Tesla Q1 sales sink 13 percent
The dip occurred amid lower production during factory upgrades.
Business
Funding key challenge for Middle East innovators
Investigation
Funding key challenge for Middle East innovators
Investigation
Vanke reports annual loss of $6.8 bn
The property giant attributes loss to falling sales and shrinking profit.
Business
Business
Strata announces new collaboration with Pilatus
The amended framework agreement with the leading Swiss aircraft manufacturer is set to further cement the collaboration between Pilatus and...
- The amended framework agreement with the leading Swiss aircraft manufacturer is set to further cement the collaboration between Pilatus and Strata
- Strata’s operations for Pilatus will be extended to feature 3 WPs for Pilatus PC-12 and PC-24, crafted with Strata’s signature use of Carbon Fiber
Business
Innovation, sustainability to boost UAE real estate demand as market recovers from coronavirus impact
The swift recovery from the effects of Covid-19 is expected to contribute to a rise in demand for luxury real...
- The swift recovery from the effects of Covid-19 is expected to contribute to a rise in demand for luxury real estate units in the UAE by more than 30 percent next year
- The ongoing interest of international purchasers in Dubai's luxury real estate market is predicted to drive prices up by 13.5 percent in the coming year, says a report
Business
Cameroon has great potential for investment in prospective sectors, says UAE minister Al Zeyoudi
Some companies are already discussing investment opportunities with Cameroon, including DP World that aims to manage some ports in Cameroon...
- The UAE is one of the most significant investors in Africa, especially in sectors such as infrastructure, food security, renewable energies and communications
- The UAE's Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi is leading an Emirati delegation of business and investment leaders in Cameroon
Business
Two new unconventional nonconventional gas fields discovered in Saudi Arabia
Awtad unconventional nonconventional gas field has been discovered southwest of Ghawar field, 142 km southwest of Al-Hofuf, says Saudi minister
- The Awtad unconventional nonconventional gas field has been discovered southwest of Ghawar field, 142 km southwest of Al-Hofuf, says Saudi minister
- Prince Abdulaziz bin Salman adds that the importance of these discoveries lies in increasing the Kingdom’s natural gas reserves
Business
Aramco completes three transactions with Polish refiner and fuel retailer
As part of the transaction, first announced in January 2022, the company acquired equity stakes of 30% in a 210,000...
- As part of the transaction, first announced in January 2022, the Saudi firm has acquired equity stakes of 30% in a 210,000 barrels-per-day refinery in Gdansk
- The Saudi oil company has also bought 100% stake in an associated wholesale business; and 50% in a plane fuel marketing joint venture with BP Europa SE
Business
AMEA Power completes $1.1bn deal to deploy 1GW of energy projects in Egypt
The landmark 500 MW wind and 500MW solar projects, represent US$1.1bn of investment into the Egyptian economy and takes the...
- The landmark 500 MW wind and 500MW solar projects, represent US$1.1bn of investment into the Egyptian economy and takes the company’s clean energy portfolio to 2GW in the country
- AMEA Power will build, own and operate the 500MW solar PV plant, which will be located in the Aswan governorate of Egypt. The Project is financed by International Finance Corp
Business
SAS reports deeper losses
The airline's net losses amounted to more than $117 million.
- Net losses amounted to more than 1.2 billion Swedish kronor ($117 million) in the August-October period
- The airline, however, saw the "highest number" of passengers since the beginning of the Covid pandemic
Business
Britain eyes digital trade accord with Ukraine, boost in bilateral relations
Britain's Trade Secretary Kemi Badenoch and Ukrainian Economy Minister Yulia Svyrydenko will meet in London to unveil the deal, the...
- The accord will guarantee access to UK's financial services industry, helping reconstruction efforts and establishing closer cooperation on cybersecurity and emerging technologies
- The agreement comes after London slashed tariffs on all Ukrainian goods to zero under a free trade deal with the war-torn nation
Business
H&M plans revamp, to cut 1,500 jobs worldwide as it leaves Russia
Swedish fashion retailer H&M said Wednesday it would cut some 1,500 jobs worldwide as a result of a cost-cutting programme...
- The restructuring programme was announced in September, as the clothing giant announced a sizeable drop in third quarter profits
- The programme is expected to cost some 800M Swedish kronor ($76m) but would provide annual savings of around two billion kronor
Business
Musk’s Twitter lifts rule against Covid misinformation
Twitter's New boss Elon Musk believes that all content permitted by law should be allowed on the social media platform,...
- During the pandemic, Twitter took to labeling misleading tweets about Covid and booting users who persisted in spreading such misinformation
- Under Musk, who calls himself a "free speech absolutist," Twitter has begun reinstating roughly 62,000 accounts in what is being referred to internally as "the Big Bang"Â
Tesla Q1 sales sink 13 percent
The dip occurred amid lower production during factory upgrades.
Business
Company News
NMDC posts bumper profits
Business
Funding key challenge for Middle East innovators
Investigation
Funding key challenge for Middle East innovators
Investigation
Latest News
British Steel to cut 2000 jobs
Business
Taiwan shipping giant Evergreen suspends Israel cargo services
Due to "escalation of war situation in recent days, Evergreen will temporary suspend Israel import and export service due to rising...
Geostrategy
ACWA Power signs $800m agreement for South Africa renewable project
Dubai, UAE --Â Saudi-listed renewable energy giant ACWA Power has signed a $800 million power purchase agreement for ACWA Power Project...
Business
BCI’s subsidiary secures US$100m loan from SIDF
RIYADH, SAUDI ARABIA - Basic Chemical Industries Co.'s (BCI) subsidiary Chemical Marketing and Distribution Co. Ltd. secured a loan from the Saudi...
Business
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Business
Russia’s Gazprom sets new daily record for gas supplies to China
Moscow, Russia--Gazprom has set a new record for daily gas supplies to China via the Power of Siberia pipeline on...
- According to Gazprom, supplies are made under a bilateral long-term gas purchase and sale agreement between the oil company and China
- The company added that since November it has ramped up the volume of gas supplies to China as per the previously signed additional agreement
Business
Nissan to export EVs globally
It would sell China-developed EVs all over the world.
- The automaker is looking to export the line-up of existing internal combustion engine vehicles and pure electric and hybrid cars
- China accounted for just over a fifth of Nissan's worldwide sales of about 2.8 million vehicles over the first 10 months of the year
Business
GCC media outlets think outside the box to stay afloat
Reeling from a calamitous drop in advertisement revenues and public trust, news media organizations are reworking strategies to create "niche"...
- Many believe news media outlets have been distracted from their role to safeguard space for informed debate on public issues
- Several well trusted media outlets with deep pockets are battling against thinning revenues and being forced to think differently