China Evergrande Group says to delist from Hong Kong
Hong Kong, China -- Embattled property giant China Evergrande Group said Tuesday it will delist from Hong Kong Stock Exchange...
Business
Dubai records over 4,000 new-real estate activities in H1 2025
Dubai, UAE -- Dubai’s real estate market recorded 4,049 new activities in the first half of this year, reflecting the...
Business
Business
Airlines face trouble in Europe over greenwashing charges
PARIS, FRANCE - European airlines have been hit by a consumer complaint filed with the EU's executive arm accusing the 17...
- The European Consumer Organization, or BEUC, said the claims made by the airlines breach EU rules on unfair commercial practices.
- The BEUC called for a Europe-wide investigation and for airlines to "stop making claims that give consumers the impression that flying is sustainable".
Economy
Interest rate increase must to control inflation, says Federal Reserve official
A senior US Federal Reserve official said that additional interest rate hikes are needed to tackle historically high inflation. "I...
- The Federal Reserve's benchmark now sits in a range between 5.0 and 5.25 percent - its highest level since 2007.
- All members of the Federal Open Market Committee predicted that the bank will have to raise its benchmark further before the end of the year.
Business
Musk, Zuckerberg seek cage fight to settle differences
Months after Musk took over Twitter, Zuckerberg's Meta hinted it was planning to launch its own text-based social media platform...
- The two men have baited each other for years with opposing views on everything from politics to artificial intelligence.
- Musk responded angrily to a recent claim by a Meta official that there was appetite for a "sanely run" Twitter alternative.
Geostrategy
AD Ports Group signs 50-year pact with Karachi Port Trust for container terminal
ABU DHABI, UAE/ KARACHI, PAKISTAN - AD Ports Group announced on Thursday the signing of a concession agreement with Karachi...
- Under the terms of the 50-year concession agreement, a Joint Venture has been formed to manage, operate and develop the Karachi Gateway Terminal Limited.
- The JV will undertake significant investments in infrastructure and superstructure over the next 10 years, with the bulk of it planned for 2026.
Business
Dubai records over $680 million in real estate transactions
Dubai, UAE -- Dubai real estate market recorded real estate transactions worth AED 2.5 billion ($680 million) on Thursday, Dubai...
- The transactions included 744 sales worth AED2 billion, in addition to 153 mortgage deals of AED542.55 million, and 27 gift deals amounting to AED31.3 million.
- The sales included 688 villas and apartments worth AED1.56 billion, and 56land plots worth AED435.15 million.
Economy
Bank of England hikes rate half-point even as high inflation remains
LONDON, UK - The Bank of England on Thursday lifted its key interest rate by a half-point to five percent to...
- The decision came one day after data showed UK annual inflation remained at 8.7 percent in May, defying expectations of a slowdown.
- The half-point lift was in stark contrast to the Federal Reserve, which last week pressed pause on US rate hikes after a sharp easing in the country's inflation.
Business
Sipchem to pay 12.5% H1 dividend
The total dividend of $241.63 million will be paid on July 19.
- During the past three financial years, the company has paid cash dividends at SAR 5.99 per share.
- Sipchem's net profit for the first quarter of 2023 fell by 56 percent to SAR 470.3 million from SAR 1.07 billion in the same period of 2022.
Business
Hub71, Abu Dhabi’s global tech ecosystem, adds 15 more startupsÂ
Abu Dhabi, UAE - Hub71, Abu Dhabi's global tech ecosystem, has welcomed its first cohort of the year comprising 15...
- The addition of the latest cohort has increased the size of Hub71’s vibrant community to over 240 startups
- 67 percent of the selected startups are headquartered outside the UAE, reinforcing the global status of Abu Dhabi as an innovation hub
Business
Emirati, Iraqi private sectors to benefit from Ma’an initiative
Sharjah, UAE -- The Federation of UAE Chambers of Commerce and Industry (FCCI) and the International Development Bank (IDB)-UAE have...
- It was launched by the Federation of UAE Chambers of Commerce and Industry (FCCI) and the International Development Bank (IDB)-UAE have launched Ma'an (Together).
- The name "Ma’an" signifies the deep historical ties between the UAE and Iraq, especially in trade and business, the Chambers said.
Business
Suez Canal annual revenue hits record $9.4bn
Cairo, Turkey – Suez Canal revenue surged by 35 percent to $9.4 billion in the financial year 2022-23, up $7...
- Suez Canal Authority Chairman Osama Rabie attributed the Suez Canal's revenue increase to the crisis in Ukraine and ongoing development projects by the authority
- The SCA, he said, is preparing to offer a 20 percent stake in Canal Rope on the Egyptian Exchange (EGX) as part of Egypt's government IPO programme
China Evergrande Group says to delist from Hong Kong
Hong Kong, China -- Embattled property giant China Evergrande Group said Tuesday it will delist from Hong Kong Stock Exchange...
Business
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Business
Construction in China-Saudi Arabia ethylene project begins
FUZHOU, CHINA - Construction of the main complex of a joint-investment ethylene project, which involves petrochemicals giant Saudi Basic Industries...
Business
Iran-EU trade surpasses US$5bn in 2023, says Eurostat
TEHRAN, IRAN - The Statistical Office of the European Union (Eurostat) reported that Iran and the 27 European Union member...
Business
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Business
Passenger traffic could exceed earlier figures, says Dubai Airports’ CEO
DUBAI, UAE – The airport here has "every chance" of breaking its record for passenger traffic this year after surpassing pre-pandemic...
- Dubai International, the world's busiest airport for international passengers for nearly a decade, hit 87 million visits in 2023.
- Dubai Airports' official forecast for 2024 stands at 88.8 million passengers, despite the Israel- Hamas war which began in October.
Business
SCC committee discusses issues related to Sharjah’s economy and tourism
SHARJAH, UAE - The Financial, Economic and Industrial Affairs Committee of Sharjah Consultative Council (SCC) held a meeting to discuss...
- The committee addressed the outcomes of its recent visit to Sharjah Commerce and Tourism Development Authority.
- The committee was briefed about the authority’s efforts to stimulate tourism by conducting events throughout the year.
Business
Nintendo shares tumble 8.5%
Its next-generation console will be delayed until 2025.
- A news report said the next console would miss the key Christmas holiday shopping period in December
- The gadget is fading with the console now in its seventh year, but the company is tight-lipped about its plans