Bitcoin hits record high above $125,000
Tokyo, Japan -- Bitcoin reached a new record high on Sunday, rising above the $125,000 mark. The cryptocurrency reached $125,689,...
Business
Transforming your hotel into a sector leader in sustainability
The hospitality industry sits at the crossroads of experience and responsibility. As utilities, energy, and resource costs rise, and as...
Business
Elon Musk arrives in Japan for first visit since 2014
In 2014, the CEO of Tesla and SpaceX visited Japan for a ceremony marking his electric car-making company's full-scale entry...
- On Friday, Musk posted videos of what appeared to be an exhibition by prominent Japanese art collective teamLab
- Users on X posted comments asking why Musk was in Japan, with some speculating he had come to see musician Grimes
Business
Business travel in MEA likely to bounce back by 2024
Business travel spending hit $23bn in 2022, nearing pre-pandemic levels as post-pandemic business trips get longer, supported by UAE's digital...
- Business travel spending hit $23bn in 2022, nearing pre-Covid levels as post-pandemic business trips get longer, supported by UAE's digital nomad and freelancer programs
- The UAE's technological advancements and evolving legal framework make it more appealing and open to business travelers, says Ali Haider, Regional Director of Nomadic
Business
BAE to acquire Ball Aerospace
The value of the acquisition was reported to be $5.55bn.
- The British firm BAE said it hoped to complete the acquisition of the aerospace firm in the first half of 2024.
- The proposed deal will be funded by a combination of new external debt and existing cash resources, it added.
Business
Dubai real estate market records deals worth $653 million
Dubai, UAE -- Dubai's real estate market recorded deals worth AED 2.4 billion ($653 million) on Thursday, according to Dubai...
- The deals included 591 sales transactions worth AED1.76 billion on Thursday, in addition to 125 mortgage deals totaling AED613.72 million.
- The sales included 561 villas and apartments worth AED1.42 billion, and 30 land plots worth AED336.26 million.
Arts & Culture
Falconers meet in Abu Dhabi for special auction from Sept 2-8
Abu Dhabi, UAE -- Following the success of the Falcon Auction in the last edition of Abu Dhabi International Hunting...
- The previous edition witnessed the purchase of the most expensive falcon in ADIHEX’s history, as the American falcon (Pure Gear - Ultra White) was sold for more $250,000.
- The 2023 auction will witness new features, including the falcon daily raffle draws offered by Umm Jeniba Farm to the auction’s audience and raffle draws to the participants.
Business
Sharjah records real estate deals worth $517 million in July
Sharjah, UAE -- Sharjah has recorded real estate transactions worth AED1.9 billion ($517 million) during July 2023, according to the monthly...
- The department executed a total of 2,783 transactions, including 684 sales transactions across 96 areas in various regions of the emirate.
- The number of mortgage transactions were 447, constituting 16.1 percent of the total number of transactions with a value of AED420.1 million.
Business
DP World H1 EBITDA $2.6bn
The company's revenue grew 13.9 percent to $9.03 billion.
- CEO Sultan Ahmed bin Sulayem said the company's balance sheet remains robust, and it continues to generate high levels of cash flow.
- DP World's focus on high-margin cargo, end-to-end bespoke supply chain solutions and cost optimization has been crucial in securing these results.
Ooredoo partners with Tech Mahindra, Google Cloud
Doha, Qatar - Ooredoo Group has announced new partnerships with Tech Mahindra and Google Cloud that will see the company...
- Ooredoo's IT operations will be modernized by deploying a digital platform-based approach, which will enhance performance
- Tech Mahindra is an Indian multinational information technology services and consulting company
Economy
Disparity remains as Saudis, Emiratis see wealth gains
The financial landscape of Saudi Arabia and the UAE is undergoing a significant transformation, with most adults in the region...
- The net worth per adult in Saudi Arabia surged by an impressive 8.6 percent in 2021, followed by a 6.6 percent increase in 2022, both measured in US dollars.
- The Gini coefficient for wealth inequality in 2022 was 86.7 in Saudi Arabia and 86.9 in the UAE, placing both nations among the highest in global wealth inequality rankings.
Business
ADNOC Gas signs 5-year LNG supply pact with Japanese energy company
Abu Dhabi, UAE - ADNOC Gas, an integrated gas processing company, on Thursday announced a five-year liquefied natural gas (LNG)...
- The agreement, valued between $450 million and $550 million, builds on the long-standing bilateral relationship between the UAE and Japan
- The pact reinforces ADNOC Gas’ position as a global LNG export partner of choice and highlights the company’s growing global presence
Bitcoin hits record high above $125,000
Tokyo, Japan -- Bitcoin reached a new record high on Sunday, rising above the $125,000 mark. The cryptocurrency reached $125,689,...
Business
Company News
ADNOC Drilling to expand fleet
Business
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Novartis to buy MorphoSys
Business
Gulf aviation industry sets sky-high standards
"The demand from certain sectors indicates a strong interest in First Class, prompting us to introduce a newly-designed First Class...
Business
UAE’s working mothers get extended maternity leave
The Gulf country is setting a new benchmark for supporting working mothers by doubling the mandated maternity leave to 120...
Business
Air Arabia shareholders approve 20% dividend for FY2023
SHARJAH, UAE – Air Arabia shareholders approved the distribution of a 20 percent cash dividend for the financial year ended...
Business
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Economy
Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023
RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of...
- This translates to a non-oil economy valued at US$$453 billion (SAR1.7 trillion) at constant prices.
- Non-oil economy is valued at $$453 billion at constant prices, fueled by growth in investment, consumer spending and exports.
Business
Vodafone sells Italian unit to Swisscom
British telecoms giant sold the business for US$8.7 billion.
- Vodafone has been on a cost-cutting campaign that has included layoffs and the offloading of divisions abroad
- Its CEO said the deal with Swisscom marked the "third and final step in the reshaping of our European operations"
Business
Nissan, Honda in tie-up for EVs
The alliance will take on China's dominant EV makers.
- The MoU could include cooperation on a common EV powertrain and joint procurement of batteries and other components
- The firms announced a joint news conference at 3:30 pm (0630 GMT) in Tokyo without giving further details at this point in time