Boeing offered 737 MAX plea deal, lawyer of crash victims’ families says
Washington, United States - The US Justice Department is offering Boeing a plea deal that will allow it to avoid a...
Business
Saudi Aramco says foreigners grab ‘majority’ of share offering
Riyadh, Saudi Arabia - Oil giant Saudi Aramco said Sunday that international investors had snatched up the bulk of shares sold...
Business
UK probes Apple, Google over cloud gaming, browsers
Apple and Google "have an effective duopoly on mobile ecosystems that allows them to exercise a stranglehold over operating systems,...
- An overwhelming 97 percent of all mobile internet browsing in Britain took place using Apple or Google technology in 2021
- Many UK companies and web developers argue that the status quo is harming their businesses, holding back innovation and adding costs
Business
Tunisian village banks on cacti to bring in fortune
In a dry country where access to water is already far below the 1,700 cubic meters per resident per year...
- Used in moisturizing and anti-ageing products, the oil is a much-needed cash cow in a region where one third of people live in poverty
- The success of the prickly pear in Zelfen has prompted farmers in other regions such as Nabeul and Kairouan to take an interest
Business
Masdar to develop 100 megawatt solar plant in Turkmenistan
Abu Dhabi, UAE—Masdar will develop a 100 megawatt solar plant in Turkmenistan, the company's first such project in the country....
- In this regard, Masdar signed a joint development agreement (JDA) with Turkmenenergo State Power Corporation of the Ministry of Energy of Turkmenistan (Turkmenenergo)
- Turkmenistan is looking to modernise its energy infrastructure and reduce its dependence on hydrocarbons
Business
Saudi Aramco signs 59 procurement agreements under Iktva
Dhahran, Saudi Arabia-- Saudi Aramco Tuesday signed 59 corporate procurement agreements (CPAs) valued at $11 billion with 51 local and...
- Valued at $11 bn, the agreements were signed with 51 local and global manufacturers, with potential to create 5,000 new jobs in the kingdom over the next decade.
- They cover multiple strategic commodities, such as drilling chemicals, wellheads, switchgears, vibration monitoring systems, pipes and compressors.
Business
Dubai airport traffic returns to pre-pandemic levels: statement
Dubai, the world's busiest airport for international passengers before the Covid-19 pandemic, had 18,455,938 visitors in the three months to...
- Passenger forecasts have now been raised to 64.3 million for 2022 with "the prospects of a stronger surge in the offing" in the final quarter
- The airport had 46.3 million passengers from January to September, up 167.6 percent year-on-year
Business
ADIB Securities 9M trades $5.98bn
ADIB Securities is a Shari'a-compliant brokerage firm in the UAE.
- The Abu Dhabi-based brokerage reported a 149 percent increase in its Digital Trading platform utilization compared to the same period last year.
- The growth was largely driven by a strong increase in the number of transactions routed through the company's digital channels.
Business
LG Chem to build plant in US
The $3.2bn plant will make batteries for electric vehicles.
- LG Chem said the plant will be capable of producing 120,000 tonnes of cathodes a year by 2027, enough to power 1.2 million pure electric vehicles
- Cathode, a key component in rechargeable batteries, is made up of nickel, lithium and other materials, and comprises around 40 percent of the cost of electric vehicle batteries
Business
Leader of House of Commons urges Kuwaiti entrepreneurs to invest in UK
Kuwait City, Kuwait— Encouraging Kuwaiti entrepreneurs to make investments in the UK, Penny Mordaunt, Leader of the House of Common,...
- She said that she discussed with the prime minister the partnership that has existed for long years at the defense and cyber security levels
- Mordaunt added that her talks with the Kuwaiti officials during her visit addressed prospects of increasing cooperation in investments and the Kuwaiti businesses in her nation
Business
DMCC digitises gold trading through tokenisation of Comtech gold bullion
DMCC Tradeflow is an online platform for registering the ownership of commodities stored in UAE facilities.
- DMCC Tradeflow is an online platform for registering the ownership of commodities stored in UAE facilities
- The partnership with Comtech Gold adds to Tradeflow’s list of Shariah compliant products, given that the tokens are backed by physical assets
Business
UAE approves law to link up renewable energy units with electrical grid
Abu Dhabi, UAE— The UAE's Ministry of Energy and Infrastructure has announced the approval of the federal law regulating the...
- The new law aims to enable the production of electricity from renewable sources and achieve the UAE's objectives in terms of diversifying renewable energy sources
- The UAE has made large investments over the last several years to develop renewable sources of energy
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Boeing offered 737 MAX plea deal, lawyer of crash victims’ families says
Washington, United States - The US Justice Department is offering Boeing a plea deal that will allow it to avoid a...
Business
Company News
Evergrande shares begin trading
Business
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eXtra net profit down 17%
Business
Bristol Myers to buy Mirati
Business
Astra Tech to launch financial services powered by AI in 2024, says CEO
ABU DHABI, UAE - CEO and Co-Founder of Astra Tech Abdallah Abu-Sheikh said that the company will launch its first...
Business
Tech-empowered shoppers drive Saudi consumer behavior: PwC
Riyadh, Saudi Arabia -- Saudi Arabian consumers are navigating the market with heightened awareness, becoming better-informed buyers, according to the...
Business
Tech titan Microsoft wins observer seat at OpenAI
SAN FRANCISCO, US - Microsoft, the tech titan that has invested billions of dollars in ChatGPT creator OpenAI, has been given...
Business
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Business
CBUAE, Islamic finance organizations discuss sustainable practices
ABU DHABI, UAE - The Central Bank of the United Arab Emirates (CBUAE) hosted several events with Islamic finance infrastructure...
- Participants in the events included officials and experts from international organizations, financial institutions and Islamic financial bodies.
- They aimed to support and advance sustainable Islamic finance while expanding the reach of sustainable finance globally.
Business
14 financial giants confirm expansion into Abu Dhabi: ADGM
Abu Dhabi, UAE -- Abu Dhabi Global Market (ADGM), a leading international financial center of the UAE’s capital, Thursday announced...
- Abu Dhabi Global Market said these institutions represent a total Assets Under Management AUM of $452 billion.
- ADGM also recorded six further announcements made by emerging growth firms, bringing the total to 23.
Geostrategy
MoHRE asks over 12,000 private firms to meet Emiratization targets
DUBAI, UAE – The Ministry of Human Resources and Emiratization (MoHRE) has notified over 12,000 private companies with 20-49 workers...
- Companies with 20-49 workers will be required to hire one UAE national in 2024 and another one in 2025.
- This step is expected to create around 12,000 jobs annually for UAE nationals in 2024 and 2025 in various sectors.