Toyota to invest US$2.2bn in Brazil
The automaker will beef up production of hybrid vehicles.
Business
Tesla stops production at German plant after suspected arson attack
Michael Stuebgen, interior minister for Brandenburg state, said that "if initial findings are confirmed, this is a perfidious attack on...
Geostrategy
Business
Weibo plans $547m HK listing
Hong Kong listing is seen as a hedge against removal from US exchanges
- Listing in Hong Kong is seen as a hedge against the risk of being removed from US exchanges
- China also has been encouraging its big tech players to list either in Hong Kong or Shanghai
Business
Pandemic to cost global tourism $2trn
International tourist arrivals will this year remain 70-75 percent below the 1.5 billion arrivals recorded in 2019, before the pandemic...
- In addition to virus-related travel restrictions, the tourism sector is also grappling with the economic strain caused by the pandemic
- The spike in oils prices and the disruption of supply chains are also complicating matters
Business
AED100m endowment funds ‘Khalifa University Enterprises Company’
The KUEC will aim to encourage technology investors and entrepreneurs to partner with the University to commercialize its growing patent...
- The KUEC will include ‘Innovation Acceleration and Startups’ and ‘KU Ventures’, which will support establishing and operating non-IP technology companies
- KUEC also includes the Endowment Fund that will allocate funding for investments and operations
Business
Nissan eyes 2030 EV push
It wants half its sales to be electric or hybrid vehicles by 2030.
- The move follows in the footsteps of other major global automakers, which have increasingly signalled a move towards electric and hybrid vehicles
- Unveiling its new long-term plan, Nissan said it will launch 23 new models, including 15 new electric vehicles, in a bid to reach the 2030 goal
Business
Morocco offers opportunities for Indian companies to settle and expand: Official
Morocco can attract big Indian investment due to its talented human resources and an impressive investment climate, said Ashwath Narayan,...
- Morocco has launched a roadshow in India to promote the initiative "Morocco Now".
- High technology, biotechnology, engineering and automotive sectors should be focus of investments, said the minister.
Business
Iran banks hail arbitration panel win over Bahrain
Two leading Iranian banks have welcomed a decision by a Hague-based tribunal to order Bahrain to pay them more than...
- Iran's state-owned Bank Melli and Bank Saderat sought arbitration in the case in 2017
- Hague based tribunal found that that Bahrain's motives had been primarily political
Business
Abu Dhabi to host new Amazon fulfillment center from 2024
Abu Dhabi will host a new Amazon fulfillment center, expected to be the most technologically advanced in the region. It...
- E-commerce giant says the centre will speed up delivery times and support a range of sellers
- The new centre is part of collaboration between Amazon and Abu Dhabi Investment Office’s program to attract investment and create job opportunities
Business
EGA to decarbonize its GE gas turbines for achieving UAE’s net-zero goal
Emirates Global Aluminium (EGA) and GE Gas Power have signed an agreement to reduce greenhouse gas emissions from EGA’s existing...
- EGA and GE Gas Power have signed an agreement and together they will work out a roadmap for decarbonization efforts.
- EGA has 33 GE natural gas turbines at Jebel Ali and Al Taweelah, with a total power generation capacity of 5,200 megawatts.
Business
GreenDome of UAE buys out Elite Co. for an unknown sum
GreenDome Investments has bought out Elite Co. from Prama Holdings, in a deal representing one of the region’s largest acquisitions...
- Elite Co., a leading fully integrated land freight and courier solutions providers in the Middle East, has state-of-the-art operations and assets across Oman, Bahrain, Qatar
- GreenDome Investments aims to build an integrated end-to-end logistics services powerhouse to tap into the Middle East
Business
Sophia Lauren names cruise ship MSC Virtuosa at Dubai’s Mina Rashid
Dubai hosted the naming ceremony of a cruise ship, MSC Virtuosa, which was officially named by Hollywood star Sophia Lauren...
- MSC Cruises, the world's third-largest cruise operator, had chosen Dubai for the naming ceremony.
- The ceremony was held at Port Rashid in partnership with DP World and Dubai’s Department of Economy and Tourism.
Toyota to invest US$2.2bn in Brazil
The automaker will beef up production of hybrid vehicles.
Business
Company News
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Vietnam’s VNG files for US IPO
VNG operates music streaming, mobile payment and online games.
Business
Google unveils changes before strict EU rules kick in
EU rules will apply from Friday to Google, alongside 18 other large social media platforms and websites including Meta-owned Instagram,...
Business
AI chips revenue to reach $53bn in 2023: study
Dubai, UAE – The global semiconductor industry is set to witness a significant revenue boost in the coming year, with...
Business
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Economy
Egypt reports drop in unemployment rate in Q2 of 2023
Cairo, Egypt--Egypt's unemployment rate fell slightly by 0.1 percent to 7 percent in the second quarter of 2023, according to...
- According to data, some two million Egyptians were without work, including 1.2 million men and 941,000 women
- The country's annual inflation rate jumped to 38.2% in July, up from 14.6% in the same month a year earlier
Business
Chip giant Nvidia rides AI wave as profits soar
The company's stock rose more than 8 percent following the results. This year the company's share price has more than...
- Nvidia said sales doubled year-on-year to $13.5 billion in the latest completed quarter
- The company said revenue in the current quarter would ramp up further to $16 billion
Business
Jadwa buys stake in Gissah
The investment bank bought a 35% stake in Kuwaiti firm.
- The Saudi investment bank bought the stake through its private equity arm Jadwa Retail Opportunities Fund
- It will help Kuwaiti perfume company to prepare for a public listing on the Tadawul, Saudi Arabia's stock market