Awqaf Dubai investment portfolio market value rises to $402 million
Dubai, UAE -- Dubai's Endowment and Minors' Trust Foundation (Awqaf Dubai) said on Monday the market value of its securities...
Business
Saudi Ports Authority signs $266.6 million logistics agreements
Dubai, UAE -- Saudi Ports Authority (Mawani) signed seven agreements worth 1 billion riyals ($266.6 million) to establish logistics centres...
JetBlue, Spirit Airlines cancel merger
Earlier, a federal judge ruled it violated US antitrust law.
- Shares of Spirit slumped 14.5 percent in early trading Monday, while JetBlue rose 3.9 percent
- Spirit said it has enlisted advisors on efforts to refinance and reduce debt payments
UAE F&B sector set to soar, projected to reach $20bn in 2024
Dubai, UAE - The UAE’s foodservice market is poised to reach $19.98 billion in 2024, with further projections indicating a substantial...
- The report emphasizes the robust expansion of the F&B sector, forecasting a compound annual growth rate (CAGR) of 17.09%
- Fine dining is experiencing substantial growth with annual increases of almost 20% in Dubai and 33% in Abu Dhabi
Business
American Airlines orders 260 jets
It is part of the airlines' effort to 'modernize' its fleet.
- The airline said in a statement that the order comprises 260 new planes, plus options for an additional 193 aircraft
- Its CEO said the airline has invested heavily to modernize and simplify its fleet, the largest among US network carriers
Business
Middle East commercial aircraft services market to grow to US$28bn
Abu Dhabi, UAE--The MENA region's commercial aircraft services market will more than double in value by 2042, according to Airbus’...
- Dubai and Abu Dhabi are among five of the world's largest aviation cities in the Middle East, serving more than 10,000 long-haul passengers per day
- The regional expansion will surpass the global average growth of 3.6 percent, and register a 4.4 percent average annual growth by growing to $28bn
Business
European Union slaps $1.9bn fine on Apple over violation of rules
Brussels, Belgium - The EU on Monday hit Apple with a more than 1.8-billion-euro fine ($1.9 billion) for violating the bloc's...
- The $1.9 billion penalty is the third-biggest antitrust fine ever imposed by the European Commission
- The iPhone maker immediately vowed to appeal the first ever antitrust fine slapped on Apple by Brussels
Business
EDGE Group, Indra form JV
It will make next-generation radar systems in UAE.
- The new business entity will be granted prime rights for current and future non-NATO and non-EU orders awarded to Indra.
- The JV will place a strategic focus on the continued development of sophisticated technologies, innovation and global market.
Business
Salik revenue soars to US$574m
Toll usage revenue rose 11.7% YoY to US$502million.
- The total number of trips made through Salik’s eight toll gates grew by 10 percent over the course of the year.
- Salik’s registered active accounts increased 16.0 percent YoY to approximately 2.4 million at the end of 2023.
Business
Dubai International Boat Show helps in marine business
DUBAI, UAE – Dubai International Boat Show has wrapped up following a hugely successful week of high-value boat sales, important...
- The exhibition is recognized as one of the most influential boat shows in the world.
- The exhibition has wrapped up following a hugely successful week of boat sales.
Business
Qatar and Egypt hold talks to ramp up civil aviation cooperation
Cairo, Egypt-- Qatar and Egypt have discussed enhancing ties in the field of civil aviation between the two countries. In...
- The two countries signed a memorandum of understanding to increase air transport rights to Cairo International Airport
- The agreement will facilitate the opening of new avenues of cooperation in the field of air transport between the two countries
Business
Middle East emerges as a major player in global CEO appointments: report
Dubai, UAE - The Middle East has emerged as a prominent player in global CEO appointments, securing 68 out of a...
- Companies in the region boasting the highest global percentage of CEOs with prior C-suite experience, standing at an impressive 90 percent
- Surprisingly, the Middle East also leads globally in terms of CEO age, boasting the youngest average CEO age at 54.5 years
Awqaf Dubai investment portfolio market value rises to $402 million
Dubai, UAE -- Dubai's Endowment and Minors' Trust Foundation (Awqaf Dubai) said on Monday the market value of its securities...
Business
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UAE raises $299 million in Islamic Treasury Sukuk auction
Abu Dhabi, UAE — The UAE Ministry of Finance (MoF), in collaboration with the Central Bank of the UAE, has...
Business
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Business
Americans would dominate board of new TikTok US entity: W.House
A deal for the Chinese parent company of popular video-sharing app TikTok to sell its US operations would see the...
- The United States has forcefully sought to take TikTok's US operations out of the hands of Chinese parent company ByteDance for national security reasons
- Under President Donald Trump's predecessor Joe Biden, the US Congress passed a law to force ByteDance to sell its US operations or face a ban of the app
Business
Top music body says AI firms guilty of ‘willful’ copyright theft
Paris, France -- AI companies have sucked up the world's entire music catalogue and are guilty of "willful, commercial-scale copyright...
- AI music generators such as Suno and Udio can produce tracks with voices, melodies and musical styles that echo those of original artists such as the Beatles and Mariah Carey.
- The Recording Industry Association of America, a US trade group, filed a lawsuit in June 2024 against both companies.
Business
Stocks rise on $5 billion Nvidia-Intel deal, Fed rate cut
Nvidia announced a $5 billion investment in struggling US rival to jointly develop chips for PCs and data centers. The...
- Investors were also reacting to Wednesday's US central bank decision to lower rates by 25 basis points, its first cut of the year.
- The decision to cut came even as US inflation runs well above policymakers' two-percent target, but analysts said the main focus was on the jobs market.