Business
DMCC to open office in Mumbai for Indian firms to expand through Dubai
Leveraging DMCC’s strong regulatory framework and reputation within Indian business circles, the office will provide a one-stop solution for Indian...
- DMCC aims to boost the relationship between the UAE and India in support of the UAE-India Comprehensive Economic Partnership Agreement (CEPA).
- Trade between the UAE and India surged 14 percent after the two countries signed CEPA in 2022.
Economy
EU boosts 2023 growth outlook for region
BRUSSELS, BELGIUM - The European Commission boosted its 2023 economic growth outlook for the eurozone on Monday but it also raised...
- The EU executive's spring forecast is more optimistic than that issued late last year, despite inflation proving "stickier than expected".
- Brussels also raised the 2024 growth forecast for the 20-country single currency zone by 0.1 points to 1.6 percent.
Business
KEZAD partners with SWS to build polished water plant
By filtering and treating the Treated Sewerage Effluent (TSE), it will remove additional impurities and contaminants, generating non-potable water suitable...
- The water plant is likely to offer industries easy access to premium recycled water, and lower dependency on potable water.
- The plant will help in bringing down the carbon footprint of industries, and enhance environmental consciousness.
Business
Emaar Development reports 26% growth
The company's EBITDA for the quarter was $310 million.
- The company's sales backlog stands at AED 45.680 billion (US$ 12.437 billion), indicating a healthy demand for its properties
- Emaar Development delivered 1,600 residential units in Q1, with over 28,500 residences currently under development in the UAE
Kuwait awards Mitsubishi Power contract to run its largest power station
Kuwait City, Kuwait – Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, announced on Monday that it had...
- The company will provide major plant upgrade services and cutting-edge technologies for the Sabiya Power and Water Distillation Station
- Mitsubishi Power will be responsible for the upgrade of 8 units of Steam Turbines, Generators (gas and oil fired) and Control Systems unit
Economy
Meydan Free Zone-ADIB pact to promote SMEs, sustainability in economy
Abu Dhabi, UAE-- The recent partnership signed between Abu Dhabi Islamic Bank (ADIB) and Meydan Free Zone is expected to...
- The partnership will enable trade license holders in the Meydan Free Zone to access ADIB's range of banking products and services
- Hamed Ahli, head of Meydan Free Zone, said the MoU will drive new financing potential for companies seeking to grow from Dubai
Economy
French president to meet Elon Musk in Paris to discuss joint projects
Finance Minister Bruno Le Maire gave no details of Monday's talks with Musk, saying simply that "all of today's investments...
- The two men will talk about the "attractiveness of France and its industries", Macron's office announced, with the head of state hoping for fresh investment
- Finance Minister of France told that "negotiations are ongoing" with the Musk, who is in Paris for a meeting of 200 foreign business leaders with the French government
Newmont snaps up Newcrest for $19bn to create a world-leading gold producer
By swallowing up Newcrest, the US mining giant will cement its position as the world's biggest gold producer, with operations...
- Melbourne-based Newcrest's shareholders will receive 0.4 of the US firm's shares for each Newcrest share, giving them 31 percent of the combined group
- The Newmont expects to deliver US$500 million in annual "synergies" and to generate an estimated US$2 billion in cash flow as a result of the takeover
Business
Oman and Etihad Rail Company signs MoU with Vale, Brazilian mining firm
Dubai, UAE-- Oman and Etihad Rail Company, the operator of the UAE-Oman Rail Network, has signed a memorandum of understanding...
- The signing of the agreement between the two will explore the possibility of transportation of iron ore between the UAE and Oman, linking it up with Vale's unit in Sohar Port
- According to Suhail Mohammed al Mazrouei, UAE’s Minister of Energy and Infrastructure, the agreement is in line with the country's desire to set up partnerships with big companies
Economy
Global oil industry needs $12trn investments by 2045
Oil alone will make up almost 29 percent of the world’s energy needs by 2045, requiring an investment of over...
- OPEC member countries are ready to play a key role in providing energy to the world and in reducing emissions, Al Ghais said
- The oil industry, he said, needs a long-term, investment-friendly climate that works for producers and consumers
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Company News
ADX signs MoU with SZSE
Business
Latest News
ACRES 2024 concludes, deals worth $381 million inked
Sharjah, UAE -- Real estate deals worth more than AED 1.4 billion ($381 million) were inked at ACRES 2024, organized...
Threat of AI-powered phishing is on the rise
"Technologies such as Generative AI presents new security challenges. The rise of automated spear phishing necessitates reevaluating our trust heuristics....
Business
Alhokair Group wins $202m contract
Alpha Facilities Contracting Company has awarded the contract.
Business
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Business
Do Kwon’s Terraform Labs files for US bankruptcy
Kwon, who co-founded Terraform in 2018, was arrested last year in Montenegro and is awaiting extradition to the United States...
- Kwon faces fraud charges in both countries related to the crash
- According to the filing, Kwon holds 92 percent of Terraform's shares
Business
SABIC to build petrochemical plant in China
The Saudi giant will develop the US$6.4bn plant in Fujian.
- SABIC will own 51% of the project and Fujian Fuhua Gulei Petrochemical Co. Ltd. will have 49% ownership of the joint venture
- The company said that the complex will consist of a mixed feed steam cracker with an annual ethylene capacity of up to 1.8m tons
Business
Sony ends merger deal with Zee
It pulled out of the US$10bn merger of its Indian operations.
- According to media reports, Sony had sent a termination notice to Zee and that a formal announcement was expected soon
- The reports said that Sony cited conditions of the merger agreement not being met as the reason for the decision