Real estate transactions in five UAE emirates reach $65 billion in Q1
Abu Dhabi, UAE -- Real estate transactions across five emirates in the UAE surged to over AED 239 billion ($65...
Business
Trump administration refocuses US-China chip war on AI and Huawei
Beijing, China -- The United States has taken aim at China's Huawei over the cutting-edge chips powering artificial intelligence (AI),...
Business
Business
VW 2022 net profit at $16.7bn
Firm booked profit despite supply chain disruptions.
- German automaker Volkswagen on Friday said it booked a higher profit in 2022 despite supply chain disruptions and increased costs.
- The group expects vehicle deliveries to rise to around 9.5 million this year, from 8.3 million in 2022.
Business
DEWA’s R&D Center registers 8th patent for geographical areas survey device
DUBAI, UAE - Dubai Electricity and Water Authority's (DEWA) Research and Development Center has obtained its eighth patent for a...
- The device employs real-time kinematic processing techniques to process data collected on-site.
- It works with a smart device developed by the R&D Center, which uses a smart app to read the updated coordinates in seconds.
Business
ADNOC Drilling to buy hybrid power land rigs for $252m
The purchase is part of the company’s “rigorous decarbonisation strategy,” the company noted.
- The purchase is part of the company’s “rigorous decarbonisation strategy,” the company noted
- ADNOC Drilling owns one of the world’s largest drilling and well completion fleets
Business
Lufthansa returns to profit
The airline reported $839m in profit in 2022.
- The group reported an adjusted operating profit of 1.5 billion euros, in line with expectations.
- The company suffered a net loss of 2.2 billion euros in 2021 and 6.7 billion euros in 2020
Business
ADNOC Gas announces final IPO pricing, to raise $2.5 billion
The ADNOC Gas offering was set at 2.37 dirhams ($0.65) per share, towards the top of its range, implying a...
- The offer was expanded from 4.0 percent to 5.0 percent this week in reaction to demand.
- ADNOC Gas, hived off from the Abu Dhabi National Oil Company (ADNOC) at the start of this year, is expected to start trading on the UAE capital's stock exchange on Mar 13.
Business
Abu Dhabi real estate transactions reach $21.12 billion in 2022
The emirate’s Department of Municipalities and Transport (DMT) said a total of 19,033 transactions were recorded during the year---9,010 sales...
- Yas Island topped the list with transactions worth AED4.2 billion, followed by Al Reem Island (AED3.4 billion) and Saadiyat Island (AED3.1 billion).
- These zones will be open to foreign investors, providing them with an extended range of investment opportunities.
Business
UAEIIC, JOIN ink pact to boost investments in Middle East, Africa
The agreement will build their mutual capacities, and encourage bilateral and multilateral investments, especially in the Middle East and Africa...
- The agreement will build their mutual capacities, and encourage bilateral and multilateral investments, especially in the Middle East and Africa region
- It will create appropriate projects and opportunities for investment and establish new economic partnerships, Secretary-General of UAEIIC Al Jarwan said
Business
Some sectors may benefit more than others as more GCC companies turn to metaverse to boost business
Industries in the region may use metaverse interchangeably. However, there is no specific way to know which sector will benefit...
- Industries in the region may use metaverse interchangeably. However, there is no specific way to know which sector will benefit the most from the latest technology, says an expert
- The use cases of a metaverse in the GCC and the MENA region will vary primarily depending on the core nature of work within each sector, adds Mohamed Khaled, CEO of Hotdesk
Business
UAE best country globally for expat lifestyle, says HSBC survey
Abu Dhabi, UAE - The United Arab Emirates is the best country for expat lifestyle, according to a survey by...
- A total of 36 percent of the people surveyed said chances of having a better lifestyle is the main reason for relocating to the UAE.
- Another reason for the survey was to find about the changes in people’s lives post pandemic which includes the changes in their financial lives.
Business
QFCA, AmCham Qatar sign MoU to boost bilateral trade
Doha, Qatar-- Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), and the...
- Under the MoU, both parties will work to promote QFC as a financial and business platform for foreign financial investments.
- They will also provide necessary support and facilities to American companies interested in doing business in Qatar.
Real estate transactions in five UAE emirates reach $65 billion in Q1
Abu Dhabi, UAE -- Real estate transactions across five emirates in the UAE surged to over AED 239 billion ($65...
Business
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PIF’s diverse investments transform Saudi economy
From sports and gaming to pharmaceuticals and aviation, the Saudi Public Investment Fund's strategic initiatives are shaping a dynamic future...
Business
Biggest fuel refinery plant of Africa begins production
Lagos, Nigeria - Africa's biggest diesel and aviation fuel refinery built by the continent's richest man has started production, the company...
Business
DEWA records 12.5 million digital transactions in 2023
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) announced that its customers conducted around 12.5 million digital transactions in...
Business
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Delta reports profit jump
Its revenue jumped to $14.2 billion for the quarter.
- The company reported net income of more than $2 billion for the October to December period, up from $828 million for the same period in 2022
- Delta shares slumped by more than eight percent around midday on Friday, while rival United Airlines saw its shares plunge by 9.4 percent
Oil prices rise on Red Sea escalation, corporate earnings season
Crude prices spiked more than four percent before ebbing somewhat after the allies launched deadly strikes following weeks of disruptive...
- In Friday trade, the Dow dipped while the S&P 500 edged higher as investors digested corporate earnings and a surprise drop in wholesale inflation
- Leading banks were mostly lower following a deluge of quarterly results, while airlines were hammered after Delta's forecast disappointed investors
Geostrategy
Egypt denies suspending navigation through Suez Canal
Cairo, Egypt - Egypt Saturday said that navigation movement in the canal is regular from both directions, Chairman of the...
- Dollar revenues from Egypt's Suez Canal have experienced a 40 percent decline since the beginning of the year compared to 2023
- The Suez Canal is a crucial source of foreign currency for Egypt, and efforts have been made to boost revenues, including the ongoing expansion of the canal