Rudolph Lohmeyer: The Gulf is redefining the global future, not just adapting to it
The Middle East must counter global economic divergence by enhancing regional financial integration to drive collective growth, Rudolph Lohmeyer tells...
Business
Alpha Dhabi acquires interest in NCTH
The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.
Business
Geostrategy
UAE takes part in first G20 Finance Ministers meeting in 2023
ABU DHABI, UAE - Minister of State for Financial Affairs Mohamed Hadi Al Hussaini headed the UAE delegation participating in...
- Held for the first time under the Indian presidency in Bengaluru, the meeting discussed the progress under the G20 priorities for 2023.
- The UAE team reiterated the importance of a globally coordinated multilateral action to promote climate finance.
Business
BASF to cut thousands of jobs
It will also close down several units in Ludwigshafen.
- BASF, in 2022, confirmed a net loss of 627 million euros, less than the figure of 1.4 billion euros initially announced in January
- The company had warned that reduced gas flows from Russia and high prices would force it to idle parts of its production
Economy
China’s international trade in services stands at US$67.6bn in January
Beijing, China--China's international trade in services stood at 459.5 billion yuan, or US$ 67.6 billion, in January, official data showed...
- Services exports totalled $25.44 billion last month, and services imports were at $40.50 billion, resulting in a trade deficit of $15.50 billion
- Transport was the biggest services trade contributor, with a $21 billion trade volume, the data showed
Business
EDCC and Canadian Business Council sign MoU to boost defense ties
Abu Dhabi, UAE--The Emirates Defence Companies Council (EDCC) and the Canadian Business Council (CBC) in Abu Dhabi signed a Memorandum...
- The MoU was signed today at Tawazun Council Chalet in IDEX and NAVDEX 2023, currently held in Abu Dhabi
- The agreement is expected to foster collaboration and identify new opportunities in the defence industry
Business
Nissan integrates machine learning into its vehicles
A set of protective features employs the most innovative computing in the spatial awareness field to provide drivers with the...
- A set of protective features employs the most innovative computing in the spatial awareness field to provide drivers with the opportunity to safeguard their experience
- A combination of cameras, radars, and sonar technologies ensures car operators remain vigilant throughout the drive and assist swiftly as soon as danger is detected
Business
Dubai Chamber of Commerce organizes UAE Corporate Tax Workshop
DUBAI, UAE - Dubai Chamber of Commerce organized a Corporate Tax Workshop to help participants navigate the new regime, with...
- The workshop, attended by 152 participants, included an overview and key highlights of the new corporate tax law.
- Corporate tax is a significant step in the UAE’s drive to modernize its tax system and accelerate economic diversification.
Business
UAE mulls ‘options’ on Russian bank hit by new US sanctions
MTS Bank, approved for its licence last year, was one of more than 200 entities and individuals targeted by the...
- The UAE, particularly its financial hub Dubai, has attracted large numbers of Russian professionals and businesspeople fleeing the impact of Western sanctions.
- Russian air passenger traffic to Dubai more than doubled last year to 1.9 million, Dubai Airports CEO Paul Griffiths told AFP this week.
Business
Masdar to invest in Indonesia’s major geothermal player Pertamina
Abu Dhabi, United Arab Emirates: Abu Dhabi-based clean energy company Masdar has entered the geothermal energy sector by making an...
- The investment marks Masdar’s entry into Indonesia, the world's second-largest geothermal market after the US.
- Indonesia has a goal of increasing its installed geothermal capacity from 2.8 gigawatts (GW) in 2022 to 6.2 GW by 2030.
Business
Ericsson to cut 8,500 jobs
Most of the layoffs would be implemented in H1 2023.
- Ericsson, which had a total of 105,000 employees at the end of 2022, last month posted disappointing full-year 2022 earnings.
- Ericsson said 1,400 of the job cuts were in Sweden, which had already been announced earlier this week.
Business
UAE spends billions on home-grown arms at defense fair
The UAE has reduced arms imports by more than 40 percent over the past decade, taking it from the third...
- By the end of the five-day show on Friday, the Gulf state had signed more than 50 deals worth $6.3 billion.
- They include at least $5.9 billion signed with local firms at the International Defence Exhibition and the Naval Defence and Maritime Security Exhibition.
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Rudolph Lohmeyer: The Gulf is redefining the global future, not just adapting to it
The Middle East must counter global economic divergence by enhancing regional financial integration to drive collective growth, Rudolph Lohmeyer tells...
Business
Company News
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ADNOC Drilling, Alpha Dhabi set up JV
Geostrategy
From climate action to global aid: Inside UAE’s remarkable year
Abu Dhabi, UAE -- The UAE is bidding farewell to 2023, dubbed the ‘Year of Sustainability'. From hosting the relatively...
YEARBOOK 2023
45 percent of Saudi employees work over 40 hours per week
Riyadh, Saudi Arabia -- Nearly 45.8 percent of employees in Saudi Arabia work more than 40 hours per week and...
Business
Bank takes over Amiantit subsidiary
The bank will absolve Amiantit of all its financial obligations.
Business
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Business
Saudi AZM gets independent director
Omar bin Fahd Al-Sunaidi's term will extend until Jun 2026.
- The decision was made at the firm’s Fourth Ordinary General Assembly meeting.
- The assembly concluded with the appointment of PricewaterhouseCoopers (PwC) as the auditor for the Company's 2024 fiscal year.
Business
13 million merchandise tons shipped via special corridor, says Ukraine
The corridor was created in August to link Ukraine's ports to the Bosphorus Straits, several weeks after Moscow refused to...
- Ukraine, on the Black Sea, has pushed Russia's much larger navy away from its coasts, allowing the resumption of grain exports
- Russia had threatened to target ships arriving and leaving Ukrainian ports, and has attacked port and grain storage facilities
Business
GCC Commercial Arbitration Centre to use AI in its operations
Manama, Bahrain-- The GCC Commercial Arbitration Centre has started to harness AI techniques, according to its secretary general, Dr. Kamal...
- The initiative aligns with the prevailing trends of leveraging technologies in digital transformation and fostering development across diverse sectors
- Al Hamad said that around 92 percent of legal institutions and judicial bodies in the world plan to increase their use of AI in legislative and legal case analysis