Risks are interconnected, need collaborative solutions, says WEF’s Mark Elsner
Davos, Switzerland – Mark Elsner, Head, Global Risks Initiative, World Economic Forum sat with TRENDS during WEF’s summit in Davos...
World Economic Forum
Rudolph Lohmeyer: The Gulf is redefining the global future, not just adapting to it
The Middle East must counter global economic divergence by enhancing regional financial integration to drive collective growth, Rudolph Lohmeyer tells...
Business
Business
TECOM 2023 net profit $299m
Revenue in 2023 grew by 10 percent YoY to $599 million.
- The approved cash dividend payment is in line with the dividend policy set out in the IPO prospectus
- TECOM Group committed to paying a dividend amount of $217 million per annum through September 2025.
Food dispatch app Uber Eats launches robot deliveries in Tokyo
Uber Eats' boxy robots have square headlights for eyes and three wheels on each side to navigate kerbs as they...
- Starting Wednesday, robot deliveries will be offered in a small area of the city by the US-based food app, which hopes to eventually roll out the service more widely in Japan
- Japan changed traffic laws last year to allow delivery robots on public streets and other companies including Panasonic are also trialing cute new machines to transport goods
Business
ADNOC partners with Viola Communications
They will utilize outdoor media-leasing spaces for advertising.
- Viola will set up and operate outdoor media advertising solutions on ADNOC assets in strategic locations across the capital
- The company's diverse assets are expected to boost the local business ecosystem and introduce innovative revenue streams
JetBlue, Spirit Airlines cancel merger
Earlier, a federal judge ruled it violated US antitrust law.
- Shares of Spirit slumped 14.5 percent in early trading Monday, while JetBlue rose 3.9 percent
- Spirit said it has enlisted advisors on efforts to refinance and reduce debt payments
UAE F&B sector set to soar, projected to reach $20bn in 2024
Dubai, UAE - The UAE’s foodservice market is poised to reach $19.98 billion in 2024, with further projections indicating a substantial...
- The report emphasizes the robust expansion of the F&B sector, forecasting a compound annual growth rate (CAGR) of 17.09%
- Fine dining is experiencing substantial growth with annual increases of almost 20% in Dubai and 33% in Abu Dhabi
Business
American Airlines orders 260 jets
It is part of the airlines' effort to 'modernize' its fleet.
- The airline said in a statement that the order comprises 260 new planes, plus options for an additional 193 aircraft
- Its CEO said the airline has invested heavily to modernize and simplify its fleet, the largest among US network carriers
Business
Middle East commercial aircraft services market to grow to US$28bn
Abu Dhabi, UAE--The MENA region's commercial aircraft services market will more than double in value by 2042, according to Airbus’...
- Dubai and Abu Dhabi are among five of the world's largest aviation cities in the Middle East, serving more than 10,000 long-haul passengers per day
- The regional expansion will surpass the global average growth of 3.6 percent, and register a 4.4 percent average annual growth by growing to $28bn
Business
European Union slaps $1.9bn fine on Apple over violation of rules
Brussels, Belgium - The EU on Monday hit Apple with a more than 1.8-billion-euro fine ($1.9 billion) for violating the bloc's...
- The $1.9 billion penalty is the third-biggest antitrust fine ever imposed by the European Commission
- The iPhone maker immediately vowed to appeal the first ever antitrust fine slapped on Apple by Brussels
Business
EDGE Group, Indra form JV
It will make next-generation radar systems in UAE.
- The new business entity will be granted prime rights for current and future non-NATO and non-EU orders awarded to Indra.
- The JV will place a strategic focus on the continued development of sophisticated technologies, innovation and global market.
Business
Salik revenue soars to US$574m
Toll usage revenue rose 11.7% YoY to US$502million.
- The total number of trips made through Salik’s eight toll gates grew by 10 percent over the course of the year.
- Salik’s registered active accounts increased 16.0 percent YoY to approximately 2.4 million at the end of 2023.
Risks are interconnected, need collaborative solutions, says WEF’s Mark Elsner
Davos, Switzerland – Mark Elsner, Head, Global Risks Initiative, World Economic Forum sat with TRENDS during WEF’s summit in Davos...
World Economic Forum
Company News
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Boeing suspends 777X flight tests after part failure, its latest quality control issue
New York, United States - Boeing has suspended flight testing of its new 777X wide-body jet after identifying the failure of...
Business
Social media platform X to shutter local operations in Brazil
Social media platform X, formerly Twitter, will shutter its local operations in Brazil following a bitter legal tussle over the...
Crypto crime drops 19.6% as digital ecosystem matures
Advanced blockchain analysis tools, such as those provided by Chainalysis, are empowering law enforcement agencies and enterprises to counter the...
Economy
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Business
Apple makes changes to App Store after EU warning
From the autumn, Apple said developers in the EU "can communicate and promote offers for purchases" wherever they want, for...
- The EU said the App Store terms prevented app developers from freely steering consumers to alternative ways to pay
- This makes Apple the first ever tech firm to face accusations of breaching a new law known as the Digital Markets Act
Business
Oman, China bilateral trade grows by 8% to $15bn till May
 The volume of bilateral trade between the Sultanate of Oman and the People’s Republic of China has increased 8% in...
- The major projects in Oman are in new energy, mining, electricity generation, IT and communications
- Chinese investments in Oman stood at over US$6.6bn
Economy
Saudi Arabia submits official bid to host FIFA World Cup 2034 after successful Qatar event in 2022
The next steps include official visits by FIFA and a comprehensive evaluation of the bid.
- This bid highlights Saudi Arabia’s commitment to Vision 2030
- Saudi Arabia is currently the sole nation bidding for the 2034 World Cup