Business
Dubai’s most expensive ever penthouse sells for $33 million
Dubai, UAE -- Dubai luxury real estate market transactions hit a new high in May, with a four-bedroom penthouse in...
- The 12,113-square-feet property boasts views of both the Dubai skyline and Bulgari Marina, said Driven Properties, which sold the penthouse.
- The number of transactions grew by 17 percent to 8077 in April 2023, from 6898 transactions in April 2022.
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
Company News
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IsDB, SWCC sign agreement
Business
Saudi Crown Prince announces new company to boost Kingdom’s global tech status
Riyadh, Saudi Arabia — Saudi Crown Prince Mohammed bin Salman on Thursday launched a new company called Alat geared to...
Business
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Business
Apple logs US$119.6bn in sales
But its sales in China dropped during October to December.
- The company's profits came in at $33.9 billion during the quarter with diluted earnings per share above expectations at $2.18.
- Its net sales in Greater China -- including mainland China, Hong Kong, and Taiwan -- declined from a year ago to $20.8 billion
Business
US stocks rebound from sell-off on Fed disappointment
New York, United States - Wall Street stocks rose early Thursday, rebounding from the prior session's pullback as markets awaited more...
- Major indices had tumbled on Wednesday after Federal Reserve Chair Jerome Powell dampened expectations for an imminent cut in interest rates.
- Adam Sarhan of 50 Park Investments said the market is recovering from the "knee jerk" selloff after Wednesday's Fed meeting.
Geostrategy
US to sell drones worth $4bn to India to bolster its defenses against China
The United States approved a $4 billion sale of state-of-the-art drones to India, offering a new edge to the growing...
- Indian officials had discussed the drones during a state visit by Prime Minister Narendra Modi last year.
- After months of discussion, the State Department said it had informed Congress of the sale..