Investcorp Capital names new CFO
Rohit Nanda, the new CFO, will take up his new job next month.
Business
UAE bolsters air cargo industry with launch of ‘CARDS’ data platform
Abu Dhabi, UAE--The General Civil Aviation Authority (GCAA) has launched the Cargo Data Reporting System (CARDS), which provides a range...
Business
Business
Sukoon Insurance sets up OIWSS
Aim is administration of Employee Money Purchase schemes.
- OIWSS has established a partnership with Intertrust Group.
- OIWSS will be the trustee and the operator of this scheme
Business
$61bn Broadcom-VMware merger cleared
The merger is expected to be completed by the end of Oct.
- The Competition and Markets Authority last month gave its provisional approval to the deal announced in May 2022.
- The CMA found that restricting product interoperability would cause the merged company greater financial losses than gains.
Business
Soniqs wins PUBG Global Series 2 Crown
It claimed $600,000 prize at Gamers8 - The Land of Heroes.
- Saudi team Twisted Minds came in second and earned US$260,000.
- Question Mark, the Russian team, finished third and got US$162,000.
Business
Dubai International Chamber event explores trade ties China’s Wuxi
Dubai, UAE - Dubai International Chamber hosted a B2B event during the Wuxi – Dubai Economic & Trade Exchange Conference...
- Dubai International Chamber organized a trade event in partnership with Wuxi Municipal Government and Wuxi National High-Tech Industrial Development Zone.
- The event included 13 Chinese multinational companies specializing in areas including advanced technology, biomedical and healthcare equipment.
Business
DEWA files patent for energy liquid
The liquid enhances efficiency of energy storage systems.
- The novel liquid is an effective and safe solution for energy storage systems operations, notably lithium-ion batteries and fuel cells.
- DEWA chief Al Tayer said the patent supports its commitment to promoting energy security and sustainability.
Business
Bahrain Central Bank’s $185 million treasury bills oversubscribed
Manama, Bahrain – This week’s BD 70 million ($185 million) issue of Bahrain Government Treasury Bills has been oversubscribed by...
- The bills, carrying a maturity of 91 days, are issued by the Central Bank of Bahrain, on behalf of the Bahrain government .
- The approximate average price for the issue was 98.395 percent with the lowest accepted price being 98.261 percent.
Business
Generative AI likely to supplement than destroy jobs: ILO
Geneva, Switzerland -- Generative Artificial Intelligence (AI) is more likely to augment than destroy jobs by automating some tasks rather...
- An International Labour Organization (ILO) study has found most jobs and industries are only partly exposed to automation and are more likely to be complemented by Generative AI.
- It suggests this new wave of technological transformation could offer important benefits for developing countries.
Market Report
European stocks rise, China rate cut fails to ease worries
European stocks rebounded but Asian markets ended mixed after a Chinese rate cut failed to reassure investors. At midday, Paris...
- There are concerns that the US Federal Reserve could raise interest rates further and keep them elevated for longer.
- Focus turns this week to a symposium of top central bankers and business leaders at Jackson Hole, Wyoming, with dealers hoping for guidance on rates.
Business
Abu Dhabi Chamber inks MoU with Ethiopian Investment Commission
ABU DHABI, UAE - The Abu Dhabi Chamber of Commerce and Industry has signed a Memorandum of Understanding with the...
- The MoU also aims to establish a framework for cooperation that advances trade, investment and economic relationships between the UAE and Ethiopia.
- The signing of the MoU was held on the sideline of the UAE delegation's visit to the Federal Democratic Republic of Ethiopia.
Business
ACWA Power announces financial close on $2.4bn Saudi solar projects
Riyadh, Saudi Arabia -- A consortium of ACWA Power and subsidiaries of Saudi sovereign wealth fund, Public Investment Fund, and...
- The projects will generate an aggregate capacity of over 2.6GW of clean electricity for Saudi Arabia.
- The new projects will be jointly owned by PIF subsidiary Badeel (34.99 percent) and ACWA Power (35.01 percent) and SAPCO (30%).
Investcorp Capital names new CFO
Rohit Nanda, the new CFO, will take up his new job next month.
Business
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Boeing faces heat over quality control after Alaska Airlines fiasco
The Alaska Airlines episode represents the most serious operational problem for Boeing since two crashes on 737 MAX 8 planes...
Business
US Federal Reserve’s favored inflation gauge rises before rate decision
The US Federal Reserve's favored measure of inflation ticked higher last month, according to government data published. The latest announcement...
Economy
Shurooq real estate sales exceed $48 million at ACRES 2024
Sharjah, UAE -- Sharjah Investment and Development Authority (Shurooq) contributed over AED 177 million to the total sales of AED...
Business
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Business
JADCO, EGG ink MoU on development of agriculture in Saudi Arabia
RIYADH, SAUDI ARABIA - The Ministry of Environment, Water and Agriculture witnessed the signing of a memorandum of understanding (MoU)...
- The agreement involves the transfer and localization of potato seed production techniques in the Kingdom.
- The aim of the collaboration is to support the transformation of local companies into industrial agricultural entities.
Business
Dubai records weeklong real estate deals worth $3.86 billion
Dubai, UAE -- The real estate and properties transactions valued at AED 14.2 billion ($3.86 billion) in total during the...
- A total of 312 plots were sold for AED 2.95 billion, 2,696 apartments and villas were sold for AED 5.84 billion.
- A total of 195 properties were granted between first-degree relatives worth AED 850 million.
Business
UAE leads in cybersecurity for unmanned systems
"The digital transformation, which relies on artificial intelligence technologies, has touched all sectors and contributes to improving the quality of...
- Dr. Mohamed Hamad Al Kuwaiti stresses the importance of cybersecurity in unmanned and autonomous systems.
- The UMEX and SimTEX exhibitions showcased the UAE's esteemed position as a global hub for unmanned systems.