Business
Alpha Dhabi acquires stake in Metito
With this deal, Alpha Dhabi marks entry into water and wastewater domain.
- The acquisition sees Alpha Dhabi purchasing the majority stake from selling shareholders Mitsubishi Corporation, Mitsubishi Heavy Industries, and Gulf Capital.
- The Ghandour family, Metito's founding shareholders, will retain their leadership roles.
Business
Amazon to pour US$4bn into Anthropic
Its investment will heat up the race for dominance in AI.
- As part of the deal, Anthropic will use Amazon's chips and its cloud services -- the data cen that store and process data on a vast scale -- for "mission critical workloads"
- The deal intensifies competition between Amazon and Google, which had earlier opened its cloud services to Anthropic and invested $300 million to acquire 10 percent of the company
Economy
EU businesses ‘questioning their position’ in China: trade official
The EU trade commissioner is in China to press the bloc's case that it is not seeking an economic decoupling...
- "European companies are concerned with China's direction of travel," the EU trade commissioner said
- He pointed to a new foreign relations law and a recent update to China's anti-espionage laws as being of "great concern"
Infographics
UAE most competitive MENA economy
The 2023 IMD World Competitiveness Ranking placed the UAE among the world's 10 most competitive economies.
- Gulf Cooperation Council economies are the most competitive in the Middle East region, according to the latest IMD World Competitiveness Ranking.
- In the 2023 IMD World Competitiveness Ranking, the top three economies are Denmark, Ireland and Switzerland, while the US ranks seventh.
Business
Future100 secures 25 new partnerships to support emerging firms
Dubai, UAE -- Future100, a collaborative initiative between the Ministry of Economy and the Government Development and the Future Office,...
- The partnerships are aimed at supporting the top 100 emerging companies that play a vital role in bolstering the competitiveness of the UAE’s future economy sectors.
- The inaugural list of Future100 will be unveiled on World Futures Day, which coincides with December 2nd, the UAE's National Day.
Business
China-Arab States Expo kicks off, highlighting deep trade ties
Yinchuan, China--The sixth China-Arab States Expo commenced today in Yinchuan, northwest China's Ningxia Hui Autonomous Region, marking yet another chapter...
- WIth more than 1,000 entities participating in the expo, it showcases innovations from 18 trailblazing companies across various sectors
- The main highlight of the event in northwest China is the clean energy section, themed “Deepen Energy Cooperation, Create a Green Future”
Economy
UAE and Indonesia pledge to enhance economic cooperation
Jakarta, Indonesia-- The UAE and Indonesia have discussed mechanisms to expand regional cooperation and opportunities for trade and investment cooperation...
- Speaking at the UAE-Indonesia Business Forum, Al Mazrouei reaffirmed the UAE's commitment to developing relations between the two countries
- The forum reviewed a number of economic and investment issues of common interest in the fields of energy, mining, tourism, real estate, and aviation
Geostrategy
Several UAE entities sign pact to implement ‘Sharjah Sat-2’
Sharjah, UAE -- A cooperation agreement was signed between the Sharjah Academy of Astronomy, Space Sciences & Technology (SAASST), the...
- Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and President of the University of Sharjah (UOS), witnessed the signing.
- The outcome of this project will help diverse parties in making decisions, developing future plans, and conducting scientific research.
Business
Qatar records real estate sales contracts worth $60 million
Doha, Qatar -- The volume of real estate trading in sales contracts at the Department of Real Estate Registration at...
- Total sales contracts for residential units in the Real Estate Bulletin for the period from 10 Sept. to 14 Sept. 2023, is QR 88.73 million.
- The volume of real estate trading in sales contracts between Sept. 3 and Sept. 7 reached more than QR 308 million.
Business
Qatar Central Bank issues treasury bills worth $137 million for a week
Doha, Qatar -- Qatar Central Bank (QCB) issued treasury bills worth QR 500 million ($137 million) for a one-week term,...
- Earlier this month, QCB issued treasury bills for one week that amounted to QR 1 billion.
- Treasury bills are a short-term debt instrument issued by the government for the purpose of borrowing and providing cash liquidity in short terms.
Company News
Middle East needs strong Saudi Arabia, says kingdom’s finance minister
World Economic Forum
Latest News
Abu Dhabi Airports appoints Elena Sorlini as Managing Director and CEO
Abu Dhabi, UAE - Abu Dhabi Airports, the operator of Abu Dhabi's five commercial airports, has announced the appointment of...
Business
Investors eye UAE’s booming sustainable finance sector
"Numerous opportunities exist in sustainable investments, especially in sectors like building systems, renewable energy, water, food and agriculture, shipping, among...
Business
Jeddah Central Development Company signs 4 contracts worth $3bn
Jeddah, Saudi Arabia - The Jeddah Central Development Company, a company owned by the Public Investment Fund (PIF), signed four...
Business
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Business
Gulf realty navigates opportunities and challenges
The GCC real estate sector enters 2024 amidst a complex interplay of global economic challenges and regional opportunities, says a...
- The GCC real estate sector enters 2024 amidst a complex interplay of global economic challenges and regional opportunities, says a latest report.
- With Dubai defying global trends and Saudi Arabia's Vision 2030 spurring growth, the landscape is ripe with potential. Qatar, however, faces correction.
Business
McDonald Q4 profit up
McDonald's cited war in the Middle East as a drag.
- Profits in the quarter grew seven percent to $2.0 billion, while revenues increased eight percent to $6.4 billion.
- Global comparable sales grew 3.4 percent in fourth quarter, down from 8.8 percent in the third quarter and below the annual average
Business
Vodafone Q3 revenue dips
Poor display across Italy, Spain is said to be the reason for loss.
- Revenues dipped 2.3 percent to 11.4 billion euros ($12.3 billion) in the three months to the end of December, compared with a year earlier.
- "We maintained... revenue momentum in the third quarter," said chief executive Margherita Della Valle, adding the group had made "good strategic progress".