After Instagram restrictions, Meta to introduce teen accounts for Facebook
Paris, France -- Meta on Tuesday announced that it was extending its teen accounts to its social network Facebook, after...
Geostrategy
Business
Palestinian businesses in West Bank wary of Netanyahu government, cheap goods
The Palestinian govt has no money to support would-be entrepreneurs, environment for foreign investors is too risky and the Israeli...
- Israeli occupation impacts everything, including tariffs, storage costs and barring Palestinians from exploiting the economic potential of Area C.
- The Palestinian Authority is failing the Palestinian stone companies by not defending their local market from foreign competition, say experts.
Business
Twitter suspends account tracking Elon Musk’s plane
The account was in action briefly later in the day, after Twitter sent out word that it updated its policy...
- The account was in action briefly later in the day, after Twitter sent out word that it updated its policy to prohibit tweets
- Tweets sharing a person's location that are "not same-day" are allowed under the tweaked policy
Business
Europe united in dispute with US over green subsidies: Chancellor Scholz
Several EU leaders including Macron have said the US subsidies are enticing European companies to relocate to the United States.
- He added that EU partners had "long hoped for" decisive US steps to address climate change.
- Washington's landmark Inflation Reduction Act contains around $370 billion in subsidies for green energy.
Science
Dubai South, Evocargo to start trials for UAE’s first driverless vehicle
Dubai, UAE - Dubai South and Evocargo will launch UAE’s first autonomous vehicle trials for cargo at the master development’s...
- The trials will see EVO.1, Evocargo’s unmanned electric logistics vehicle, navigate Dubai South’s Logistics District from December until February 2023.
- Perfecting electric and driverless truck technology for the region will help it further reduce its carbon footprint and reinforce the city’s green credentials.
Business
AD Ports signs pacts with Kyrgyzstan to promote trade with Central Asia
Abu Dhabi, UAE--- AD Ports Group has signed two major agreements with the Government of Kyrgyzstan to promote trade and...
- Under the first pact, 300,000 sqm land within KEZAD will be secured to develop and operate a logistics hub and customs area.
- Under the second agreement, Maqta Gateway will initiate a strategy for the Ministry of Finance for developing a customs and border management solutions.
Business
Saudi fund launches program to assist real estate finance companies
Riyadh, Saudi Arabia---Saudi Arabia’s Real Estate Development Fund has launched a program to provide short and medium term financial facilities...
- The kingdom aims to raise the percentage of home ownership to 70 percent by 2030 under its Vision 2030 program.
- The financing program is also aimed at stimulating the mortgage market in line with the requirements of the Saudi Refinancing Company.
Business
ADNOC Drilling to acquire rigs
The two offshore jack-up rigs will be bought for $200 million.
- Since listing on the Abu Dhabi Securities Exchange in October 2021, ADNOC Drilling has expanded its fleet from 95 to 108 owned rigs, as of 30th September, 2022.
- This rig purchase adds to earlier deals for a total of nine rigs signed in 2022 and four rigs acquired in 2021.
Business
UAE Jiu-Jitsu Federation to promote martial art in China
Abu Dhabi, UAE--The UAE Jiu-Jitsu Federation and China’s Generations Fund have signed an agreement to promote the culture of Jiu-Jitsu...
- The agreement allows both parties to utilize Jiu-Jitsu in accelerating sporting cooperation between the UAE and China
- It will also contribute to expanding Jiu-Jitsu fan base in the People's Republic of China, specially among young people
Business
Inflation shoots up in Jordan to 4.22% in November
Amman, Jordan-- Jordan's inflation shot up 4.22%, reaching to 106.68 points during the period from January to the end of...
- The Department of Statistics noted that the overall consumer price index for November this year rose by 4.99%, reaching 108.19 points
- The American credit ratings giant Fitch Solutions said in May that it predicts inflation to rise to 3.6% this year
Business
Sudan inks US$6bn UAE deal for new Red Sea port
Sudan signed an initial US$6 billion deal led by United Arab Emirates' AD Ports Group and Invictus Investment to build...
- The Abu Amama port, to be built north of the existing key hub of Port Sudan, will include an industrial zone.
- The signing came a week after Sudan's military and civilian leaders inked an initial accord aimed at ending the crisis since last year's military coup.
Company News
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Chevron Q3 profit falls
Business
UAE, Mauritius conclude CEPA talks, set to boost trade
The CEPA will cover trade in goods and services, investment facilitation amongst others. Once implemented, it will accelerate robust growth...
Business
‘Diverse economic needs boost global sukuk market’
"Rising rates negatively impact global issuances of sukuk, thereby affecting the global sukuk market. This reduces the appetite of global...
Business
UAE best performing economy in Arab region, says Arab Monetary Fund
Abu Dhabi, UAE - The United Arab Emirates was named the most economically competitive nation in the Arab world, a...
Economy
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Business
TAQA, GS Inima and EWEC seal deal
Abu Dhabi's Shuweihat 4 desalination project secures $444 million.
- The S4 RO project is primarily funded 71 percent through debt financing from both local and international banks.
- The financial closing comes after TAQA and GS Inima signed the water purchase agreement with EWEC in August 2023.
Business
ESG buys majority stake in UIG
The move is likely to enhance ESG’s manpower portfolio.
- ESG is a global investment, engineering and construction services business and a subsidiary of International Holding Company.
- The strategic plan aims to deploy over 30,000 skilled professionals by the end of 2024, serving various sectors.
Ottawa approves RBC takeover of HSBC’s Canadian operations
Canadian Finance Minister Chrystia Freeland said RBC would be required to establish "a new integrated banking center" in Vancouver, eliminate...
- HSBC, under pressure from shareholders to refocus on its Asian activities, announced the sale of its Canadian operations to RBC for $13.5 billion in November 2022
- The London-headquartered bank, which generates two-thirds of its sales in Asia, said it expected the deal would be completed in the first quarter of 2024