Norway experiments with electric plane in real-life test
Oslo, Norway -- An electric plane took to the skies between the Norwegian airports Stavanger and Bergen on Thursday, simulating...
Science
Business
KNPC exports first shipment of 95 octane motor fuel to Europe
Kuwait City, Kuwait--The Kuwait National Petroleum Company (KNPC) has exported the first shipment of 95 octane motor fuel and low-sulfur...
- The deputy CEO of the company said that the first shipment was loaded on board the oil tanker Pacific Sarah from Mina Al-Ahmadi
- He said the shipment was dispatched in close cooperation and coordination with Kuwait Petroleum Corporation's international marketing sector
Business
Saudia Cargo signs deal with Jan de Rijk
It will enable Saudia Cargo to widen network in Europe.
- As per the terms of the deal, Saudia Cargo will use Jan de Rijk's extensive trucking network to shore up its operations in Europe
- Set up in 1971, Jan de Rijk Co, is a leading provider of European transportation, distribution services, and supply chain management solutions
Business
Abu Dhabi records 363% growth in FDI in the real estate sector during H1 2023
Abu Dhabi, UAE - The foreign direct investment (FDI) in the individual category within Abu Dhabi's real estate sector has...
- Saadiyat Island claimed the top spot with 34%, followed by Yas Island at 28%, Al Jurf at 12%, Al Reem Island at 11%, and Al Shamkha area at 8%
- Earlier in June, Fortinbras Enterprises, a New York-based firm, made a strategic investment in Peninsula Real Estate, an Abu Dhabi-based property investment company
Business
Flying taxis: Saudi Arabia stares at sustainable skies
NEOM, the Kingdom's futuristic city, hosts Volocopter's pioneering eVTOL aircraft test flights, marking a substantial stride towards sustainable, smart mobility.
- NEOM, the Kingdom's futuristic city, hosts Volocopter's pioneering eVTOL aircraft test flights, marking a substantial stride towards sustainable, smart mobility
- 'Taxi ports', air traffic systems, private sector participation, and new regulations are crucial to futuristic transportation to ensure safety and efficiency in mobility
Economy
Eurozone witnesses steepest downturn in eight months in July
The painful PMI data comes as the European Central Bank is eyeing a further rate hike this week in its...
- "The eurozone economy will likely move further into contraction territory in the months ahead, as the services sector keeps losing steam."
- The eurozone's struggles were fueled by steep downturns signaled by surveys from economic powerhouses France and Germany.
Business
PSG allows Al Hilal to contact Mbappe over $333 million deal
Osaka, Japan - Paris Saint-Germain have given Saudi club Al Hilal permission to speak to Kylian Mbappe after tabling a world...
- The Riyadh-based club has made a formal offer by letter, a source told AFP, but such a transfer could only be made with the agreement of Mbappe.
- Mbappe has one year left on his contract with PSG, who want him to leave now rather than for nothing next summer.
Business
DIFC Courts posts staggering 692% rise in value of first-half claims
Dubai, UAE -- Dubai's position as the leading hub for international dispute resolution has been further strengthened as the Dubai...
- The total value of 455 cases filed reached AED 15 billion. The Court of First Instance (CFI) witnessed 52 cases with a total value of AED 14.9 billion.
- The cases spanned various sectors, including banking and finance, real estate, construction, manufacturing, retail, hospitality, and maritime.
Business
Al Rajhi Bank’s profit dips marginally
The decline was attributed to decrease in total operating income.
- There was a decrease in impairment charge for financing from SAR 1.15 billion to SAR 719 million by 38 percent.
- The second-quarter net profit declined 3 percent to SAR 4.15 billion from SAR 4.25 billion in Q2 2022.
Business
Bank Albilad H1 profit up 14%
The H1 profit reached SAR 1.14bn ($303m) and Q2 profit SAR 585.9m.
- Albilad said net income has increased in the first half due to the increase in total operating income by 4 percent.
- The Q2 2023 net profit rose by 15 percent to SAR 585.9 million from SAR 510.98 million in Q2 2022.
Business
Binance US has been involved in wash trading activities, say reports
The Wall Street Journal (WSJ) reported that CZ confirmed that $70,000 worth of Bitcoin, traded on Binance US's launch day,...
- Among the claims, the lawsuit alleges that Binance utilized Sigma Chain, a company under CZ's ownership, to manipulate trading volume.
- Binance says it will list on Worldcoin, a digital currency linked to an identity project co-founded by AI programmer and entrepreneur Sam Altman.
Company News
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Paris stocks hit record thanks to luxury
Market Report
Dubai’s real estate soars with notable market growth
The emirate's residential market witnesses an 18% sales surge and a 26% rental increase due to investor confidence and a...
Business
Apple’s changes contradicts European rules, 34 firms complain
Brussels, Belgium - Changes Apple is making to its services in the European Union "make a mockery" of new antitrust rules...
Business
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Business
EU queries Meta about ad-free subscriptions, shadow banning
BRUSSELS, BELGIUM - The EU on Friday used new regulatory powers to query Meta about ad-free subscriptions to Facebook and Instagram as...
- The European Commission made a request for information under the mammoth content moderation law known as the Digital Services Act (DSA).
- The EU has launched probes under the DSA to quiz platforms on how they are addressing concerns from consumer protection to children's activity online.
Business
ADIB 2023 net profit $1.4bn
The bank achieved a Return on Equity of 27.1 percent.
- ADIB achieved record-breaking performance in 2023, with significant growth across all its businesses.
- Enhancing its digital presence, the bank saw a rise in actively digital customers through improvements to its mobile app.
Business
Elon Musk files lawsuit against OpenAI over mission ‘betrayal’
Paris, France - Elon Musk has launched a legal case against OpenAI, the AI firm he helped to set up in...
- The tycoon, who left OpenAI in 2018, argued in documents filed in a San Francisco court late on Thursday that the firm was always intended as a non-profit entity
- But he said recent boardroom changes meant OpenAI was now effectively a subsidiary of software giant Microsoft, arguing that this was breach of contract