Vodafone sells Italian unit to Swisscom
British telecoms giant sold the business for US$8.7 billion.
Business
Former US treasury secretary says preparing buyout of TikTok
Washington, US - Former US Treasury Secretary Steven Mnuchin on Thursday said he is putting together a team of investors to...
Geostrategy
Business
ADDED partners with Valeo to set up electric cars technology hub
Dubai, UAE -- Abu Dhabi's Department of Economic Development (ADDED) has joined forces with Valeo, a global automotive technology company,...
- The partnership aims to accelerate the growth of the automotive industry in the emirate and provide support to local electric car startups.
- Valeo, known for its advanced technologies and sustainability vision in green cities, plans to explore new areas of development through the integration of its expertise in the hub.
Business
Micron to invest $600m in China plant
Beijing had banned its chips from critical infrastructure projects.
- China's cybersecurity watchdog last month said Micron had failed a national security review, telling operators of "critical information infrastructure" to stop buying its products.
- About 10 percent of Micron's $30.8 billion annual revenue last year came from China, according to company data.
Business
Dubai International Chamber opens Europe’s first representative office in UK
DUBAI, UAE - Dubai International Chamber (DIC), one of the three chambers operating under Dubai Chambers, inaugurated on Friday a...
- The new office will focus its efforts on strengthening relationships with key public and private sector stakeholders.
- The office will support UK firms seeking to relocate to expand in Dubai and grow their business through the emirate.
Business
Saudi securities disputes compensation $586 million in four years
Saudi Arabia's Capital Market Authority (CMA) has revealed a staggering 4275 percent surge in the value of compensation for individuals...
- In 2022 alone, the compensation value amounted to 1.75 billion riyals, compared to 40 million riyals in 2019, 93 million riyals in 2020, and 367 million riyals in 2021.
- The number of compensators has also witnessed a significant rise, with a total of 2,352 individuals seeking compensation in the past four years.
Business
Saudi Arabia’s SVC invests $30m in Bedaya Fund II
RIYADH, SAUDI ARABIA - Saudi Venture Capital (SVC) announced its investment of US$30 million in Bedaya Fund II, which is...
- SVC is a government investment company and is a subsidiary of the SME Bank, one of the development banks affiliated to the National Development Fund.
- SVC aims to stimulate and sustain financing for startups and SMEs from pre-Seed to pre-IPO by investing $1.6 billion in funds and co-financing in startups.
Business
Finding private sector jobs difficult for 62% percent Emirati graduates
Despite this pessimistic view, however, 61 percent of the surveyed graduates expressed interest in joining the private sector, said PwC's...
- Despite this pessimistic view, however, 61 percent of the surveyed graduates expressed interest in joining the private sector, said PwC's Emiratization Survey 2023.
- The survey sheds light on the efforts made by the UAE to enhance Emirati participation in the private-sector workforce, in line with the country’s national vision mandate.
Musk heads to France to discuss investment with Macron
After talking to Macron, Musk will appear before an audience of thousands at VivaTech for what is billed as an...
- Macron confirmed during a visit to France's technology trade fair VivaTech earlier this week that he would meet the businessman to "tout the attractiveness of France and Europe"
- After talking to Macron, Musk will appear before an audience of thousands at VivaTech for what is billed as an hour-long "conversation" with the event's French founder Maurice Levy
Business
Dubai logs over $678m in realty transactions on Thursday
Dubai, UAE - Dubai witnessed 604 sales transactions totaling AED2.1 billion ($567.8 million) on Thursday in addition to 106 mortgage...
- The sales transactions consisted of 557 villas and apartments worth $449.6 million and 47 land plots worth $117.7 million
- As for the mortgage deals, 94 villas and apartments were involved, with a value of $67.8 million, along with 12 land plots valued at $23.7 million
Business
Gulf telecom shows robust growth, eyes new avenues
Driven by expats and national development programs, the UAE and Saudi Arabia are expected to experience growth in consumer and...
- Driven by expats and national development programs, the UAE and Saudi Arabia are expected to experience growth in consumer and enterprise segments, say experts
- Telecom operators in the region are diversifying into fintech, gaming, healthcare, cybersecurity, cloud, IoT, and emerging tech, driving digital transformations across sectors
Business
Siemens to expand business
BERLIN, GERMANY - German industrial giant Siemens said on Thursday it would build a new high-tech factory in Singapore and expand...
- Details on further investments in Europe and the United States across the globe are expected to follow, said Siemens.
- The group's announcement came after the German government published its first National Security Strategy that took aim at China for acting against Berlin's interests.
Vodafone sells Italian unit to Swisscom
British telecoms giant sold the business for US$8.7 billion.
Business
Company News
Mubadala invests in Zenobē
Business
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A short history of the Boeing 737 MAX
The plane, which suffered a dramatic blowout of a fuselage panel during a flight over the US state of Oregon,...
Business
Saudi Arabia, Belarus ink MoU to boost trade, investment
RIYADH, SAUDI ARABIA - The Federation of Saudi Chambers and the National Center for Marketing and Price Study at the...
Geostrategy
Qatar sees 36.1 percent surge in visitor arrivals in Nov 2023
Doha, Qatar -- Qatar witnessed a 36.1 percent increase in the number of inbound visitors in November 2023, compared to...
Business
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Business
Baims acquires Orcas Edtech
The firm plans to incorporate one-to-one tutoring services.
- Baims specializes in providing online tailored recorded courses for university students in Saudi Arabia, Kuwait, Bahrain, and Jordan.
- Capitalizing on its market share in Saudi Arabia, Baims is poised to launch a specialized AI-driven test preparation product.
Business
Bahrain Steel raises $450m SLL
The company produces and supplies high-grade iron ore pellets.
- The proceeds from this loan will be directed towards CAPEX for constructing the world’s largest stockyard shed with rooftop solar panels.
- The SLL's framework incentivizes Bahrain Steel to exceed mandatory greenhouse gas (GHG) emissions reductions.
Business
Dubai SME joins hands with CXDA to attract investment
DUBAI, UAE – The Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), a part of Dubai...
- The strategic partnership with Dubai SME outlines a comprehensive roadmap.
- This will introduce AI for equipping SMEs with innovative financial solutions.