Europe gives accent to instant payments across the union
Brussels, Belgium - Bank customers will soon be able to transfer money across Europe within seconds after the EU adopted a...
WTO pushes for reform, warns multilateralism ‘under attack’
Speaking on the first day of MC13, WTO Director-General Ngozi Okonjo-Iweala highlighted a need to "reform the multilateral trading system"...
Geostrategy
Economy
Expert at AVSEC symposium: Need to rethink security approaches
The 5th edition of the AVSEC Global Symposium, which started on Sunday in Dubai, brought together globally recognized security experts,...
- The three-day event will host 35 speakers and over 700 delegates from more than 50 countries.
- Held since 2013, the symposium is one of the most significant aviation security events in the region and one of the biggest globally.
Business
ADQ to buy stake in IHC subsidiary
Abu Dhabi-based firm will acquire Eltizam Asset Management for AED111.6 million.
- IHC has entered into a strategic partnership with ADQ to sell a 50% stake in its subsidiary
- Eltizam offers an integrated suite of strategic management and real estate services
Business
Libya kicks off construction of oil refinery near an oilfield
Announced in the early 1980s, the project for a refinery in southern Libya had been put on hold for years...
- An annual income of $75 million is expected from the project, said state oil company head Mustafa Sanalla.
- The refinery will be built near Al-Charara oil field, which produces an average of 300,000 barrels of oil a day.
Business
UAE deepens partnership with 14 countries to proscribe laundering of money
The United Arab Emirates Expert Group for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) has continued to hold...
- These meetings built on earlier meetings held with other key partners, including Saudi Arabia, the Gulf Cooperation Council (GCC), the European Commission (EC), and Russia
- Evidence of the UAE’s recent efforts was demonstrated throughout the meetings
Business
Mace, global construction firm, to build $4.3bn lifestyle project in Riyadh
Mace, the global construction company, will be working on a big lifestyle destination project in Riyadh, its developer Majid Al-Futtaim...
- Riyadh North project will house over 600 retail stores, nine hotels and branded residences, as well as the flagship Mall of Saudi
- It will also feature an indoor ski slope and snow park
Business
GCC airlines fly into losses amidst Covid-19
With $126 billion in losses, airline industry recently confirmed that 2020 was the worst year on record for the struggling...
- The pandemic has forced airlines to lay off staff and seek government bailouts
- 2020 was the worst year on record for the struggling sector
Expo 2020 DUBAI
France takes to the skies to celebrate Expo 2020 National Day
DUBAI: France celebrated its 'Expo 2020 National Day' with celebrations in the skies and across ten locations, with the main activities...
- The official ceremony took place at Al Wasl Plaza in the presence of France Minister of Europe and Foreign Affairs Jean-Yves Le Drian.
- The 'National Day' celebrations took place across ten locations.
Business
UAE-Brazil trade defies Covid pandemic gloom, posts 33 percent growth in 2021
Trade between the United Arab Emirates and Brazil has grown 33 percent in the first eight months of 2021, defying...
- "This year we can see a strong increase in bilateral trade that reached US$1.8 billion in the first eight months [until August
- the Brazil-UAE bilateral trade in 2018 stood at US$2.6 billion, which went up to US$2.81 billion in 2019
Business
Shareholders of Jeddah’s International Medical Center to sell shares in an IPO
Fitaihi Holding Group, which owns part of IMC, has declared that it intends to sell the hospital’s shares in a...
- This follows a raft of other Saudi companies announcing a potential listing on the Saudi bourse
- The firm, which owns 19.25 percent of the hospital, said it will take the necessary measures to “transform it into a public joint-stock company”
Business
Dubai police and a firm join hands to educate people about crypto fraud risks
Dubai police and a cryptocurrency trading firm have joined hands to make investors and traders aware of the risk of...
- “We have been working with key policymakers to help them build regulation that will make crypto safe for investors”
- She said there is a “string of scams happening on peer-to-peer platforms,” and the partnership with the police could help investors and traders steer clear of them
Europe gives accent to instant payments across the union
Brussels, Belgium - Bank customers will soon be able to transfer money across Europe within seconds after the EU adopted a...
Company News
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RAK Ceramics’ profit soars in Q1
Business
ADNOC Distribution’s profit up
Business
Dubai Taxi Corporation unveils digital transformation plan 2022-2025
Dubai, UAE--Dubai Taxi Corporation (DTC) has launched its strategic plan for digital transformation 2022-2025 designed to improve the quality of...
Economy
GCC eyes global recycling dominance amidst EV boom
While rising EV demand may cause a global shortage of metals like cobalt and lithium by 2030, the Gulf region's...
Business
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Business
Siemens Energy posts Q3 loss
The group expects full-year net loss of around $4.94bn.
- The latest result was dragged lower by extra charges of 600 million euros in its offshore wind business.
- Siemens Energy said it was "additionally burdened" by a 700-million-euro write-down of deferred tax assets during the quarter.
Business
Baguettes fall victim to Tunisia’s economic woes
Around 200 Tunisian bakers stage a sit-in after a government decision to stop selling them subsidized flour, a move threatening...
- Last week the ministry of commerce banned some 1,500 privately-owned bakeries that produced European-style breads and pastries from purchasing subsidized flour.
- Economists say that this "bread crisis" stems from an inadequate reserve of subsidized flour held by the Tunisian government.
Business
PIF sets up women’s fitness and wellbeing firm Kayanee
Riyadh, Saudi Arabia -- Saudi Arabia's sovereign wealth fund, the Public Investment Fund, Monday announced the establishment of the Kayanee...
- Kayanee will focus on women’s health and lifestyle of future generations through six offerings, including fitness, apparel, personal care and treatments.
- PIF has set up 25 companies and created 181,000 jobs during 2022, latest official data has pointed out.