Qatar Airways seeking 25% stake in Virgin Australia
Qatar Airways unveiled a bid to take a 25 percent stake in troubled airline Virgin Australia on Tuesday, a deal...
Business
Apple unveils new iPhone built for AI, looks to boost sales
Cupertino, United States - Apple on Monday unveiled new iPhones built for generative artificial intelligence as it seeks to boost sales...
Business
Business
Xiaomi launches first electric car
The car manufactured by Xiaomi likely to enter market by 2025.
- Xiaomi boss Lei Jun took to the stage in Beijing Thursday to unveil the SU7, a sedan that is scheduled to enter the market in 2025
- Xiaomi announced in 2021 to enter the highly competitive sector of electric vehicles manufacturing
Business
QatarEnergy, Shell sign agreement
QatarEnergy will supply 18m barrels of crude oil per year to Shell.
- QatarEnergy and Shell have a long-standing strategic partnership through several shared investments in the energy industry in Qatar and globally.
- "We look forward to building on our historic relationship and hope we achieve greater success with Shell," said Saad bin Sherida Al Kaabi, CEO QatarEnergy
Geostrategy
Norway fund drops Aramco, 11 other Gulf firms over ’rights concerns’
KLP, which manages over 700 billion kroner ($70 billion), said the exclusion amounted to $15 million. The fund dropped 11...
- Saudi Aramco was blacklisted due to its ties to the Saudi state and for "contravening expectations over climate and energy transition plans", the fund said.
- In 2021, the fund excluded 16 companies with links to Israeli settlements in the West Bank, which are considered to be in violation of international law.
Business
ESG buys 60% stake in AFKAR
Emirates Stallions Group is an IHC subsidiary.
- AFKAR has been active in various sectors including commercial enterprise investment, institution and management.
- AFKAR has recorded a 13 percent increase in assets and a 10 percent rise in revenue during the past 3 years, underpinned by a workforce of over 600 employees.
Business
UAE farm harvests $5.6m from carbon credits in eco-friendly agriculture triumph
Dubai – An innovative agricultural project in the United Arab Emirates, has generated $5.6 million euros from carbon credit sales. The...
- Carbon credits are permits that allow a company to emit a certain quantity of greenhouse gases, with one credit equaling the emission of one ton of carbon dioxide
- Companies are allocated a specific number of these credits, and If they reduce their emissions and have surplus credits, they can sell these to other companies
Business
New York Times sues OpenAI, Microsoft in copyright clash
Through their AI chatbots, the companies "seek to free-ride on The Times' massive investment in its journalism by using it...
- The Times, one of the most respected news organizations in the United States, is seeking damages, as well as an order that the companies stop using its content
- While no sum is specifically requested, the Times alleges that the infringement could have cost “billions of dollars in statutory and actual damages"
Geostrategy
UAE’s budget carrier Air Arabia to launch daily flights to Kabul
Last month flydubai, another low-cost Emirati airline, became the first international carrier to resume flights to Afghanistan since the chaotic...
- Last month flydubai, another low-cost Emirati airline, became the first international carrier to resume flights to Afghanistan
- Last year, GAAC signed a contract to manage Afghanistan's air traffic, an agreement that was expected to bring back international airlines
Business
AD Ports, RSPA to develop and operate terminal in Egypt’s Safaga Port
Cairo, Egypt -- AD Ports Group (AD Ports) has signed a concession agreement with the Red Sea Ports Authority (RSPA)...
- The Safaga Port definitive agreement, sanctioned under the Law on the Granting of Commitment Contract issued on 1st November 2023, will see an investment of US$200 million.
- The terminal, spanning approximately 810,000 square meters, will feature a 1,000-metre quay wall and will handle diverse cargo types.
Business
Cornerstone laid for $40 million logistics park at King Abdulaziz Port
Riyadh, Saudi Arabia -- The cornerstone was laid for an integrated SAR150 million ($39.99 million) Logistics Park at Dammam's King...
- The area of the new park is 100,000 sq. meters, with capacity of 300,000 TEUs annually.
- It aims to facilitate the growth of shipping connectivity, and global logistics services, and to raise the quality and efficiency of services.
Business
Yango shakes up UAE transportation sector with innovative tech and safety features
DUBAI -- In the heart of the UAE, a significant transformation is taking place in the transportation sector. As the...
- The firm emphasizes on safety with advanced technologies like speed control and driving-style monitoring systems.
- Beyond ride-hailing, Yango offers last-mile delivery solutions and an AI Arabic-speaking assistant, Yasmina.
Qatar Airways seeking 25% stake in Virgin Australia
Qatar Airways unveiled a bid to take a 25 percent stake in troubled airline Virgin Australia on Tuesday, a deal...
Business
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Over 70% report revenue surge in UAE from digital payments, Visa finds
Dubai, UAE - More than 70% of surveyed retailers in the UAE have experienced increased revenue and higher customer footfall since...
Business
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Opinion
Cyber insurance shapes the future of cybersecurity
Cyber insurance, particularly around ransomware, is moving towards a world where insured businesses have strong cyber resilience, well-defined disaster recovery...
- Rising cyber-attack and ransomware effectiveness boosts demand for cyber insurance, leading to increased premiums and stricter coverage rules amid impact on businesses.
- Business risks have evolved from physical to digital, propelling cyber insurance toward a predicted $84.62 billion industry by 2030, highlighting the sector's rapid growth.
Business
UAE records more than 25% growth in international card spending in 2023
Dubai, UAE--Total spending using international cards in the UAE witnessed a growth of more than 25% during the year 2023.J.K....
- Transactions via cards and digital payment solutions in the Middle East and North Africa surged by 20% in value and over 50% in volume
- A study found that Middle Eastern consumers are increasingly prioritising sustainability, with 9 out of 10 adults willing to take action
Business
Parkin to give more shares to retail investors in its IPO
Dubai, UAE - Parkin Company on Tuesday announced an increase in the number of shares offered in the UAE Retail...
- The UAE Retail Offer has been increased to 89,964,000 ordinary shares from 74,970,000 ordinary shares
- Parkin is expected to commence trading on the DFM on March 21, 2024, under the symbol “PARKIN”