IATA urges Pakistan, Bangladesh to release blocked airline funds
The International Air Transport Association on Tuesday urged Pakistan and Bangladesh to remove barriers to airlines repatriating ticket revenues after...
Business
Musk plans largest-ever supercomputer for xAI startup: report
Washington, United States - Billionaire tech mogul Elon Musk has told investors he plans to build a supercomputer dubbed "gigafactory of...
Business
Economy
US wholesale price inflation slows in October
US wholesale prices continued to rise in October but at a slower pace than in the prior month, according to...
- The producer price index in US rose just 0.2 percent compared to September, the Labor Department reported.
- Annual PPI in the US slowed to 8 percent in October, the data showed, down from 8.5 percent in the prior month.
Business
Real estate transactions worth $390m recorded Tuesday in Dubai
Dubai, UAE -- Dubai real estate market recorded transactions worth AED1.8 billion ($490 million) on Tuesday, Dubai Land Department said....
- The transactions included 553 sales transactions worth AED1.43 billion, 107 mortgage deals valued at AED387.11 million and 12 gift deals amounting to AED43.73 million.
- The sales included 508 villas and apartments worth AED1.09 billion and 45 land plots worth AED341.04 million.
Business
TotalEnergies, ENI sign deal on Israel-Lebanon gas field
It comes after Lebanon and Israel said in October that they had struck an "historic" deal to resolve a maritime...
- Lebanon divided its exclusive economic zone at sea into 10 "blocks", and block nine was part of the area disputed with Israel.
- Under the agreement with Israel, Lebanon gained full rights to operate and explore the Qana or Sidon reservoir, parts of which fall in Israel's territorial waters.
Business
Walmart posts Q3 loss of $1.8bn
Settlement on opioid cases hit earnings of the firm.
- The opioid crisis in the US - causing over 500,000 deaths over 20 years - triggered a flurry of lawsuits against drugmakers, distributors and pharmacies.
- US pharmacy chains CVS Health and Walgreens similarly reached preliminary agreements this month to pay more than a total of $10 billion to resolve opioid claims.
Business
Liquidity Group first Israeli firm to join ADIO Innovation Programme
Abu Dhabi, UAE---Liquidity Group, a FinTech company, became the first Israeli firm to join the $545 million Abu Dhabi Investment...
- The partnership will support Liquidity Group’s establishment of an R&D centre in Abu Dhabi to develop its proprietary technology-enabled underwriting algorithm.
- The firm’s patented machine learning and decision science technology has enabled the firm to deploy more capital through more deals faster than any firm in capital markets history
Business
Amanat 9M growth at 6%
Firm's adjusted net profit grew to $16.5 million in Jan-Sep 2022.
- Adjusted total income grew 17 percent to $28.9 million in 9M-2022.
- Adjusted EBITDA grew 19 percent to $29.8 million (AED110.1 million) in 9M-2022.
Business
Wio Bank, ADGM sign pact
Pact will help SMEs in UAE gain access to key banking services.
- With this pact, Wio will extend its Wio Business platform to SMEs registered with ADGM and provide them with fast-tracked application submission.
- Presently, AGDM supports over 330 SMEs in health tech, pure tech, Edtech, legal tech, food tech, tourism tech, and insurance tech.
Business
TECOM Group to pay dividend
Firm approved interim dividend payment of US$54m.
- The approved US$54 million (AED200 million) cash distribution is in line with the Group’s previously announced dividend policy of distributing $217 million annually.
- All matters related to future dividend distribution will be subject to Board of Director’s recommendation and shareholders’ approval.
Business
Three out of four bitcoin investors have lost money: study
The researchers did not have direct data on the gains or losses of individual investors. However, they were able to...
- The number of people using smartphone apps allowing one to purchase and sell cryptocurrencies rose from 119,000 to 32.5 million during the same period, study said
- Study found that the biggest segment of new cryptocurrency investors were men under 35, and who are commonly identified as the most "risk-seeking" segment
Business
TECOM approves $54.45m in dividend
The firm's policy allows AED800m dividend annually.
- The Group will distribute AED200 million for October 2022; AED200 million for April 2023 and AED400 million for October 2023.
- TECOM Group's net profit for the first nine months of 2022 increased by 51 percent year-on-year (YoY) to AED639 million.
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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
IATA urges Pakistan, Bangladesh to release blocked airline funds
The International Air Transport Association on Tuesday urged Pakistan and Bangladesh to remove barriers to airlines repatriating ticket revenues after...
Business
Company News
EWEC, Masdar sign purchase pact
Business
ADNOC to deploy UAE-made drones
Business
Latest News
CBUAE and People’s Bank of China renew currency-swap agreement
Abu Dhabi, UAE--The Central Bank of the UAE (CBUAE) and the People’s Bank of China today signed an agreement to...
Business
ADX set for dynamic growth in 2024 with new listings
"ADX's crucial role in bridging investors with companies, fostering growth opportunities, and reinforcing the UAE and Abu Dhabi's status as...
Business
Abu Dhabi IPO Fund looks to launch three IPOs by end of 2024
Abu Dhabi, UAE--Abu Dhabi IPO Fund (ADIPOF) is working on three initial offerings in the technology, hospitality, restaurants, and financial...
Business
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Business
China announces 25 measures to aid private businesses
Beijing, China - China's central bank and several government agencies unveiled 25 new measures Monday to support private economy. These...
- These initiatives aim to diversify financial avenues for private businesses, marking a continued effort to bolster the private sector
- These initiatives aim to diversify financial avenues for private businesses, marking a continued effort to bolster the sector crucial for the country's economic progress.
Business
Diamond industry adopts tracking as Russia sanctions loom
Antwerp, Belgium - As European capitals prepare to implement long-awaited sanctions on Russia's diamond exports, Belgian traders are bracing for new...
- Russian stones accounted for around a third of the global market before its Ukraine invasion, and G7's decision to ban trade in them could have broad repercussions
- The European Union is drawing up bans on Russian diamonds as part of its 12th package of sanctions to tighten the vice on Moscow's war economy and cut off its funds
Business
Foxconn to invest $1.54bn more in India
The firm announced in May to purchase land for $37 million in India.
- Chairman Young Liu had said during an earnings call in August that the company saw the potential to invest "several billion dollars" in India
- The company is planning to expand its India operations to "critical components" for consumer electronics and electric vehicles to boost its competitiveness