Apple’s changes contradicts European rules, 34 firms complain
Brussels, Belgium - Changes Apple is making to its services in the European Union "make a mockery" of new antitrust rules...
Business
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."
Business
ACWA Power loss in Q3 $5.8 million
The company said losses due to IPO-related issues and payments.
- The company's profit in the same quarter a year ago was SR541 million.
- The net profit of the first nine months of this year also went down by half to SR434 million.
Business
Elon Musk loses $50 billion as Tesla shares fall for third day
Elon Musk, the CEO of Tesla lost $50 billion in two days as shares of Tesla fell for the third...
- According to Bloomberg Billionaires Index, this is the biggest two-day fall in its history.
- his drop in net worth of Elon Musk reduces the gap between him and Jeff Bezos, the second richest man of the world to $83 billion.
Business
ADNOC Drilling 9M revenue $1.7 bn
This was the company's first quarterly disclosure since listing on ADX.
- The Company reported an EBITDA of $785 million and a net profit of $460 million for nine months of 2021.
- The onshore revenue for the nine months was $847 million, up 10 percent compared to the same period last year.
Business
EDB, NBF agree to provide credit guarantee and co-lending for SMEs in UAE
The Emirates Development Bank (EDB) has signed an MoU with the National Bank of Fujairah (NBF) to offer credit guarantees...
- NBF will offer up to AED10 million financing to an SME, and 50 percent of the facility amount will be either guaranteed or co-lent by EDB.
- The program also aims to support UAE citizens in the startup journey by offering financing facilities of up to AED1 million.
Business
Emirates narrows H1 losses to $1.6bn
The group’s net loss for the period was AED5.7 billion ($1.6 billion), substantially better than the AED14.1 billion ($3.8 billion)...
- Emirates pegged this recovery of sorts on the easing of travel restrictions worldwide as the Covid-19 pandemic abated
- It also pointed to the corresponding rise in demand for air transport as countries advanced their vaccination programs
Business
Israel startup pays virtual coin for trash collection
The scheme aims to encourage citizens to pick up trash in a country ranked among the world's leading litter producers.
- Israelis generate an average of 1.7 kilograms of waste per person per day
- Comparatively, residents of European countries generate on an average 1.4 kilograms of waste every day
Business
Dubai Chamber identifies UAE-Indonesia trade opportunities
There appears to be plenty of scope for Indonesia to expand its cooperation with the UAE in the area of...
- The chamber, in a statement on its website, said the UAE was among the top 20 import-partner countries of Indonesia
- However, Indonesia is not even among the top 30 export and import markets for the UAE
Interview
What are the most recent retail trends?
With the retail sector rebounding in the UAE, Cyrille Fabre, a partner and director with the Middle East arm of...
- Retailers are thriving in the areas of omnichannel and customer experience.
- Unlike carbon-intensive industries, retail can easily achieve sustainability
Company News
Latest News
Etihad Cargo flight lands in Hubei
Hubei's Ezhou Huahu Airport is world's fourth professional cargo airport.
Business
Elon Musk arrives in Japan for first visit since 2014
In 2014, the CEO of Tesla and SpaceX visited Japan for a ceremony marking his electric car-making company's full-scale entry...
Business travel in MEA likely to bounce back by 2024
Business travel spending hit $23bn in 2022, nearing pre-pandemic levels as post-pandemic business trips get longer, supported by UAE's digital...
Business
Most Read
Business
Dubai real estate market records deals worth $653 million
Dubai, UAE -- Dubai's real estate market recorded deals worth AED 2.4 billion ($653 million) on Thursday, according to Dubai...
- The deals included 591 sales transactions worth AED1.76 billion on Thursday, in addition to 125 mortgage deals totaling AED613.72 million.
- The sales included 561 villas and apartments worth AED1.42 billion, and 30 land plots worth AED336.26 million.
Arts & Culture
Falconers meet in Abu Dhabi for special auction from Sept 2-8
Abu Dhabi, UAE -- Following the success of the Falcon Auction in the last edition of Abu Dhabi International Hunting...
- The previous edition witnessed the purchase of the most expensive falcon in ADIHEX’s history, as the American falcon (Pure Gear - Ultra White) was sold for more $250,000.
- The 2023 auction will witness new features, including the falcon daily raffle draws offered by Umm Jeniba Farm to the auction’s audience and raffle draws to the participants.
Business
Sharjah records real estate deals worth $517 million in July
Sharjah, UAE -- Sharjah has recorded real estate transactions worth AED1.9 billion ($517 million) during July 2023, according to the monthly...
- The department executed a total of 2,783 transactions, including 684 sales transactions across 96 areas in various regions of the emirate.
- The number of mortgage transactions were 447, constituting 16.1 percent of the total number of transactions with a value of AED420.1 million.