China’s Baidu to deploy driverless cars on Uber
Beijing, China -- Chinese internet giant Baidu plans to launch its driverless cars on ride-hailing app Uber in Asia and...
Business
Syria signs $800 mn port deal with DP World to develop Tartus port
Damascus, Syria -- Syria signed a $800 million deal with UAE-based company DP World on Sunday to develop the port...
Business
Business
Saudi Arabia’s per capita insurance spending up 30%
The majority of per capita insurance spending (60%) went towards health insurance, followed by general insurance (37%) and protection and...
- Health insurance accounted for 60 percent of total per capita spending on insurance, followed by general insurance (37%) and protection and savings (3%).
- The health insurance’s gross written premiums stood at $8.59 billion in 2022, up 27 percent from $6.78 billion in 2021
Economy
Masdar, Airbus sign deal
They will support growth of the sustainable aviation fuel market.
- The two will work toward collaborating on sustainable aviation fuels (SAF), green hydrogen, and direct air capture technologies
- Direct-air capture together with the use of SAF based on green hydrgoen can bring down greenhouse gas emissions by up to 95%
Business
Controversial sale of jewels with Nazi links fetches US$200 million
The extraordinary collection belonged to Heidi Horten who died last year aged 81, with a fortune of $2.9 billion, according...
- The $202 million raised far exceeds the previous record, set during the 2011 auction of the jewellery collection of Elizabeth Taylor
- More than 700 pieces of jewellery are part of this Horten collection, and is being dispersed in tranches to avoid exhausting buyers
Business
Central Bank of Bahrain Sukuk Al-Salam securities oversubscribed 197%
Manama, Bahrain--The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities has been...
- Carrying a maturity period of 91 days, subscriptions worth $225 million were received for the BD 43 million issue
- The issue, which begins on May 17 and matures on August 16, is expected to a give a return of 6.15 percent
Business
Strong fraud detection boosts security of UAE banks
"The UAE is well positioned to further strengthen its leadership in combating fraud, with continued investment in technology, training and...
- The UAE's focus on digital transformation and innovation enhances fraud detection and control capabilities, says Jamal Saleh, Director General of UAE Banks Federation
- Tasharuk platform plays a crucial role in detecting cyber risks while continued investment in technology and collaboration strengthens UAE's banking system, he adds
Vodafone to axe 11,000 jobs over next three years
"We will simplify our organisation, cutting out complexity to regain our competitiveness," added Della Valle, appointed CEO on a permanent...
- The CEO Della Valle said the company's performance was not good enough, saying that to consistently deliver, Vodafone must change
- Her predecessor Nick Read stepped down in early December after a four-year tenure marked by a steep fall in the company's share price
Geostrategy
Qatar and Bahrain to restart flights in signs of improving relations
Dubai, UAE-- Qatar and Bahrain have agreed to restart flights toward the end of the month, in a sign of...
- The resumption of flights between the estranged countries, according to Bahrain News Agency, falls within "the framework of the brotherly relations between the two countries
- In recent months, GCC countries have patched up differences with each other and begun to focus on their economies, taking advantage of high oil and gas prices
Business
2 million tourists visit Jordan in first quarter of 2023
Dead Sea, Jordan -- Almost 2 million people visited Jordan in first quarter of 2023, an 87.2 percent increase compared...
- Tourism sector is engine of economic growth in Jordan, contributing 13% of the country's GDP, tourism minister said
- He explained that the sector directly employs over 55,000 people, of whom 85% are Jordanians
Business
Iran invites UAE businesses to invest in transportation projects
Abu Dhabi, UAE-- Iran is keen to boost transportation ties with the UAE and has invited investors from the country...
- Mehrdad Bazrpash, Iran Minister of Roads and Urban Development, met with Sheikh Mansour Bin Zayed Al Nahyan, Vice President of the UAE in Abu Dhabi
- The Iranian minister also met with Qatari Minister of Transport Jassim bin Saif bin Ahmed Al Sulaiti and both emphasized the need for expansion of relations
Business
AD Ports Q1 revenue is $494m
The group's EBITDA also rose by 33 percent YoY.
- This growth is attributed to the robust performance of its Maritime, Economic Cities and Free Zones, and Ports Clusters, as well as the recent acquisitions
- The Group is continuing its ambitious revenue-generating CapEx programme, spending $278 million in Q1 2023 to diversify its income streams
China’s Baidu to deploy driverless cars on Uber
Beijing, China -- Chinese internet giant Baidu plans to launch its driverless cars on ride-hailing app Uber in Asia and...
Business
Company News
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Most markets advance after tech titans fuel Wall Street surge
Shares in Amazon, Apple and Facebook owner Meta all climbed during Thursday's session. All three companies were due to report...
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...
Business
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...
Economy
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Business
Dubai records weeklong real estate transactions worth $3.13 billion
Dubai, UAE -- Dubai recorded real estate transactions valued at AED 11.5 billion ($3.13 billion) during the week ending 2...
- A total of 192 plots were sold for AED 2.61 billion, 2,699 apartments and villas were sold for AED 5.75 billion.
- The sum of the amount of mortgaged properties for the week was 2.24 billion, with the highest being a land in Al Hebiah First, mortgaged for AED 458.77 million.
Arts & Culture
Hosts Qatar embrace ‘positive pressure’ of Asian Cup title defense
Doha, Qatar -- Qatar coach Tintin Marquez said Friday they relish the "positive pressure" of trying to retain their Asian Cup...
- The hosts and holders won all three of their games in the group phase without conceding a goal and then defeated Palestine 2-1 in the last 16.
- Qatar face Uzbekistan on Saturday in front of what is expected to be a packed crowd at the 68,000-capacity Al Bayt Stadium outside Doha.
Business
Deutsche Bank to slash 3,500 jobs
The bank said it would buy back shares and pay dividends.
- The news came as the German bank posted a 30 percent slide in fourth-quarter profit that still beat analyst expectations
- The dividends and the share buyback will cost the bank nearly $1.7bn and will take place during the first half of the year