Tesla approves $29 bn in shares to Musk as court case rumbles on
Washington, United States -- Tesla announced an "interim" compensation award worth about $29 billion for Elon Musk on Monday, asserting...
Business
Saudi Arabia’s real GDP up by 3.9 percent in Q2 2025: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia's real Gross Domestic Product (GDP) grew by 3.9 percent in the second quarter of...
Business
Business
Saudi Arabia to import 1.5 million head of cattle this Hajj season
Riyadh, Saudi Arabia -- Saudi Arabia's livestock imports during the current Hijri year increased by 40 percent compared to the...
- Since the beginning of this month, a total of 700,000 imported head of livestock have been cleared by the ministry at Jeddah Islamic Port.
- The ministry said it expects half a million more head to arrive in the coming days, in preparation for this year's Hajj season.
Geostrategy
GCC, US vow to work jointly for regional stability
The strategic partnerships between the two sides seek to focus on peace, security, stability, integration, and economic prosperity in the...
- The strategic partnerships between the two sides aim at focusing mainly on peace, security, stability, integration, and economic prosperity in the Middle East.
- Beside supporting Yemeni peace efforts and humanitarian needs, the US and GCC also make a commitment to freedom of navigation and maritime security in the Gulf region.
Business
Barakah Plant’s final unit begins operational readiness preparations, says ENEC
ABU DHABI, UAE - The Emirates Nuclear Energy Corporation (ENEC) has announced that Unit 4, the fourth and final unit...
- Barakah Plant has had a transformational impact on the UAE, spearheading the rapid decarbonization of the UAE’s power sector.
- Unit 4 will raise the Barakah Plant’s total clean electricity generation capacity to 5.6GW, equivalent to 25 percent of UAE’s electricity needs.
Business
Autoliv to cut 11% workforce
It will slash up to 8,000 jobs in order to reduce costs.
- Autoliv said the cuts would be made globally but "particularly within its European operations" and 6,000 would be "direct positions" while 2,000 would be "indirect positions"
- For the first quarter of 2023, net sales of the Swedish-American company grew by 17 percent to $2.5 billion, while its net profit fell by 11 percent to $74 million
Economy
Eurozone in recession after two successive quarters of shrinking GDP
The eurozone entered into a technical recession at the start of the year, shrinking by 0.1 percent for a second...
- The worse-than-expected figures come as inflation and higher interest rates have curbed demand in Europe's largest economy.
- Two consecutive quarters of shrinking gross domestic product is the threshold for a technical recession.
Business
Sharjah Taxi transports 1.465m passengers in Q1 2023
Sharjah, UAE - Sharjah Taxi reports successful transport of 1.465 million passengers during the first quarter of 2023. With a...
- With a fleet of 750 vehicles of various models and brands, the company remains committed to ensuring passenger satisfaction, safety, and comfort
- Khalid Al Kindi, the Executive Director of Sharjah Taxi, emphasized the company's commitment to providing innovative services and prioritizing luxury experiences
Business
Argentina football star Messi joining MLS side Inter Miami after PSG exit
The romance of a Barcelona return and prospect of eye-watering riches in Saudi Arabia fell by the wayside as Messi...
- MLS and Inter Miami confirmed Messi's announcement on social media, although the American league noted "work remains to finalise a formal agreement"
- In their first game since Messi's announcement on Wednesday, Miami defeated Alabama non-league side Birmingham Legion 1-0 in the US Open Cup to reach the semi-finals
Business
WhatsApp debuts one-to-many broadcasting ‘Channels’
The debut comes as an array of agencies and organizations grow disenchanted with Elon Musk-owned Twitter in the face of...
- Meta said WhatsApp's priority will continue to be private messaging, but that users have been asking for a feature like Channels for years
- Meta said it is exploring the option of making encrypted channels available for groups such as nonprofits or health organizations
Business
Nasdaq slides as investors trade tech for industrial shares
The countervailing movements, according to analysts, were evidence of a rotation away from the tech-dominated winners from the earliest part...
- After a stretch in which markets were dominated by worries of a potential debt default followed by relief at a fiscal agreement, this week's news flow has been much slower
- Among individual companies, shares of Warner Bros. Discovery gained 8.4 percent as it announced that embattled CNN news chief Chris Licht had stepped down
Business
ADNOC L&S secures big contract
It won US$975mn artificial island construction contract.
- The company, a fully integrated energy logistics services provider, sees the contract a big milestone in its strategy to pursue new growth opportunities
- The company CEO said that the construction of artificial island "G" illustrates ADNOC L&S strategy to tap into new growth areas, exemplifying its range of services
Tesla approves $29 bn in shares to Musk as court case rumbles on
Washington, United States -- Tesla announced an "interim" compensation award worth about $29 billion for Elon Musk on Monday, asserting...
Business
Company News
GSK to buy Aiolos Bio
Business
EVA Air orders 33 Airbus planes
Business
Latest News
Nakilat expands its fleet
Business
GPSSA issues circular on pensions, gratuity in UAE
ABU DHABI, UAE – The Emirates General Pension and Social Security Authority (GPSSA) has issued a circular to government and...
Business
Several nations eager to join Charter of Cooperation, says OPEC Secretary-General
ABU DHABI, UAE - Secretary-General of the Organization of Petroleum Exporting Countries Haitham Al Ghais said that OPEC is in...
Business
WEF24: AI-generated drugs promise cost reduction
AI is playing a critical role across the biomedical spectrum, from accelerating drug discovery to improving care delivery systems, says...
Business
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Business
Barwa Real Estate net profit up
It posted an 8% jump in net profit to US$337m for last year.
- The developer's earnings per share (EPS) amounted to QR0.316 for the year ended December 31, 2023 compared to an EPS of QR0.292 in 2022
- Its board of directors proposed the distribution of a cash dividend of 18 percent of the shares’ par value at the rate of QR0.18 per share
Business
SCCI and Oman Chamber aim to boost investment cooperation
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) and the Oman Chamber of Commerce and Industry (OCCI) discussed ways...
- The two chambers discussed opportunities in several sectors, with a specific focus to support start-ups
- The delegation from Oman invited the private sector in Sharjah to take part in the Suhar Investment Forum
Business
Riyadh Season opens registration for SEVEN Concours 2024 global car auction
Riyadh, Saudi Arabia - The Riyadh Season has announced the commencement of registration for the SEVEN Concours 2024 exhibition, the...
- The season will feature the most prestigious car manufacturers, making it one of the premier events that put Riyadh on the map for hosting international car exhibitions
- The exhibition, scheduled from March 1 to 7 as part of the Riyadh Season activities, brings together the world's rarest, most luxurious, and fastest cars in one venue