Low-cost carrier Wizz Air to stop Abu Dhabi operations
Budapest, Hungary -- Hungarian low-cost airline Wizz Air said Monday that it would end its Abu Dhabi operations, which have...
Business
Business
UAE ministry hosts discussion on poultry industry, food security
DUBAI, UAE - UAE Ministry of Climate Change and the Environment (MOCCAE) on Tuesday organized the second National Dialogue for...
- The National Dialogue for Food Security, organized by MOCCAE, aims to discuss topics that contribute to enhance food security for UAE.
- The dialogue was also attended by poultry industry experts and representatives of various federal and local government entities.
Business
Al Seer Marine secures ADNOC investment
The cornerstone investment in ADNOC Logistics is valued $70m.
- The move comes as part of the company’s strategy to diversify its investment portfolio, the company said.
- Al Seer Marine was the sixth IHC Group company to list on the ADX in 2021. The company has a portfolio of services including management and training.
Business
CBUAE imposes administrative sanctions on 8 banks
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) imposed administrative sanctions on eight banks operating in the...
- The administrative sanctions take into account the banks' failures to comply with the CBUAE's instructions
- CBUAE works to ensure that all licensed financial institutions abide by the UAE laws, regulations and standards.
Economy
US retail sales, industrial production post April gains
Retail sales in the United States returned to growth in April fueled by a rebound in motor vehicle sales, data...
- Retail sales rose by 0.4 percent in April from a month earlier to $686.1 billion, the US Commerce Department said in a statement.
- A separate report released by the Federal Reserve showed that industrial production rose 0.5 percent month-on-month.
Business
QatarEnergy awards $10 billion gas contract
The construction contract was awarded to a joint venture of France's Technip Energies and Consolidated Contractors Company for the North...
- NFS and North Field East form the wider North Field Expansion project to increase LNG production. The North Field contains the world's biggest natural gas reserves.
- The LNG trains, together with further expansion of North Field East, will boost Qatar's total production from 77 to 126 million tons per year, QatarEnergy said.
Business
Alcoa, EGA ink supply pact
Alcoa is now EGA's largest third-party supplier of alumina.
- The agreement, spanning eight years starting in 2024, includes options that enable EGA to procure up to 15.6 million metric tonnes of alumina.
- The pact is the largest alumina supply contract ever signed between the two firms and is one of the largest in the industry, said Alcoa CEO Roy Harvey.
Business
Khalifa Fund partners with Wio Bank
Wio will offer Khalifa members full digital account onboarding.
- The two entities aim to empower SMEs, entrepreneurs and freelancers in Abu Dhabi and the UAE with business banking tools and financial solutions.
- Wio Business will be extending a special promotion of a three-month free subscription plan to over 3,600 members and portfolio companies of Khalifa Fund.
Business
Russian oil exports hit post-invasion high, says IEA
PARIS, FRANCE -  Russia's oil exports rose in April to the highest level since its invasion of Ukraine, boosting revenues by...
- The Paris-based organization said Russian exports increased by 50,000 barrels per day to 8.3 million bpd in April.
- Russia's tax receipts from its oil and gas sector were down by 64 percent year-on-year, the agency added.
Business
Saudi firm signs pact to explore minerals in area the size of Denmark
Under the agreement, Saudi Arabian Mining Company (Ma'aden) will buy 9.9% shares of Ivanhoe Electric and use Ivanhoe's Typhoon surveying...
- Saudi Arabia's transformative Vision 2030 program has made mining the third pillar of the kingdom's economy. Its mineral wealth is valued at estimated $1.3 trillion.
- The exploration operations target to discover new minerals, such as copper, nickel, gold, silver, and other strategic minerals.
Business
European Union backs tougher tax rules on crypto transactions
Regulators worldwide are increasingly worried about the lack of oversight of the digital currency sector but the European Union has...
- During a meeting of EU economy and finance ministers on Tuesday, they agreed on rules to go after individuals who stash their cash where tax authorities have no oversight.
- The rules will close loopholes that allow people to avoid taxation on their income using crypto assets, Swedish Finance Minister Elisabeth Svantesson said.
Company News
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‘AR, VR and video analytics shaping imaging industry’
Canon focuses on innovation, integrating AI-driven features, deep learning and machine learning to meet changing customer needs, says a top...
Interview
UAE is the most popular destination for global workers, says report
Dubai, UAE – The United Arab Emirates is the most popular country for international talent seeking employment visas, a report...
Business
EU gives accent to landmark rules on artificial intelligence
Brussels, Belgium - The European Union's 27 member states on Friday approved landmark rules on reining in artificial intelligence, passing a key...
Business
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Business
Qatar records real estate deals worth $100 million in five days
Doha, Qatar -- Qatar has recorded real estate transactions worth 378 million QR ($100 million) during the 21-25 Jan 2024...
- Sales were concentrated in, Doha, Al Rayyan, Al Daayen, Umm Salal, Al Wakrah, Al Shamal municipalities, and in the Pearl Island, Lusail 69, Legtaifiya, and Al Kharayej Zones.
- The volume of real estate trading in sales contracts at the department during the Jan 14-18 period exceeded QR 344 million.
Economy
Qatar Central Bank issues treasury bills, sukuk worth US$686m
DOHA, QATAR - The Qatar Central Bank issued treasury bills and sukuk with maturities of one week, one month, three...
- The Qatar Central Bank said the total bids for the treasury bills and Sukuk amounted to US$2.2 billion (QR 8.275 billion).
- QCB issued treasury bills and Sukuk with maturities of one week, one month, three months, six months and nine months.
Geostrategy
UAE signs pact to develop digital infrastructure in Greece Â
ABU DHABI, UAE - The Ministry of Investment of the UAE and the Ministry of Digital Governance of the Hellenic...
- Data centers to be developed under this MoU can reach a total capacity of 500 megawatts.
- The data center market in Greece has witnessed significant growth in the last few years.