Boeing suspends 777X flight tests after part failure, its latest quality control issue
New York, United States - Boeing has suspended flight testing of its new 777X wide-body jet after identifying the failure of...
Business
Oman, China bilateral trade grows by 8% to $15bn till May
The volume of bilateral trade between the Sultanate of Oman and the People’s Republic of China has increased 8% in...
Business
Business
KEZAD, Al Eskan Al Jamae merge
The merger creates Abu Dhabi’s largest integrated staff accommodation company.
- The combined entity will have an equity value of approximately AED7 billion ($1.90 billion). This transaction would be effected through an equity share swap with no cash exchange.
- For the nine months ended 30 September 2022, revenue was AED275 million for KEZAD Communities and AED205 million for EAJ.
Business
Tweet sparks Musk fever in EU’s poorest corner
The Tesla, SpaceX and now Twitter boss -- who is not immune to bouts of online whimsy -- recently commented...
- The whole episode ignited a social media buzz, with memes aplenty showing the billionaire drinking the local rakia alcohol
- More than 40 percent of the region's people live below the poverty line, making it the EU's poorest, according to Eurostat
Business
Ma’aden plans to become one of the top ten global aluminium producers
Key executives from Ma’aden’s aluminum and smelter department participated in the three-day conference Arabal 2022 in Cairo.
- Key executives from Ma’aden’s aluminum and smelter department participated in the three-day conference Arabal 2022 in Cairo
- With over 400 high-level delegates in attendance, Ma’aden had a prominent presence at the event showcasing various products and demos
Business
Dubai Islamic Bank lists sukuk
The bank listed the sustainable sukuk on Nasdaq Dubai.
- The Sukuk is the first-ever sustainable Sukuk from a UAE entity and was issued in line with DIB’s Sustainable Finance Framework
- The bank issued the new Sukuk under its US$ 7.5 billion Sukuk Programme
Business
IATA says global passenger demand for air traffic growing
Geneva, Switzerland— Total global air traffic has shot up 44.6 percent in October as against October 2021, according to the...
- Total traffic in October 2022 (measured in revenue passenger kilometers or RPKs) rose 44.6 percent compared to October 2021
- Domestic traffic for October 2022 slipped 0.8 percent compared to the year-ago period as stringent COVID-related travel restrictions in China dampened global figures
Business
Technology, sustainability sectors among the most booming and awarded ones across GCC, says expert
The three sectors help the regional economies grow and offer better life to people, Takreem founder Ricardo Karam tells TRENDS...
- The three sectors help the regional economies grow and offer better life to people, Takreem founder Ricardo Karam tells TRENDS while discussing various topics, including awards.
- Takreem Awards 2022 focus, support and encourage innovation and humanity in the Gulf region, the Takreem founder adds
Business
ADNOC and PETRONAS sign MENA’s first unconventional oil concession
Abu Dhabi, UAE— The UAE President Sheikh Mohamed and the King of Malaysia Al-Sultan Abdullah have witnessed the signing of...
- The award to Malaysia’s national oil and gas company launches the Middle East’s first unconventional oil concession
- Under the six-year concession agreement, PETRONAS will hold a 100% stake and operatorship to explore for and appraise unconventional oil
Business
Saudi club Al-Nassr offers Ronaldo US$210m a season
The Portuguese football star Cristiano Ronaldo is likely to sign a $210 million a season blockbuster deal with Saudi Arabian...
- One source said the club were in "serious negotiations" with the 37-year-old but an agreement had not yet been reached because of issues with Ronaldo's image rights
- The striker helped his team triumph at Euro 2016 and has won an impressive haul of silverware across a glittering club career with United, Real Madrid and Juventus
Business
There’s no set route for startups’ success, it’s a mix of internal and external factors, says expert
Investors are paying greater attention than ever before to the founders' backgrounds, personalities and achievements, says Arwa Shafi of Saudi...
- Investors are paying greater attention than ever before to the founders' backgrounds, personalities and achievements, says Arwa Shafi of Saudi startup accelerator TAQADAM
- Startups with experienced professionals on the founding team have a higher success rate, Also, founders who start a firm in their area of expertise have better chances of success
Geostrategy
UAE, UK experts discuss science, tech help in net-zero agenda
ABU DHABI, UAE - Experts from UK and the UAE participated in a Sci-Tech Virtual Tour of the Emirates science...
- The tour was launched to facilitate business-to-business introductions between stakeholders and investors.
- During the virtual tour, delegates discussed decarbonization, affordability, supply of renewable energy.
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Boeing suspends 777X flight tests after part failure, its latest quality control issue
New York, United States - Boeing has suspended flight testing of its new 777X wide-body jet after identifying the failure of...
Business
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Crypto markets witness dynamic asset allocation amid volatility, says study
DUBAI, UAE – Institutional traders (INS) in the crypto markets maintain a conservative approach, with 50 percent of their portfolio...
Business
KSA offers 30-year tax holiday for global corporations as regional HQ program fuels investment boom
The approaching 1 Jan deadline has seen investments on headquarters hit $242m in the first nine months of 2023 alone,...
Business
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Geostrategy
Putin to visit UAE, Saudi Arabia for talks amid OPEC output cuts
Russian President Vladimir Putin, according to his aide Yuriy Ushakov, will first arrive in the UAE this week and then...
- The announcement of the visit follows the recent OPEC decision to cut oil production by 2.2m bpd in Q1 of 2024
- Saudi Arabia, as the world's largest exporter, will see a reduction of 1 million barrels per day
Business
ADQ and Qazaqstan Investment Corporation set up ‘investment platform’
Abu Dhabi, UAE--ADQ and Qazaqstan Investment Corporation have established a co-investment platform focused on high-growth sectors such as food and...
- The investment platform will seek to explore and leverage investment opportunities in Kazakhstan as well as other countries in the Central Asia and Caucasus region
- As part of the initiative, ADQ and Qazaqstan Investment Corporation will be committed to making equal financial and operational contributions to each investment
Business
Islamic finance poised to reach $4 trillion by 2026
Islamic finance, with 70% of sector assets, is revolutionizing the global economy through ethical practices and digital innovation, gaining widespread...
- Islamic finance, with 70% of sector assets, is revolutionizing the global economy through ethical practices and digital innovation, gaining widespread traction.
- GCC and MENA regions lead in Islamic finance assets, with significant growth in markets like Russia, Canada, and the USA, driven by an 18% annual fintech rise.