Trump expands Apple tariff threat to all smartphones
Washington, United States -- US President Donald Trump on Friday threatened Apple and other smartphone manufacturers with a 25 percent...
Business
Xiaomi launches new advanced in-house mobile chip
Beijing, China -- Tech giant Xiaomi unveiled a new advanced in-house mobile chip on Thursday, a significant milestone for the...
Business
Business
Aramco completes acquisition of Valvoline’s products business
Dubai, UAE-- Saudi energy giant Aramco has completed the acquisition of US motor and oil maker Valvoline's global products business...
- The acquisition will help Aramco to enter the integrated, branded lubricants players
- Valvoline Global Operations will continue to be headquartered in Lexington, Kentucky
Economy
More interest rate hikes may be needed, says ECB’s Lagarde
FRANKFURT, GERMANY - More interest rate increases may be needed beyond the one coming later this month, European Central Bank president...
- The ECB has lifted rates at an unprecedented pace in recent months to cool inflation.
- ECB president said the pace of future hikes was "impossible" to predict and would be decided by the economic data available at the time.
Geostrategy
UAE, Bahrain explore ways to boost collaboration in infrastructure, transport
ABU DHABI, UAE - UAE Minister of Energy and Infrastructure (MoEI) Suhail bin Mohammed Al Mazrouei Thursday had a meeting...
- Bahrain’s Minister applauded the advanced processes at UAE Ministry of Energy and Infrastructure , particularly the AI-enabled systems for planning new infrastructure projects.
- The Bahrain’s Minister and his delegation toured the Road Control Center that was recently established at the ministry’s Sharjah offices.
Business
Apple to spend $1bn on chip hub
The investment will be spread over the next six years.
- This comes on top of an earlier one-billion-euro commitment announced in 2021, when Apple made Munich the European headquarters of its "Silicon Design Centre."
- The move is part of Apple's strategy to develop its own chips for iPhones, iPads, MacBooks and other products, in order to reduce reliance on outside suppliers
Business
Green energy meets 80 percent of Abu Dhabi demand: EWEC
Abu Dhabi, UAE--- Emirates Water and Electricity Company (EWEC) has, for the first time, met 80 percent of total power...
- EWEC supplied approximately 6.2 gigawatts (GW) of the total 7.7GW system power demand.
- By 2030, EWEC aims to raise Abu Dhabi’s solar power generation to approximately 7GW and produce more than 90 percent of its water using reverse osmosis.
Economy
Qatar’s industrial investments in 2022 vault to US$81 billion
Doha, Qatar-- The the SMEs sector grew by 2.6 per cent, as the number of operating factories in the state...
- Sheikh Khalifa also affirmed the Chamber's interest to enhance the national industry and help investors in this sector to promote their products
- Chairman of Qatar Chamber Sheikh Khalifa bin Jassim Al-Thani inaugurated the Engineering Factory for Carpets in its new headquarters in the New Industrial Area
Musk eyes torrid growth at Tesla, but offers no big new reveals
After years of losses, Tesla has hit its stride in terms of financial performance, scoring an impressive string of earnings...
- Reviewing the company's quickly expanding EV production, Musk and a team of executives promised more outsized growth through streamlined manufacturing processes
- But shares fell throughout the event as Musk and his team avoided specifics on what the next generation of vehicles would look like, or when they might be ready
Business
Emiratization: ACTVET, Al Fardan Exchange to hire 1,000 Emiratis in financial sector
The MoU also aims to educate and train 5,000 citizens at the Al Fardan Exchange Training Institute, which was recently...
- The MoU also aims to educate and train 5,000 citizens at the Al Fardan Exchange Training Institute, which was recently established at ACTVET’s Innovation Park in Abu Dhabi
- The companies will collaboratively oversee the implementation of the MoU and support the education and training of 5,000 UAE nationals through specialised training programmes
Business
Aramco, Renault, Geely ink deal
The new firm will focus on internal combustion.
- Geely and Renault are expected to retain equal equity stakes in the new independent entity, according to a statement
- Earlier, reports said that the car makers were working to finalize a deal with Aramco to develop and supply gasoline engines
Business
Users feel more people should adopt ChatGPT, TRENDS poll finds
Nearly 25 percent of respondents believe educational institutions should avoid the use of AI platforms, and many feel creative writers...
- The top respondents for the poll question were from Bahrain (25.6 percent), followed by Qatar (25 percent), Lebanon (24.1 percent), and UAE (22.7 percent)
- Respondents were mainly from the age 20 to 29 years old (46.4 percent), followed by the age range 30 to 39 years (38.6 percent), and 40 to 49 years (10.3 percent)
Trump expands Apple tariff threat to all smartphones
Washington, United States -- US President Donald Trump on Friday threatened Apple and other smartphone manufacturers with a 25 percent...
Business
Company News
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EDGE signs MoU with MBRSC
Business
Solutions+, EIH sign MoU
Business
US sanctions Hong Kong, UAE firms over Houthi support
The move comes hours after US and UK forces launched strikes against the Houthi rebels, seeking to halt their repeated...
Delta reports profit jump
Its revenue jumped to $14.2 billion for the quarter.
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...
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Business
Record-breaking home sales in Dubai’s upscale market in 2023
Dubai, UAE – Sales of properties worth more than $1.35 million and $2.70 million in Dubai hit record levels in 2023,...
- Among the communities tracked by CBRE, in 2023, Palm Jumeirah registered the highest volume of transactions in both the prime and super-prime market segments
- Off-plan sales in the $1.35 million and $2.70 million segments of the market accounted for 67.2% and 70.8% of total transaction volumes, respectively
Market Report
Oil prices rise after US, UK strike Houthi rebels
Oil prices surged four percent after US and UK forces launched strikes against Iran-backed Houthi rebels after attacks on ships...
- Wall Street had ended flat on Thursday, while the dollar was closing the week with gains against the euro.
- The Houthis have carried out a number of strikes on vessels in the Red Sea, a key international shipping route.
Business
ADQ, ADNEC Group sign agreements
They will buy 40.5% stake in TMG Holding’s hospitality business.
- ADQ and ADNEC will invest through a special purpose vehicle, with 49 percent equity ownership by ADQ and 51 percent equity ownership by ADNEC.
- ICON is a leading player in Egypt’s luxury and upscale hospitality market, with a track record of building and owning some of the most celebrated luxury hotels in Egypt.