Boeing in talks to sell up to 500 planes to China: Bloomberg
New York, United States -- US aviation giant Boeing is in talks to sell up to 500 aircraft to Chinese...
Business
Dubai International Chamber attracts 31 MNCs to Dubai in H1
Dubai, UAE -- Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has announced...
Business
Business
UAE FDI inflows record highest ever jump in 2022: UN report
The country received the fourth largest number of greenfield projects (997), an 84 per cent increase, behind only India (1008),...
- In West Asia, FDI fell by 14 per cent to $48 billion, despite strong activity in greenfield projects and cross-border Mergers and Acquisitions (M&S).
- Global foreign direct investment (FDI) flows in 2022 declined by 12Â percent to $1.3Â trillion, after nosediving in 2020 and rebounding in 2021.
Business
Mubadala invests in CoolIT Systems
KKR had invested in CoolIT through its Global Impact strategy.
- Headquartered in Calgary, Canada, CoolIT specialises in scalable liquid cooling solutions for computing environments.
- Mubadala’s Impact Investing team invests in businesses providing solutions to critical environmental or social challenges.
Economy
Turkey’s inflation rate slows to 38.2 percent in June
According to the TUIK state statics agency, the rate slowed from 39.6% in May. But a separate study released by...
- Many economists are warning that inflation will start growing faster because of the spending pledges made by President Erdogan during May's election
- Since Erdogan extended his rule into a third decade in a hard-fought runoff election on May 28, the lira has lost more than 23% of its value against the dollar
Business
Brazil footballer Firmino joins Saudi club Al-Ahli after Liverpool exit
Backed by the nation's sovereign wealth fund, the Saudi Pro League is luring big names from the major European leagues...
- Firmino left Liverpool after eight seasons at Anfield, during which time he scored 111 goals in 362 appearances and won the Premier League, Champions League and Club World Cup
- His arrival at Al-Ahli was revealed by the club in a video posted to social media and comes less than a week after the team concluded a deal to sign Edouard Mendy from Chelsea
Geostrategy
Iraqi president presses for closer trade and energy ties with Iran
Baghdad, Iraq-- Iraqi President Abdul Latif Rashid has emphasized the need for reinforcing partnership with Iran in the fields of...
- Iraq's president highlighted the importance of forging closer ties with Iran in a meeting with an Iranian delegation visiting Baghdad
- He applauded Iran for the restoration of ties with countries in the Middle East and the resumption of diplomatic relations with Saudi Arabia
Economy
Egypt to pour US$1.8bn into offshore gas exploration program
Vienna, Austria-- Egypt plans to drill new gas wells in the Mediterranean Sea and the Nile Delta as part of...
- According to its petroleum minister, Egypt will develop fields in the Mediterranean Sea, Nile Delta, and Western Desert to boost its production capacity
- The offshore exploration involves companies such as Eni, Chevron, ExxonMobil, Shell and BP, aiming to drill 35 exploratory gas wells until July 2025
Geostrategy
Libyan army commander warns of action over unequal oil revenue
Crude is the main revenue source for Libya, which has been torn by more than a decade of stop-start conflict,...
- Khalifa Haftar, military head of Libyan eastern command, said "a deadline at the end of August for this committee to complete its mission".
- Haftar said a committee must be established "to put in place financial arrangements with a view to fair management of public funds" and oil revenues
Business
Twitter undergoes complex changes as Meta all set to unveil rival app
PARIS, FRANCE- Elon Musk spent the weekend further alienating Twitter users with more drastic changes to the social media giant, and...
- Since buying Twitter last year for $44 billion, Musk has fired thousands of employees and charged users $8 a month to have a blue checkmark.
- Zuckerberg's Meta group, which owns Facebook, has listed a new app in stores as "Threads, an Instagram app", available for pre-order in the United States.
Business
AllianceBernstein office in DIFC
DIFC provides a platform for AB to expand its wings.
- AB is the latest of an influx of global asset management firms to open regional offices in DIFC.
- The premises will give investors across the region, including institutional clients, distribution partners.
Business
Dubai Chamber, Mastercard unveil cyber security program for companies
Dubai, UAE - A program that enables companies to access innovative and affordable cybersecurity solutions was introduced at a workshop...
- The online session attracted more than 80 attendees and was conducted in partnership with Dubai Police and Mastercard.
- Guest speakers from Dubai Police and Mastercard provided insights into local and global cybersecurity breaches.
Boeing in talks to sell up to 500 planes to China: Bloomberg
New York, United States -- US aviation giant Boeing is in talks to sell up to 500 aircraft to Chinese...
Business
Company News
In Davos, AI excitement persists but fears over managing risks
World Economic Forum
Sony to decide on Zee merger
Business
Latest News
Middle East needs strong Saudi Arabia, says kingdom’s finance minister
World Economic Forum
American spaceship lands on moon, images expected soon
The first American spaceship on the Moon since Apollo is "alive and well" following a drama-packed touchdown, the firm that...
Science
UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...
Business
Real estate transactions worth over US$74m take place in Qatar in week
DOHA, QATAR - The volume of real estate trading in the country in sales contracts at the Department of Real...
Business
Most Read
Business
Price of natural gas in Europe falls to a 3-year low
LONDON, UK – The price of natural gas in Europe fell again on Friday, taking it to its lowest in almost...
- Gas reserves, which are usually drawn down during winter for heating, are at 64.7 percent of storage capacity on average in the European Union.
- Gas prices soared in 2022 and into 2023 as Russia's invasion of Ukraine made EU countries limit consumption and diversify their sources of supply.
Geostrategy
ADGM’s Registration Authority fines two firms for audit failings
ABU DHABI, UAE – The Registration Authority (RA) of Abu Dhabi Global Market has fined Baker Tilly Middle East Limited...
- The RA fined Baker Tilly US$50,000 and Sturgeon US$12,500 for serious failings and gaps in the financial audit
- The RA expects ADGM firms to conduct and prepare audit reports in accordance with professional standards.
Business
Shipping insurance rates soar on Red Sea missile attacks
Maritime container transport has sunk by almost one third so far in 2024 compared with a year earlier, according to...
- The Houthis have carried out relentless attacks since November on shipping transiting the Red Sea, a maritime hub through which 12 percent of global trade usually passes
- Premiums for ships have "increased significantly" following the Houthi attacks, according to Frederic Denefle, head of Garex, a French firm specialized in marine risk insurance