Bezos sells $2bn Amazon shares
He reportedly intends to sell, next July, 50 million shares of the group.
Business
Polestar 3, the electric SUV, hits the streets of the UAE
Dubai, UAE – Al-Futtaim Electric Mobility Company, the official distributor of Polestar in the UAE, have announced the official launch...
Business
Business
Helium Health of Nigeria buys out Qatar-based Meddy Inc
Meddy Inc, the Qatar-based doctor booking service, has been bought out by the African health tech company Helium Health, embarking...
- Nigerian-based Helium, which also operates in Ghana, Liberia, Senegal, Kenya and Uganda, announced that it had acquired Meddy Inc
- Helium will deploy its electronic medical records (EMR) technology and healthcare financial solutions across the GCC healthcare market
Business
Syria inks solar plant deal with UAE firms
Syria has signed a deal with United Arab Emirates firms for the construction of a solar power plant near Damascus,...
- The accord comes two days after UAE Foreign Minister Abdullah bin Zayed Al-Nahyan met President Bashar al-Assad in Damascus
- The Syrian government initially approved the project last month, with Economy Minister Samer al-Khalil calling it a positive sign
Business
Saudi Arabia sells dual-tranche bonds for $3.25 billion
Saudi Arabia has sold two bonds--a sukuk tranche and a conventional bond--for $3.25, the kingdom's National Debt Management Center (NDMC)...
- The value of the first tranche is at $2 billion for a nine-and-a-half-year sukuk maturing in 2031.
- The second tranche of $1.25 billion is for a 30-year bond maturing in 2051.
Business
ADFD provides Lesotho with $20m finance for water supply
Abu Dhabi Fund for Development (ADFD) will provide the Butha-Buthe District in Lesotho with $20 million in finance for the...
- The water supply system will provide 9,000 cubic meters of clean water per day, enough to meet the water needs of the Butha-Buthe population
- The loan agreement was signed by Mohammed Saif Al-Suwaidi, Director General of ADFD, and Thabo Sophonea, Lesotho’s Minister of Finance
Arts & Culture
Sharjah International Book Fair world’s largest publishing event in 2021
The Sharjah International Book Fair (SIBF) has emerged as the world’s largest book fair this year, attracting the participation of...
- The fair saw the participation of 546 publishers and literary agents from 83 countries.
- In the run up to the fair, SIBF Publishing Conference serves as a platform for buying and selling rights and signing book deals.
Business
Trade surges 69% to AED15.84bn between UAE and Italy in 2021
Trade between the United Arab Emirates (UAE) and Italy has surged 68.6 percent to AED15.84 billion in the first half...
- Imports too showed remarkable strength touching AED11.33 billion while exports hovered around AED3.65 billion
- Direct trade amounted to AED12.954 billion, whereas free zone trade totaled AED2.839 billion
Business
Air Arabia Q3 net profit $56 million
The airline said it served over 1.9 million passengers from its five hubs.
- The company’s turnover for the said quarter increased by 174 percent to AED804 billion, compared to AED294 million in the corresponding period last year.
- During the first nine months of the year, Air Arabia added 43 new routes to its global network from its hubs in the UAE, Morocco, and Egypt.
Business
ADX, Bahrain Bourse partner to unlock joint opportunities
The parties agreed on a strategic plan to implement new measures over the next nine months to strengthen ties between...
- As part of the agreement, ADX and BHB have agreed to introduce a number of products and services including Exchange Traded Funds (ETFs)
- As part of ADX’s strategy for growth announced at the beginning of the year, the exchange is forging partnerships with global exchanges
Business
TAQA nine-month net income $1.17 bn
The total revenue is 11 percent higher than the same period last year.
- TAQA’s Board of Directors announced an interim cash dividend of AED618 million ($168.25 million).
- The EBITDA was AED14.4 billion ($3.92 billion), an increase of 20 percent from last year.
Business
Apple loses bid to stall apps bypassing pay system in Epic Games case
A judge rejected Apple's request to delay letting App Store offerings bypass its payment system as ordered by the court...
- Epic filed the lawsuit to break Apple's grip on the App Store, accusing the iPhone maker of operating a monopoly in its shop for digital goods or services.
- The judge reasoned that Apple's policies not allowing app developers to steer users to payment platforms outside the App Store as being a factor in the "antitrust conduct."
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Bezos sells $2bn Amazon shares
He reportedly intends to sell, next July, 50 million shares of the group.
Business
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Alcoa, EGA ink supply pact
Business
Dubai Taxi Corporation unveils digital transformation plan 2022-2025
Dubai, UAE--Dubai Taxi Corporation (DTC) has launched its strategic plan for digital transformation 2022-2025 designed to improve the quality of...
Economy
GCC eyes global recycling dominance amidst EV boom
While rising EV demand may cause a global shortage of metals like cobalt and lithium by 2030, the Gulf region's...
Business
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Business
Siemens Energy posts Q3 loss
The group expects full-year net loss of around $4.94bn.
- The latest result was dragged lower by extra charges of 600 million euros in its offshore wind business.
- Siemens Energy said it was "additionally burdened" by a 700-million-euro write-down of deferred tax assets during the quarter.
Business
Baguettes fall victim to Tunisia’s economic woes
Around 200 Tunisian bakers stage a sit-in after a government decision to stop selling them subsidized flour, a move threatening...
- Last week the ministry of commerce banned some 1,500 privately-owned bakeries that produced European-style breads and pastries from purchasing subsidized flour.
- Economists say that this "bread crisis" stems from an inadequate reserve of subsidized flour held by the Tunisian government.
Business
PIF sets up women’s fitness and wellbeing firm Kayanee
Riyadh, Saudi Arabia -- Saudi Arabia's sovereign wealth fund, the Public Investment Fund, Monday announced the establishment of the Kayanee...
- Kayanee will focus on women’s health and lifestyle of future generations through six offerings, including fitness, apparel, personal care and treatments.
- PIF has set up 25 companies and created 181,000 jobs during 2022, latest official data has pointed out.