UAE’s steady economic rise fertile ground for growth of facilities management
A steady stream of development projects and year-round tourism in the country propel demand for tech-enabled facilities management, says Adnan...
Interview
Pausing production, raising prices: Automakers shift gears after Trump tariffs
Paris, France -- Automakers have already started to adapt to the 25-percent tariff imposed on car imports by US President...
Business
Economy
US oil futures drop 3%, finishing at new low for 2022
Analysts note that conditions in the oil market have loosened compared with earlier in the year, adding to oversupply worries...
- WTI futures for delivery in January ended the day at $72.01 a barrel after US Energy Information Administration data showed a jump in gasoline stockpiles
- WTI also closed at a 2022 low on Monday, while international benchmark Brent slipped to a level not seen since January
Business
Elon Musk briefly loses top spot as world’s richest person
According to Bloomberg's ranking, calculated after US markets closed on Tuesday, had Musk in the lead at $178.9 billion, followed...
- Musk's fortune is primarily tied to the share price of Tesla, and the entrepreneur has been at the Centre of controversy after the Twitter takeover
- Indian businessman Gautam Adani was in third place at $134.8 billion, with Amazon founder Jeff Bezos fourth at $111.3 billion
Business
US state brings two lawsuits against TikTok over child safety, security fears
The legal salvo came as problems are mounting for TikTok in the United States, with multiple accusations that the extremely...
- US sued TikTok for allegedly deceiving customers into believing that "reams of highly sensitive data and personal information" were protected from China
- TikTok is facing a growing front of opposition in the United States, with several states and the US military banning its use on government devices
Business
ADEX to provide US$25m funding to Togo to raise solar park capacity
The Abu Dhabi Exports Office (ADEX) has signed an agreement with Togo’s Ministry of Economy and Finance to raise the...
- The Abu Dhabi Exports Office will provide a loan of US$25 million, while the Emirati company EMEA Power will undertake the construction and operation of the new complex
- In 2021, Abu Dhabi Fund for Development financed the first phase of Mohamed bin Zayed Solar Energy Complex at a value of $15 million
Business
Pentagon gives cloud contracts to Amazon, Google, Microsoft and Oracle
Pentagon announced Wednesday it has awarded $9 billion in cloud computing contracts to Amazon, Google, Microsoft and Oracle.
- Commander Jessica McNulty, Defense Department spokesperson, told AFP that JWCC is "composed of four contracts with a shared ceiling of $9Â billion
- In 2019, Microsoft won the contract, sparking a challenge by Amazon on grounds that vengeful politics by then-president Donald Trump may have improperly influenced the outcome
Business
IATA expects airline losses in 2022 to slide down to US$9.7bn
Geneva, Switzerland— The International Air Transport Association (IATA) has upgraded its outlook for the airline industry’s 2022 financial performance as...
- It expects Industry losses to reduce to -$9.7 billion (improved from the October 2021 forecast for an $11.6 billion loss) for a net loss margin of -1.2%
- Despite economic challenges, it expects cargo volumes to set a record high of 68.4 million tonnes in 2022
Economy
Saudi Arabia posts budget surplus, first in nearly a decade
Thanks to high oil prices, Saudi Arabia has recorded its first annual budget surplus in almost a decade, beating its...
- The kingdom's budget approved for 2023 foresees a surplus of 16 billion Saudi riyals ($4 billion) and GDP growth of 3.1 percent
- This year's surplus is the first since the 2014 collapse of oil prices from more than $100 a barrel,
Business
Turkey seeks proof of insurance from Russian oil tankers as EU imposes price cap
Istanbul, Turkey - Turkey said Wednesday it has started requesting proof of insurance from tankers loaded with Russian crude oil...
- The European Union and the Group of Seven leading industrialized nations agreed last week to block Western insurers from covering ships that intend to sell Russian oil above $60.
- One source told AFP that Turkish officials began requesting proof of insurance from tankers passing from Russia at the start of the month.
Economy
UAE’s non-oil foreign trade at the end of third quarter $445 billion
Abu Dhabi, UAE----UAE's non-oil foreign trade increased by 19 percent by the end of the third quarter, compared to the...
- The value of exports at the end of the third quarter amounted to AED275 billion, a growth of nine percent, and re-exports recorded a growth of 22 percent.
- Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi said country's policies, legislations and economic relations and agreements have "begun to bear fruit".
Business
Saudi EXIM Bank, Korean Commercial Insurance Company sign MoU
Riyadh, Saudi Arabia---The Saudi Export-Import Bank signed an MoU with the Korean Commercial Insurance Company (K-SURE), which is Korea’s export...
- They will enhance import and export activities between the two countries, including export of environmentally friendly energy sources produced in Saudi Arabia.
- Under the terms of the memorandum of understanding, the two parties will share experiences and knowledge, cooperate to provide financing solutions.
UAE’s steady economic rise fertile ground for growth of facilities management
A steady stream of development projects and year-round tourism in the country propel demand for tech-enabled facilities management, says Adnan...
Interview
Company News
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Volvo Cars posts profit
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Mercedes-Benz profit slumps
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Saudi fund assets dip slightly in Q3 but subscribers surge
Riyadh, Saudi Arabia -- The total value of assets held by public and private investment funds in Saudi Arabia decreased...
Business
Arabian Travel Market ties up with ICCA, GBTA as business set to touch US$1.8trn
Dubai, UAE--Arabian Travel Market (ATM) has entered into a partnership with the International Congress and Convention Association (ICCA) and the...
Business
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Business
Hyundai to sell Russian plant
Sales of Hyundai cars have tumbled in Russia.
- The war in Ukraine has sparked an exodus of foreign companies from Russia, including many major car manufacturers.
- Sanctions by the European Union, the United States and others have made it increasingly difficult to do business with Russia.
Business
DIFC Innovation Hub 2023 graduates raise $600 million in funding
Dubai, UAE -- More than 200 start-ups graduating from the programs of DIFC Innovation Hub in 2023 have collectively raised...
- In 2023, the program also saw a record-breaking number of participants with over 700 applicants for a single cohort, out of which 19 start-ups graduated.
- DIFC Innovation Hub is home to the first and largest financial technology accelerator in the Middle East, Africa and South Asia (MEASA) region.
Business
Bayanat, Yahsat to merge          Â
It will benefit from revenue synergies, economies of scale.
- The merger will create an AI-powered space technology champion in the MENA region with an implied market capitalization of over US$4 billion.
- The combined entity will be vertically integrated and optimally positioned to capture regional, global opportunities in geospatial and mobility solutions.