Algeria’s Sonatrach and Italy’s ENI sign $1.35 billion deal
Algiers, Algeria - Algeria's state-run hydrocarbon company Sonatrach and the Italian energy company Eni on Monday signed a production sharing...
Business
Japan plans ‘world first’ deep-sea mineral extraction from Jan
Tokyo, Japan -- Japan will from January attempt to extract rare earth minerals from the ocean floor in the deepest...
Geostrategy
Economy
Amman Chamber exports rises to US$565m in January- March 2023
AMMAN, JORDAN - The Amman Chamber of Commerce (ACC)'s export of goods and commodities to Arab and other countries increased...
- Jordanian exports to Iraq was of US$217 million, to Switzerland at about US$103 million in January- March 2023.
- Jordanian exports to the UAE was about US$59 million, Egypt at US$42 million in January- March 2023.
Business
Saudi Arabia and Switzerland look to boost ties in industrial, mining sectors
Bern, Switzerland-- Seeking to expand its industrial base, Saudi Arabia is keen to widen cooperation with Switzerland in the industrial...
- They discussed boosting of ties in industry and mining sectors and how they can contribute to diversifying the economic base
- The two countries continue to have strong ties in petrochemicals, construction materials, medicines, consumer products, manufacturing of precious metals, and jewelry
Business
Bank of Sharjah to boost capital
The US$218mn capital infusion will foster bank's growth.
- With the infusion, Sharjah Asset Management, the investment arm of the Sharjah government, will be the main beneficiary, raising its stake in the bank to 40% from 17.16%
- The chairman of the bank said total capital of the bank now stands at US$816 million, bolstering its financial position and increasing its ability to pursue new investments
Business
UAE is on track to become global hybrid working hub: report
Dubai, UAE - The UAE is on track to become a global hybrid working hub, a new report by Workspace...
- 98 percent of UAE businesses reveal that they would invest in hybrid workplace technology by 2024, compared to 89 percent globally
- Employers are adopting a hybrid work system that is effective and efficient, with key steps being taken to create an effective hybrid strategy
HSBC shareholders defeat proposal to split the bank
Ping An had called on HSBC to engage in a "strategic restructuring" that would see it create a separately-listed bank...
- Of the shareholders who voted, more than 80 percent opposed the call to break up the Asia-focused bank, HSBC said in a statement
- The vote took place during HSBC's annual general meeting in Birmingham, central England, which faced disruption from climate protesters
Business
Alpha Dhabi logs $2bn profit
Revenues also grew significantly to reach $3.26 bn.
- Alpha Dhabi continues to pursue acquisitions and investments as part of its growth strategy and to this end the company partnered with Mubadala
- The two companies aim to collectively deploy up to $2.5 billion over the next five years, leveraging Mubadala’s long-term and strategic partnership with Apollo
Business
Sharjah exhibits futuristic tourism technologies at ATM 2023
Sharjah, UAE-- Sharjah showcased its technology-enabled approach to the tourism industry at the Arabian Travel Market (ATM) 2023, highlighting the...
- The emirate displayed cutting-edge technologies and groundbreaking concepts, offering a glimpse into the emirate's tourist destinations
- A robot known as "Shj Al Guide" offered information, pictures, and promotional videos of events, activities, and tourist attractions in the emirate
Business
UAE delegation explores investment opportunities in US
“The United States is a long-standing trade and investment partner for the UAE – and an important ally in the...
- The delegation held multiple meetings with leading Austin-based start-ups, deploying technologies such as AI, blockchain and quantum computing.
- UAE minister Thani bin Ahmed Al Zeyoudi highlighted UAE’s unique innovation ecosystem during his meetings with US businesses.
Business
EIIC acquires additional 7.6% stake in Abu Dhabi Islamic Bank
Abu Dhabi, UAE - Emirates International Investment Company (EIIC) has acquired a 7.6 percent stake in Abu Dhabi Islamic Bank...
- ADIB reported a growth in net profit of 54 percent to reach AED1.1 billion (0.29 billion), driven by significant growth as well as higher margins
- The strong financial results for the Q1 2023 demonstrate ADIB's ability to weather challenging economic conditions and deliver robust financial performance
British Airways slashes loss
The airline was helped by "strong" demand from holidaymakers.
- Net losses totalled $96 million in the first three months of 2023, down sharply from 787 million euros a year earlier, the aviation conglomerate said
- Operating profit before exceptional items hit 9.0 billion euros in the quarter, which contrasted with a loss of 718 million last time around
Algeria’s Sonatrach and Italy’s ENI sign $1.35 billion deal
Algiers, Algeria - Algeria's state-run hydrocarbon company Sonatrach and the Italian energy company Eni on Monday signed a production sharing...
Business
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Over 70 percent of musicians fear AI, says French-German study
PARIS, FRANCE - More than two-thirds of musicians fear that artificial intelligence will make it impossible to make a living, according...
Arts & Culture
Oman and Etihad Rail Co, Al Jazeera Steel sign MoU for raw materials
Sohar, Oman -- Oman and Etihad Rail Company (OER), the developer and operator of the UAE-Oman Rail Network, and Al...
Business
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Business
Schneider Electric, Charge&Go ink pact
The aim is to develop EV charging facility in the UAE.
- Demand for electric vehicles in the UAE market has steadily increased over the past few years.
- The collaboration also aims to deliver on the demand for sustainable transportation in the UAE.
Business
25,647 new economic licenses issued in Abu Dhabi in 2023, says ADDED report
ABU DHABI, UAE - The Abu Dhabi's “Business Activity Report” for the year 2023, issued by the Abu Dhabi Department...
- 24,143 commercial sector licences were issued in 2023, comprising 94.1 percent of the total.
- Active licences in Abu Dhabi rose to 143,617, a growth of 10.9 percent compared to the year 2022.
Business
Robots save UAE’s finance ministry 39,000 working hours
Dubai, UAE -- UAE's Ministry of Finance has saved 39,000 hours of human labor by using bots, software applications that...
- The Ministry has just completed phase two of embedding robotic process automation (RPA) into many of its internal processes.
- By 2022, it had more than 50 bots working unattended, delivering great results, and it expects to save an additional 12,000 working hours in 2023.