Chinese EV company Xpeng shares up 6% post mass-market car launch
Xpeng shares rose after the Chinese electric car company launched its new mass-market Mona brand on Tuesday with prices starting...
China’s robot makers chase Tesla to deliver humanoid workers
Beijing, China - China dominates the market for electric vehicles. Now it's chasing in the race to build battery-powered humanoids...
Business
Economy
Jordan and Saudi Arabia to boost cooperation, strategic ties
Amman, Jordan— Jordan and Saudi Arabia held discussions on enhancing bilateral cooperation in various fields and boosting strategic ties between...
- Both countries reaffirmed their keenness to enhance cooperation and bilateral integration, and to leverage available and joint opportunities in various fields
- The two sides discussed projects that would deepen bilateral cooperation in economic, investment, trade, energy, water, and transportation
Business
FTX founder Sam Bankman-Fried arrested in the Bahamas
Nearly a month after the downfall of FTX, its founder Sam Bankman-Fried was arrested in the Bahamas at the request...
- He had in recent weeks defied legal advice and multiplied media appearances offering his version of his company's sudden failure, usually by video link from the Bahamas
- The price of FTT plunged in early November, roiling both Alameda and FTX, where Alameda had large trading positions
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Abu Dhabi, Dubai gain as realty prices rise in UAE
The UAE’s real estate market flourished during November as sales in Dubai alone crossed 10,000 transactions, the highest recorded since...
- The UAE’s real estate market flourished during November as sales in Dubai alone crossed 10,000 transactions, the highest recorded since 2011, says a latest report
- In November, the off-plan market witnessed the highest value of transactions in a decade by recording AED 12.7 billion for the first time
Business
Resilience helps UAE banks face global challenges
Growing assets, increased financing, and enhanced capital adequacy ratios reflect the sector’s resilience and ability to adapt to changes in...
- Growing assets, increased financing, and enhanced capital adequacy ratios reflect the sector’s resilience and ability to adapt to changes in the world, say key bankers
- The CEOs Advisory Council, in a recently held meeting, had called for continued efforts to protect the banking sector’s digital infrastructure in the Gulf country
Business
EDB, ADCB ink pact for UAE SMEs
The MoU will enable SMEs access to financing options.
- The scheme is in line with EDB’s mandate to provide AED 30 billion towards the development of the UAE economy in five strategic sectors.
- The Memorandum of Understanding (MoU) will enable SMEs in the UAE to have improved access to strategic financing options.
Business
Microsoft to buy 4% stake in LSE
Microsoft will acquire a holding worth $1.8 bn at current prices.
- The long-term partnership focuses "next-generation data and analytics and cloud infrastructure solutions" including artificial intelligence (AI).
- Microsoft CEO said advances in cloud and AI technology would "fundamentally transform how financial institutions research, interact, and transact".
Business
Mercedes plans $1.05 bn investment
It will build a plant in Poland to build fully electric vans.
- The site will be located in Jawor, southwestern Poland, where the group has already been manufacturing combustion engines since 2019.
- It comes as Mercedes and rival automakers globally are spending vast sums as part of a major industry-wide shift towards electrification.
Business
DEWA approves special $552m dividend
The record date for the dividend is 22 Dec. 2022.
- DEWA, which is listed on the Dubai Financial Market, held its second general assembly for 2022 under the chairmanship of Matar Humaid Al Tayer, Chairman of the Board of Directors.
- “This dividend yield is more attractive than most companies listed on the ADX, DFM, and Tadawul, as well as other global utility companies,” said Al Tayer.
Business
Amgen to buy Horizon Therapeutics
The US biopharma firm will pay US$28 billion for the deal.
- This is the biggest acquisition of the year in the health sector.
- The deal is subject to approval by US regulators and if all goes well it should be concluded in the first half of 2023, Amgen said.
Business
TotalEnergies to start drilling in offshore Lebanese gas project in 2023
Paris, France--- French energy giant TotalEnergies said Monday that several teams were working in collaboration with the Lebanese Petroleum Administration...
- TotalEnergies owns 60 percent of Block 9 and its partner in the project, Eni, the remaining 40 percent.
- Block 9 is within the territorial waters of Lebanon, which reached a maritime agreement with Israel.
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Chinese EV company Xpeng shares up 6% post mass-market car launch
Xpeng shares rose after the Chinese electric car company launched its new mass-market Mona brand on Tuesday with prices starting...
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Sipchem 9M net profit down 67%
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McDonald’s eyes big expansion
The company plans about $2.5bn in capital expenditures in 2024.
Egypt to sign agreement on curbing methane emissions
Abu Dhabi, UAE--Egyptian Petroleum Minister Tarek el Molla announced an agreement on laying down a detailed road map for cutting...
COP28 UAE
Saudi Arabia offers 30-year tax cut to businesses shifting hqrs to kingdom
Riyadh, Saudi Arabia - Saudi Arabia has rolled out a 30-year tax relief program aiming to lure multinational corporations to...
Economy
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Business
Air cargo demand up 3.8% in October
Geneva, Switzerland - Global air cargo demand increased by 3.8% compared to October 2022, the International Air Transport Association (IATA)...
- Capacity was up 13.1% compared to October 2022 and 11.1% for international operations
- International belly capacity, for example, rose 30.5% year-on-year on the strength of passenger markets
Business
GCC equity markets record first gain in four months
The GCC equity market index rebounded notably in November 2023, with the MSCI GCC index rising 5.2%, led by Qatar...
- The GCC equity market index rebounded notably in November 2023, with the MSCI GCC index rising 5.2%, led by Qatar and closely followed by Saudi Arabia and Dubai.
- This resurgence is a positive sign for the region's markets, which are showing robust growth and diversification efforts, particularly in sectors like Pharma & Biotech.
Business
Volkswagen to reduce workforce
Volkswagen has some 675,800 employees worldwide.
- "Over the coming years, we will need to reduce our workforce in a socially responsible way," the group's human resources chief Gunnar Kilian said
- The focus would be on "partial retirement and early retirement schemes to the maximum extent possible," he added