Rat on a plane sparks worries for Sri Lanka’s airline
Colombo, Sri Lanka - Sri Lanka's national airline on Tuesday blamed a rat for grounding a plane for three days, sparking...
Business
UAE banks ride on growth, operational efficiencies
The country's banking sector emerges stronger, showcasing resilience and profitability with a notable 54.1% increase in net income, says a...
Business
Economy
GDP of Arab economies down 3.8 percent: World Bank
The region’s average real GDP per capita is forecast to increase by only 1.1 percent in 2021 after declining an...
- Thirteen out of 16 countries in the region will have lower standards of living in 2021 than their pre-Covid levels.
- Pandemic losses are calculated by comparing where the region’s GDP would have been if the pandemic had not hit, the bank said.
Business
Apple appeals verdict in App Store battle
The verdict ordered Apple to loosen control of its App Store payment options but said Epic failed to prove any...
- The companies had opted for a so-called bench trial in which a judge rather than a jury hears the evidence and decides on a verdict.
- Apple can still mandate that its payment systems is used for in-app transactions.
Business
High oil prices lift Saudi index to 14-year high
The main Saudi stock index closed trading on October 7, with an increase of 19.45 points, to close at the...
- The next day, the Saudi index increased 0.1 percent, with Al-Rajhi Bank rising 1.6 percent and the Saudi National Bank rising 2.5 percent due to stable oil prices
- The rise in oil prices drove the Saudi stock market to its highest level in 14 years
Business
DP World and Saudi Ports Authority to give Jeddah Islamic Port a makeover
Dubai Ports World and Saudi Ports Authority (Mawani) have come together to expand the capacity of Jeddah Islamic Port.
- The development work will be carried out in four phases, with the project scheduled to be completed by 2024
- It includes improvements that will enable the terminal to serve five ships simultaneously and deal with the largest container ships
Business
ACWA Power listed on Saudi bourse
ACWA Power shares can be traded on Tadawul from Monday.
- ACWA Power will be allowed a daily price fluctuation limit of 30 percent and a static price fluctuation limit of 10 percent both ways
- After three days, the daily price fluctuation limit of 30 percent will come down to 10 percent, while the static price fluctuation limit will not apply
Business
India selling Air India to Tata conglomerate for $2.4 billion
Tata had founded the airline as Tata Air in 1932, with the first flight piloted by Tata's eponymous chairman himself....
- The government is also selling a 50 percent stake in Air India SATS Airport Services, which provides cargo and ground handling services.
- New Delhi is seeking to lease state-owned assets to the private sector to raise $800 billion.
Business
Salaries of Saudi staff leap up 5.2 percent in Q2, expats earned lesser
Average monthly salaries of Saudi workers have grown by 5.2 percent to SAR 10,490 during the second quarter of 2021,...
- On a quarterly basis, the salaries declined by 1.03% when compared to their level in Q1-21 at SAR 10,600
- Meanwhile, the average monthly salaries paid to expatriates in the kingdom fell by 1.08% YoY to SAR 4,091 in the April-June period
Business
YouTube Music tops 50 million subscribers
YouTube Music trails rivals Spotify, Amazon and Apple. The company said in June it has paid more than $4 billion...
- Spotify had 32 percent of the global music streaming market in the first quarter of this year.
- The overall number of streaming music service subscribers climbed more than 19m to a total of 487m in Q1.
Science
UN official lauds UAE for resolve to cut carbon emissions to zero by 2050
 The United Arab Emirates will aim to achieve net-zero emissions by 2050, a plan commensurate with the country’s 2050 Strategic...
- UAE aims to reach net zero greenhouse gas emissions by 2050
- The initiative, announced at Expo 2020 Dubai, aims to underpin dynamic economic growth alongside positive environmental impact
Business
Fedex arm plans Saudi growth
FedEx Express is a subsidiary of FedEx Corp.
- FedEx Express will invest more than SAR1.5 billion ($400 million) into the Saudi economy over the next 10 years
- This investment will be through talent management as well as local operations and infrastructure
Rat on a plane sparks worries for Sri Lanka’s airline
Colombo, Sri Lanka - Sri Lanka's national airline on Tuesday blamed a rat for grounding a plane for three days, sparking...
Business
Company News
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Oman Air approves restructuring program to lower rising debt
Muscat, Oman--Looking to address its mounting debt, Oman Air has backed a restructuring program to reduce its losses by 15...
Business
Sharjah Chamber and FDI Office discuss ways to promote real estate sector
Sharjah, UAE--The Real Estates Sector Business Group has discussed with the Sharjah FDI Office (Invest in Sharjah) ways to promote...
Business
Sharjah Business Women Council connects 500+ women to UAE’s business ecosystem in H1 2023
Sharjah, UAE - It's been a busy start to the year for members of the Sharjah Business Women Council (SBWC),...
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Business
UAE leads world in mobile and omnichannel shopping
The UAE scored 134 on the Global Digital Shopping Index, exceeding the global average of 125, as 94% of adults...
- The UAE scored 134 on the Global Digital Shopping Index, exceeding the global average of 125, as 94% of adults in the country use digital shopping features, say a survey
- Free shipping, competitive prices, convenience remain key drivers of UAE's online shopping as merchants focus on improving digital experiences, fostering a cohesive ecosystem
Business
6 MNCs among new businesses attracted by Dubai Chamber in H1
Dubai, UAE - Dubai International Chamber attracted 56 businesses to the emirate during H1 2023, including six multinational corporations and...
- It also supported the expansion of 15 local and national companies into global markets, either by increasing their exports or helping them to establish a presence abroad.
- During H1 2023, Dubai International Chamber inaugurated six global representative offices in Hong Kong, Australia, the United Kingdom, Indonesia, South Africa, and Singapore.
Business
Germany leads Europe push to boost chip manufacturing
Paris, France -- Taiwanese chipmaker TSMC agreed Tuesday on a multibillion-dollar deal to build a plant in Germany, part of a...
- Taiwanese chipmaker TSMC agreed Tuesday on a multibillion-dollar deal to build a plant in Germany.
- US firms accounted for 48% of the global industry, South Korea second and Europe third.