UAE Central Bank ups overnight rates, hours after US Fed raised interest
Central banks in the GCC mimic the US Fed's moves due to the peg of their currencies to the US...
Egypt’s largest solar plant gets $ 114m financing package
Located less than 20 km from Africa’s biggest solar park, Kom Ombo plant will add 200 MW of energy capacity...
Saudi Crown Prince urges local businessmen to invest in Egypt
About 150 Saudi investors and businessmen ready to invest in Egypt Saudi Arabia has opened an office of the Saudi-Egyptian...
Countingwell launches operations In Middle East and Africa
The app will be initially available in UAE, Kuwait, Oman, Qatar, Saudi Arabia, and Bahrain. Countingwell today serves schools and...
Netix Global BV to curate conference on building automation in September
The launch-cum-conference will be live-streamed in 20 countries and see more than 1000 attendees from across the globe Netix’s Intelligent...
Middle East’s aviation sector may recover to pre-COVID size by 2023
Long-term growth of the Middle East global commercial fleet is forecast to be 4.2% CAGR A survey suggests that MRO...
RAW Coffee, the UAE-owned brand, comes to Saudi Arabia to tap into demand for beverage
RAW is not the first UAE-based coffee brand to announce expansion plans in the Kingdom this year Emirati Coffee in...
Proserv buys Dron Dickson Abu Dhabi business
Entire DDEC business and inventory will be fully integrated and absorbed into Proserv’s Middle East-based service operation Proserv has multiple...
Hub71 launches new program with New York Firm Modus Capital to build, invest in startups
The program is expected to enable early-stage founders from around the world to develop successful and scalable startups from...
Saudi-Chinese Business Council prepares a study to attract Chinese investments to Saudi Arabia
The Saudi-Chinese Business Council has showed the Chinese side Saudi Arabia’s plan to attract more Chinese investments into...
Company News
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LVMH posts Q1 revenue of $23.1bn
Business
Israeli court orders government to release seized Palestinian boat
GAZA CITY, PALESTINIAN TERRITORIES - Israel returned a boat to a Gaza fisherman it had seized for allegedly breaching the limits...
Geostrategy
Lebanon’s poverty means more work for craftsmen
As inflation averages 171% in 2022, one of the highest rates worldwide, people prefer to fix old items such as...
Business
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Twitter has lost half its advertising revenue, says Musk
Twitter owner Elon Musk said Saturday that the social media platform he bought for $44 billion last October has lost...
- Insider Intelligence has reported that Twitter was set to earn less than $3 billion in 2023, down one-third from 2022
- Twitter is thought to have around 200 million regular users but it has suffered repeated technical failures since Musk bought the platform
Tesla rolls out its first electric pickup, the Cybertruck
The company had promised in April that it would be rolling out the first Cybertrucks before the end of the...
- In May, Musk said the company hoped to build 250,000 of the trucks a year - a number he said could eventually double, given a relatively accessible price tag
- Tesla will be making three models of the Cybertruck, a vehicle that can accelerate from zero to 60 miles per hour (100 kilometers per hour) in less than three seconds
Economy
Modi’s visit: India, UAE sign pact to trade in local currencies
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) and the Reserve Bank of India (RBI) on Saturday...
- CBUAE and RBI aim to develop the foreign exchange market, facilitate bilateral trade, encourage direct investment, and facilitate financial transfers
- The pact enables acceptance of local cards in both countries for ATM cash withdrawals and direct point-of-sale purchases without relying on external payment networks