SCCI and Oman Chamber aim to boost investment cooperation
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) and the Oman Chamber of Commerce and Industry (OCCI) discussed ways...
Business
Bezos sells $2bn Amazon shares
He reportedly intends to sell, next July, 50 million shares of the group.
Business
Business
Saudi EXIM inks $118m deals
The deals were signed at the Saudi Trade Finance Summit.
- The first deal was with the Saudi British Bank with a value of SAR238 million (around $63.5 million)
- The other two were credit-line agreements with Jordan’s Capital Bank and the National Bank of Iraq for $55 million
Business
Emirates expands cargo capacity with AED3.6 bn investment
Emirates SkyCargo was the launch customer for the Boeing 777-F and the aircraft has been at the heart of the...
- Emirates SkyCargo has signed a purchase agreement with Boeing for two new Boeing 777-F aircraft,
- Over the years, the Boeing 777 freighter has been a critical pillar of Emirates SkyCargo operations
Business
UAE updates labor law for private sector
The new decree-law is expected to, among other things, regulate job contracts and give workers more rights.
- The new law, meant for workers in the private sector, will come into effect from February 2 next year
- It is said to embody a host of measures to ensure a safe, healthy, and business-conducive environment for all employees in the sector
Business
Pact signed to position Dubai Airshow as platform for space sector investors
Dubai Airshow and the UAE Space Agency will collaborate to position Dubai Airshow as a key platform for companies and...
- Dubai Airshow and UAE Space Agency sign MoU to coordinate strategies for enhancing space sector's presence in future events.
- This year’s Dubai Airshow is the biggest edition of the event since it began in 1989, with around 85,000 visitors attending across the week.
Business
Aviation emerging out of Covid crisis, outlook brightening: Airbus CEO
The global aviation sector has begun to emerge from the Covid pandemic, its worst-ever crisis, and the "outlook is starting...
- A large order of 255 of Airbus' planes at the Dubai Airshow "completely justifies" a shift to ramping up manufacturing, the CEO said.
- The United States has largely resumed, Europe is also resuming. Asia will probably take a little longer, Guilluame Faury said.
Expo 2020 DUBAI
Expo opportunity to boost UAE-Monaco cooperation: Prince Albert II
Prince of Monaco, Albert II has called Expo 2020 Dubai a "great opportunity" to enhance the cooperation between his country...
- The UAE and Monaco are centers of global exchanges, the prince said on the sidelines of Monaco's National Day celebration at Expo.
- Monaco’s pavilion at Expo 2020 is located in the Opportunities District and is inspired by the legendary Rock of Monaco.
Business
Middle East’s first waste-to-sustainable aviation fuel plant to come up in Abu Dhabi
Abu Dhabi Waste Management Centre (Tadweer) has signed an agreement with Etihad Airways to facilitate the development of the first...
- The plant can convert 4 million tons of municipal waste every year into 140 million gallons of fuel.
- The plant will help Abu Dhabi to divert 75 percent of municipal waste away from landfills.
Business
Air Lease Corporation signs letter of intent to purchase 111 Airbus aircraft
US company Air Lease Corporation (ALC) has signed a letter of intent to purchase 111 Airbus aircraft, the European plane-maker...
- The agreement is for 25 A220-300s, 55 A321neos, 20 A321XLRs, four A330neos and seven A350Fs.
- Founded in 2010, ALC has ordered a total of 496 Airbus aircraft so far.
Business
EDB and Dubai IE sign pact to offer UAE exporters access to finance
Emirates Development Bank (EDB) has signed a strategic agreement with Dubai Industries & Exports (Dubai IE) to provide innovative financing...
- The finance will help exporters expand their global value chains, said CEO of EDB.
- EDB has also allocated AED30 billion as a direct and indirect financial bundle to finance SMEs, startups, and corporates.
Business
EDGE bags AED11 bn contract to service UAE Air Force
For the first time in the company’s history, the three-year AED11 billion PBL contract will see GAL support the AFAD...
- For the first time in the company’s history, the three-year AED11 billion PBL contract will see GAL support the AFAD with their operational readiness
- The agreement reinforces GAL’s position as one of the Middle East’s leading providers of aviation MRO services and will also streamline AFAD’s processes
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SCCI and Oman Chamber aim to boost investment cooperation
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) and the Oman Chamber of Commerce and Industry (OCCI) discussed ways...
Business
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Aramco appoints two Presidents
Business
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UAE leads world in mobile and omnichannel shopping
The UAE scored 134 on the Global Digital Shopping Index, exceeding the global average of 125, as 94% of adults...
Business
6 MNCs among new businesses attracted by Dubai Chamber in H1
Dubai, UAE - Dubai International Chamber attracted 56 businesses to the emirate during H1 2023, including six multinational corporations and...
Business
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Business
US trade deficit narrows in June on bigger imports pullback
Washington, United States - The US trade deficit narrowed in June on a bigger pullback in imports than exports, according to...
- The overall trade gap came in at $65.5 billion in June, down from a revised $68.3 billion figure in May, Commerce Department data showed.
- While stronger than expected consumer spending has helped to boost US trade, analysts have noted that this could weaken going forward.
Business
Norway to fine Meta $100,000 a day for flouting user data ban
Oslo, Norway - Norway's data protection agency said Tuesday it would start fining Facebook and Instagram owner Meta nearly $100,000 per...
- Norwegian watchdog Datatilsynet announced the ban on July 17 and originally said that Meta had until August 4 to take corrective measures.
- "Meta's behavioral advertising entails intrusive surveillance of its users, negatively impacting their right to data protection," Datatilsynet head Tobias Judin said.
Business
SoftBank Group Q1 loss $3bn
The investment giant was hit by a drop in the share prices of major holdings.
- The firm has made huge bets to find and grow hot new tech ventures around the world, but that has left its earnings vulnerable to market forces.
- The company suffered investment losses "due to declines in the share prices of Alibaba, Deutsche Telekom, and T-Mobile US.