Chinese auto giant BYD to integrate DeepSeek, broaden self-driving tech
BYD will install its "God's Eye" autonomous driving system in at least 21 models, including the Seagull budget hatchback priced...
Business
Business
Emaar Properties to pay dividend
It will dole out cash dividends to the tune of US$601m.
- The company, in a disclosure to Dubai Financial market, said the proposed profits represent 25 percent of the capital, at 25 fils per share
- Its net profit almost doubled in 2022 as sales hit a record of $9.5 billion on the back of strong demand from real estate buyers
UBS in talks to acquire embattled Credit Suisse: report
The Swiss National Bank (SNB) and financial markets watchdog FINMA told their US and British counterparts their "plan A" to...
- Credit Suisse came under pressure this week as the failure of two US regional lenders rocked the sector
- The idea of a takeover by UBS was also floated this week by analysts at JP Morgan, calling it "the most likely" scenario
Business
Major Abu Dhabi Securities Exchange deals total $4bn since start of 2023
Abu Dhabi, UAE - The Abu Dhabi Securities Exchange (ADX) has reported the execution of 10 significant deals with a...
- The deals were carried out through 321.14 million shares of three listed companies
- Five major deals were signed by Al Alamiya Holding, the largest share among the three
Business
Abu Dhabi-Japan Economic Council reviews growth in bilateral trade and investments
TOKYO, JAPAN - The ninth session of the Abu Dhabi-Japan Economic Council (ADJEC) here has reaffirmed its commitment to further...
- In 2022, the bilateral trade between the UAE and Japan rose 57.5 percent to exceed US$54 billion.
- UAE exports to Japan grew 69.7 percent to US$45.9 billion compared to US$27 billion in 2021.
Geostrategy
UAE, Georgia sign Comprehensive Economic Partnership Agreement
The UAE and Georgia signed a joint statement confirming the successful conclusion of negotiations towards the UAE-Georgia Comprehensive Economic Partnership...
- Comprehensive Economic Partnership Agreement (CEPA) signing took place in Georgia’s capital Tblisi during a UAE delegation's visit to the country.
- The free trade agreement or CEPA will lay the foundation for deeper, stronger and more integrated economic relations between the UAE and Georgia.
Business
Abu Dhabi to host world’s largest autonomous racing league from 2024
Abu Dhabi, UAE -- The United Arab Emirates capital, Abu Dhabi, will host the world's largest autonomous racing league, with...
- The first autonomous car race will take place at Yas Marina Circuit in the last quarter of 2024 as the first in a series of autonomous vehicle races.
- The league will feature the Dallara-built Super Formula cars, the usage of which has been enabled by Japan Racing Promotion (JRP).
Business
Presight IPO oversubscribed
The G24 data analytics firm received $496 million in its offering.
- Presight offered 1.35 billion shares, equivalent to 24.24% of its paid-up capital.
- The company is expected to begin trading on the Abu Dhabi Exchange on Mar 27, 2023.
Business
Dubai records weeklong real estate transactions worth $2.72 billion
Dubai, UAE -- A total of 3,903 real estate transactions worth AED 10 billion ($2.72 billion) were conducted during the...
- A total of 208 plots were sold for AED 1.12 billion, while 2,906 apartment and villa sales totaled AED 6.25 billion.
- The top three transactions were three lands in Al Jadaf sold for AED 38.5 million, AED 38.5 million, and AED 37 million respectively.
Economy
OECD raises global growth forecast as inflation eases, recovery ‘fragile’
The OECD raised its global economic growth forecast as inflation eases and China emerges from Covid restrictions, but warned of...
- Organization for Economic Co-operation and Development says rate increases are still needed to fight inflation.
- OECD cited uncertainty over the course of the war in Ukraine, the risk of renewed pressure on energy markets.
Business
NBF approves dividend for 2022
The profit of 6% of paid-up capital will be paid as bonus shares.
- The bank’s shareholders also approved the Chairman’s and Directors’ Reports, and the Internal Shari’ah Supervision Committee Report for NBF Islamic.
- The shareholders confirmed the appointment and remuneration of the bank’s external auditors, PricewaterhouseCoopers (PwC) for 2023.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
Latest News
Shanghai to build 200 smart factories to shore up its manufacturing status
Shanghai, China--Shanghai plans to build 200 new smart factories and 20 demonstration sites by end of 2025 after 70 intelligent...
Business
UAE startups eye Saudi Arabia for growth, expansion
With both nations offering substantial markets and supportive environment for innovation, startups are exploring new opportunities in the Kingdom.
Most Read
Global maritime trade sails into geopolitical storm
Most large international shipping companies have decided to reroute trading to avoid the Red Sea and Suez Canal through which...
- Maersk said Friday that it would divert all vessels around Africa instead of using the Red Sea for the "foreseeable future" after Yemeni rebels attacked its merchant ships
- Vessels are circumnavigating Africa via the Cape of Good Hope, which extends the journey between Asia and Europe by 10 to 20 days on average, said general manager of Ovrsea
Business
Dubai Center for Family Businesses issues guidelines
DUBAI, UAE – The Dubai Center for Family Businesses, which operates under the Dubai Chambers umbrella, has released a ‘Sample...
- The ‘Sample Article of Association for Family Businesses’ outlines a set of options for companies to update their contracts.
- The Article of Association takes into account the requirements of family businesses who are registered as limited liability companies (LLCs).
Business
Google Chrome begins restricting cookies in first step towards elimination
Paris, France - Google has begun limiting third-party cookies for some users of its Chrome web browser, a first step towards...
- Cookies, small files which are used to target advertising by tracking web navigation, have recently been subject to greater regulation.
- Google announced in January 2020 that it would begin eliminating third-party cookies within two years, but the start has been delayed several times.