IOTA Foundation launches US$10m investment fund at Investopia 2024
ABU DHABI, UAE – Minister of Economy and Chairman of Investopia Abdullah bin Touq Al Marri attended the unveiling of...
Business
Business
Musk offers legal aid for users in trouble at work over X posts
Since Musk bought the social media platform for $44 billion last October, its advertising business has collapsed, in part because...
- In December, Musk reinstated former US president Donald Trump's Twitter account, although Trump has yet to return to the platform
- X recently reinstated rapper and designer Kanye West around eight months after his account was suspended, according to media reports
Business
One missing after tugboat sinks in Suez collision with tanker
The authorities in charge of the waterway said that a tugboat sank and a cew member had gone missing after...
- The vessel Hong Kong-flagged LPG tanker Chinagas Legend involved in the collision was headed from Singapore to the US
- Two years back the giant ship Ever Given caused a nearly week-long stoppage in Suez traffic after it got stuck in the waterway
Business
Saudi Fund signs US$77m agreement to set up solar power plant in Belize
Riyadh, Saudi Arabia-- Saudi Arabia has signed a $77 million loan agreement with Belize to set up a solar power...
- The agreement was signed by the CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, and the Prime Minister of Belize, John Antonio Briceño
- The agreement aims to build a 60-megawatt solar power plant, complete with the supply and equipment of solar panels, to reduce emissions in the energy sector
Economy
Oman annual inflation inches up to 0.69 percent in June
Muscat, Oman--Oman annual inflation rate reached 0.69 percent by the end of June 2023, according to the monthly consumer price...
- Inflation was fueled by the increase in most of the main groups making up the consumer price index and the prices of the food and non-alcoholic beverages
- The prices of oils and fats rose by 4. 81%, fruits by 4.3%, other foodstuffs by 3.91%, bread and cereals by 2.34%, and non-alcoholic beverages by 0.67%
Business
UAE supplies 25.63 million barrels of crude oil to Japan in June
Tokyo, Japan--Japan's crude oil imports from the United Arab Emirates amounted to 25.63 million barrels in June 2023, or 37.4...
- In the month of June, Japan's crude oil imports touched 68.5 million barrels, of which 66.7 million were provided by the UAE, Saudi Arabia and other countries
- At least 41.4 percent of total imports in June came from Saudi Arabia, making the kingdom and the UAE the top oil providers of more than three-quarters of Japan's needs
Business
MENA region rides the wave of digital transformation
With an estimated IT spending of $175.5 billion in 2023, the region is embracing digital solutions, leveraging advanced technologies, and...
- With an estimated IT spending of $175.5 billion in 2023, the region is embracing digital solutions, leveraging advanced technologies, and investing in flagship projects
- Complete digital transformation requires careful planning, collaboration, and a focus on culture and mindset, positioning the region as a leader in the digital age, say experts
Economy
UAE to mobilize global tech, space sectors for climate action ahead of COP28
ABU DHABI, UAE - Key UAE government entities have partnered to boost coordination between advanced technology and space sectors.The collaboration...
- The collaboration aims to further contribute to COP28’s inclusive ecosystem, bringing together major technology companies, global institutions.
- It will encourage companies to use the UAE as a base for producing new technologies that can help drive sustainable industrial development.
Economy
CEPA signed with UAE is a special achievement: Indian minister
New Delhi, India--The Comprehensive Economic Partnership Agreement (CEPA) signed with the UAE and operationalized last year is a “special achievement...
- The Indian minister was responding to a question by a member of parliament about whether "there are some special achievements of India's foreign policy"
- He added that there is a greater integration of the Indian economy with regional and global economies, contributing to a deeper and extensive trade partnerships
Business
‘Barbie’ set to screen in UAE theaters on August 10
Dubai, UAE - The highly anticipated 'Barbie' movie is all set to grace the big screens in the UAE on...
- Local theaters, including VOX Cinemas, Reel Cinemas, and Roxy Cinemas, have already opened pre-orders for eager viewers
- The UAE, consistent with its practice along with other GCC countries, ensures that movies adhere to strict cultural norms before granting screening rights
Business
Bahrain pledges to protect consumer rights in e-commerce sector
Manama, Bahrain-- Looking to develop the e-commerce sector in the kingdom, Bahrain's Ministry of Industry and Commerce has published a...
- The ministry is monitoring e-commerce platforms and commercial activities in order to ensure that consumer interests are protected
- The survey is designed to boost communication with consumers, receive complaints and observations, and develop policies and laws accordingly
Company News
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Bahrain Q4 2023 imports increase to US$3.92bn
MANAMA, BAHRAIN - The Information eGovernment Authority (iGA) has published its foreign trade report of Bahrain for Q4 2023, covering...
Economy
Alef Group announces US$84m sales transaction at ACRES 2024
SHARJAH, UAE - Alef Group concluded its participation in the ACRES Real Estate Exhibition 2024 with resounding success, generating significant...
Business
ACRES 2024 concludes, deals worth $381 million inked
Sharjah, UAE -- Real estate deals worth more than AED 1.4 billion ($381 million) were inked at ACRES 2024, organized...
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Business
Alhokair Group wins $202m contract
Alpha Facilities Contracting Company has awarded the contract.
- The contract was awarded a project by Alpha Facilities Contracting Co., an affiliate of Al Fanar Group, to provide catering services at a residential complex in NEOM.
- It is expected that the financial impact of this partnership will begin as of Q1 2024, which will contribute to strengthening the group’s business.
Business
Fit at 40: the revolutionary Apple Mac in numbers
Paris, France - Forty years ago Steve Jobs revolutionised personal computing by launching the Apple Macintosh, the first PC with a...
- The first Mac came with 128 kilobytes of memory space, one million times less than top-of-the-line MacBooks today
- Apple paid a whopping $800,000 ($2.5 million in today's money) to air the one-minute ad, seen by 77.6 million TV viewers
Business
Do Kwon’s Terraform Labs files for US bankruptcy
Kwon, who co-founded Terraform in 2018, was arrested last year in Montenegro and is awaiting extradition to the United States...
- Kwon faces fraud charges in both countries related to the crash
- According to the filing, Kwon holds 92 percent of Terraform's shares