Dow, S&P 500 hit fresh records, but Nasdaq ticks lower
The tech-rich Nasdaq slipped by 0.3 percent to 15,996.82 -- a day after surging by 3.0 percent following strong earnings...
AI in focus as world’s biggest mobile fair gets underway in Spain
Barcelona, Spain - The world's biggest mobile phone fair throws open its doors in Barcelona Monday with the sector looking to...
Business
Business
Most EMEA banks fret they would cease to exist unless they digitize fast
Nearly 75 percent of banks expect tech giants such as Google and Amazon to dominate the banking industry in five...
- The report said only 25 per cent of EMEA-based banks expect to significantly increase spending on Big Data in the next three years.
- 19 per cent of EMEA-based banks are focused on blockchain investment compared with 30 per cent of banks in North America.
Economy
New technology rejigs Gulf maritime sector
Real time data coupled with effective supply chain technology came in handy for the industry after the aviation sector was...
- The GCC countries have been making investments in integrating supply value chains with digital platforms and upgrading their technologies to keep pace with the latest developments
- Real time data coupled with effective supply chain technology came in handy for the industry after the aviation sector was grounded following the spread of COVID-19 globally
Business
Proof of Covid-19 vaccination, PCR test needed to enter Expo Dubai
Expo 2020 visitors will need a coronavirus vaccination or a negative PCR test to enter, organisers in Dubai has said....
- PCR tests will be free for ticket-holders with a 'network' of testing centres available across the city
- The Expo site will have mandatory masks, two-metre social distancing rules and sanitisation stations
Business
UAE’s Elkaso raises $2.1m in pre-seed round
Elkaso, the United Arab Emirates-based company, has raised $2.1 million in a pre-seed round, with Global Founders Capital leading the...
- UAE-based business-to-business marketplace Elkaso has raised $2.1 million in a pre-seed round
- The capital injection will be used to expand Elkaso’s team
Business
Blackstone looks to buyout Dubai-based VFS Global for $1.2bn
Blackstone, the US-based alternative investment management company, is in discussion with VFS Global, the Dubai-based visa outsourcing company, to buy...
- The due diligence process for the acquisition is complete
- VFS Global is a spinoff of Swiss travel group Kuoni. It is 90 percent owned by Swedish private equity firm EQT and 10 percent by the Kuoni Foundation
Business
DP World to invest $415m in a berth at London Gateway hub
DP World, the Dubai-based port operator, will invest $415 million in a new berth at its London Gateway logistics hub...
- Work on the new berth will begin next month
- The sum builds on the 2 billion GBP investment DP World has made in Britain over the last decade
Business
Saudi startup Unifonic raises $125m
The startup's latest funding is led by SoftBank and a unit of the PIF.
- The Series B funds will be used to grow Unifonic’s platform in the Middle East, and further expand to Africa and Asia
- The news of the deal was out in June, but it was confirmed on Wednesday only, making it the first investment of SoftBank in a Saudi startup.
Business
Egypt and Japan’s Toyota look to invest in blue ammonia
Egypt and Toyota of Japan are looking to explore investment opportunities in blue ammonia, and in this regard the Egyptian...
- Blue ammonia is made of hydrogen, a gas that is seen as key to a global energy transition, given that only water vapor is emitted from it upon combustion
- Securing blue ammonia and hydrogen among other cleaner fuels are a key part of Japanese efforts to decarbonize its society by 2050
Business
Fans to return in small numbers to UAE leg of Indian Premier League
The Board of Control for Cricket in India, in a statement on its website, has confirmed the earlier reports, which...
- The first of the 13 remaining IPL matches is scheduled to be played this Saturday
- Tickets are expected to go on sale from Thursday on platforms including the official IPL website
Business
Minerals Development Oman to build titanium dioxide plant
DUBAI: Minerals Development Oman (MDO) will build a titanium dioxide production plant with an annual capacity of 150,000 tons in...
- The plant will have an annual production capacity of 150,000 tons.
- MDO will own 35 percent of the project shares, while the remaining shares will be owned by strategic partners.
Dow, S&P 500 hit fresh records, but Nasdaq ticks lower
The tech-rich Nasdaq slipped by 0.3 percent to 15,996.82 -- a day after surging by 3.0 percent following strong earnings...
Company News
Alpha Dhabi logs $2bn profit
Business
Latest News
China’s restriction on exports of key metals comes in effect
China accounts for 94 percent of the world's production of gallium -- used in integrated circuits, LEDs and photovoltaic panels...
Business
Meta to seek user permission for targeted advertisement
European regulators in January had dismissed the previous legal basis -- "legitimate interest" -- Meta had used to justify gathering...
Business
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Business
PIF-funded Nesma & Partners to acquire services provider Kent
Dubai, UAE -- Nesma & Partners, a contracting company funded by Saudi sovereign wealth fund, the Public Invesment Fund, has...
- The acquisition is expected to close by the end of the calendar year, subject to regulatory approvals and satisfaction of customary closing conditions.
- Nesma & Partners and Kent began collaborating in June 2022 to exploit their respective strengths when they established a Joint Venture, NesmaKent, as EPC Champion for Saudi Aramco.
Business
Ooredoo Algeria gets new CEO
Roni Tohme, the Acting CEO, has been confirmed as the CEO.
- Tohme brings over 21 years of experience in telecoms and finance to his new role, having previously served as Ooredoo Algeria’s Chief Financial Officer.
- During his tenure as CFO, he played a vital role in shaping an agile and lean finance department, contributing to the company’s business transformation.
Binance allegations stir up Middle East crypto market
Amidst the escalating crackdown on key cryptocurrency players, the Middle East is emerging as a potential beneficiary and a new...
- Amidst the escalating crackdown on key cryptocurrency players, the Middle East is emerging as a potential beneficiary and a new frontier for the crypto industry
- Bahraini cryptocurrency firm Rain comes to the UAE, while Coinbase CEO's UAE visit hints at potential expansion. Zurich's Julius Baer is also eyeing Middle East