Dubai’s real estate soars with notable market growth
The emirate's residential market witnesses an 18% sales surge and a 26% rental increase due to investor confidence and a...
Business
Elon Musk files lawsuit against OpenAI over mission ‘betrayal’
Paris, France - Elon Musk has launched a legal case against OpenAI, the AI firm he helped to set up in...
Business
Business
Colombia starts business forum at Expo 2020
The Matchmaking Forum is one of the most important commercial initiatives of ProColombia, which is being organized at Expo 2020...
- The Matchmaking Forum is being hosted by ProColombia from November 7 to 11
- This event is expected to help companies and investors explore business partnerships
Business
Dubai arbitration center board gets ruler nod
Sheikh Mohammed bin Rashid Al Maktoum has directed the Board of Directors of DIAC to establish Dubai as a leading...
- Dubai ruler Sheikh Mohammed in September ordered the formation of the DIAC
- It saw the merger of the Emirates Maritime Arbitration Center and the Dubai International Financial Center Arbitration Institute
Business
MENA marinas attract luxury yachts
The Middle East now accounts for more than 12.6 percent of the world’s luxury yachts as the services match the...
- Egypt's ports are notable for their capacity to accommodate a large number of yachts and for their ability to provide guests with the best nautical activities.
- Sharm El-Sheikh port is one of the most significant seaports in South Sinai Governorate, serving as a hub for ships, yachts, and tourists.
Economy
Abu Dhabi Chamber discusses partnerships with Azerbaijan official
Two sides discussed the prospects of boosting trade exchange and the flow of goods between the two countries.
- Two sides discussed the prospects of boosting trade exchange and the flow of goods between the two countries
- The countries will explore opportunities, especially in artificial intelligence, e-trade and food security as well as the fourth industrial revolution
Business
Elon Musk to sell 10% of Tesla stock after Twitter poll
Musk owned about 17 percent of Tesla's outstanding shares as of June 30, currently worth $208.37 billion. His wealth swelled...
- Musk said he was prepared to accept “either outcome” of the Twitter poll
- However, he did not specify when or how he plans to sell the shares
Business
UAE enters into cooperation with Indonesian sovereign fund
The United Arab Emirates and Indonesia’s State Wealth Fund has signed a new agreement to allow funds from the former...
- The investment framework agreement was signed with the Abu Dhabi Growth Fund
- It made a $10-billion investment in the Indonesian sovereign wealth fund in March, according to a statement on Saturday by the Indonesian Investment Authority
Business
MEASA’s biggest food processing and packaging show opens in Dubai
Gulfood Manufacturing, the largest food and beverage processing and packaging show for the Middle East, Africa, and South Asia (MEASA),...
- The event will run for three days and address the sector’s sustainable packaging, automation, and F&B supply chain issues.
- UAE’s trade in food commodities contributed more than seven percent of the country's GDP for 2020.
Business
Abdulmohsen Alhokair of KSA reports 17.8% jump in net losses
Abdulmohsen Alhokair, the Saudi entertainment group, has reported an increase in net losses by 17.8 percent during the first 9...
- Net losses increased to SR123.87 million in the first 9 months of 2021 from SR105.15 million during the same period of the last year
- The group’s net profit for the third quarter in 2021 has increased by 106 percent
Business
Bahrain eyes 14m tourists a year by 2026
Under the new 2022-2026 tourism strategy, the country also aims at an average daily visitor spend of 74.8 Bahraini dinars...
- The kingdom also aims at 11.4 percent of GDP to come from the tourism sector by 2026.
- Developing marine attractions, business tourism, sports tourism, recreational tourism and medical tourism among targets.
Business
Dubai court orders Marka managers, directors to settle $122m debt
A Dubai court has ordered the managers and directors of Marka Holdings to repay the company’s AED448 million (around $128...
- The court ruled that the managers and directors of the company had mismanaged it, leading to an underfunded bankruptcy
- An underfunded bankruptcy is one where the entirety of the company’s assets is less than 20 percent of its outstanding debt
Dubai’s real estate soars with notable market growth
The emirate's residential market witnesses an 18% sales surge and a 26% rental increase due to investor confidence and a...
Business
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Saudi, Chinese companies, banks sign 12 pacts worth $1.33bn
Beijing, China - Saudi Arabian and Chinese companies and banks on Wednesday signed 12 agreements involving an investment exceeding $1.33...
Business
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Business
Dubai leverages AI robots in testing construction materials
Dubai, UAE - Dubai has started using robots that employ X-Rays and other latest AI technologies to carry out automated...
- The technology shortens the duration of the tests from 4 days to 8 minutes, with a record daily increase in the ratio of samples examined to 650%
- This will accelerate the process of submitting laboratory results to the consulting sector, ensuring the timely completion of the project stages according to their deadlines
Business
Industrial metaverse eyes $1trn with output boost
The latest technology is poised to transform the industrial sector, with a market expected to reach $400 billion by 2030,...
- Industrial metaverse is poised to transform the industrial sector, with a market expected to reach $400 billion by 2030, potentially exceeding $1 trillion, says a report
- The new technology integrates digital and physical processes to improve productivity, enabling real-time cooperation and connectivity in industrial environments, it adds
Economy
Economists convened by COP28 lay out steps to reform global climate finance
ABU DHABI, UAE - A two-day meeting of world leading economists and finance leaders convened by the COP28 Presidency has...
- Particular areas of focus for the new framework will include addressing debt distress in vulnerable countries.
- Group said that private finance flows need to grow much faster to meet the $2.4 trillion investment estimated nnually.