European Union and UAE agree to launch trade deal negotiations
Emirati President Mohammed bin Zayed Al Nahyan "and I just decided to launch negotiations on an EU-UAE free trade agreement,"...
Geostrategy
$20 million rare blue diamond goes on show in Abu Dhabi
Abu Dhabi, United Arab Emirates -- A rare blue diamond valued at $20 million went on pre-auction display on Tuesday...
Business
Geostrategy
EU eyes all acceptable energy price cap as winter arrives
Several EU countries, including France, Poland and Spain, want a price cap lower than the one proposed by the European...
- The continent has entered a bitingly cold winter with fewer energy options because Russia has reduced gas supplies in retaliation for EU sanctions.
- Gas prices are high, albeit lower than during the middle of the year, spurring worries that European homes and businesses could face blackouts.
Business
Bank of China lists $300m bonds
The bank's Fitch A ratings bonds were listed on Nasdaq Dubai.
- The new listing highlights Nasdaq Dubai's significant role in strengthening links between the capital markets in Dubai and China.
- Bank of China's Dubai branch has issued the 2025-maturing bonds at a yield of 4.84 percent.
Economy
UAE Financial Restructuring Committee, World Bank discuss bankruptcy law
ABU DHABI, UAE - Members of the Consultative Council of UAE's Financial Restructuring Committee (FRC) has met with experts from...
- The meeting was held virtually and sought to discuss the latest updates on amendments to the bankruptcy law.
- The meeting discussed the proposed amendments to the bankruptcy law in terms of public policy.
Business
BEEAH inks three-way pact
The three firms will produce fuel cell grade hydrogen from waste.
- The three firms will form a consortium that will advance progress on the Middle East’s first waste to hydrogen plant, located in Sharjah.
- The plans for the plant include an on-site green hydrogen dispensing station capable of fuelling several vehicles.
Business
Saudi PIF acquires 9.5% stake in offshore wind energy developer Skyborn
Dubai---Saudi Arabia's sovereign wealth fund, the Public Investment Fund, had acquired a 9.5 percent stake in Skyborn Renewables, an offshore...
- PIF said it is investing in Skyborn alongside Global Infrastructure Partners, , a US-based infrastructure investment fund.
- The Skyborn, which is based in Bremen, Germany, has a presence in 15 European and Asia Pacific markets.
Geostrategy
Rotterdam port ‘drowning in cocaine’ as gangs become stealthier
A record of nearly 70 tons of the drug was intercepted in 2021, up 74 percent from a year before,...
- The cocaine is usually hidden in containers, or sometimes underneath ships in openings below the water line where they are then recovered by divers.
- Rotterdam mayor Ahmed Aboutaleb has deplored the fact that the port city is "drowning in cocaine", and condemns the violence that accompanies the drug trade.
Business
Dubai races ahead to be global epicenter for crypto
While the crypto ecosystem still reels from the collapse of FTX, and investor apprehension about the future of the digital...
- The UAE is the third largest cryptocurrency market in the Middle East, behind Turkey and Lebanon, with a transaction volume of roughly $26 billion
- The emirate demonstrated its willingness with VARA to be the first country to have the regulation to oversee the crypto sector rather than curbing it
Business
Saudi communications ministry inks MoU with Huawei
Under the terms of the agreement, the Ministry and Huawei will collaborate to realize a '10Gbps Society', to build a...
- Under the terms of the agreement, the Ministry and Huawei will collaborate to realize a '10Gbps Society', to build a superfast broadband infrastructure
- Huawei will work with the Ministry to support digital entrepreneurs working on smart cities, IoT, AI, gaming, fintech, e-commerce, and blockchain projects
Business
Musk relaunches Twitter Blue after fake account fiasco
The first try last month came just 10 days after Musk's $44 billion takeover of the platform and a mass...
- The initial rollout of Twitter Blue caused an uproar when many fake accounts popped up pretending to be celebrities or companies
- The relaunch of Twitter Blue in a handful of countries including the US comes as the Tesla and SpaceX owner has stepped up his tweets endorsing right-wing causes
Economy
Dubai International Chamber launches three new offices in Cairo, Tel Aviv, Istanbul
The formal inauguration of the representative office in Tel Aviv will take place in the Israeli capital on December 13.
- The formal inauguration of the representative office in Tel Aviv will take place in the Israeli capital on December 13
- International offices have a dual mission of supporting and guiding Dubai companies through every stage of their global expansion
European Union and UAE agree to launch trade deal negotiations
Emirati President Mohammed bin Zayed Al Nahyan "and I just decided to launch negotiations on an EU-UAE free trade agreement,"...
Geostrategy
Company News
Chevron Q3 profit falls
Business
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Eni Q3 profit drops
Business
Equinor profits tumble
Business
China’s BYD to manufacture cars in Hungary
BYD already has operations in Hungary, including an electric bus factory.
Business
TAQA, GS Inima and EWEC seal deal
Abu Dhabi's Shuweihat 4 desalination project secures $444 million.
Business
Most Read
China unveils new gaming curbs, sending tech stocks tumbling
Beijing first moved against the gaming sector in 2021 as part of a sprawling crackdown on big tech, including a...
- New draft restrictions published online by the regulator are aimed at limiting in-game purchases and compulsive playing behavior
- Following the news, Tencent tanked more than 15 percent in Hong Kong while rival Netease was down more than 30 percent
Tesla launches Shanghai battery plant project
The project was announced in April after Tesla chief Elon Musk presented a vague but ambitious plan to investors to...
- The plant is expected to make 10,000 units of Tesla's Megapack batteries per year, and "break ground in the first quarter of 2024 and start production in the fourth quarter"
- Tesla says its Megapacks are intended to store energy and stabilize supply for power grids, with each unit able to store more than 3 megawatt-hours of power
Nike shares tumble after cost cuts
Nike promised up to $2 billion in cost savings Thursday.
- Shares fell heavily in after-hours trading as Chief Financia officer described the environment as "highly promotional" during a conference call with analysts
- Profits for the quarter ending November 30 jumped 19 percent to $1.6 billion, while revenues edged up one percent to $13.4 billion