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
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...
Business
UAE energy ministry intensifies monitoring of liquefied natural gas shipments
The UAE's Ministry of Energy and Infrastructure said on Wednesday that it is intensifying inspections of liquefied natural gas (LNG)...
- LNG cargoes that fall short of the standards pose a threat to the community safety and impinge on the profitability of national companies, a ministry official said.
- The ministry is keen to enhance corporate awareness about the procedures adopted by the UAE to regulate the transportation of oil derivatives.
Business
UAE banks waive $313 million in debts of 4,511 Emirati citizens
Debts of 4,511 Emirati citizens, amounting to AED1.15 billion ($313 million), have been waived by 20 banks and financial institutions,...
- 20 banks and financial institutions provided debt relief on the direction of Sheikh Khalifa bin Zayed Al Nahyan.
- First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Emirates NBD, Abu Dhabi Islamic Bank were among the banks that waived debts.
Business
DXB to welcome 1.8m passengers in next 11 days
According to the operator, as many as 1.8 million passengers are expected to pass through DXB between November 25 to...
- According to the operator, as many as 1.8 million passengers are expected to pass through DXB between November 25 to December 5
- December 4 is expected to be the busiest day during this period with passenger numbers likely to surpass the 190,000 mark
Business
GMIS2021 concludes in UAE with launch of GMIS America
The inaugural edition of the GMIS America will take place in 2022 in Pittsburgh as a homage to a city...
- The inaugural edition of the GMIS America will take place in 2022 in Pittsburgh as a homage to a city that has rebounded from significant industrial challenges
- The summit explored the role of data and connectivity in shaping the future of supply chains, green manufacturing, sustainable energy, and climate action
Interview
Fintech fuels MENA startup scene
It is vital for the economic development of the Middle East by fostering innovation, entrepreneurship and creating large-scale employment opportunities...
- According to a recent Forbes report, there are at least 2,800 FinTech startups in the Middle East and Africa
- In Saudi Arabia, startup funding topped US$168 million in the first half of 2021, 65% more than it did in H1 2020
Business
India announces bill to ban cryptocurrencies
India's government will introduce a bill to ban private cryptocurrencies and create a framework for a central bank-backed digital money,...
- The proposed bill "seeks to prohibit all private cryptocurrencies in India"
- It is the latest such move by a major emerging economy, after China declared all cryptocurrency transactions illegal in September
Economy
Omani finance ministry issues government treasury bills worth $194 million
Oman's finance ministry has issued government treasury bills worth Omani Riyal 75 million ($194 million). Treasury Bills are short-term highly...
- Treasury bills are short-term highly secured financial instruments that provide licensed commercial banks the opportunity to invest their surplus funds.
- The bills have a maturity period of 91 days, from 24 November 2021 until 23 February 2022.
Business
Trade between Dubai and Israel grows to $700m
Trade between Dubai and Israel has grown to $700 million since September 2020 when the Abraham Accords were signed.
- Dubai Government announced on 30th January that the emirate’s trade with Israel in five months, between September 2020-January 2021, had reached $272.26 million
- In June 2021, Israel’s Foreign Minister Yair Lapid told WAM that bilateral trade between his country and the UAE had reached over $675.22 million
Business
Ooredoo and Qatar Financial Centre to extend collaboration
Ooredoo and Qatar Financial Centre have signed a partnership agreement to leverage joint experience, expertise, and capabilities to further extend...
- The partnership incorporates a number of initiatives planned for the coming years, with a clear focus on areas of joint interest
- Sectors in which these initiatives will be rolled out include digital innovation, smart cities, fintech, cybersecurity API, cloud solutions
Business
QFZA and Aspiration to bring sustainability services to MENA
Qatar Free Zones Authority (QFZA) and Doha Venture Capital (DVC) have signed an agreement with Aspiration to expand access to...
- The partnership is in line with QFZA's efforts to develop the world’s first net zero free zones
- The agreement is part of a broader collaboration between Aspiration and Qatar Free Zones
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
Company News
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Advanced secures $586m loan
Business
Saudi Esports Federation to launch ‘Next World Forum’ in Riyadh
Riyadh, Saudi Arabia--The Saudi Esports Federation will launch the "Next World Forum" on August 30 and 31 in Riyadh, at...
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...
Business
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Business
Microsoft submits new Activision deal
A previous version of the acquisition deal was blocked.
- Xbox-owner Microsoft launched a bid for Activision Blizzard early last year, seeking to establish the world's third biggest gaming firm by revenue.
- Britain's Competition and Markets Authority said it has "opened a new phase 1 investigation into the restructured deal by Microsoft to buy Activision".
Business
Stocks advance but traders wary of US rates outlook, China concerns
The gains, including a jump in US tech stocks, "looked more like a correction than a reaction to fresh news,...
- The gains followed a mixed showing on Monday as investors tried to turn the tide of losses that have swept over markets in recent weeks.
- Markets globally have struggled this month on the prospect that the US Federal Reserve will hike borrowing costs once more.
Business
Ajman H1 real estate transactions increase by 15 percent to $1.95bn
Ajman, UAE -- Ajman real estate market grew 15.6 percent year-on-year to AED 7.17 billion ($1.95 billion) in the first...
- Omar bin Omair Al Muhairi, Director-General of the Department of Lands and Real Estate Regulation, said a total of 5,310 real estate transactions were recorded during this period.
- May, in particular, emerged as a notable month, witnessing a peak value of real estate transactions totaling AED1.9 billion.