Vanke reports annual loss of $6.8 bn
The property giant attributes loss to falling sales and shrinking profit.
Business
Geostrategy
FNC’s UAE-EU friendship groups meets with Czech parliament
PRAGUE, CZECH REPUBLIC - Members of the UAE-EU Parliamentary Friendship Group of the Federal National Council (FNC), headed by Sarah...
- The meeting discussed the importance of strengthening the cooperation between the two parliaments.
- The two parliamentary groups discussed ways of improving the relations between them.
Business
Architect seeks pro-climate construction change
The industry accounts for almost 40 percent of global greenhouse gas emissions, according to the UN. Lina recommends refurbishing and...
- Ghotmeh used more than 500,000 bricks made from local dirt for a new Hermes building in France, expected to open early next year.
- The bricks also regulate the building's temperature and reduce energy needs. The building will produce as much energy as it consumes.
Geostrategy
Saudi would back bids for Man Utd, Liverpool, says sports minister
Saudi Arabia would back private bids for Manchester United or Liverpool, its sports minister said, adding the kingdom was keen...
- Saudi Arabia last year snapped up England's perennial under-achievers Newcastle - at is now third in the Premier League.
- Saudi Arabia's chances of bidding for the World Cup would increase if it wins hosting rights for the 2026 and 2027 women's and men's Asian Cups.
Business
DEWA to hold second General Assembly in December
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA), which is listed on the Dubai Financial Market (DFM), has announced...
- The assembly will vote on the recommendation of the Board of Directors to distribute a special one-time cash dividend of US$552 million to its shareholders.
- For the year 2022, DEWA intends to pay its shareholders a total dividend of $2.24 billion.
Business
Poland opens Representative Office in UAE to boost trade relations
Abu Dhabi, UAE---Poland has opened a representative office in UAE capital Abu Dhabi to fuel the growth of bilateral trade...
- The announcement of the launch was made at the Poland Business Forum, which started on Friday to discuss investment and trade cooperation between UAE and Poland.
- The forum was organized by the Abu Dhabi Department of Economic Development (ADDED), the Government of Silesia, and the Embassy of the Republic of Poland in the UAE.
Economy
Abu Dhabi to host Annual Investment Meeting in May 2023
The AIM Global 2023 is supported by the Ministry of Industry and Advanced Technologies, with the ADDED as a lead...
- The AIM Global 2023 is supported by the Ministry of Industry and Advanced Technologies, with the ADDED as a lead partner
- The meeting will be attended by decision-makers, investors, experts, and academic figures from all over the world
Geostrategy
UAE takes part in IORA meetings in Bangladesh
DHAKA, BANGLADESH - The UAE participated in the Indian Ocean Rim Association's (IORA) 22nd Council of Ministers (COM) meeting and...
- The UAE affirmed its commitment to promoting inclusive growth and prosperity within the Indian Ocean region.
- The launch of the Sheikh Zayed IORA Scholarship for Humanitarian Action and Development was officially announced.
Economy
EIC calls UAE as the leader in renewable energy sector
London, UK --The Energy Industries Council (EIC), one of the world’s largest energy trade associations, has released a report on...
- An EIC report titled “UAE: EIC Country Report – November 2022”, highlights the UAE’s Hydrogen developments in the sector.
- “The UAE could be a key player and deliver 25 percent of the production of the global low-carbon hydrogen market by 2030,” the report said
Business
Nestle pours $1.8 bn in S Arabia
Firm said this will help bolster its presence in kingdom.
- Nestle's announcement is likely to be a major boost to Saudi Arabia as the kingdom pushes to attract greater foreign investment.
- Nestle will build a new factory, due to open in 2025 that will produce infant nutrition products and ready-to-drink coffee.
Business
ADFD to finance building, upgrade of water projects in Argentina
Abu Dhabi, UAE---Abu Dhabi Fund for Development (ADFD) will finance a water project in Cordoba province of Argentina under an...
- Costing, $28.8 million, the project will see building of modern water plants and expanding existing water stations in 26 villages of Cordoba province.
- The project will involve the laying of about 255-kilometer supply lines and establishing 14 new pumping stations and purification plants.
Vanke reports annual loss of $6.8 bn
The property giant attributes loss to falling sales and shrinking profit.
Business
Company News
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Multiply Group profit soars
Business
EasyLease Q3 revenue $57.66m
Business
ADQ and Azerbaijan’s AIH set up joint-investment platform
Abu Dhabi, UAE--ADQ, an Abu Dhabi-based investment and holding company, and Azerbaijan Investment Holding (AIH), a strategic sovereign wealth fund...
Business
KIPCO sells its stake in GIG
The deal is valued at 256 million Kuwaiti Dinars ($832 million).
Business
Turkish Airlines to buy 355 planes from Airbus
Istanbul, Turkey - Turkish Airlines said on Friday it has decided to order 355 Airbus aircraft over the coming decade as...
Business
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Geostrategy
Storm-1152: Vietnam-based creator of fake Microsoft accounts
Seoul, South Korea - Microsoft has seized the websites of a Vietnam-based group it alleges sold millions of fake accounts to...
- Storm-1152 is "the number one seller and creator of fraudulent Microsoft accounts", creating around 750 million to date, the company said Wednesday
- Storm-1152 pursued a model called "cybercrime-as-a-service" or CaaS, acting as a provider to other criminal groups, Microsoft and Arkose said
Business
Finland’s Vaisala to equip Kuwait airport with observation system
Kuwait City, Kuwait -- The Directorate General of Civil Aviation (DGCA) of Kuwait has inked a KD 6.7 million ($21.7...
- The contract for three runways at Kuwait International Airport is the largest single airport instrumentation contract for Vaisala ever.
- It includes the design, manufacturing, delivery, installation, maintenance, technical support, and user training.
Business
ENEC, CNNC sign MoU
Both the firms will offer their expertise in the sector.
- The two firms will collaborate on identifying potential development and co-investment opportunities for new international nuclear energy plants.
- They will form a Joint Working Group to leverage their strengths in project management, nuclear technology development and implementation.