Boeing suspends 777X flight tests after part failure, its latest quality control issue
New York, United States - Boeing has suspended flight testing of its new 777X wide-body jet after identifying the failure of...
Business
Oman, China bilateral trade grows by 8% to $15bn till May
 The volume of bilateral trade between the Sultanate of Oman and the People’s Republic of China has increased 8% in...
Business
Business
99 percent of world live in areas with air pollution levels above WHO guideline limits
DUBAI, UAE - According to World Health Organization data, 99 percent of the world’s population lives in places where air...
- Leading businesses recognize that they have an important role in reducing air pollution alongside greenhouse gas emissions.
- Business activity contributes significantly to air pollution globally but air pollution is not prioritized nor integrated into climate action.
Business
Iran-Russia trade surges 18 percent to US$1.7 billion in 2023
Tehran, Iran--Trade between Iran and Russia has climbed 18 percent to US$1.7 billion in the first eight months of 2023.This...
- Jumping more than 40 percent up, the weight of trade between Iran and Russia was 3,748 million tons from March to November
- Iran revealed that $616, 326 million worth of goods were exported to Russia, which shows 32% increase compared to the same period last year
McDonald’s eyes big expansion
The company plans about $2.5bn in capital expenditures in 2024.
- McDonald's will seek to effectively grow its network of namesake sites by about one quarter in what it called the speediest expansion in the brand history
- For CosMc's - which McDonald's executives had teased in July - the company plans an initial store in Chicago in 2024 and nine others in Texas
COP28 UAE
Egypt to sign agreement on curbing methane emissions
Abu Dhabi, UAE--Egyptian Petroleum Minister Tarek el Molla announced an agreement on laying down a detailed road map for cutting...
- The agreement as per media reports will be signed by the the United States Trade and Development Agency (USTDA) within the framework of the COP28
- The minister said that Egypt supported green hydrogen projects in order to promote North African country's drive to become a green hydrogen regional center
Economy
Saudi Arabia offers 30-year tax cut to businesses shifting hqrs to kingdom
Riyadh, Saudi Arabia - Saudi Arabia has rolled out a 30-year tax relief program aiming to lure multinational corporations to...
- Under the Regional Headquarters (RHQ) Program, participating companies will benefit from substantial tax incentives, including a zero percent rate on corporate income tax
- The RHQ Program, launched initially in 2021, has already licensed over 200 companies to operate their regional headquarters from Saudi Arabia
Business
Masdar eyes Europe for growth
It wants to build a supply chain between UAE and Amsterdam.
- It signed an agreement to explore the development of a green hydrogen supply chain between Abu Dhabi and Amsterdam to support Dutch and European markets
- The green fuel is generated with green electricity from renewables like wind or solar, in a process that separates water into oxygen and hydrogen via electrolysis
Business
Air cargo demand up 3.8% in October
Geneva, Switzerland - Global air cargo demand increased by 3.8% compared to October 2022, the International Air Transport Association (IATA)...
- Capacity was up 13.1% compared to October 2022 and 11.1% for international operations
- International belly capacity, for example, rose 30.5% year-on-year on the strength of passenger markets
Business
GCC equity markets record first gain in four months
The GCC equity market index rebounded notably in November 2023, with the MSCI GCC index rising 5.2%, led by Qatar...
- The GCC equity market index rebounded notably in November 2023, with the MSCI GCC index rising 5.2%, led by Qatar and closely followed by Saudi Arabia and Dubai.
- This resurgence is a positive sign for the region's markets, which are showing robust growth and diversification efforts, particularly in sectors like Pharma & Biotech.
Business
Volkswagen to reduce workforce
Volkswagen has some 675,800 employees worldwide.
- "Over the coming years, we will need to reduce our workforce in a socially responsible way," the group's human resources chief Gunnar Kilian said
- The focus would be on "partial retirement and early retirement schemes to the maximum extent possible," he added
Business
BAT takes shock $32bn hit
The impairment charge sent BAT shares sinking 7.6 percent.
- Companies like BAT face plunging demand for cigarettes in Western markets, where high taxes, smoking bans and health fears persuade many consumers to give up smoking
- The London-listed company added that its overall revenue growth for the current year was set to be at the "low end" of its previous guidance of between 3 and 5 percent
Boeing suspends 777X flight tests after part failure, its latest quality control issue
New York, United States - Boeing has suspended flight testing of its new 777X wide-body jet after identifying the failure of...
Business
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BHP net profit tumbles 86%
Business
stc 2023 revenues is $19.28bn
Business
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American Airlines orders 260 jets
It is part of the airlines' effort to 'modernize' its fleet.
Business
Middle East commercial aircraft services market to grow to US$28bn
Abu Dhabi, UAE--The MENA region's commercial aircraft services market will more than double in value by 2042, according to Airbus’...
Business
European Union slaps $1.9bn fine on Apple over violation of rules
Brussels, Belgium - The EU on Monday hit Apple with a more than 1.8-billion-euro fine ($1.9 billion) for violating the bloc's...
Business
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Business
Salik revenue soars to US$574m
Toll usage revenue rose 11.7% YoY to US$502million.
- The total number of trips made through Salik’s eight toll gates grew by 10 percent over the course of the year.
- Salik’s registered active accounts increased 16.0 percent YoY to approximately 2.4 million at the end of 2023.
Business
Dubai International Boat Show helps in marine business
DUBAI, UAE – Dubai International Boat Show has wrapped up following a hugely successful week of high-value boat sales, important...
- The exhibition is recognized as one of the most influential boat shows in the world.
- The exhibition has wrapped up following a hugely successful week of boat sales.
Business
Qatar and Egypt hold talks to ramp up civil aviation cooperation
Cairo, Egypt-- Qatar and Egypt have discussed enhancing ties in the field of civil aviation between the two countries.In this...
- The two countries signed a memorandum of understanding to increase air transport rights to Cairo International Airport
- The agreement will facilitate the opening of new avenues of cooperation in the field of air transport between the two countries