Asia stocks track global losses as traders step back after rally
Hong Kong, China - Asian markets fell Wednesday in line with a sell-off across most of the world as traders took...Business
Dubai Customs launches smart lockers for passengers to store valuable cargo
On the inaugural day of GITEX Technology Week 2021, Dubai Customs launched I-Box smart lockers for storing commercial items or...Passengers can store goods in lockers at airport customs center without paying duty and collect them through self-clearance service on departure.
The I-Box smart lockers project has cut down the process time for delivery from 30 minutes to 1 minute.
Ministry of industry briefs 11 French startups about UAE business scene
As many as 11 French startups in the technology, infrastructure and services were briefed about the UAE's business environment by...The French firms, which work in the field of technology, infrastructure and services, are members of La French Fab Booster Middle East program.
ADNOC, the Ministry of Economy, the Emirates Development Bank, Middle East Venture Partners (MEVP), DP World, Masdar, DEWA participate in the event.
Toyota makes US battery push
Japanese firm Toyota is the world’s biggest carmaker.Toyota has unveiled plans to invest $3.4 billion into automotive batteries in the United States
As part of the plan, it will build a factory in the country for production of such batteries
Oil-waste fire in Dubai under control
Dubai Civil Defense on Monday, October 18 brought under control a fire that had broken out at an oil waste...Official sources said the oil waste disposal site was located far away from factories in the Jebel Ali Industrial area
This could have been one of the factors why no loss of life or injury was reported due to the fire
Dubai to have a ‘crypto asset and blockchain hub’
Dubai World Trade Center Free Zone and CoinMENA have tied up to develop a “crypto asset and blockchain hub" in...The memorandum of understanding was signed by the DWTC and CoinMENA’s subsidiary
The agreement will likewise see CoinMENA’s UAE headquarters relocate to the DWTC Free Zone
Yansab of Saudi Arabia posts 8% drop in net profit to $47.7m
Yanbu National Petrochemical Co (Yansab), of Saudi Arabia, has revealed that its net profit declined 8 percent to $47.7 million...The drop in net profit was due to lower production and sales because of the temporary shutdown of its plants
The result missed most analyst estimates. Riyadh-based Al Rajhi Capital had estimated 476 million riyals
Mubadala Capital leads Huboo Fulfilment’s $82m funding round
Mubadala Capital led a Series B funding round in Huboo Fulfilment, the UK-based logistics start-up, closing at $82 million in...Huboo said in a statement it plans to roll out their first Spanish fulfillment centre in Madrid having already opened its first mainland European base in Eindhoven
The round led by Mubadala Capital was joined by existing investors including Stride, Ada Ventures, Hearst Ventures, Episode 1 and Maersk Growth
Foreign investment in Egypt’s oil sector drops 26% to $5.4bn
Foreign investment in the oil sector of Egypt has dropped 26.02 percent to $5.4 billion in the current financial years,...The coronavirus crisis led to a slowdown in investments from international oil companies worldwide,”
Egypt's oil sector had received more than $7 billion in investments a year earlier
Sabic leads low-carbon plan
Sabic, WEF, and global companies will formalize the plan.The agreement will look to formalize the low-carbon emitting technologies or LCET initiative into a standalone entity by 2023
As a result, LCET members will share early-stage risks and co-invest in developing and upscaling low-emission technologies
ADNOC Distribution opens two stations in Sharjah
The openings support the company’s commitment to delivering on its promise to provide greater fuel retailer convenience to customers and...The openings support the company’s commitment to delivering on its promise to provide greater fuel retailer convenience to customers and neighborhoods
The fuel-only Al Talaa offers fast and efficient refueling for customers, while the Al Madean station provides the full fuel and retail offering with an onsite ADNOC Oasis store
