TAQA, JERA sign pact with SATORP to develop plant in Saudi ArabiaÂ
ABU DHABI, UAE – Abu Dhabi National Energy Company (TAQA), together with JERA Co., Inc on Thursday announced that they...
Business
Abu Dhabi Chamber and UAEIIC team up to boost investment
Abu Dhabi, UAE--The Abu Dhabi Chamber of Commerce and Industry has signed an agreement with the UAE International Investors Council...
Business
Business
ADIB enhances mobile app for international money transfers
Abu Dhabi, UAE - Abu Dhabi Islamic Bank (ADIB) has introduced enhanced international transfer features on its mobile app and...
- As the first bank in the UAE to offer discounts on remittance payments using Promo Codes, ADIB aims to transform the app into a one-stop solution for any remittance
- Around 95% of the bank’s remittances occur through digital channels, with most of those transfers directed to the Americas, Europe, the Middle East, and Asia
Business
Google’s Russian division faces bankruptcy as debt to creditors soars: TASS
Moscow, Russia - Google's Russian subsidiary is on the brink of bankruptcy as it struggles to cope with its mounting...
- The subsidiary's financial liabilities have now surpassed a staggering $211,579,032
- The company’s ordeal dates back to May 2022 when it declared its intention to file for bankruptcy
China developer Evergrande plunges as Hong Kong trading resumes
The resumption of trading came after the company said in a filing on Friday that it had met guidelines set...
- Shares of Evergrande plunged as much as 87 percent during morning trading, slashing its market value from a peak of more than $50 billion in 2017 to less than $600 million
- Company reported fresh losses for the first half of the year amounting to 33 billion yuan-- an improvement on the 66.4 billion yuan in losses reported in same period last year
China EV giant XPeng to buy rival for over $740m
Founded in the southern province of Guangdong in 2015, XPeng is one of dozens of Chinese startups to emerge in...
- In a filing to the Hong Kong Stock Exchange, the car giant said it had reached a deal with Didi to buy that subsidiary for $744 million
- XPeng sold 41,435 vehicles in the first half of 2023, down 40 percent year on year, according to results published this month
Business
Barclay family seeks Telegraph control with UAE investor support: report
Dubai, UAE - The Barclay family is reportedly making a bid to regain control of the Telegraph newspaper group. Months...
- The Telegraph's parent companies faced financial turmoil and went into receivership earlier this year
- This situation presented a rare opportunity for investors to step in and acquire one of Britain's most prominent newspaper groups
Business
More Middle Eastern firms embrace Responsible AI
A significant 16% of Middle Eastern organizations have fully implemented Responsible AI policies and processes, a latest report highlights.
- A significant 16% of Middle Eastern organizations have fully implemented Responsible AI policies and processes, a latest report highlights
- With AI-related risks on the rise and the regulatory environment in flux, the onus is on businesses to navigate this terrain with agility
Business
Evergrande posts H1 loss
Firm said it has $556 million remaining in cash assets.
- The developer's January-June losses amounted to 33 billion yuan ($4.53 billion), compared to 66.4 billion yuan lost in the same period last year.
- Its statement on Sunday estimated its liabilities now stood at almost $328 billion, down from nearly $340 billion at the end of 2022.
Business
Iran hopes joining BRICS likely to enhance trade and business
Tehran, Iran - Iran’s membership in the BRICS group will lead to the promotion of exports and trade activities, an...
- Logical policymaking and decisions will lead to positive achievements for the country after joining BRICS, the Iranian official Arsalan Ghasemi said.
- BRICS is a club of emerging economies that constitute a large population in the world and this opportunity should be used optimally, he added.
Geostrategy
Iran says European countries willing to buy our drones
TEHRAN, IRAN - A number of European countries have asked to purchase Iran’s unmanned aerial vehicles, the spokesperson for the...
- A spokesperson for the Iranian Defense Ministry said Tehran is prepared to export military drones after fulfilling its domestic needs,
- Political and security considerations will be taken into consideration before finalizing such deals, the spokesperson added.
Geostrategy
Tehran exports goods worth $7.2bn to West Asia in 4 months from March 2023
TEHRAN, IRAN - Iran exported $7.2 billion worth of products to West Asian countries in the first four months of...
- Comprehensive strategic five-year plans have been defined for the West Asian countries with a focus on trade infrastructure.
- The plans include organizing and development of transportation platforms, banking exchanges, customs and standards.
TAQA, JERA sign pact with SATORP to develop plant in Saudi ArabiaÂ
ABU DHABI, UAE – Abu Dhabi National Energy Company (TAQA), together with JERA Co., Inc on Thursday announced that they...
Business
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EVA Air orders 33 Airbus planes
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Nakilat expands its fleet
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ByteDance to sell gaming arm
Business
Philips to halt sales of sleep machines in US
It posted losses to the tune of US$502m during the year 2023.
Business
Iran and Turkey to set up free trade zone at border in Khoy city
Tehran, Iran--Iran and Turkey will join hands to set up a free trade zone at the border crossing in Khoy...
Business
SAIF Zone signs MoU with Tokai Optical
The Japanese firm will lease a warehouse in the free zone.
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Business
Dubai RTA awards US$95m contract to upgrade ticketing system  Â
DUBAI, UAE - Dubai’s Roads and Transport Authority (RTA) has awarded a contract to upgrade the existing nol (card-based ticketing...
- The aim is upgrade the existing card-based ticketing system to an account based ticketing system, aligning with the top global practices.
- It seeks to develop a flexible and 100 percent scalable digital infrastructure, ensuring 100 percent fintech integration in mobility solutions.
Business
KACST, ACWA Power sign pact
The aim is to develop technologies for clean energy.
- The center will conduct studies, scientific research, and work to attain technical development in clean energy and water sector.
- It will also work in developing solar energy technologies, energy storage technologies to support future energy networks.
Business
Saudi Arabia launches global tourism campaign featuring Messi
Riyadh, Saudi Arabia -- Saudi Arabia's national tourism brand, "Saudi Welcome To Arabia," has launched a new global marketing campaign...
- The campaign, called "Go Beyond What You Think," aims to address misconceptions about Saudi Arabia and encourage people to experience the country's cultural transformation.
- The campaign launch coincides with Messi's upcoming return to Saudi Arabia, where he will play two matches with his club, Inter Miami, against Al Nassr and Al Hilal.