Abu Dhabi state oil firm makes US$18.7 billion bid for Australia’s Santos
Sydney, Australia - Abu Dhabi's state-owned oil company is leading a takeover bid for Australian energy group Santos, valuing it...
Business
The most eye-catching products at Vivatech fair
For humans, spotting the difference between a Lacoste polo shirt and a fake sporting the brand's crocodile logo can be...
Geostrategy
Business
DEWA approves payment of US$1.29bn in dividend to shareholders
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) which is listed on the Dubai Financial Market (DFM) on Monday...
- DEWA general assembly was chaired by Matar Humaid Al Tayer, Chairman of the Board of Directors of the utility.
- Saeed Mohammed Al Tayer, MD and CEO of DEWA and members of the Board of Directors also took part in the meet.
After backlash, Twitter now calls NPR, BBC, ‘government-funded’
The change in how Twitter refers to Washington-based National Public Radio happened quietly overnight Saturday and comes after the network...
- Elon Musk's social media network has applied the label to BBC's Twitter account, which is funded predominantly by British households paying a license fee
- The decisions will deamplify tweets from both companies, limiting their reach on a platform that remains a major communication tool for media outlets
Business
e& to acquire a majority stake in Careem Super App for $400m
Careem’s ride hailing business will remain fully owned by Uber and continue to be available with all other Careem services...
- Careem’s ride hailing business will remain fully owned by Uber and continue to be available with all other Careem services on the existing app for customers
- The Careem Super App offers over a dozen services including food and grocery delivery, micro-mobility, a digital wallet and suite of fintech services
Business
Microsoft, G42 sign MoU
MoU will leverage core competencies of both the firms.
- The MoU will help explore joint business development and marketing opportunities across a variety of areas G42 covers.
- Microsoft and G42 will be working in the coming months to finalize the development required to ensure regulatory compliance.
Business
SISCO to pay $8.6m dividend
The cash dividend will be paid for the second half of 2022.
- The dividends will be paid from 16 May 2023 and the payment is the final instalment of dividends for the year 2022.
- The company paid a total of 65.28 million riyals in dividends for the second half of 2022.
Business
Temu, Chinese shopping app, wows US amid TikTok fears
Shopping online at Temu, Laurie Silva paid just $1.25 for earrings and $15 for a cardigan -- she is among...
- Temu, which was launched last September, is positioned as an Amazon-like superstore, selling everything from make-up to homeware and electronics
- According to Sensor Tower, Temu has had 33 million US downloads since its launch, with user numbers surging on the month of the Super Bowl
Economy
Egypt sees growth in financial inclusion, touches 65% of adult population
Cairo, Egypt-- Egypt's financial inclusion has widened as total ownership of transactional accounts reached 64.8 percent of the total 65.4...
- The country's financial inclusion rose 147 percent between 2016 and 2022 to 42.3 million citizens who own and use transactional accounts
- Mobile wallets and prepaid cards primarily led to the increase, growing by 54 percent and 31 percent respectively
Economy
IMF, World Bank to consider ‘ambitious reform’ in spring meetings
Washington, United States-- The World Bank and International Monetary Fund's spring meetings get underway later this week with an ambitious reform...
- The IMF estimates globlal growth to drop below three percent this year, and to remain at close to three percent for the five years
- Although Asia's emerging markets might witness a big rise in economic output, nearly 90 percent of world's large economies will see slow growth this year
Business
Dubai Customs to collaborate with Global Innovation Institute to boost services
Dubai, UAE--Dubai Customs has discussed with the Global Innovation Institute (GInI) how they can further enhance their customs services and...
- Dr. Hussam Jumaa said Dubai Customs' strove to achieve the best results in creativity and innovation, stating that innovation has become a solid corporate culture for them
- By obtaining the Innovative Organization certification, Dubai Customs has become the first customs institution in the UAE and the Middle East to obtain the recognition
Business
DIEZ profit zooms 42%
The company reported a 9 percent rise in rental revenue.
- The company reported a 9 percent rise in rental revenue and a 69 percent increase in revenue from commercial licences
- Dr. Mohammed Al Zarooni, Executive Chairman of the DIEZ, said that more than 22,000 companies are based out of the zones.
Abu Dhabi state oil firm makes US$18.7 billion bid for Australia’s Santos
Sydney, Australia - Abu Dhabi's state-owned oil company is leading a takeover bid for Australian energy group Santos, valuing it...
Business
Company News
Shell eyes $6bn in Nigeria
Business
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KPMG to merge UK, Swiss ops
Business
India’s stock market edges out Hong Kong to become world’s fourth largest
New Delhi, UAE--India's stock market has edged out Hong Kong to become the world's fourth-largest, a milestone that underscores growing...
Business
Airports fly into technology, security innovations
“The future of travel heavily depends on the transformative power of biometrics and touchless passenger experiences. These innovations aim to...
Business
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Business
IPT Energy floats new firm in Sharjah
It will engage in the import and trading of oil products.
- The new company will be involved in the import and trading of refined oil products, petrochemicals, lubricants, and grease
- It has invested $11m as first stage investment in the emirate and plans to double this investment to $22 million by 2025-26
Business
Macy’s rejects $5.8bn takeover deal
The company also owns the Bloomingdale's store chain.
- Macy's said the proposal "does not constitute a basis to enter into a non-disclosure agreement," with Arkhouse and Brigade
- In a letter to the two firms, Macy's chairman Jeff Gennette said he had "serious reservations" about their ability to finance the deal
Business
ASFAR, Municipality of Al-Ahsa sign agreement
RIYADH, SAUDI ARABIA - ASFAR, the Saudi tourism investment company wholly owned by the Public Investment Fund of Saudi Arabia,...
- The agreement aims to develop a major tourism attraction in the Eastern Province of the Kingdom of Saudi Arabia.
- The partnership between ASFAR and the Municipality of Al-Ahsa is set to transform the Eastern Province’s leisure and hospitality sectors.