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
Oil prices jump on report of Israel prepping Iran strike
Both main crude contracts jumped around one percent after CNN reported multiple US officials as saying the government had received...
Geostrategy
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.
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
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UAE and Costa Rica conclude talks on signing CEPA
Dubai, UAE-- The UAE and Costa Rica have concluded negotiations to sign a comprehensive economic partnership agreement. In this connection,...
Business
NEOM announces Aquellum as futuristic lifestyle community
NEOM, SAUDI ARABIA - The Board of Directors of NEOM has announced Aquellum, a luxury and experiential space embedded within...
Business
Saudi Arabia signs MoUs with four countries for development in mining industry
RIYADH, SAUDI ARABIA – The Ministry of Industry and Mineral Resources has signed four Memorandums of Understanding (MoUs) with the...
Geostrategy
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Business
OYO New Year Eve bookings up 64%
Oman emerges top performer in the GCC region.
- Saudi Arabia with 59 percent and United Arab Emirates with 31 percent growth were the other top performers.
- Siniya Island Resorts, a luxurious property in Dubai, was one of the most preferred destinations for new year celebrations.
Business
Qatar records $222m in realty deals: Registration department
Doha, Qatar -- The volume of real estate trading in sales contracts at the Department of Real Estate Registration at...
- Total sales contracts for residential units in the Real Estate Bulletin for the same period were QR 19.38 million.
- Real estate properties traded for sale has included vacant lands, houses, residential buildings and commercial buildings.
Business
ACWA Power-led consortium signs deal for wind energy project
Cairo, Egypt -- The Egyptian government signed an agreement yesterday with a consortium led by the Saudi company ACWA Power...
- This wind energy production project in the Middle East in Egypt will be the largest in the Middle East.
- With investments reaching up to $1.5 billion, the project will be established in the Gulf of Suez and Jebel El-Zeit regions, boasting a capacity of 1.1 gigawatts.