets across the Middle East posted record highs in 2023, with combined gains of $493 billion,...ADX's market capitalization surged to US$803.4 billion and DFM's value jumped to $187.2 billion
Saudi Arabia's stock exchange posted $368.2bn in gains, sendings it market capitalization up to $3trn
Uber, Kia sign EV partnership
It is aimed at "enhancing electric vehicle offerings".Uber and Kia said they are committed to "collaborate on Kia's planned development and deployment" of its new series of electric vehicles
The partnership of the two companies is aimed at "enhancing electric vehicle offerings available on Uber's mobility platform," they said
DP World signs MoUs in India
The agreements worth US$3bn were signed with Gujarat.The agreements would result in the development of new ports, terminals, and economic zones in the western Indian state
DP World CEO said that during the last 20 years, the company has invested almost $2.5bn and "we are going to invest more"
Emerging crypto hub UAE shapes digital assets’ future
"As 2024 unfolds, we anticipate that both private and public enterprises will increase their investments in the infrastructure and services...Bitcoin marked a 134 percent increase in the year 2023, signifying a resurgent crypto market.
The UAE thawed the crypto winter, with institutional investments driving cryptocurrency deals.
Global air travel reaches 99% of 2019 levels: IATA
IATA’s Director-General Willie Walsh said that international travel is 5.5% below pre-pandemic levels, but that gap is narrowing fast. "And...In November 2023, the total traffic rose 29.7 percent compared to November 2022
Middle Eastern airlines saw an 18.6 percent traffic rise in November
Chinese experts decode Apple’s encrypted AirDrop messaging
Beijing, China - Chinese state-backed experts have found a way to identify people who use Apple's encrypted AirDrop messaging service, according...AirDrop allows users to send content to Apple devices in close proximity without an internet connection, encoded so they cannot be viewed by other people
Chinese officials said experts "cracked the tough technological problem of the transmission of inappropriate information with anonymous traceability via AirDrop"
