Hyperloop progress: Racing ahead or falling behind?
Over a decade after Elon Musk's hyperloop proposal, no commercial operations have begun, and Virgin Hyperloop shut down in 2023...
Business
Business
WSJ reports China preparing for Evergrande’s downfall
The Wall Street Journal, the top American newspaper, has reported that Chinese authorities are asking local governments to prepare for...
- Local governments have been ordered to assemble groups of accountants and legal experts to examine the finances around Evergrande's operations in their respective regions
- Both bonds would default if Evergrande fails to settle the interest within 30 days of the scheduled payment dates
Business
Canon to employ 30% women in KSA
The global camera maker aims to meet the target by the end of 2023.
- It has launched a “Women in Sales” internship program to further support the 2023 target
- The move is in line with national efforts to integrate more women into the Kingdom’s workforce
Science
Saudi Arabia seeks to attract $5.3bn in investments in data and AI
Saudi Arabia aims to be one of the top 10 countries in the world in data and artificial intelligence, and...
- Digitization is not a luxury, minister says
- Kingdom is training 25,000 Saudis youth in digital skills
Geostrategy
US approves $1bn for Iron Dome defense system
This came after the funding was controversially stripped from a separate bill following a revolt from the left flank of...
- The money had originally been included in legislation addressing a looming government shutdown and a potential October debt crisis
- But progressives in the House of Representatives said they would tank that unless the funding was removed from it
Business
UAE, US strengthening business cooperation
Both countries signed an MoU to strengthen cooperation in areas of digital economy, innovation, and entrepreneurship.
- Minister of Economy Abdullah bin Touq Al Marri and Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi
- They met US Secretary of Commerce Gina M Raimondo, in the presence of officials from both countries
Science
GCC nations eye Hyperloop travel by 2030
It is predicted that the Hyperloop technology will carry between 45 and 50 million passengers yearly in the Gulf Arab...
- It is predicted that the Hyperloop technology will carry between 45 and 50 million passengers yearly in the Arab Gulf states using clean and renewable energy
- The Dubai government owned DP World has granted permit to Virgin Hyperloop to develop the technology in the emirate
Business
Stock markets in GCC rise as oil prices gain
Most stock markets in the Gulf rose on Thursday as oil prices gained on growing fuel demand and a bigger-than-expected...
- Dubai's main share index added 0.2%, extending gains from the previous session
- blue-chip developer Emaar Properties rising 0.7% while DAMAC Properties advanced 2.4%
Bahrain Bourse taps Oxford Business Group for ESG reports
OBG research is expected to analyze the steps that publicly listed companies are taking to adopt and fully embrace ESG...
Business
Abu Dhabi’s Mubadala and Trafigura Group to sell Spanish mining complex for $1.87bn
Abu Dhabi’s sovereign investor Mubadala Investment Company and global commodities trader Trafigura Group will sell the Minas De Aguas Teñidas...
- The acquisition is fully funded through a combination of cash, debt and equity
- The transaction is expected to be completed by March 2022
Oman-UAE tourism sector partners hold workshop
The workshop was reportedly aimed at highlighting Oman’s participation in Expo 2020 Dubai through the encapsulation of the country’s civilization...
- Oman recently exempted citizens of 103 countries from visas for residency of up to 10 days to boost tourism activity
- Travel and tourism agencies and organizations from around the world are said to have welcomed the visa-free move
Hyperloop progress: Racing ahead or falling behind?
Over a decade after Elon Musk's hyperloop proposal, no commercial operations have begun, and Virgin Hyperloop shut down in 2023...
Business
Company News
Burjeel Holdings Q1 profit $33m
Business
Carrefour now opens in Israel
Business
Latest News
Fertiglobe Q1 net profit $135m
Business
ADNOC Drilling posts $446m net profit
The increase was attributed to expansion in fleet and services.
Business
ADNOC to acquire stake in Absheron field
TotalEnergies and SOCAR will hold 35% stake each in the field.
Business
Amazon, Apple beat earnings forecasts
Apple views AI as integral to its growth.
Most Read
Business
Abu Dhabi International Airport sees 67% surge in H1 passenger traffic
Abu Dhabi, UAE - Abu Dhabi International Airport (ADIA) registers an increase of 67 percent in passenger traffic with 10,258,653...
- The airport also recorded 67,835 flights, a rise of 36 percent compared to 49,919 flights during H1 2022
- The destination with the highest passenger traffic served by the airport during the period was Mumbai
Business
Oil prices fluid amid geopolitics, economic recovery
Geopolitical tensions, such as the Russian-Ukrainian war and the trade war between the United States and China, have sent shockwaves...
- Geopolitical tensions, such as the Russian-Ukrainian war and the trade war between the United States and China, have sent shockwaves through the oil market, says an expert
- OPEC's decisions to extend oil production cuts have stabilized markets, but challenges from non-OPEC+ producers and the global economic outlook continue to impact oil prices.
Business
Adidas posts $92m Q2 profit
Adidas now expects to end the year with an operating loss of $492m.
- The German sportswear giant reported a net profit of 84 million euros ($92 million) from April to June.
- Adidas shares were up 1.4 percent on the Frankfurt Stock Exchange after the results were released.