Abu Dhabi awards contract for mega solar project
Dubai, United Arab Emirates -- Abu Dhabi, the capital of leading oil producer the United Arab Emirates, said Friday it...
Business
WTO hikes 2025 trade growth outlook but tariffs to bite in 2026
The WTO raised its forecast for trade volume growth in 2025 to 2.4 percent -- up from 0.9 percent in...
Economy
Business
PIF-backed oil driller ADES International Holding announces IPO
Riyadh, Saudi Arabia -- ADES International Holding, an oil and gas driller backed by Saudi Arabia’s sovereign wealth fund, PIF,...
- The offer will comprise 338.7m shares-- 101.62m by ADES Investment Holding, PIF and Zamil Investment, and 237.10m new shares.
- The price range will be announced September 18 and the final offer price will be announced after a book-building process.
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.
Abu Dhabi awards contract for mega solar project
Dubai, United Arab Emirates -- Abu Dhabi, the capital of leading oil producer the United Arab Emirates, said Friday it...
Business
Company News
Bezos sells $2bn Amazon shares
Business
Nissan profit drops to US$195m
Business
ESG 2023 net profit at US$187m
Business
Latest News
Bayanat, Yahsat shareholders to vote on merger and creation of SPACE42 on April 25
ABU DHABI, UAE – Bayanat AI PLC and Al Yah Satellite Communications Company each issued a circular on Thursday calling...
Business
Meta, Microsoft slam Apple over app store policy
The four companies filed a rare joint amicus brief in a California court in charge of applying a ruling that...
Gold hits fresh record above $2,200 on rate cut hopes
The gains have been helped by a weaker dollar and the gold's attraction as a safe haven as geopolitical tensions...
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Geostrategy
Saudi Arabia to donate US$40m for UN agency in Gaza
The funds, according to the King Salman Humanitarian Aid and Relief Centre (KSrelief), would support UNRWA's "humanitarian relief efforts in...
- Israel accused some of UNRWA's employees of involvement in the October 7 Hamas attack
- The UN has said that Israel has not provided it with any evidence for the allegations
Microsoft hires DeepMind co-founder to lead AI unit
Of all the tech giants, Microsoft has moved the fastest into adopting generative AI, integrating its powers into a whole...
- Suleyman is one of the biggest names in the artificial intelligence revolution that is taking the technology world by storm and his hiring is a major move by Microsoft
- Suleyman said that some key collaborators at Inflection, including co-founder Karén Simonyan, had "chosen to join" his team at Microsoft
Business
Google hit by US$272m fine in France
It breached an agreement on terms for paying media firms.
- French regulators said the fine was for "failing to respect commitments made in 2022" and accused it of not negotiating in "good faith" with news publishers
- France has been a test case for the rules and after initial resistance Google and Facebook agreed to pay some French media for articles shown in web searches