UAE and Kenya sign agreement to enhance digital, tech cooperation
Abu Dhabi, UAE--The UAE and Kenya have signed an investment memorandum establishing a framework for investment cooperation in digitalisation and...
UAE earns first spot in Global Entrepreneurship Monitor 2024 report
Abu Dhabi, UAE-- The United Arab Emirates has been ranked first globally for the third consecutive year in the Global...
Business
Business
Enbridge inks $14bn pact
The deal will make it North America's largest natural gas supplier.
- Enbridge, which operates the world's longest petroleum pipeline system, said it is doubling its gas distribution business with the acquisitions.
- The deal underscores the continued value producers are placing in natural gas even as countries strive to reduce fossil fuel dependence to curb greenhouse gas emissions.
Business
Apple, Facebook among tech giants to face tough new EU curbs
The European Commission, the EU's powerful antitrust body, named 22 "core platform" services belonging to five US tech behemoths identified...
- Brussels is working through a dense legislative agenda to build tougher regulation of big tech, arguing it needs to protect European consumers online.
- Observers say the law could open a new battlefront between digital titans and the European Union as some companies consider launching legal challenges.
Business
Production of pick-up trucks and vans in Iran rises by 52-70%
Tehran, Iran -- Production of pick-up trucks and vans in Iran in the first five months of the current Iranian...
- In total, 11,436 pick-up trucks were manufactured in the country in the first five months of the current Iranian calendar year.
- The number of vans produced in the country from March 21 to August 22, 2023 was 1,371, showing a 70 percent hike compared to the same period of last year.
Business
OIA invests in US battery firm ONE
ONE is focused on high-density LFP-based batteries.
- OIA and ONE signed a Strategic Collaboration Agreement (SCA) to explore potential areas of collaboration in energy storage and battery manufacturing in Oman.
- ONE is focused on high-density LFP (Lithium Iron Phosphate)-based batteries, which are created from lower-cost, more abundant iron.
Business
ADCB prices $650m green bond
The bond will be used to finance eligible green assets.
- It was 2.9 times oversubscribed, attracting interest from a range of local, regional and international investors that placed total orders of over $1.9 billion.
- As of 30th June 2023, ADCB’s eligible green loan portfolio had experienced notable year-on-year growth of 61 percent, reaching $1.65 billion, he said.
Musk threatens to sue anti-defamation group for falling revenue
Billionaire Musk has also previously been accused of fueling anti-Semitic tropes, including attacks against Jewish philanthropist George Soros. According to...
- Musk late Monday accused the US-based Jewish organization of making unfounded complaints against him and X that have scared away advertisers
- In a 2016 report, the group said anti-Semitic attacks against journalists had exploded on Twitter, "thanks to the rhetoric in the 2016 presidential campaign"
Business
ADEX and National Bank of Egypt sign $100m financing agreement
This is aimed at supporting UAE export transactions to Egypt.
- Under the terms of the agreement, a revolving loan facility of US$100 million has been established, with the primary aim of supporting transactions involving UAE exports to Egypt.
- The Abu Dhabi Exports Office extends loans and guarantees to Emirati exporters to enhance their contributions to the economy and foster their global expansion.
Business
ADNOC to develop largest carbon-capture project in MENA
According to an ADNOC statement, the project will be able to capture up to 1.5 million tonnes of CO2 a...
- The new initiative will siphon planet-heating carbon dioxide emissions from the Habshan gas processing plant in Abu Dhabi
- ADNOC is hoping to "maintain its leading position in producing low carbon-intensity barrels" of fuel with its carbon capture initiatives
Business
Tech titans prepare for EU’s tougher market restraints
Brussels is working through a dense legislative agenda to build tougher regulation of big tech, arguing it needs to protect...
- EU will name which services will be considered big enough to fall under the next wave of regulation
- The new rules will force the iPhone-maker to allow alternative app stores on its products
Economy
Israel suspension of Gaza exports risks ‘catastrophe’: businesses
Osama Nofal, of the Gaza economic ministry, put the value of Gaza exports to Israel and the occupied West Bank...
- Israel's army chief on Monday ordered a halt to commercial deliveries from Gaza to Israel after an alleged attempt to smuggle explosives
- The Gaza Strip has been under a crippling Israeli blockade since the Islamist group Hamas seized power in the Palestinian territory in 2007
UAE and Kenya sign agreement to enhance digital, tech cooperation
Abu Dhabi, UAE--The UAE and Kenya have signed an investment memorandum establishing a framework for investment cooperation in digitalisation and...
Company News
Latest News
Oil prices rise after US, UK strike Houthi rebels
Market Report
ADQ, ADNEC Group sign agreements
Business
IMF says Red Sea shipping down one-third due to Houthi attacks
"Container shipping... has declined by almost 30 percent," said Jihad Azour, director of the IMF's Middle East and Central Asia...
Geostrategy
Middle Eastern carriers record 1.6% increase in air cargo demand: IATA
Geneva, Switzerland -- Middle Eastern carriers reported a 1.6 percent increase for global and international demand in 2023 compared to 2022...
Business
CBD posts record net profit of $721m
The bank has proposed record cash dividend of 44.38 fils per share.
Business
Most Read
Business
TECOM Group net profit up 49%
The company recorded its highest-ever revenue of AED 2.2 billion.
- The lease of industrial lands witnessed a strong demand in 2023, as the occupancy rate rose to 94 percent, compared to 81 percent in 2022.
- The company has recommended a dividend payout of AED400 million to the company's shareholders for the second half of 2023.
Business
Banco Santander posts US$12bn profit
It made record profit on the back of higher interest rates.
- The Spanish lender added five million customers last year, bringing the total to 165 million worldwide
- Lenders across Europe have reported bumper earnings after central banks worldwide hiked rates
Microsoft revenue surges
The company said sales leaped to $62 billion in Q3.
- The company said sales leaped to $62 billion for the October to December period, up 18 percent year-on-year and above the $61.1 billion projected by analysts
- Revenue for Microsoft's Azure cloud services jumped by 30 percent in the period, driven by the bigger computing needs that come with the adoption of AI