Musk’s title of richest person challenged by Oracle’s Ellison
New York, United States - Billionaire Elon Musk is at risk of losing his title of world's wealthiest person to...
Business
UK publisher of Daily Express, Mirror tabloids announces job cuts
London, United Kingdom - The British media group which owns the Daily Express and Daily Mirror tabloids on Monday announced...
Business
Economy
GAFTA imports from Jordan shoot up 16.6% to US$1.60bn
Amman, Jordan-- Exports to Greater Arab Free Trade Area (GAFTA) countries from Jordan increased 16.6%, amounting to $1.60 billion, compared...
- The value of Jordan's imports from GAFTA recorded a 13.8 percent drop during the January-May period of 2023 to $2.69 billion
- The kingdom's trade balance deficit with the GAFTA countries dopped at the end of May this year to about US$1.08 billion
Economy
Jordan’s exports to EU climb 23.4% to US$192m in first five months of 2023
Amman, Jordan--Jordan's exports to the European Union (EU) shot up 23.4 per cent during the first five months of 2023...
- The value of the kingdom's imports from the EU during the first five months of 2023 rose 3.6 per cent to $1.66 billion
- Germany topped the list of countries from which Jordan imports, with the value of import climbing to $356 million
Economy
COP28 president urges G20 to take lead role on climate action
Speaking at G20 Climate Sustainability Ministerial Meeting in India, Dr. Sultan Al Jaber said G20 makes up some 85 percent...
- He urged all to demonstrate commitment to the UN Secretary General’s Climate Solidarity Pact and Acceleration Agenda
- The upcoming COP28 will be the first edition of the conference to explicitly link climate impacts to global health
Business
Black Cobra signs MoU with OSTIM
The Abu Dhabi firm will push for growth in the defense sector.
- The MoU will seek to create opportunities for growth and innovation in the aerospace and defense sectors
- The agreement between the two corresponds with the UAE's vision to boost bilateral relations with Turkey
Binance allegations stir up Middle East crypto market
Amidst the escalating crackdown on key cryptocurrency players, the Middle East is emerging as a potential beneficiary and a new...
- Amidst the escalating crackdown on key cryptocurrency players, the Middle East is emerging as a potential beneficiary and a new frontier for the crypto industry
- Bahraini cryptocurrency firm Rain comes to the UAE, while Coinbase CEO's UAE visit hints at potential expansion. Zurich's Julius Baer is also eyeing Middle East
Business
Aramco, 5 local firms to jointly work on project in Pakistan
ISLAMABAD, PAKISTAN - Five Pakistani state-owned companies are set to collaborate with Saudi Arabia’s Aramco to execute a $10 billion...
- The proposed joint venture will establish a mega refinery in Gwadar with a capacity of 400,000 barrels per day.
- The government of Pakistan has already approved a refinery policy for new projects in the country.
Geostrategy
Egypt calls for renewal of Black Sea grain export deal
MOSCOW, RUSSIA - Egypt's president on Friday called on Russia and Ukraine to find "urgent solutions" to allow the resumption of...
- Moscow withdrew from the agreement after protesting for months that parts of the deal that allowed for export of Russian fertilizer were not honored.
- Russia refused to extend a deal brokered by UN and Turkey, under which Ukrainian grain exports passed through the Black Sea to reach global markets.
Business
ESG H1 net profit $162m
The net profit increased by 831 percent year on year.
- The revenue for H1 2023 experienced an 81 percent growth, amounting to AED 266 million, as opposed to AED 147 million in H1 2022.
- ESG's total assets surged by 93 percent in comparison to December 2022, culminating in a value of AED 2.2 billion by June end.
Arts & Culture
Saudi club Al-Ahli signs Manchester City player Riyad Mahrez
London, United Kingdom - Manchester City forward Riyad Mahrez has left the treble winners to join Saudi side Al-Ahli, the two...
- The 32-year-old Algerian winger joined Pep Guardiola's team in 2018 from Leicester, winning 11 major trophies at the club.
- City agreed a fee understood to be worth up to £30 million ($38.6 million) with Al-Ahli last week.
Business
ExxonMobil Q2 profits $7.9bn
Profits fell on lower refining margins, natural gas prices.
- Natural gas prices are down sharply from the year-ago period following a mild winter.
- The comparative weakness in refinery margins reflects sluggish economic conditions.
Musk’s title of richest person challenged by Oracle’s Ellison
New York, United States - Billionaire Elon Musk is at risk of losing his title of world's wealthiest person to...
Business
Company News
Ghitha 2023 revenue at $1.2bn
Business
Dubai Investments buys GFP stake
Business
Latest News
Hamad Al Marar is EDGE CEO
Business
DAE, Turkish Airlines ink pact
Business
Tesla stops production at German plant after suspected arson attack
Michael Stuebgen, interior minister for Brandenburg state, said that "if initial findings are confirmed, this is a perfidious attack on...
Geostrategy
Food dispatch app Uber Eats launches robot deliveries in Tokyo
Uber Eats' boxy robots have square headlights for eyes and three wheels on each side to navigate kerbs as they...
Most Read
JetBlue, Spirit Airlines cancel merger
Earlier, a federal judge ruled it violated US antitrust law.
- Shares of Spirit slumped 14.5 percent in early trading Monday, while JetBlue rose 3.9 percent
- Spirit said it has enlisted advisors on efforts to refinance and reduce debt payments
UAE F&B sector set to soar, projected to reach $20bn in 2024
Dubai, UAE - The UAE’s foodservice market is poised to reach $19.98 billion in 2024, with further projections indicating a substantial...
- The report emphasizes the robust expansion of the F&B sector, forecasting a compound annual growth rate (CAGR) of 17.09%
- Fine dining is experiencing substantial growth with annual increases of almost 20% in Dubai and 33% in Abu Dhabi
Business
American Airlines orders 260 jets
It is part of the airlines' effort to 'modernize' its fleet.
- The airline said in a statement that the order comprises 260 new planes, plus options for an additional 193 aircraft
- Its CEO said the airline has invested heavily to modernize and simplify its fleet, the largest among US network carriers