Ajman records real estate transactions worth US$195m in February
AJMAN, UAE – Director-General of Ajman’s Department of Land and Real Estate Regulation Eng. Omar bin Omair Al Muhairi said...
Business
Economy
Sri Lankan economy contracts 11.5 percent in Q1 2023
COLOMBO, SRI LANKA - Crisis-hit Sri Lanka's economy shrank by 11.5 percent in the first quarter just before an IMF bailout...
- The contraction in the first three months compared with shrinkage of 0.5 percent in the corresponding period of 2022.
- A currency crisis from late 2021 led to severe shortages of food, fuel and medicines and triggered months of protests.
Business
Audi Middle East achieves 33% sales growth in first 5 months of 2023
DUBAI, UAE : Â Â In the first five months of 2023, Audi Middle East achieved a 33 percent growth compared to...
- This success is bolstered by Audi's strategic partnerships and investments in electric vehicle infrastructure across the Middle East.
- Audi's EV portfolio now features an extensive range of models, spanning sports cars, sedans, hatchbacks, and the SUVs.
Business
Qatar bid for Man Utd awaiting clarity after reports of exclusivity offer
London, United Kingdom -- A source close to Sheikh Jassim Bin Hamad Al Thani said Thursday that the Qatari bidders...
- United announced in November that the board was exploring "strategic alternatives to enhance the club's growth", with a full sale one of the options.
- Sheikh Jassim made a final bid for the club and it is understood that his offer is viewed more favorably by the owners than a rival bid from British billionaire Jim Ratcliffe.
Business
Tawuniya Q1 2023 net profit $20m
Insurance services results in Q1 improved by US$55 million.
- The growth in revenues were offset by an increase in claims incurred and attributable expenses by US$172 million.
- Tawuniya booked additional risk adjustments of US$10 million in Q1 2023 and additional acquisition costs of US$18 million.
Business
Finland firm to slash 1,150 jobs
Stora Enso plans to permanently close four units in Europe.
- Stora Enso employs 22,000 people in over a dozen countries around the world, including South America and China.
- The planned restructuring actions would result in a 380 million euro ($411 million) hit to Stora Enso's annual sales.
Business
ESG, Q Holding form joint venture
JV to develop accommodation project in Abu Dhabi island.
- This project aims to address the diverse housing needs of employees in sectors such as healthcare, transportation.
- Upon completion, the project will cater to approximately 5,000 staff, offering a convenient environment.
Business
Tecom secures $2.06bn loan
This facility replaces an existing partially utilized term loan of the same amount.
- The loan is split into a term loan of AED 4.4 billion, equivalent to the drawn-down amount from the previous agreement, and a revolving credit facility of AED 3.2 billion.
- The company said the new loan facility offers greater financial flexibility and more favorable terms, resulting in immediate interest expense savings over the five-year period.
Business
UAE Ministry of Energy joins National ICV Program
DUBAI, UAE - The Ministry of Energy and Infrastructure (MoEI) has joined UAE's National In-Country Value (ICV) program following a...
- The MoU supports national strategic objectives to boost the growth of the industrial and advanced technology sectors.
- It aligns with the National ICV program's aims to enhance economic growth by redirecting government expenditure into the national economy.
Business
Mawani to set up $533m petroleum products storage center
Riyadh, Saudi Arabia -- Saudi Arabia's General Authority of Ports, known as Mawani, has joined forces with Albanova International Company,...
- This initiative is part of a project aimed at developing a leading center for bunkering ships at King Fahd Industrial Port in Yanbu.
- The 393,000-square-meter center aims to accommodate storage tanks for trading, blending, and storing petroleum materials, meeting the logistical demands of the petroleum industry.
TikTok’s e-commerce venture paying off in Southeast Asia
From Indonesia, TikTok Shop "aggressively expanded into five additional Southeast Asian markets, many of which boasted large populations of TikTok...
- TikTok Shop capitalised on the legions of users of the popular video-sharing app to expand its business in 2022 after testing the waters in Indonesia in 2021
- While it lagged rivals Shopee and Lazada, TikTok Shop posted fastest growth rate expanding its gross merchandise value, sevenfold to $4.4 billion in 2022
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Spotify cuts 17% jobs
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HPDC, HDC ink agreement
Business
Rolls-Royce makes record deliveries
It delivered 6,032 cars in 2023, the highest in its 119-year history.
Business
Bahrain Steel raises $450m SLL
The company produces and supplies high-grade iron ore pellets.
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Business
ADQ appoints new ADX chairman
The company also appointed two new Board directors.
- Ghannam Butti Al Mazrouei is the Secretary-General of the Emirati Talent Competitiveness Council, where he oversees an AED24bn program.
- Al Mazrouei also serves on the boards of Abu Dhabi Retirement Pensions and Benefit Fund and AafaQ Islamic Finance.
Business
Vinfast to build EV factory in India
It is part of the company's planned US$2bn investment.
- According to a VinFast statement, the facility will be in the southern state of Tamil Nadu
- In August last year, the firm listed on the Nasdaq as its valuation skyrocketed and then crashed
Business
China’s Evergrande says head of EV arm detained
At the time of its establishment in 2019, Evergrande NEV said it aimed to become the world's leading manufacturer of...
- Once China's biggest real estate developer, Evergrande has reported more than $300 billion in liabilities and its troubles have become a symbol of the nation's years-long property
- The firm's electric vehicle arm NEV said Monday that Liu Yongzhuo - listed on its website as its president - had "been detained in accordance with the law on suspicion of illegal