DHL to stop global shipments worth over $800 to US consumers
Washington, United States -- Global shipping giant DHL will "temporarily" suspend the shipping of parcels worth more than $800 from...
Business
Economy
UAE government unveils next generation of ‘future design tools’
Dubai, UAE--The UAE has unveiled what it calls as the next generation of future design tools, enabling government entities to...
- The network released a guidebook that will be a reference for national institutions to craft initiatives aligning with global transformation trends
- The platform will encourage government entities to adopt future-proof practical projects, prioritize future-supporting projects and support cooperation
Economy
UAE banking system maintained stable funding in Q1 of 23: CBUAE
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has noted with satisfaction the persistent credit appetite of...
- The apex bank noted the strong liquidity and funding positions of the UAE banking system in the first quarter of 2023, supported by strong deposit growth
- It revealed that the net NPL ratio moderated from the peak during the Covid-19 pandemic to 2.9 percent in Q1, showing a rise in credit growth and a fall in NPLs
Business
Musk meets Narendra Modi to discuss investment in India
Musk, one of the world's richest men, said that Modi was "pushing us to make significant investments in India, which...
- New Delhi has rolled out the red carpet for top global investors and companies -- including tech giants like Google and Apple -- in the last few years.
- Since the coronavirus pandemic, many companies have expanded their presence in India as a way to cut their supply-chain dependence on China.
Business
RAKEZ unveils ‘open yards’ to enhance business facilities
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) has launched ‘open yards’ as part of its comprehensive...
- Located in Al Ghail Industrial Zone, these units are readily available for businesses seeking expansive and versatile spaces for their operations.
- With the introduction of these new open yards, investors are provided with the opportunity to operate across a spectrum of over 100 activities.
Business
Lufthansa to sell payments subsidiary
The German group will sell AirPlus to Sweden's SEB Kort Bank.
- It comes after Lufthansa in April announced the divestment of its LSG catering business, and last month agreed to buy a 41-percent stake in Italy's ITA Airways.
- The Lufthansa group -- one of Europe's biggest airlines -- was brought to the brink of bankruptcy when the Covid-19 pandemic saw global air travel grind to a halt.
Business
Rulebook to ease access to UAE central bank’s reference system
Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) has launched the Rulebook, a dedicated platform on its...
- Rulebook is a dedicated platform on its website that hosts the CBUAE’s regulations, standards, guidelines, relevant laws and other regulatory publications.
- The new Rulebook provides financial sector stakeholders with further access to the CBUAE’s regulatory publications from any device, in Arabic and English.
Business
Three UAE lenders among top five GCC banks
Both countries attract a high level of foreign investment, which provides capital for their banking sectors. The UAE is the...
- In 2022, the UAE's banking sector had assets of over $1.5 trillion, and Saudi Arabia's banking sector had assets of over $1 trillion.
- The UAE and Saudi Arabia dominate the Gulf Cooperation Council banking sector as both have large and growing domestic markets.
Business
NEOM and Volocopter conduct successful flight trials of air taxis
Riyadh, Saudi Arabia -- NEOM and Volocopter have announced a series of successful flight trials of electric vertical vehicles (eVTOL),...
- The project is the result of an 18-month partnership between NEOM, the General Civil Aviation Authority (GCAA), and Volocopter.
- The flight trials mark the first ever testing of an electric and zero-emission urban air mobility (UAM) system in Kingdom's futuristic city.
Business
Michael Jackson’s moonwalk fedora up for auction
The King of Pop whipped off the hat, with an estimated value of $65,000-$110,000, while breaking into his hit "Billie...
- Other items include a guitar owned by the legendary bluesman T-Bone Walker that could fetch up to 150,000 euros and a suit worn by Depeche Mode's Martin Gore.
- The hat will be the star attraction at an auction of rock-and-roll items by Drouot on September 26.
Business
TAQA to buy SWS Holding
The energy company will pay US$462 million for the buyout.
- TAQA will pay 50 percent of the amount on completion of the deal and the remaining 50 percent will be paid a year later
- The acquisition is expected to add some US$4.35 billion to TAQA's exisiting regulated asset value of approximately US$20.42 billion
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
Latest News
Alba sets new production record
Business
Penguin, SkyBlue ink MoU
Business
Use of DEWA’s electric-vehicle green chargers up 59% in 2023
Dubai, UAE -- Dubai Electricity and Water Authority (DEWA)’s EV Green Charger initiative witnessed a 59 percent increase in the...
Business
WEF24: The story of Africa is being reclaimed
Africa is moving away from stereotypes of poverty and incapacity to a narrative of ability and competitiveness, Sithembile Ntombela maNdaba,...
World Economic Forum
Most Read
Business
AD Ports Group, KPT ink pact
The pact deals with bulk and general cargo terminal.
- A JV between AD Ports Group and Kaheel Terminals will develop, operate and manage bulk and general cargo terminal berths 11-17 at Karachi Port.
- General cargo operations will primarily handle steel, paper and clinker, while the clean bulk terminal will focus on grains and fertilizers.
Interview
WEF24: GenAI poised to revolutionize energy sector
The GCC -- with countries such as Saudi Arabia, the UAE, Kuwait, and Qatar -- plays an important role in...
- The GCC -- with countries such as Saudi Arabia, the UAE, Kuwait, and Qatar -- plays an important role in the energy transition, Dr. Atul Arya of S&P's Global tells TRENDS.
- Rising energy demand, with a focus on renewables, faces hurdles from high rates and inflation, while GenAI offers transformative potential in data analysis and climate modeling.
Interview
‘AR, VR and video analytics shaping imaging industry’
Canon focuses on innovation, integrating AI-driven features, deep learning and machine learning to meet changing customer needs, says a top...
- Canon focuses on innovation, integrating AI-driven features, deep learning and machine learning to meet changing customer needs, a top executive of Canon Middle East tells TRENDS.
- The company's proactive approach to R&D and commitment to reducing CO2 emissions highlights its leadership in the evolving imaging and printing industry, adds Subbu Hariharan.