Tesla to unveil robotaxi in August
Its shares rose more than three percent in after-market trades.
Economy
World must add or replace 80 million km of grids by 2040: IEA
Paris, France-- Achieving all national climate and energy goals will require adding or replacing 80 million kilometres of power lines...
- The IEA said that unless policymakers act to improve and expand the world's electricity grids it could put reliable sources of electricity at risk
- The report also identifies a large and growing queue of renewables projects waiting for the green light to be connected to the grid
Business
Sipchem 9M net profit down 67%
There was a 70% QoQ drop in net profit for the third quarter of 2023.
- The lower profit was due to a decline in revenues on lower product prices, as well as a fall in sales.
- In addition, the company's share of profits from investments in a joint venture and associates decreased, Argaam said.
Business
Qatar signs 27-year gas deal with UK’s Shell
Last year Shell inked a deal with QatarEnergy for a 9.4% stake in Qatar's North Field South project, the second...
- Qatar will supply 3.5 million tons of gas a year under the deal, QatarEnergy said
- The gas-rich country is set to raise its output of liquified natural gas by 60 percent
Business
ADNOC Gas inks $500-700m LNG supply pact with JERA Global Markets
Abu Dhabi, UAE - ADNOC Gas on Wednesday announced a multi-year liquified natural gas (LNG) supply agreement, valued between $500...
- This agreement builds on the long-standing relationship between the UAE and Japan and reinforces ADNOC Gas’ position as a global LNG export partner of choice
- ADNOC’s LNG production facilities on Das Island supplied LNG to the Tokyo Electric Power Company, one of the parent companies of JERA Co, for over 40 years
Business
United Airlines Q3 profit up
The airlines' net income stood at US$1.1bn, up 20.7 percent.
- The airline warned its profits might be hit by rising fuel costs, and the prospect of a prolonged conflict in the Middle East.
- Its total operating revenues were $14.5 billion for the same period last year, up 12.5 percent, while capacity was up 15.7 percent
Business
Masdar City and Huawei sign MoU to power UAE’s transition to net zero
Dubai, UAE--Masdar City and Huawei have signed a memorandum of understanding (MoU) to enable the UAE to power its way...
- The agreement will enable capacity-building in net-zero development, help reduce the carbon footprint of Masdar City’s information and communications technology infrastructure
- The net zero framework will encourage organisations to reduce the energy demand of information and communications technology systems and operations while switching to clean energy
Business
Moro Hub and DDA sign MoU to safeguard Dubai’s information assets
Dubai, UAE--Moro Hub, the digital arm of DEWA, has signed a memorandum of understanding (MoU) with Digital Dubai Authority (DDA)...
- According to the terms of the agreement, Moro Hub will extend its cyber security services to safeguard Dubai's government entities' information assets and systems
- The collaboration between Moro Hub and DDA will play a pivotal role in ensuring that Dubai remains at the forefront of secure and sustainable smart city initiatives
Business
Emirati investments in Turkey reach $5.6 billion in 2022
ABU DHABI, UAE – Ahmet Burak Daglioglu, Head of the Investment Office of the Turkish Presidency, said that the cumulative...
- UAE currently stands as Turkey's 13th largest trade partner for exports and the 15th largest for imports.
- From 2014 to 2022, the total foreign direct investment from Turkey to the UAE amounted to approximately $1.1 billion
Market Report
Markets fall as Biden set for Middle East diplomacy drive
US and European stock markets mostly fell and oil prices rose as US President Joe Biden prepared for a trip...
- Wall Street opened in the red, with the tech-heavy Nasdaq shedding more than one percent, while Frankfurt and Paris fell 0.6 percent afternoon deal.
- "Understandably, not many people are in the mood to put their hard-earned cash at risk in these uncertain economic times," said an expert.
Geostrategy
Tech summit in disarray after organizer’s Israel comment
Paris, France - Several technology industry leaders have decided to boycott one of the sector's biggest annual events after the organizer...
- "War crimes are war crimes even when committed by allies, and should be called out for what they are," Cosgrave wrote on October 13
- Cosgrave also said that Israel should adhere to the Geneva Conventions, "ie, not commit war crimes"
Tesla to unveil robotaxi in August
Its shares rose more than three percent in after-market trades.
Company News
SIB, Noqodi sign agreement
Business
Latest News
Bitcoin crosses $50,000 for first time since 2021
The cryptocurrency has enjoyed a strong run-in recent month, fueled by expectations US lawmakers would allow the creation of exchange-traded...
Business
Michelin posts record operating profits
Sales at the French firm dipped last year to US$30.5bn.
Business
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Business
Energy transition led Saudi Arabia to halt oil expansion, says official
RIYADH, SAUDI ARABIA – The Kingdom's surprise decision to halt a planned expansion of its oil production capacity reflects ambitions to...
- Aramco announced on January 30 that the energy ministry had ordered it to maintain production capacity at 12 million barrels per day.
- Officials in the world's biggest crude exporter did not explain the move, leaving analysts to speculate that it reflected lack of confidence
Business
solutions by stc, Devoteam ink MoU
The aim is to foster avenues for collaboration in technology.
- The pact follows and builds upon the acquisition by solutions of a 40 percent stake in Devoteam Middle East.
- The collaboration also aims to combine the experience and resources of the parties for mutual benefit.
Business
UAE residents anticipate full electric and hybrid vehicle takeover in coming years: survey
Dubai, UAE - About 63% of respondents in the UAE plan to make EVs their primary mode of transport by...
- The survey also found that 73% respondents are confident that the UAE will have charging stations every few kilometers by 2028
- It also highlights a substantial wave of interest in EVs, with 26% of non-EV owners expressing interest in purchasing one in the next 12 months