‘Global Collaboration Village aims to digitize and democratize WEF dialogues’
DAVOS: The future of global collaborations is being shaped by innovation and the ubiquitous embrace of immersive technologies, which continue...
Economy
Wheels in motion for investors as two Gulf carriers plan 2025 IPOs
UAE's Etihad Airways and Saudi Arabia's Flynas are preparing to listing on local stock markets, the first IPO by Gulf...
$735 million new deals signed on fourth day of IDEX in UAE
Abu Dhabi, UAE—A total of 10 deals worth AED2.7 billion ($735 million) were signed on the fourth day of the...
- Today’s deals bring the cumulative value of the deals signed by Tawazun Council at the exhibition so far to AED 21.14 billion for 44 deals.
- The biggest local contract, worth AED902 million, was awarded to Norinco, through International Golden Group, to procure AR3 multiple launcher rocket system.
Geostrategy
European Commission bars TikTok use by staff over data protection
The ban also means European Commission staff cannot use the Chinese-owned video-sharing app on personal devices including phones that have...
- TikTok, whose parent company ByteDance is Chinese, has faced increasing Western scrutiny in recent months.
- Last month, the Dutch government reportedly advised public officials to steer clear of the app over similar concerns.
Business
Masdar-built solar plant in Azerbaijan to begin operations in 2023
In June 2022, Masdar announced the signing of several agreements with the Ministry of Energy of Azerbaijan to develop clean...
- The plant will help generate 0.5 billion kilowatts per hour (KW/hour) of electricity annually, sufficient to meet the needs of over 110,000 homes.
- In June 2022, Masdar announced the signing of several agreements with Azerbaijan to develop clean and renewable energy projects with 4,000MW capacity.
Business
Dubai Chamber of Commerce launches six F&B business groups
Dubai, UAE - Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers, has launched six business...
- Fresh food sales are anticipated to grow at a CAGR of 4.9 per cent between 2022 and 2027.
- Retail sales of supermarkets in the UAE are set to rise at a current value CAGR of 4 percent.
Economy
Turkey slashes borrowing rate to press quake recovery
Turkey was already battling runaway inflation and relying on wealthy allies to keep its economy afloat when the massive earthquake...
- A prominent business group has estimated there was some $84 bn in quake damage, but estimates from other experts are more conservative, putting the total closer to $10 bn.
- When the quake hit, Turkey's official annual inflation rate had slowed to 58 percent from a two-decade high of 85 percent last year.
Business
Renewables investments record high in 2022, but need massive increase
A report by the International Renewable Energy Agency (IRENA) and Climate Policy Initiative (CPI), said although global investment in renewable...
- The report emphasizes how lending to developing countries looking to deploy renewables must be r highlights the need for public financing to play a much stronger role.
- Achieving an energy transition in line with the 1.5°C Scenario also requires the redirection of $0.7 trillion per year from fossil fuels to energy-transition related technologies.
Business
Rolls-Royce sinks into net loss
Turnover however soared by more than a fifth to £13.5 bn.
- Rolls posted a net loss of almost £1.3 billion ($1.5 billion), after a profit after tax of £120 million the previous year.
- Rolls added that it would announce the outcome of a strategic review in the second half.
Business
UAE-Azerbaijan non-oil trade up 270% in five years: Thani Al Zeyoudi
Abu Dhabi, UAE-- The non-oil trade between the UAE and Azerbaijan has risen threefold during the past five years, said...
- He added that the trade between the two countries in 2022 was distributed between AED32.6 million in imports, AED351.9 million in exports, and AED3.5 billion in re-exports.
- The main import commodities were gold, jewellery and their manufactures, plants, tobacco products, copper wires, copper products, shell fruits and others.
Business
Americana net income up 27.1%
This was company's first financial result since dual listing.
- Americana Restaurants Board announced H2 2022 dividends at $103.5 million or the equivalent of $0.0123 per share.
- The company achieved a revenue of $2.38 billion, a 15.9 percent year-on-year increase.
Paris protest against TotalEnergies East Africa oil pipeline
The pipeline project has run into strong opposition from rights and environmental campaigners who say the oil fields being developed...
- About 30 young campaigners demonstrated in front of the French offices of Japan's Sumitomo Mitsui Banking Corporation and Britain's Standard Chartered
- They demanded the banks pull back from the East Africa Crude Oil Pipeline being jointly developed by TotalEnergies and the China National Offshore Oil Corporation
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
‘Global Collaboration Village aims to digitize and democratize WEF dialogues’
DAVOS: The future of global collaborations is being shaped by innovation and the ubiquitous embrace of immersive technologies, which continue...
Economy
Company News
Latest News
DEWA Q3 2023 revenue $2.5bn
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...
Business
Bahrain kicks off roadshow in China to boost tourism sector
Manama, Bahrain--The Bahrain Tourism and Exhibitions Authority (BETA) began a roadshow in Shanghai and Guangzhou, China, involving prominent travel, tourism,...
Business
ACC holds workshop in Jordan on dangers of human trafficking
AMMAN, JORDAN - Amman Chamber of Commerce (ACC), in cooperation with Ministry of Justice and Jordan Judicial Council (JJC), organized...
Geostrategy
Most Read
Business
Saudi EXIM Bank ink $51bn deal with Turkish firms
Riyadh, Saudi Arabia - Saudi EXIM Bank signed line of credit agreements worth $51 million with Türkiye Finans Katılım Bankası...
- The agreement is likely to help boost trade between the two countries and facilitate the flow of Saudi non-oil exports to the Turkish markets
- The agreement with Türkiye Finans Katılım Bankası A.Ş values at $26 million, the one with Albaraka Türk Katilim Bankasi A.S. at $25 million
Business
UAE insurance sector assets rise US$3.1bn in 9M 2023
ABU DHABI, UAE - The UAE insurance sector continues to exhibit robust growth, as evidenced by a 9.6 percent increase...
- Central Bank of the UAE data shows that assets rose 3.05 percent from US$1 billion to US$ 34.7 billion between Q2 and Q3 of 2023.
- The UAE's leadership position within the Arab insurance landscape is further solidified by its consistent ranking among the top global performers.
Geostrategy
Google agrees to settle $5bn data privacy breach lawsuit
Google has agreed to settle a consumer privacy lawsuit seeking at least $5 billion in damages over allegations it tracked...
- The lawsuit, filed in a California court, claimed Google's practices had infringed on users' privacy by "intentionally" deceiving them
- Lawyers for the plaintiffs were seeking at least $5,000 for each user it said had been tracked as they visited Google Analytics in private browsing mode