Chinese cluster now world’s top innovation hotspot: UN
Geneva, Switzerland -- Shenzhen-Hong Kong-Guangzhou has overtaken Tokyo-Yokohama to become the world's top cluster for innovation, the United Nations said...
Business
ADNOC completes $316 million sale of ADNOC L&S shares
ABU DHABI – Abu Dhabi National Oil Company (ADNOC) has sold a 3 percent stake in its logistics and shipping...
Business
Economy
Commercial transport sector added $4.38bn to Dubai economy, says RTA
DUBAI, UAE - Commercial transport sector contributed AED16.1 billion ($4.38bn) to Dubai's economy in 2022, said Mattar Al Tayer, Director-General,...
- The commercial transport activities sector has experienced consistent economic growth over the last two years fueled by e-commerce, said an official
- The number of registered commercial vehicles operated by these companies exceeds 300,000, reflecting a 16 percent growth rate compared to 2021, he noted
Geostrategy
Israeli court orders government to release seized Palestinian boat
GAZA CITY, PALESTINIAN TERRITORIES - Israel returned a boat to a Gaza fisherman it had seized for allegedly breaching the limits...
- Israeli authorities had called for the vessel, belonging to fisherman Mohammad al-Hissi, to be permanently confiscated.
- However, a Haifa court last month ordered that the boat be returned to Hissi even as legal proceedings continued.
Business
Lebanon’s poverty means more work for craftsmen
As inflation averages 171% in 2022, one of the highest rates worldwide, people prefer to fix old items such as...
- Despite the crash, Lebanese officials have failed to enact reforms demanded by international donors that would unlock bail-out funds.
- The Lebanese pound has lost around 98 percent of its value against the US dollar, and most of the population has been plunged into poverty.
Business
Almarai profit rises 27% in H1
The higher earnings were driven by an increase in revenue.
- The first-half results were also lifted by Almarai’s full acquisition of International Dairy and Juice Limited (IDJ) despite higher finance costs. Â
- The company’s Q2 2023 net profit rose 7 percent to SAR557.1 million, compared to SAR520.36 million in the year-earlier period.
Business
Herald, SAIF Zone sign agreement
Herald aims to expand its presence in the region.
- Under the new deal, Herald Holdings has secured 173,000 square feet (sq.ft) on lease in SAIF Zone to construct a logistics facility.
- The facility will offer comprehensive warehousing services and seamless cargo transportation by air, land, and sea.
Twitter has lost half its advertising revenue, says Musk
Twitter owner Elon Musk said Saturday that the social media platform he bought for $44 billion last October has lost...
- Insider Intelligence has reported that Twitter was set to earn less than $3 billion in 2023, down one-third from 2022
- Twitter is thought to have around 200 million regular users but it has suffered repeated technical failures since Musk bought the platform
Tesla rolls out its first electric pickup, the Cybertruck
The company had promised in April that it would be rolling out the first Cybertrucks before the end of the...
- In May, Musk said the company hoped to build 250,000 of the trucks a year - a number he said could eventually double, given a relatively accessible price tag
- Tesla will be making three models of the Cybertruck, a vehicle that can accelerate from zero to 60 miles per hour (100 kilometers per hour) in less than three seconds
Economy
Modi’s visit: India, UAE sign pact to trade in local currencies
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) and the Reserve Bank of India (RBI) on Saturday...
- CBUAE and RBI aim to develop the foreign exchange market, facilitate bilateral trade, encourage direct investment, and facilitate financial transfers
- The pact enables acceptance of local cards in both countries for ATM cash withdrawals and direct point-of-sale purchases without relying on external payment networks
Business
Rise in foreign sukuk offset by local currency decline
Saudi Arabia's reduced banking liquidity and lower oil prices have led to a decline in local currency sukuk, but a...
- Saudi Arabia's reduced banking liquidity and lower oil prices have led to a decline in local currency sukuk, but a surge in foreign currency issuances, says a report
- A new report by S&P Global Ratings indicates mixed activity levels, suggesting the need for harmonization of Sharia standards to attract non-core jurisdictions
Business
CBD H1 2023 net profit $133m
Profit is a 41.5 percent jump compared to H1 2022.
- This remarkable growth in net profit is attributed to outstanding revenue contribution across net interest and other operating income.
- The economic outlook for the UAE and business confidence continue to be encouraging, powered by buoyant domestic activity.
Chinese cluster now world’s top innovation hotspot: UN
Geneva, Switzerland -- Shenzhen-Hong Kong-Guangzhou has overtaken Tokyo-Yokohama to become the world's top cluster for innovation, the United Nations said...
Business
Company News
Latest News
ASML profit soars to US$8.5bn
Business
AI the new obsession for venture capital investing
Stung by the struggles of cryptocurrency and other faded Silicon Valley fads of recent years, venture capitalists have quickly doubled...
Nissan plans self-driving taxi service in Japan
It has been testing self-driving mobility services since 2017.
Business
Bitcoin surpasses $57,000 as crypto rally remains strong
Dubai, UAE - The price of Bitcoin on Tuesday surged past $57,000, demonstrating the continued strength of the cryptocurrency market...
Business
Most Read
Business
Chevron $53bn Hess deal in danger
Rivals' challenge to the control of a key oil asset can derail the acquisition.
- The issue concerns Hess's 30 percent stake in the Stabroek Block offshore Guyana, a mammoth oilfield that was a driver of the takeover.
- Stabroek is operated by US giant ExxonMobil, which has a 45 percent stake. Chinese company Cnooc holds the remaining 25 percent of the project.
Business
UAE announces US$2,722 penalty for late corporate tax registration
ABU DHABI, UAE – The Ministry of Finance on Tuesday announced the issuance of Cabinet Decision No. 10 of 2024...
- A penalty of US$2,722 (AED10,000) will be imposed on businesses that do not submit their Corporate Tax registration applications on time.
- The penalty was implemented to prompt taxpayer compliance with laws through timely corporate tax registration.
Geostrategy
WTO approves services trade rules, overcoming objections
The set of rules will streamline authorization requirements and ease procedural hurdles faced by businesses, according to a press release....
- Its integration into the WTO implies all 164 members have approved as per the body's rules which require full consensus.
- Ministers' negotiations also focused on fisheries and agriculture, but progress could be made on a new global agreement on fisheries subsidies.