RAKBANK, DP World sign pact
The aim is to offer trade finance solutions to businesses in UAE.
Business
Business
Borouge signs supply pact with NPCC
Borouge will also supply critical materials for UAE energy projects.
- Borouge and NPCC have previously partnered to provide steel pipe coating solutions for over 15,000 kilometers of pipelines in various local infrastructure projects.
- Borouge will supply materials for ADNOC Gas’ sales gas pipeline network enhancement (ESTIDAMA) program and Maximizing Ethane Recovery and Monetization (MERAM) project.
Business
Delta suspends Israel flights through October 31
The suspension of flights by the airline follows similar decisions by American Airlines, Air France, Lufthansa, Emirates and Ryanair and...
- The airline said that it has made a "difficult decision" to cancel our Tel Aviv flights
- Israeli flag carrier El Al said Sunday that it was maintaining its Tel Aviv flights for now
Business
Masdar to invest $8bn to develop Malaysia’s clean energy transition
Abu Dhabi, UAE - Abu Dhabi Future Energy Company (Masdar), the UAE’s clean energy powerhouse will invest US$8 billion in...
- The project will include ground mounted, rooftop and floating solar power plants, onshore wind farms and battery energy storage systems
- Established in 2006, Masdar is active in more than 40 countries with a total electricity generation capacity of more than 20GW
Business
Evergrande shares begin trading
The shares dropped nearly 9 percent at the close of trading.
- Evergrande Vehicle was the last to resume trade, one week later than Evergrande Group and Evergrande Property Services.
- Trading of all three Evergrande companies listed in Hong Kong was halted on September 28, after its founder Xu Jiayin was suspected of illegal crimes.
Business
Al Etihad Payments partners with NIPL to develop UAE Domestic Card Scheme
ABU DHABI, UAE – Al Etihad Payments (AEP), a wholly-owned subsidiary of the Central Bank of the UAE (CBUAE), and...
- To be launched in early 2024, the card scheme will aim to facilitate the growth of e-commerce and digital transactions in the UAE.
- It will bolster financial inclusion, support the nation’s digitization, increase alternative payment options and enhance the UAE’s competitiveness.
Geostrategy
Saudi Arabia launches mechanism to advance global climate goals
RIYADH, SAUDI ARABIA - The Clean Development Mechanism Designated National Authority (CDMDNA) announced on Monday the operation of Saudi Arabia's...
- Greenhouse Gas Crediting and Offsetting Mechanism will be accessible to all entities within the Kingdom.
- This step reflects the Kingdom’s role in addressing climate challenges and enabling institutions to tackle their emissions.
Business
eXtra net profit down 17%
The company reported a net profit of $70m for 9M period of 2023.
- The nine-month earnings were negatively impacted by higher interest rates, which led to finance cost rising by SAR 39.6 million year-on-year (YoY), Argaam reported.
- The company recognized non-recurring losses of SAR 38 million as it discontinued its expansion plans in Egypt.
Business
Bristol Myers to buy Mirati
The US firm will pay US$4.8bn to acquire cancer drugmaker.
- The companies said in a joint statement that Bristol Myers Squibb will pay $58 per share in cash "for a total equity value of $4.8 billion"
- The statement added that with the acquisition Bristol Myers Squibb will add KRAZATI, an important lung cancer medicine, to its commercial portfolio
Business
GCC’s digital leadership puts focus on cybersecurity
As GCC leads in digital innovations, there's an urgent need for strong cybersecurity to combat increasingly complex threats targeting governments,...
- As GCC leads in digital innovations, there's an urgent need for strong cybersecurity to combat increasingly complex threats targeting governments, businesses, and individuals
- Emad Fahmy of NETSCOUT sheds light on the evolving cyber threats and the importance of a holistic approach to digital transformation, advising ways to safeguard digital frontiers
Business
Dubai at top global ranking for attracting Greenfield FDI projects in H1 2023
DUBAI, UAE - Dubai remains the top global destination for attracting Greenfield Foreign Direct Investment (FDI) projects, with the emirate...
- During the first half of 2023, Dubai’s global share in the attraction of Greenfield FDI projects stood at 6.58 percent.
- The results align the Dubai Economic Agenda D33, which aims to double the size of the emirate’s economy over the next decade.
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Nokia sees ‘challenging’ 2024
Business
Jordan, Tunisia to enhance trade, investment relations
AMMAN, JORDAN - The Chairman of the Amman Chamber of Commerce Khalil Haj Tawfiq has called on Jordanian and Tunisian...
Business
Polestar 3, the electric SUV, hits the streets of the UAE
Dubai, UAE – Al-Futtaim Electric Mobility Company, the official distributor of Polestar in the UAE, have announced the official launch...
Business
61 contracts worth $7billion signed at World Defense Show in Riyadh
Riyadh, Saudi Arabia - About 61 purchase contracts totaling approximately SR26 billion ($6.93 billion) were signed at the second World...
Business
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Business
Dubai records over US$2.6bn in weeklong real estate transactions
DUBAI, UAE - A total of 3,543 real estate transactions worth over US$2.6 billion (AED9.8 billion) were conducted during the...
- A total of 3,543 real estate transactions worth over US$2.6 billion were conducted during the week ending February 9, 2024.
- A DLD report showed that 197 plots were sold for $315 million while 2,572 apartments and villas were purchased for $1.5 billion.
Business
European stocks firm as markets await US inflation data
London, United Kingdom - Europe's main stock markets steadied Friday as traders reacted to more earnings updates from top companies, while...
- Asia saw holiday-thinned trade, with investors there struggling to build on another record-setting day on Wall Street.
- While China is in holiday mode, investors are keeping tabs on Beijing, hoping for fresh measures to boost market confidence.
Business
Rumors swirl over bitcoin inventor Nakamoto’s identity
London, United Kingdom - An Australian man went on trial in London this week over his claims of inventing bitcoin --...
- Computer scientist Craig Wright, 53, says he is "Satoshi Nakamoto", the pseudonym of bitcoin's creator and author of a white paper that introduced the cryptocurrency to the world
- He is being sued by cryptocurrency activists who say he's lied and forged documents in his attempts to pretend he is bitcoin's founder.