Turkey says increasing energy exports to war-torn Syria
Damascus, Syria -- Turkish Energy Minister Alparslan Bayraktar said Thursday in Damascus that his country would ramp up energy exports...
Business
The New Travel Mindset: Local Living and Smarter Tech
From immersive local experiences to AI-powered personalization, Muzzammil Ahussain, CEO of Almosafer, shares key trends shaping the future of travel.
Interview
Dubai housing boom buoys buyers, burdens tenants
Dubai, renowned for its towering skyscrapers and ultra-luxury villas, saw record real estate transactions in 2022, largely due to the...
- Property prices in the prime locations of Dubai have jumped by 44 percent in 2022 compared with the year before, said real estate consultancy Knight Frank
- Russians, fleeing the impact of sanctions after their country's invasion of Ukraine. were the biggest foreign buyers on Dubai's property market last year
Business
EDGE to supply intelligence capabilities to the UAE armed forces in $1bn deal
Announced at the International Defence Exhibition and Conference (IDEX 2023), the contract will be executed over four years.
- Announced at the International Defence Exhibition and Conference (IDEX 2023), the contract will be executed over four years
- Launched in November 2019, EDGE converges R&D, emerging technologies and commercial market innovations with military capabilities
Tourism, state spending spur real estate in KSA, UAE
Property markets benefit as an increased demand for tourists and the rise in government spending on infrastructure projects drive the...
- Property markets benefit as an increased demand for tourists and the rise in government spending on infrastructure projects drive the post-pandemic recovery in the region
- Changing client preferences in the hospitality, housing, and retail sectors have forced developers to reinvent the hotels, dwellings, and entertainment components of their projects
Business
UAE to invest in Speeder AUV of US-based Mayman Aerospace
The SDF is the investment arm of UAE’s Tawazun Council.
- Mayman Aerospace (JetPack Aviation Corp), the US-based manufacturer of the innovative dual-use Speeder Air Utility Vehicle (AUV).
- Speeder is on display at the SDF stand at the Tawazun Council’s Chalet at the International Defense Exhibition and Conference, IDEX.
Business
Non-oil trade between Saudi Arabia and UAE up 9 percent in 2022
Abu Dhabi, UAE – The non-oil trade between the UAE and Saudi Arabia in 2022 increased by 9 percent, reaching...
- Over the period of 2013-2022, non-oil trade between the two countries increased by 70 percent.
- Raw gold topped the list of the top five commodities exported from the UAE to Saudi Arabia in 2022, valued at AED8.7 billion.
Business
British Steel to slash 260 jobs
The company employs about 4,000 workers in the UK.
- The announcement comes as British Steel, owned by Chinese group Jingye since 2020, seeks financial support from the UK government.
- British Steel said it plans to shut coke ovens at its Scunthorpe plant, northern England, which would help the group to also "build a green and sustainable future".
Business
Abu Dhabi Fund allocates $45m for Nigeria road project
Abu Dhabi, UAE-- Abu Dhabi Fund for Development (ADFD) has allocated AED165 million ($45 million) to the Nigerian government to...
- The Fund said the 82-kilometer road linking Minna, the capital of the state of Niger, with the city of Bida, will reduce travel time by 50 percent.
- The road is expected to stimulate commercial activities and improve transport links between the main cities in the country.
Business
Data risk: China asks state firms to phase out Big Four auditors
Citing people familiar with the matter, Bloomberg said China’s Ministry of Finance is among government entities that gave the so-called...
- While offshore subsidiaries can still use US auditors, the parent firms were urged to hire local Chinese or Hong Kong accountants when contracts come up, the report said.
- The decision comes even after Beijing reached a landmark deal to allow US audit inspections on hundreds of Chinese firms listed in New York.
Business
Crescent Petroleum inks three contracts to develop oil, gas fields in Diyala, Basra
The agreements will deliver much needed natural gas to fuel nearby power plants, creating thousands of new jobs in Diyala...
- The agreements will deliver much needed natural gas to fuel nearby power plants, creating thousands of new jobs in Diyala and Basra
- The Gilabat-Qumar and Khashim Ahmer-Injana fields will be developed in Diyala Province and the Khider Al-Mai block in Basra province
Business
Egypt looks to raise US$1.5bn with sukuk at 11% yield
Cairo, Egypt--Egypt has set an initial yield of 11.625 percent for the sale of its three-year, dollar-denominated sukuk on Tuesday...
- The sukuk will be of benchmark size or in the range of $500 million
- Egypt’s finance minister Mohamed Maait said in December that the country was targeting between $1.5 billion and $2.5 billion from its first sovereign sukuk
Turkey says increasing energy exports to war-torn Syria
Damascus, Syria -- Turkish Energy Minister Alparslan Bayraktar said Thursday in Damascus that his country would ramp up energy exports...
Business
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DTC sets IPO offer price range
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FAB issues first Sukuk globally in 2024
ABU DHABI, UAE - First Abu Dhabi Bank (FAB) has issued a five-year US$800 million Sukuk at US Treasury +85bps,...
Business
Houthi attacks idle Suez Canal, deepen Egypt’s economic woes
The man-made waterway - which officially opened in 1869 - is crucial for Egypt, earning it $9.4 billion in transit...
Amazon cuts hundreds of jobs
The cull will reach 27,000 positions across the company.
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Business
Uber, Kia sign EV partnership
It is aimed at "enhancing electric vehicle offerings".
- Uber and Kia said they are committed to "collaborate on Kia's planned development and deployment" of its new series of electric vehicles
- The partnership of the two companies is aimed at "enhancing electric vehicle offerings available on Uber's mobility platform," they said
Business
DP World signs MoUs in India
The agreements worth US$3bn were signed with Gujarat.
- The agreements would result in the development of new ports, terminals, and economic zones in the western Indian state
- DP World CEO said that during the last 20 years, the company has invested almost $2.5bn and "we are going to invest more"
Business
Emerging crypto hub UAE shapes digital assets’ future
"As 2024 unfolds, we anticipate that both private and public enterprises will increase their investments in the infrastructure and services...
- Bitcoin marked a 134 percent increase in the year 2023, signifying a resurgent crypto market.
- The UAE thawed the crypto winter, with institutional investments driving cryptocurrency deals.