Nakheel, Meydan join Dubai Holding
The Board of Directors of both Nakheel and Meydan will be abolished.
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
Business
SAMI, Safran sign helicopter pact
Paris, France -- SAMI, a PIF-owned national defense and security organization of Saudi Arabia, has signed an agreement with Safran...
- The agreement includes technical assistance and qualification, development of technical infrastructure, and technical training for Saudi talents.
- Safran Helicopter Engines is the world's leading manufacturer of helicopter engines, with more than 75,000 produced since being founded.
Business
Riyadh Air orders 90 GEnx engines for Boeing 787 Dreamliners
Le Bourget, France - Riyadh Air has signed a deal for 90 GEnx-1B engines to power its new fleet following...
- The GEnx engine family has nearly 50 million flight hours since entry into service in 2011
- Riyadh Air was launched in March, and this marks the first engine partnership with GE Aerospace
Business
Tech-driven sustainability focus of banks
Financial institutions in the Gulf region are also focusing on sustainable practices like renewable energy investments, reducing their carbon footprint,...
- Through digitalization, collaboration with fintech companies, and responsible banking practices, banks are leading the charge in sustainable development in the region, say experts
- Gulf banks are also focusing on sustainable practices like renewable energy investments, reducing their carbon footprint, and supporting sustainable businesses, they add
Business
Airlines face trouble in Europe over greenwashing charges
PARIS, FRANCE - European airlines have been hit by a consumer complaint filed with the EU's executive arm accusing the 17...
- The European Consumer Organization, or BEUC, said the claims made by the airlines breach EU rules on unfair commercial practices.
- The BEUC called for a Europe-wide investigation and for airlines to "stop making claims that give consumers the impression that flying is sustainable".
Economy
Interest rate increase must to control inflation, says Federal Reserve official
A senior US Federal Reserve official said that additional interest rate hikes are needed to tackle historically high inflation. "I...
- The Federal Reserve's benchmark now sits in a range between 5.0 and 5.25 percent - its highest level since 2007.
- All members of the Federal Open Market Committee predicted that the bank will have to raise its benchmark further before the end of the year.
Business
Musk, Zuckerberg seek cage fight to settle differences
Months after Musk took over Twitter, Zuckerberg's Meta hinted it was planning to launch its own text-based social media platform...
- The two men have baited each other for years with opposing views on everything from politics to artificial intelligence.
- Musk responded angrily to a recent claim by a Meta official that there was appetite for a "sanely run" Twitter alternative.
Geostrategy
AD Ports Group signs 50-year pact with Karachi Port Trust for container terminal
ABU DHABI, UAE/ KARACHI, PAKISTAN - AD Ports Group announced on Thursday the signing of a concession agreement with Karachi...
- Under the terms of the 50-year concession agreement, a Joint Venture has been formed to manage, operate and develop the Karachi Gateway Terminal Limited.
- The JV will undertake significant investments in infrastructure and superstructure over the next 10 years, with the bulk of it planned for 2026.
Business
Dubai records over $680 million in real estate transactions
Dubai, UAE -- Dubai real estate market recorded real estate transactions worth AED 2.5 billion ($680 million) on Thursday, Dubai...
- The transactions included 744 sales worth AED2 billion, in addition to 153 mortgage deals of AED542.55 million, and 27 gift deals amounting to AED31.3 million.
- The sales included 688 villas and apartments worth AED1.56 billion, and 56land plots worth AED435.15 million.
Economy
Bank of England hikes rate half-point even as high inflation remains
LONDON, UK - The Bank of England on Thursday lifted its key interest rate by a half-point to five percent to...
- The decision came one day after data showed UK annual inflation remained at 8.7 percent in May, defying expectations of a slowdown.
- The half-point lift was in stark contrast to the Federal Reserve, which last week pressed pause on US rate hikes after a sharp easing in the country's inflation.
Business
Sipchem to pay 12.5% H1 dividend
The total dividend of $241.63 million will be paid on July 19.
- During the past three financial years, the company has paid cash dividends at SAR 5.99 per share.
- Sipchem's net profit for the first quarter of 2023 fell by 56 percent to SAR 470.3 million from SAR 1.07 billion in the same period of 2022.
Nakheel, Meydan join Dubai Holding
The Board of Directors of both Nakheel and Meydan will be abolished.
Business
Company News
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KPMG to merge UK, Swiss ops
Business
ROSHN, Retal sign $99m deal
Business
UAE startups eye Saudi Arabia for growth, expansion
With both nations offering substantial markets and supportive environment for innovation, startups are exploring new opportunities in the Kingdom.
Rising threat of lookalike domains poses new challenge
"Detecting these attacks and avoiding falling victim to them is vital, but the ability to take down lookalike domains is...
Opinion
Middle East air cargo volumes up 13.5% in November
Dubai, UAE - Middle Eastern carriers recorded a 13.5% year-on-year increase in cargo volumes, strongest performance in the world. In November...
Business
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Business
EU examines Microsoft large investment in OpenAI
Brussels, Belgium - The EU, racing to regulate the fast-moving world of artificial intelligence, said on Tuesday it has started a...
- The early-level examination is "checking whether Microsoft's investment in OpenAI might be reviewable under the EU Merger Regulation," the European Commission said.
- The move is part of efforts by Brussels to make sure its regulatory oversight can catch up with AI developments and stop major players shutting out competitors.
Business
GSK to buy Aiolos Bio
The focus is on an asthma medication still at the testing stage.
- The acquisition hands GSK access to AIO-001, a long-acting antibody which is ready to enter Phase II clinical development for the treatment of adults with asthma
- AIO-001 was exclusively licensed to Aiolos outside of China by Jiangsu Hengrui Pharmaceuticals, which initially developed the asthma treatment
Business
EVA Air orders 33 Airbus planes
The deal could be worth as much as $8.5 billion.
- The 33 planes ordered include 18 long-range A350-1000 planes and 15 single-aisle A321neo models
- The wide-bodied A350-1000 type can seat up to 410 passengers and travel up to 18,000 kilometers non-stop