JetBlue, Spirit Airlines cancel merger
Earlier, a federal judge ruled it violated US antitrust law.
Business
HAYVN, a digital currency firm, closes Series A funding
HAYVN, the Abu Dhabi-based digital currency platform, has closed Series A funding round led by Red Acre Ventures and Hilbert...
- As part of the transaction, Red Acre Ventures has joined the HAYVN Board of Directors
- The UAE is poised to be a global hub for the emerging asset class that is digital currency
Business
Qatar and PSG, a lasting bond beyond the 2022 World Cup
Qatar's investment in French giants Paris Saint-Germain, and its use of the club as a central tool for the gas-rich...
- "Close to 15 years ago Qatar did not exist in public opinion," says Lavergne. "Paris Saint-Germain is central to this policy. With the club they reach the whole world
- The ties between Qatar and France stretch well beyond the realms of this sporting connection
Business
Two Abu Dhabi firms partner to adopt energy-saving technology
Abu Dhabi Health Services Company (SEHA) and Abu Dhabi Energy Services (ADES) have begun the first phase of their Energy...
- As part of the agreement, which was originally signed in September, ADES will implement key energy-saving technologies in several of SEHA’s facilities to enhance sustainability
- The strategic collaboration will mark SEHA’s commitment towards the adoption of energy-efficient modifications for its facilities
Business
UAE ministry signs pact with ADDED and ADNOC to promote Emirati products
The Ministry of Industry and Advanced Technology (MoIAT) and Abu Dhabi’s Department of Economic Development (ADDED) will work on proposing...
- MoU part of a program aimed at redirecting above 42 percent of public-sector and select private-sector expenses towards local suppliers.
- The pact is in line with the objectives of the National Strategy for Industry and Advanced Technology, Operation 300bn.
Business
SIDF and Al Rajhi team up to boost industries growth
The Saudi Industrial Development Fund (SIDF) has teamed up with Al Rajhi Bank to provide a documentary credit service.
- The documentary credit service enables investors to obtain the necessary liquidity to implement projects and to speed up project implementation procedures
- The fund aims at stimulating the growth of national industries through the partnership with the private sector
Market Report
Dubai Index surges 80 percent, Saudi losses continue
Dubai index outperformed GCC peers, following the emirate's announcement of plans to open a $545 million market-making fund and IPOs...
- As of Thursday, Abu Dhabi's main index increased by 0.1 percent, aided by a 2.4 percent increase in Alpha Abu Dhabi Holding.
- Saudi index lost for the third consecutive week and Abu Dhabi was largely stable.
Business
Riyadh Season casts its spell on GCC
So far more than two million visitors have marked their presence in the five-month long arts and culture festival.
- From young and old, men and women, all have trooped into the area to partake of music, sports, cars, business, agriculture, and many more events
- Live concerts featured many regional and international singers like Kazem Al Saher, Angham, Elissa and many more that can interest children, families, and youth as well
Business
ENOC Group and Air Chateau sign pact
Under the agreement, ENOC will fuel up to 30 helicopters of Air Chateau.
- Air Chateau offers charter and transportation services to tourists, high net worth individuals and air ambulances.
- ENOC Aviation's current supply network spans over 200 airports across 21 countries.
Business
Nayifat Finance to trade on Tadawul
Nayifat Finance Company (NFC) will start trading on Tadawul on November 22, according to a Saudi Exchange filing.
- The stock will have +/- 30 percent daily price fluctuation limits and +/- 10 percent static price fluctuation limits
- These fluctuation limits will be applied during the first three days of listing, and from the fourth trading day onwards
Business
Experts discuss market opportunities at DMCC Dubai Precious Metals Conference
The sector leaders addressed key trends within the global precious metals industry and how to harness current opportunities.
- The sector leaders addressed key trends within the global precious metals industry and how to harness current opportunities
- The session, held under the title ‘Gold versus Bitcoin: competition or coexistence?’, highlighted bitcoin’s growing status as ‘digital gold’
JetBlue, Spirit Airlines cancel merger
Earlier, a federal judge ruled it violated US antitrust law.
Company News
Abu Dhabi event transforms global falconry
Arts & Culture
Latest News
Qatar partners with African Civil Aviation Commission to boost cooperation
Nairobi, Kenya--African Civil Aviation Commission (AFCAC) and Qatar have signed a partnership agreement to strengthen cooperation in the aviation field....
Business
Sustainable finance helps achieve net-zero emissions
"Together, we are working under the direct supervision of the Central Bank of the UAE to further advance sustainable finance...
Business
UAE stocks generate strong cash flows as IHC stands out
Abu Dhabi, UAE--UAE stocks generated strong cash flows on Monday as the International Holding Company (IHC) maintained robust performance and...
Business
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Economy
CBUAE foreign assets inch up to US$161.22bn in June
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has revealed that its total foreign assets increased to...
- According to the apex bank, foreign securities were down to $45 billion from $46.56 billion at the end of June,, with other foreign assets up to $17.27 billion
- The monetary base, according to the CBUAE, grew by 0.1%, climbing from $169.20 billion at the end of May 2023 to $169.42 billion at the end of June 2023
Business
Sukoon Insurance sets up OIWSS
Aim is administration of Employee Money Purchase schemes.
- OIWSS has established a partnership with Intertrust Group.
- OIWSS will be the trustee and the operator of this scheme
Business
$61bn Broadcom-VMware merger cleared
The merger is expected to be completed by the end of Oct.
- The Competition and Markets Authority last month gave its provisional approval to the deal announced in May 2022.
- The CMA found that restricting product interoperability would cause the merged company greater financial losses than gains.