Asian markets mostly down as China sets 5 percent growth goal
Hong Kong, China - Asian markets largely fell on Tuesday after China set an ambitious five percent annual growth target and...
Business
JetBlue, Spirit Airlines cancel merger
Earlier, a federal judge ruled it violated US antitrust law.
Business
ADNEC to acquire Etihad Holidays
The move is aimed at expanding its footprint in tourism.
- Tourism 365, the ADNEC tourism promotion business, will integrate with Etihad Holidays under the terms of the asset transfer.
- Etihad Holidays' offering will combine Etihad Airways’ product with packages in different source markets to key destinations.
Business
Iraqi crude oil export revenues $7 billion in October, says oil ministry
Iraq's crude oil export revenues reached $7 billion in October, according to the Iraqi Oil Marketing Company (Somo). Local media...
- Iraqi oil ministry's said more than 96 million barrels of crude oil were exported in October.
- Most of the oil--93 million barrels--was exported from the oil fields in central and southern.
Business
Dubai October realty sales $3.57 billion, highest in eight years
Expo 2020 Dubai, the largest global event and the first-of-its-kind in the Middle East, boosted the Dubai real estate market...
- Real estate sales transactions for the 10 months of 2021 worth AED177.44 billion.
- The most sought after areas for villas/townhouses are Damac Hills 2, Nad Al Sheba, The Springs, Dubai Hills Estate and Arabian Ranches.
Interview
UAE industries are embracing solar power
Al Bayader International, for example, has set up solar farms to offset energy costs and build sustainability, says Founder and...
- Companies want to decrease their carbon footprint and lower their electricity expenses
- As a result, they are increasingly installing rooftop solar farms to save on energy bills
Arts & Culture
Saudi Film Commission to announce strategy on Sunday
The move is believed to be part of the Saudi Vision 2030 strategy, through which the country looks to diversify...
- The Saudi Film Commission will on Sunday announce its strategy to develop the film sector in the country
- It is also expected to support employees and actors in a country where public screening of films was banned for nearly 35 years
Business
EDB lends $190m to SMEs
The loans were given to industrial companies in five priority sectors.
- The Emirates Development Bank has disbursed AED700 million ($190 million) in loans to the UAE’s industrial sector since the beginning of 2021
- The money came from the financing package given by the country’s Ministry of Industry and Advanced Technology
Business
Egypt’s export of LNG touches 1m tons in Q3
Egypt has edged out its Arab neighbors in natural gas exports and exported one million tons of liquefied natural gas...
- The oil and gas sector contributed 24 percent to the country’s gross domestic product in 2019-2020 despite the pandemic
- A surplus, equivalent to about EGP9.5 billion ($604 million), in the petroleum balance of payments was reached during 2020-2021
Business
Schneider Electric says electricity use in Iraq rising annually by 10 percent
Consumption of electrical energy is increasing by 10 percent annually in Iraq, which necessitates a robust distribution network, said the...
- The increase in energy requires a robust distribution network and large stations.
- The company said it works in gas and oil in Basra, and there are projects to expand oil discovery.
Business
ESG of UAE buys 70% stake in WFC Holding
Emirates Stallions Group (ESG) has bought a 70 percent stake in WFC Holding as part of its plan to diversify...
- ESG said WFC Holding, which encompasses business process outsourcing and manpower outsourcing services, will complement its mainstream construction and real estate business
- “This acquisition will allow us to expand, manage and control our client’s manpower operations better"
Business
Samsung to build $17 billion microchip plant in Texas
Samsung said on Tuesday it will build a microchip factory in Texas, a $17 billion investment that comes as semiconductor...
- The chips manufactured on the site will have applications in mobile technologies, 5G or even artificial intelligence, Samsung said.
- Samsung, the world's biggest memory chipmaker, has stepped up its investment in its semiconductor business as the world battles shortages of chips.
Asian markets mostly down as China sets 5 percent growth goal
Hong Kong, China - Asian markets largely fell on Tuesday after China set an ambitious five percent annual growth target and...
Business
Company News
Latest News
One fourth of all investors in state securities have left Russia: Minister
Moscow, Russia -- One fourth of all investors in state securities have been forced to leave the Russian market due...
Business
GCC top export market for Dubai Chamber of Commerce members
Dubai, UAE -- The Gulf Cooperation Council countries were the top destinations for exports and re-exports of Dubai Chamber of...
Business
Most Read
Business
Saudi smart homes market builds on digitization drive
Saudi Arabia's smart homes market is growing due to government backing, tech advancements, and evolving consumer tastes. As the Kingdom...
- The Kingdom's smart homes market is being driven by growing affluence of Saudi population, govt emphasis on digitization, and rising popularity of smart home devices.
- With the support of govt initiatives and technological advancements, the sector is poised to play an important role in shaping the country's future urban landscape
Business
e& capital invests in Maxbyte
The funding aims to expedite growth by bolstering sales team.
- Maxbyte is a leading provider of Industry 4.0 solutions with a strong presence in the automotive, defense, utilities, and food and beverage sectors.
- It aims to enable smart connected industrial enterprise for flexibility, productivity, predictable revenue and profit growth, as well as sustainability.
Business
Facebook and Instagram users in Europe to have greater viewing control
One of the changes announced by Nick Clegg, Meta's president of global affairs, includes giving European users of Facebook and...
- Under a landmark EU law, digital giants will be forced to more aggressively police content online to protect users.
- Other changes include providing more information about how Meta's artificial intelligence systems rank content on Facebook and Instagram.