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
Musk clashes with Altman after accusing App Store of favoring OpenAI
San Francisco, United States -- Elon Musk has accused Apple of unfairly favoring ChatGPT on its App Store and threatened...
Business
Business
Botswana inks new deal with De Beers
GABORONE, BOTSWANA -  Botswana has reached an eleventh-hour deal with diamond giant De Beers after months of tense negotiations that saw...
- The agreement provides for a new 10-year agreement to sell the rough diamonds produced by Debswana.
- Debswana is a JV equally owned by the government and De Beers - and a 25-year extension of its mining licenses.
Business
Masdar investing $1.26bn in British battery storage
London, UK - Masdar, the UAE’s renewable energy company, has committed to invest £1 billion in British battery storage, following...
- Masdar has partnered with Octopus Energy to license its technology platform, Kraken, to manage its battery portfolio at low cost and with maximum efficiency
- The company owns stakes in London Array, one of the world’s largest offshore wind farms, and Hywind Scotland, the world’s first commercial-scale floating wind farm
Business
UAE, Armenia non-oil trade reaches $1.53bn in 2022
Yerevan, Armenia – Non-oil trade volume between the UAE and Armenia reached $1.53 billion in 2022, with a growth rate...
- The UAE is the top trading partner for Armenia in the GCC in 2021, accounting for 90 percent of Armenia's total trade with GCC countries
- The total UAE non-oil exports to Armenia amounted to almost $229 million in 2022, with a growth rate of 245 percent compared to 2021
Geostrategy
France, UAE share vision to shift towards clean energy
PARIS, FRANCE - French Minister of Foreign Trade Olivier Becht said his country and the UAE share a common vision...
- The UAE and his country are working together on low-carbon energy solutions, the French minister said.
- The minister highlighted the rising number of natural disasters globally caused by climate change.
Business
Apple tops $3trn in market value
Wall Street rises as US consumer inflation moderates.
- The personal consumption expenditure index measure of inflation eased to 3.8 percent year-on-year in May.
- The data comes on the heels of other upbeat economic reports this week adding to hopes the US economy can avoid a recession.
Economy
OFID, partners offer $60m loan to Tanzania for renewable energy
VIENNA, AUSTRIA - A new US$60 million loan by the OPEC Fund for International Development (OFID) and partners is expected...
- The project will include constructing a 166km overhead transmission line connecting the Kagera region to the national grid.
- Tanzania is investing in expanding its hydropower capacity with plants under development at Rusumo and Kakono in its northwestern region.
Business
Over 1,500 new companies join RAKEZ in Q2, 2023
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) has announced the addition of over 1,500 new companies...
- This robust growth represents a remarkable 132 percent increase compared to the same period in 2022.
- The majority of these investors are from countries such as India, Pakistan, the UK, Egypt and Russia.
Business
Petrofac Emirates awarded $700m ADNOC Gas Procession EPC contract
Abu Dhabi, UAE - ADNOC Gas Procession, an ADNOC subsidiary, has awarded $700 million contract to Petrofac for Engineering, Procurement,...
- The contract was awarded to Petrofac Emirates and involves the construction of a new gas compressor plant, aimed at bolstering gas output from the Habshan Complex.
- The new plant, expected to play a pivotal role in increasing gas production, will consist of three gas compressor trains, as well as associated utilities and power systems.
Business
UAE tops MENA region in overall skill proficiency
Learners across the country excel in business skills, communication, leadership, management, and human resources skills, Coursera's latest Global Skills Report...
- Learners across the country excel in business skills, communication, leadership, management, and human resources skills, Coursera's latest Global Skills Report points out
- The UAE, according to the report, showcases strong commitment to learning with over 800,000 Coursera learners, representing 7.98% of the working-age population
Economy
US first quarter economic growth 2 percent after strong consumer spending
Washington, United States - US economic growth came in at two percent in the first quarter this year, the Commerce Department...
- The growth of 2 percent for US economy is markedly higher than the annual rate of 1.1 percent originally estimated.
- However, GDP growth in the world's biggest economy has still cooled from 2.6 percent in the final three months of 2022.
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
Company News
Bayer to cut jobs in Germany
Business
Latest News
Maersk and Hapag-Lloyd ink deal
Business
EDGE, Baykar collaborate
Business
Most Read
Market Report
Stock markets diverge before Nvidia results, Federal Reserve minutes
Stock markets diverged as traders awaited earnings from US tech darling Nvidia, in addition to minutes from the Federal Reserve...
- In the eurozone, the Frankfurt and Paris stock markets edged higher in afternoon deals.
- Hong Kong and Shanghai bourses jumped after Beijing's latest measures to boost China's stuttering economy.
Business
Glencore 2023 profit down 75%
The company said lower energy prices cut into its profits.
- Gross operating profit fell 50 percent to $17.l billion, "primarily reflecting the rebalancing and normalization of international energy trade flows,"Â it said
- The commodities trading unit saw operating profit fall 46% to $3.5 billion, "with coal and LNG (liquefied natural gas), and to a lesser extent, oil prices materially declining"
Business
Over 6,000 F&B companies join Dubai Chamber of Commerce in 2023
DUBAI, UAE – President and CEO of Dubai Chambers Mohammad Ali Rashed Lootah has revealed that 6,478 new Food and...
- The total number of F&B companies registered with Dubai Chamber of Commerce stood at 22,585 at the end of 2023.
- Dubai Chamber of Commerce launched 11 business groups dedicated to the industry, eight of which were set up in 2023.