Business
Rolls-Royce to cut 2,500 jobs
It will cut six percent of its staff to build a leaner company.
- Chief executive Tufan Erginbilgic said the company was building a Rolls-Royce that is fit for the future
- Last CEO Warren East had axed more than 9,000 jobs and launched a major divestment programme in 2020
Economy
UAE Minister Al Gergawi backs ‘curiosity’ and ‘equity’ at World Economic Forum
Dubai, United Arab Emirates – Considering opposing views, exchanging ideas and developing pathways for collaboration are essential to improving lives...
- UAE Minister of Cabinet Affairs Mohammad Abdullah Al Gergawi called for asking big questions to create a better future
- Panelists in the opening plenary made the case for connecting the dots across industries and disciplines
Business
Egypt sells MENA’s first ‘sustainable panda bonds’ in US$500m issue
Cairo, Egypt--Egypt has issued the first sustainable Panda bonds in the Middle East and North Africa worth $500 million with...
- Egypt's Finance Minister Mohamed Maait said the country succeeded in having a discounted pricing for the panda bonds at 3.5% annually for three years
- He said the bond issuance is guaranteed by international banks including the Asian Infrastructure Investment Bank (AIIB) and the African Development Bank (AFDB),
Business
Red Sea Global builds largest off-grid EV charging network in Saudi Arabia
RIYADH, SAUDI ARABIA - Red Sea Global (RSG), the multi-project developer behind the world’s most ambitious regenerative tourism destinations, Amaala...
- The network includes more than 150 charging stations spread across phase one of The Red Sea destination area.
- The stations are placed to keep RSG’s initial fleet of 80 electric Lucid and Mercedes vehicles charged and on the road.
Economy
UAE invests $36bn in renewable energy projects in 2022, says ADDED Â chairman
ABU DHABI, UAE - Chairman of the Abu Dhabi Department of Economic Development (ADDED) Ahmed Jasim Al Zaabi has said...
- The UAE has successfully enticed a staggering US$23 billion in 2022, up 10 percent from 2021, to be ranked 16th globally in FDI attraction.
- UAE is now the world's fourth-largest recipient of greenfield projects, with nearly a thousand ambitious ventures announced last year.
Business
OERC and Arkan partner to transport raw limestone to UAE
Abu Dhabi, UAE -- Oman and Etihad Rail Company (OERC), the developer and operator of the UAE-Oman Rail Network, signed...
- Oman and Etihad Rail will provide logistics solutions for Emirates Steel Arkan through annual transportation of 4 to 6 million tons of high-quality raw materials to Al Ain.
- This ensures Emirates Steel Arkan can produce and export 2-3 million tons of finished goods to regional markets each year.
Geostrategy
Saudi Crown Prince launches Ardara company to develop AlWadi
Riyadh, Saudi Arabia -- Saudi Arabia's Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud Monday announced the launch of...
- This will be Ardara’s first development and will become a vibrant urban center and tourist destination for both local and international visitors, PIF said.
- AlWadi in Aseer region – meaning, the valley – will span 2.5 million square meters and will be developed with sustainability at its core.
Business
Al Seer Marine receives new very large gas carrier, fleet size rises to 20
ABU DHABI, UAE - Al Seer Marine, a subsidiary of Abu Dhabi-based International Holding Company, has announced the takeover of...
- This marks the second VLGC delivery under the US$134 million deal signed by ABGC DMCC, a JV between Al Seer Marine and BGN International.
- The VLGC North Gas, with a cargo capacity of 84,326 cubic meters, was built by Hyundai Heavy Industries and was handed over to ABGC DMCC in South Korea.
Business
Funds raised by startups within TECOM Group’s in5 hub up 20%
Dubai, UAE -- in5, part of TECOM Group and an innovation and entrepreneurship hub in the region, has witnessed a...
- In the first nine months of 2023, a total of 120 new ventures joined in5's portfolio, which amounts to a new start-up almost every other day between January and September 2023.
- Since its establishment in 2013, in5 has nurtured more than 850 start-ups, with representation from over 50 nationalities, including Canada, China, France, India and Russia.
Business
Tokyo shares tumble on concern war in Palestine may escalate
Chip-testing equipment maker Advantest sank 4.79 percent to 4,351 yen and chip-making equipment manufacturer Tokyo Electron gave up 3.84 percent...
- The benchmark Nikkei 225 index dropped 2.03 percent, or 656.96 points, to 31,659.03, while the broader Topix index slipped 1.53 percent, or 35.21 points, to 2,273.54
- Traders sold shares across the board, as Israel moved toward launching ground offensive in Hamas-controlled Gaza, which is already facing a deep humanitarian crisis
Company News
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Paris stocks hit record thanks to luxury
Market Report
solutions by stc, Devoteam ink MoU
The aim is to foster avenues for collaboration in technology.
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...
Business
GPSSA issues circular on pensions, gratuity in UAE
ABU DHABI, UAE – The Emirates General Pension and Social Security Authority (GPSSA) has issued a circular to government and...
Business
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Business
WEF24: AI-generated drugs promise cost reduction
AI is playing a critical role across the biomedical spectrum, from accelerating drug discovery to improving care delivery systems, says...
- AI is playing a critical role across the biomedical spectrum, from accelerating drug discovery to improving care delivery systems, says Dr Alex Zhavoronkov of Insilico Medicine.
- The latest technology enables end-to-end systems, and today, what we see is the true pinnacle of AI-powered drug discovery: the integration of AI and robotics, he adds
Business
Toyota’s Daihatsu resumes domestic production
It will make the Probox van and Mazda-branded Familia van.
- The Toyota-owned firm's factory in Kyoto resumed manufacturing of the Probox van and Mazda-branded Familia van, a Daihatsu spokesman told AFP
- Daihatsu will resume production of 10 other models on February 26, after the transport ministry confirmed they met safety regulations, it said last week
Business
Barwa Real Estate net profit up
It posted an 8% jump in net profit to US$337m for last year.
- The developer's earnings per share (EPS) amounted to QR0.316 for the year ended December 31, 2023 compared to an EPS of QR0.292 in 2022
- Its board of directors proposed the distribution of a cash dividend of 18 percent of the shares’ par value at the rate of QR0.18 per share