Parkin to give more shares to retail investors in its IPO
Dubai, UAE - Parkin Company on Tuesday announced an increase in the number of shares offered in the UAE Retail...
Business
Business
US firms to pay $1.2bn to clear claims of contaminating water sources
Three major chemical manufacturers announced that they will pay nearly $1.2 billion to settle claims that they contaminated water sources...
- Chemours would contribute $592 million, DuPont $400 million and Corteva $193 million to the settlement fund.
- The group of chemicals known as PFAS, per- and polyfluoroalkyl substances, have been found to cause cancer and other health problems.
Business
Renewable power capacity to rapidly expand, IEA report reveals
PARIS, FRANCE - Renewable power capacity is expected to jump by a third this year globally as growing policy momentum,...
- Renewables are at the forefront of Europe’s response to the energy crisis, accelerating their growth there.
- New policy measures are also helping drive significant increases in the United States and India over the next two years.
Business
DEWA extended 64km water transmission pipelines in 2022
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) extended water transmission pipelines of 64 kilometers lengths in several areas...
- The transmission pipeline extensions have remote monitoring for control of key water networks effectively around the clock.
- This is through automated valves operated from the control centre to reduce interruptions and water network losses.
Business
Middle Eastern Airlines post 38% rise in traffic in April 2023
Dubai, UAE - Middle Eastern airlines carriers posted a 38 percent increase in traffic in April compared to the same...
- With a capacity increase of 27.8 percent, Middle Eastern airlines accommodated the growing demand for air travel
- Total air travel reached 90.5 percent of pre-Covid levels, highlighting a significant rebound in passenger demand
Business
Cloud adoption may unlock $181bn for UAE economy
By 2036, cloud infrastructures in UAE could generate $11.2bn for the country's economy, supporting about 6,000 full-time jobs annually, says...
- By 2036, cloud infrastructures in UAE could generate $11.2bn for the country's economy, supporting about 6,000 full-time jobs annually, says a report by Amazon Web Services
- The UAE outpaces the MENA region in cloud computing, with a 1% increase in cloud usage potentially boosting the GDP by an average of 0.21%, or $854.7m annually, it adds
Business
RAKEZ presents benefit of investing in UAE industrial zones
RAS AL KHAIMAH, UAE -Â Ras Al Khaimah Economic Zone (RAKEZ) successfully participated in the second edition of the Ministry...
- Make it in the Emirates Forum brings together investors, prominent stakeholders to discuss the role of industrial zones in driving economic progress.
- The forum aimed to position the UAE as a preferred hub for emerging industries on a global scale and promote local production by attracting investors.
Economy
US job hiring rises in May but wage gains ease
Hiring in the United States heated up again in May, according to government data released, with the strong labor market...
- The United States added 339,000 jobs last month, surpassing estimates and picking up from a revised 294,000 figure in April.
- Wage gains in the US moderated slightly with average hourly earnings up by 0.3 percent, slightly down from 0.4 percent in April.
Business
MoIAT inks MoU with MEXT to implement industrial transformation Index
ABU DHABI, UAE - The Ministry of Industry and Advanced Technology (MoIAT) and MEXT signed a memorandum of understanding (MoU)...
- The move is part of the UAE's efforts to accelerate decarbonization and digitalization within the global manufacturing sector.
- First implemented in the UAE in February in line with the UAE Net Zero by 2050 strategic initiative, the ITTI will soon be deployed in the region.
Business
ADIA, EQT to buy Dechra Â
The acquisition is expected to complete by early 2024.
- The offer was pitched at US$48.5 (£38.75) per share - a 44-percent premium from April 12 - before Dechra first revealed it was holding bid talks.
- Dechra Pharmaceuticals has over 2,000 employees and seven production sites across the world, and sells veterinary products in 63 countries.
Business
Thales launches initiative to promote UAE-made products, expertise
Dubai, UAE -- French multinational aerospace and defense technologies company Thales has launched 'Go to UAE' initiative with the support...
- Launched on day two of the Make it in the Emirates Forum, the initiative is being carried out in collaboration with Tawazun Council.
- The initiative will help UAE suppliers benefit from this program by integrating with opportunities across Thales Global Supply Chain.
Company News
Latest News
‘AD Ports redefines future of maritime and logistics’
"Our achievements demonstrate that traditional approaches no longer suffice in the rapidly evolving global market. We have embraced change, not...
Business
GCC realty builds on diversification, sustainability
The Gulf real estate sector demonstrates remarkable resilience, buoyed by strategic economic diversification and a focus on sustainable and innovative...
Business
Most Read
Business
IHC announces formation of 2PointZero – a next generation holding company
ABU DHABI, UAE - The International Holding Company (IHC) announced the initiation of the transfer of 2PointZero, a next generation...
- 2PointZero is more than a holding company - it embodies a vision of progress across a variety of industry verticals.
- Spanning multiple sectors, business combinations of entities under common control, have been combined to form 2PointZero.
Business
Baidu cancels YY Live deal
The deal was originally expected to be completed by 2021.
- Baidu, the country's top search engine company, agreed in 2020 to buy JOYY Inc's Chinese live video business YY Live for $3.6 billion
- However, Baidu said in a Hong Kong stock exchange filing on Monday that it would terminate the purchase agreement
Arts & Culture
Over 12m people visit Riyadh Season in 60 days
RIYADH, SAUDI ARABIA - Two months after their launch, on October 11, 2023, Riyadh Season events had already attracted 12...
- Riyadh Season attracts large number of visitors with different kinds of activities and experiences.
- It is one of the major Saudi events that establishes new concepts in the world of entertainment.