Davos25: Kyrgyzstan beckons with lax tax regime, says CEO of country’s tech hub
Davos, Switzerland -- Aziz Abakirov, the CEO of the High Technology Park of the Kyrgyz Republic, represents a unique initiative...
World Economic Forum
Business
EU adopts fallow land exemption after farmer protests
Brussels, Belgium - The European Commission on Tuesday officially extended an exemption from contested rules to leave a share of agricultural...
- The EU acknowledged that a combination of geopolitics and extreme weather meant farmers were struggling to meet the fallow land rule
- The fallow land rule was imposed as part of the bloc's common agricultural policy to promote biodiversity
Business
Bitcoin crosses $50,000 for first time since 2021
The cryptocurrency has enjoyed a strong run-in recent month, fueled by expectations US lawmakers would allow the creation of exchange-traded...
- After dropping in reaction to last month's green light by Washington, bitcoin has rallied about 25%
- That advance saw it hit as much as $50,328, according to Bloomberg data, its highest level since late 2021
Business
Michelin posts record operating profits
Sales at the French firm dipped last year to US$30.5bn.
- Sales by volume dropped by 4.7 percent but Michelin said this reflected its strategy of prioritizing markets and business segments
- Sales of premium and big tyres, in particular for SUVs, helped improve the company's performance, as did a drop in costs for raw materials
Business
ADNOC Drilling profit soars 29%
The company's revenue for the year 2023 was US$3.05bn.
- The company's EBITDA for 2023 shot up 20 percent to US$1.483 billion with industry-leading EBITDA margin of 49 percent
- It added 14 new drilling units in 2023, including four lease-to-own land rigs, making it one of the world’s largest fleets of 129 rigs
Business
Al Mal Capital REIT to launch rights issue
The fund has an existing portfolio valued at US$158m.
- Its CEO said the issue is a step in their journey to generate consistent and sustainable value for investors
- The fund has an existing portfolio valued at $158 million, primarily invested in educational assets in the UAE
Business
Energy transition led Saudi Arabia to halt oil expansion, says official
RIYADH, SAUDI ARABIA – The Kingdom's surprise decision to halt a planned expansion of its oil production capacity reflects ambitions to...
- Aramco announced on January 30 that the energy ministry had ordered it to maintain production capacity at 12 million barrels per day.
- Officials in the world's biggest crude exporter did not explain the move, leaving analysts to speculate that it reflected lack of confidence
Business
solutions by stc, Devoteam ink MoU
The aim is to foster avenues for collaboration in technology.
- The pact follows and builds upon the acquisition by solutions of a 40 percent stake in Devoteam Middle East.
- The collaboration also aims to combine the experience and resources of the parties for mutual benefit.
Business
UAE residents anticipate full electric and hybrid vehicle takeover in coming years: survey
Dubai, UAE - About 63% of respondents in the UAE plan to make EVs their primary mode of transport by...
- The survey also found that 73% respondents are confident that the UAE will have charging stations every few kilometers by 2028
- It also highlights a substantial wave of interest in EVs, with 26% of non-EV owners expressing interest in purchasing one in the next 12 months
Business
GPSSA issues circular on pensions, gratuity in UAE
ABU DHABI, UAE – The Emirates General Pension and Social Security Authority (GPSSA) has issued a circular to government and...
- The circular included limiting the procedure of deduction from the pension or end-of-service gratuity for the benefit of GPSSA's debt.
- In cases of unlawful disbursement, GPSSA has the right to deduct from other beneficiaries' shares, proportional to their entitlements.
Business
Several nations eager to join Charter of Cooperation, says OPEC Secretary-General
ABU DHABI, UAE - Secretary-General of the Organization of Petroleum Exporting Countries Haitham Al Ghais said that OPEC is in...
- The names of these countries will be announced after the completion of the ongoing consultations, the OPEC chief said.
- He said the Charter helps facilitate dialogue and exchange views regarding conditions in the global oil and energy markets.
Company News
Huawei profit tops $12bn
Business
Amanat FY 2023 revenue $195m
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Embracer sells Borderlands
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Air Arabia Egypt marks its first flight to Istanbul
CAIRO, Egypt – Air Arabia Egypt on Sunday commenced its first non-stop flight from Cairo International Airport to Sabiha Gökçen...
Business
DWTC welcomes 2.47m visitors in 2023, says EVP
DUBAI, UAE – Executive Vice President, Dubai World Trade Center (DWTC) Mahir Julfar said that the DWTC's performance in 2023...
Business
Jordanian industrialists call for export diversification
AMMAN, JORDAN – Jordanian industrialists have emphasized the imperative of strategic planning to bolster export diversification, underlining key measures such...
Business
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Business
Meta to label AI-generated content
It seeks to reassure users over the risks of deepfakes.
- The company said it will no longer remove manipulated images and audio that don't otherwise break its rules
- The changes come as a response to criticism from the tech giant's oversight board, which reviews Meta's content
Business
Dubai receives 3.67 million visitors in first two months of 2024
Dubai, UAE--Dubai received 3.67 million overnight visitors in January-February 2024, with an increase of over 18 percent year-on-year (YoY), figures...
- The emirate recorded 1.77 million international visitors in January, and 1.9 million in February, according to Dubai Department of Economy and Tourism
- Europe led the list with 773,000 tourists, South Asia came in second with 604,000 visitors, followed by Gulf Cooperation Council countries with 549,000
Business
UAE stocks see US$1.7bn inflow, IHC, Emaar lead
ABU DHABI, UAE- The UAE stock markets attracted liquidity of nearly AED6.5 billion during the week's trading, with the focus...
- The weekly liquidity in the Abu Dhabi market was US$1.2 billion (AED4.57 billion).
- The weekly liquidity in the in the Dubai market was US$517 million (AED1.9 billion).