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
Vodafone sells Italian unit to Swisscom
British telecoms giant sold the business for US$8.7 billion.
Business
Business
Hyundai targets two million EV sales by 2030
SEOUL, SOUTH KOREA - Hyundai Motor said on Tuesday it aims to sell two million electric vehicles a year by 2030,...
- If the firm reaches the new goal, its electric vehicles, including luxury brand Genesis, would account for 34 percent of its worldwide sales in 2030.
- The South Korean carmaker - one of the world's largest - is under pressure in the United States and Europe to boost local production of clean vehicles.
Business
CBUAE balance sheet rises to US$172bn at end of April 2023
ABU DHABI, UAE - The Central Bank of the UAE's (CBUAE) balance sheet grew by 6.3 percent on a monthly...
- CBUAE says balance sheet increased YoY to US$33 billion against US$138 billion at the end of April 2022.
- CBUAE has US$72 billion for cash and bank balances in April, along with reserved investments to the tune of US$55 billion.
Business
AD Ports signs 30-year pact to operate Congo’s key port
The first phase works, costing $200m, likely to completed in 30 months.
- The Group will provide the facility with digital services and technology solutions to enhance its efficiency
- It will invest more than $500 million in the development and functioning of the “New East Mole Port”
Business
Qatar signs 27-year gas supply deal with Chinese firm
The agreement, to supply four million tons annually to the China National Petroleum Corporation (CNPC), matches the terms of a...
- Asian countries led by China, Japan and South Korea are the main market for Qatar's gas, which has been increasingly sought by European countries since Ukraine war.
- Earlier this month, QatarEnergy agreed a 15-year supply deal with Bangladeshi state firm Petrobangla, and last month it awarded a $10 billion contract to France's Technip.
Business
Boeing, Airbus notch up big orders
At list prices, the Airbus deal is worth $3.3bn and Boeing's $1bn.
- Philippine Airlines will buy nine of Airbus' A350-1000 planes, while Air Algerie will buy eight of Boeing's medium-haul 737 MAX-9 aircraft.
- Faced with growing demand for long-haul planes, Airbus is pushing to increase production of the A350, its latest airliner, setting a target of nine per month by the end of 2025.
Geostrategy
Riyadh faces Rome and Busan in race to host World Expo 2030
Paris. France -- The candidature of Saudi Arabia (for Riyadh), South Korea (Busan) and Italy (Rome) for World Expo 2030...
- At the 172nd General Assembly of the BIE, Member States were presented with the findings of Enquiry Missions carried out by the BIE to assess the candidature projects for Expo2030.
- Riyadh's bid for Expo between 1 October 2030 and 31 March 2031 is under the theme “The Era of Change: Together for a Foresighted Tomorrow”.
Business
Arada’s US$500m Sukuk lists in Nasdaq Dubai
DUBAI, UAE - Arada's US$500 million Sukuk was listed in Nasdaq Dubai. The Sukuk is the first issuance by Arada...
- This marks Arada’s first listing in the UAE, following its Sukuk listing last year on the London Stock Exchange.
- Arada has embarked on projects worth US$10 billion under development in Sharjah and Dubai.
Business
ADNOC L&S gets new VLCC
VLCCs carry almost 2 million barrels of crude per voyage.
- The vessel is the first of four dual-fuel engine very large crude carrier which can also run on liquefied natural gas
- ADNOC L&S has committed approximately $2 billion to build more environmentally efficient vessels.
Business
Alibaba names new CEO, chairman
The move fits in with its plan to reorganize business operations.
- Under the reshuffle, Joseph Tsai will serve as chairman and Eddie Wu as CEO -- replacing Daniel Zhang, who holds both roles, appointments will take effect on September 10
- Daniel Zhang said in a statement it was the "right time" for him to step down as Alibaba looks to implement a full spin-off of its advanced cloud computing unit
Economy
Islamic banks’ assets climb up to US$177bn in Q1 of 2023: CBUAE
Abu Dhabi, UAE--Gross assets of the Sharia-compliant banks in the UAE climbed to $177 billion by the end of the...
- According to the CBUAE, there was an increase in Islamic banks' credit to US$109 billion toward the end of March 2023, an annual growth of 2.51 percent
- The apex bank noted the jump in the Islamic banks' deposits to US$123.45 billion in March 2023, an annual rise of 6.2 percent, from nearly US$116.26bn in March 2022
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
Company News
Masdar eyes Europe for growth
Business
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Volkswagen to reduce workforce
Business
BAT takes shock $32bn hit
Business
Air cargo demand up 8.3 percent in November 2023, says IATA
GENEVA, SWITZERLAND - The International Air Transport Association (IATA) released data for November 2023 global air cargo markets indicating the...
Business
Boost investment to avert ‘decade of wasted opportunity’: World Bank
Global growth is set to slow from an estimated 2.6 percent in 2023 to 2.4 percent this year, 0.75 percentage...
Economy
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Business
ByteDance to sell gaming arm
It is in talks with buyers including tech giant Tencent.
- The discussions would see the firm sell Nuverse, a video game publisher that is a subsidiary of ByteDance
- Nuverse was once viewed by the firm as a vital component in its bid to catch up with Tencent
Business
CES gadget fest a showcase for AI-infused lifestyle
The annual Consumer Electronics Show gathering boasts more than 3,500 exhibitors and is expecting some 130,000 visitors. Companies big and...
- CES exhibitor and attendee numbers have jumped each year since the Covid-19 pandemic caused it to be an online-only event in 2021
- While the show is increasingly a showcase for startups, big brands such as Amazon, Google, Intel, Netflix, Samsung, SonY will also be there
Business
Aldar to invest US$272m in logistics
The developer will expand business in Dubai, Abu Dhabi.
- It will acquire assets and develop ready-to-lease and build-to-suit options in response to strong demand for grade A logistics facilities
- In Dubai, Aldar has bought 7 central logistics hubs and an adjacent plot, which will almost double the current gross leasable area of 19,000 sqm