Abu Dhabi’s non-oil foreign trade grows by 9% in 2024 to $83bn
Abu Dhabi, UAE -- Abu Dhabi Customs reported a 9 percent increase in the emirate’s non-oil foreign trade in 2024,...
Business
Tesla Q1 sales sink 13 percent
The dip occurred amid lower production during factory upgrades.
Business
Business
Saudi Crown Prince considering $500m investment in Credit Suisse
Credit Suisse itself has previously said it had $500 million committed from an unnamed investor, and its chairman said last...
- Citing unnamed sources familiar with the matter, the US financial newspaper listed several potential investors in the new unit.
- Credit Suisse unveiled a dramatic restructuring plan at the end of October, focused on radically transforming its investment banking unit.
Economy
Dubai Health Authority wins International Data Corporation award
DUBAI, UAE - The Dubai Health Authority recently won the 'Best in Future of Operations' category at the International Data...
- DHA was recognized as an entity that has successfully rethought the ways in which its operations are managed keeping digital transformation in mind.
- IDC hosted over 200 senior IT and business leaders from across the UAE for the IDC DX Forum 2022.
Business
Musabbeh Al Kaabi to join ADNOC
Al Kaabi is the CEO of Mubadala's UAE Investment platform.
- ADNOC's new Low Carbon Solutions & International Growth vertical will be focused on new energies and low carbon solutions.
- Prior to the UAE Investments Platform role, Musabbeh was CEO of the Petroleum & Petrochemicals platform from 2017 to 2020.
Market Report
Oil rises as China eases Covid restrictions, Russia price cap
World oil prices rallied after more easing of Covid containment measures in China and as a price cap on Russian...
- In currency trading, the dollar was mixed against its main rivals.
- The Kremlin insisted the cap would not affect Russia's military campaign in Ukraine.
Business
Glencore to pay US$180m
Payment for settling graft claims against firm in DR Congo.
- The settlement with DRC is related to investigations by the country's authorities and the US Department of Justice, Glencore said.
- Glencore disclosed in 2018 that the US Justice Department had launched a corruption investigation linked to the group's business in Nigeria, Venezuela and DRC.
Egypt dusts off pyramids for fashion and art shows
French fashion house Dior debuted its latest collection Saturday at the Giza pyramids, after Italian designer Stefano Ricci held a...
- Dior CEO Pietro Beccari said the fashion house chose the pyramids as far more than "just a useless background", drawing on Egyptian astrology for the collection named "Celestial'.
- Showcasing Egypt's heritage in a new context "will encourage other brands and international cultural figures to come to Egypt," said art historian Bahia Shehab.
Business
EU spent €11.8 billion on imports of non-plug-in hybrid cars in 2021
Exports of non-plug-in hybrid cars were valued at €22.9 billion, which was more than half of the total extra-EU exports...
- Exports of non-plug-in hybrid cars were valued at €22.9 billion, which was more than half of the total extra-EU exports of hybrid and electric cars (55 percent)
- Electric cars are an important part of the energy transition and they are becoming increasingly popular, with international trade in hybrid and full electric cars on the rise
Business
Stage set for UAE-Japan business council as Abu Dhabi secures 40% of Tokyo’s crude oil requirements
The proposed bilateral business council, aimed at developing joint projects and exchange expertise, is likely to be formed by the...
- The proposed bilateral business council, aimed at developing joint projects and exchange expertise, is likely to be formed by the first quarter of 2023
- The amount of crude that Japan imported during that month amounted to 84.58m barrels, of which 80.10m barrels, originated from five Arab countries
Geostrategy
EU head says bloc must act over US climate plan changes
EU chief Ursula von der Leyen said the bloc must act to address "distortions" created by Washington's $430-billion plan to...
- EU countries have poured criticism on Washington's landmark Inflation Reduction Act, seeing it as anti-competitive and a threat to European jobs
- The act, designed to accelerate the US transition to a low-carbon economy, contains around $370 billion in subsidies for green energy as well as tax cuts
Business
Saudi Arabia joins Madrid-based International Olive Council
Madrid, Spain---Saudi Arabia has joined the International Olive Council (IOC), a UN affiliated intergovernmental organization aimed at developing and expanding...
- The council is a UN affiliated intergovernmental organization aimed at developing and expanding olives and olive oil trade.
- The Council also encourages the member countries to develop and modernize commercial standards for products and improve their quality.
Abu Dhabi’s non-oil foreign trade grows by 9% in 2024 to $83bn
Abu Dhabi, UAE -- Abu Dhabi Customs reported a 9 percent increase in the emirate’s non-oil foreign trade in 2024,...
Business
Company News
Latest News
ENEC announces completion of Unit 4 of Barakah Nuclear Energy Plant
The Federal Authority for Nuclear Regulation (FANR), the UAE's independent nuclear regulator, recently issued the Operating License for Unit 4...
Business
Mubadala Energy makes gas discovery
This is the company's second successful well in the Andaman area.
Business
Most Read
Business
Aldar ties up with Yellow Door Energy
They will supply solar power to 45 properties in the UAE.
- As part of Aldar's Net Zero Plan, the switch to solar power will prioritise on-site clean energy generation
- Starting in 2024, the transition to solar will reduce 23,000 tonnes of CO2 emissions in its first year
Business
UAE, South Korea look to deepen collaboration in water sector
Dubai, UAE-- The UAE and South Korea Korea are looking to boost ties in the water sector and in this...
- The joint committee will seek to ramp up bilateral cooperation in the water sector, taking into account global changes and serving the best interest of both nations.
- The Korean delegation was also apprised of the Water Security Strategy 2036 that aims to reduce the loss in the water network, decrease total demand for water resources by 21%
Business
UAE, Oman, Qatar seen as top 2024 property investment destinations
Dubai, UAE – Oman, Qatar, and the United Arab Emirates, particularly Dubai, have secured top positions for residential property investment...
- Dubai has long been the main attraction for overseas property investors, renowned for its luxurious real estate offerings
- The trend underlines the region's appeal as a reliable investment haven, especially amid cooling property markets in Europe and North America