Ajman’s real estate sector deals up 37% in H1 to hit $3.37bn
Ajman, UAE -- The real estate sector in the Emirate of Ajman recorded real estate transactions worth AED 12.4 billion...
Business
Coca-Cola agrees to use real cane sugar in its US production
Washington, United States - Beverage giant Coca-Cola has agreed to use real cane sugar in its US production, President Donald...
Business
Business
Emaar EC Q1 losses $45m
The losses, however, narrowed from $141m in Q4 2022.
- Argaam reported that the company's gross operating loss increased by SAR 3.3 million from SAR32.2 million in Q1 2022 to SAR 35.5 million the first quarter of this year.
- Total shareholders’ equity, excluding minority interest, fell to SAR 6.48 billion as of March 31, 2023, from SAR 7.61 billion a year earlier.
Business
Gulf oil giants turn to start-ups in bid to promote carbon capture
With little investment and few projects in operation around the world so far, the technology to capture carbon before it...
- Now major players from Aramco to the UAE's ADNOC say that is about to change, as the UAE hosts climate negotiations this year with a message of cutting emissions.
- Aramco has invested in Carbon Clean, a UK-based firm that has developed compact technology that captures carbon from industrial smokestacks.
Business
Empower to run DXB’s cooling system
The airport's cooling systems have a total capacity of 110,000 RTs.
- The cooling capacity is equivalent to 11 times the consumption of Burj Khalifa, the world's tallest tower, valued at AED 1.1 billion.
- Emirates Central Cooling Systems Corporation (Empower) is the world's largest district cooling services provider.
Opinion
Break the cycle of cybercrime, don’t pay ransomware
Government bodies are now working towards finding solutions to the problem but businesses, beside devising strong backup strategies, need to...
- Ransomware attacks have risen exponentially over the past five years as digital technologies have enabled cybercriminals to extort money effectively and almost untraceably
- Prevention of ransomware requires a combination of people, processes, and technology as businesses, governments, hospitals, and critical infrastructures remain key targets
Business
Recession fails to dent luxury car sector
Amid rapid tech growth and rising environmental concerns, understanding the current automotive industry trends, especially in luxury, is vital, says...
- Amid rapid tech growth and rising environmental concerns, understanding the current automotive industry trends, especially in luxury, is vital, says Dr Manfred Bräunl of Porsche
- Porsche Middle East & Africa region, which also includes India, delivered 8,217 cars representing an increase of over 20 per cent compared to 2021, adds Bräunl, the regional CEO
Business
Abu Dhabi launches program for sustainable beekeeping, honey production
ABU DHABI, UAE -Â The Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) has launched an ambitious program to develop...
- The program is based on scientific studies and research to develop the best methods and practices suitable for the UAE environment.
- A vital aspect of the program is the breeding of queen bees capable of adapting to the country's unique environment and climate.
Economy
US debt ceiling issue keeps Biden, aides busy at G7
President Joe Biden may be on the other side of the world but his political fight back home over the...
- The Group of 7 meeting in Japan is an important stage for Biden's goal of restoring US leadership among the world's democracies.
- "It is definitely a subject of interest here at the G7," National Security Advisor Jake Sullivan told reporters.
Geostrategy
G7 to focus on ‘responsible’ use of artificial intelligence
The world must assess the impact of generative artificial intelligence, G7 leaders said, announcing they will launch discussions this year...
- Text generation tools such as ChatGPT, image creators and music composed using AI have sparked delight, alarm and legal battles.
- European Parliament lawmakers this month also took a first step towards EU-wide regulation of ChatGPT and other AI systems.
Geostrategy
UAE to implement support scheme for low-income farm owners
DUBAI, UAE - The Ministry of Community Development and Etihad Water & Electricity have announced the implementation mechanism of the...
- The support aims to reduce the financial burden related to electricity bills, as part of an integrated and holistic approach to help low-income families in UAE.
- Beneficiaries can check the monthly support amount by referring to their farms’ consumption bill through Etihad Water & Electricity’s service channels.
Geostrategy
UAE discusses clean energy partnerships with Germany, Netherlands
ABU DHABI, UAE - A senior UAE official of the Ministry of Energy and Infrastructure (MoEI) visited Germany and the...
- Over 11,500 decision-makers, energy ministers and CEOs from over 100 countries participated in the World Hydrogen Summit 2023 in Netherlands.
- A senior UAE official provided an overview of the country's energy transition, with a focus on its hydrogen industry.
Ajman’s real estate sector deals up 37% in H1 to hit $3.37bn
Ajman, UAE -- The real estate sector in the Emirate of Ajman recorded real estate transactions worth AED 12.4 billion...
Business
Company News
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Investment in Qatar free zones reaches US$1.3bn, says QFZ chairmanÂ
DOHA, QATAR - Minister of State and Chairman of Qatar Free Zones Authority (QFZ) Dr. Ahmad bin Mohammed Al Sayed...
Business
European markets surge as US jobs data batter rate cut hopes
"The markets continue to forge ahead despite a blowout jobs report from the US last Friday which seems to have...
Business
Most Read
48 Middle East and North Africa IPOs raise $10.7bn in 2023: Report
Five listings, mainly in the energy and logistics sectors, contributed 58 percent towards the total IPO proceeds raised, said the...
- During Q4 2023, 19 IPOs raised US$4.9bn in proceeds. ADES Holding Company raise the most funds and contributed 25% to the overall IPO in Q4.
- Saudi Arabia dominated IPO activity in the region with 14 of the 19 listings in Q4 2023. ADES was the biggest with US$1.2bn in proceeds.
Business
Total M&A market drops to US$3.2trn in 2023, says report
DUBAI, UAE - The total M&A market dropped 15 percent, to US$3.2 trillion, the lowest level in a decade, as...
- Many of the assets that did not come to market last year will fuel active dealmaking in 2024.
- The collapse of technology M&A has been the biggest drag on strategic mergers and acquisitions.
Business
Mubadala invests in Manipal Health
Manipal Health offers multispecialty care through 30 hospitals.
- Temasek, a Singapore-headquartered global investment company, will continue to hold a majority stake in Manipal.
- Employing more than 5,000 doctors, the company is India’s second-largest hospital chain by number of beds.