Automakers lead market losses after Trump tariffs on imported vehicles
Wall Street's main indexes opened in the red, with General Motors sinking more than nine percent in early trading while...
Business
Stock markets rise on fresh hopes for Trump’s tariff approach
Investor sentiment has been jolted in recent weeks by fears that the president's hardball policies could deal a painful blow...
Business
Business
OPEC+ isn’t discussing output increase: Saudi minister
The "categorical denial" has come after the Wall Street Journal reported on Monday that Saudi Arabia, which co-leads the OPEC+...
- The Wall Street Journal reported on Monday that Saudi Arabia and other members were considering an "increase of up to 500,000 barrels a day".
- Saudi officials have vigorously defended the recent production cut in the face of criticism from Washington, saying it was driven purely by market conditions
Business
Family offices: UAE becomes preferred destination as world’s ultra-rich invest in venture capital funds
Family-owned businesses in the Middle East contribute 60 percent of the GDP and employ more than 80 percent of the...
- Family-owned businesses in the Middle East contribute 60 percent of the GDP and employ more than 80 percent of the workforce, says a PwC Middle East Family Business survey.
- Dubai ranks first in the MENA region and tenth globally in Global Venture Capital FDI Projects, according to the Global Venture Capital FDI Ranking 2022
Business
Lufthansa to hire 20,000 employees
Lufthansa had 108,000 employees at the end of September.
- Lufthansa made huge losses when Covid brought global air travel to a halt but a rebound in demand has helped it return to profit this year.
- In the third quarter, the airline group -- which also includes Eurowings, Austrian, Swiss and Brussels Airlines -- reported a healthy profit.
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Global economic woes take toll on GCC contracts
High inflation and the West's sanctions on Russia for its Ukraine invasion besides the supply chain disruptions caused by China's...
- The increase in benchmark rates by global and regional central banks to combat runaway inflation also affected project funding.
- The UAE overtook Saudi Arabia as the largest projects market in the GCC during Q3-2022.
Business
Masdar Green acquires properties
The 3 Pearl rated properties in Masdar City are worth $254m.
- The acquisition follows a $200 million green loan secured from First Abu Dhabi Bank (FAB) in January to help finance the REIT’s growth.
- Masdar Green REIT was established by Masdar as an investment vehicle for professional investors to invest in a sustainable, income-generating real estate portfolio in Masdar City.
Business
Dubai Aerospace acquires Sky Fund Irish I
Sky Fund I leases aircraft to 14 airline customers.
- Next-generation technology aircraft represent more than 90 percent of the acquired portfolio.
- DAE's owned portfolio will now comprise nearly 50 percent of fuel-efficient, next-generation aircraft.
Business
QatarEnergy inks 27-year gas supply deal with China firm
The deal "marks the longest gas supply agreement in the history of the LNG industry", said Saad Sherida Al-Kaabi, Qatar's...
- QatarEnergy will send 4 million tons of liquefied natural gas annually from its new North Field East project to China Petroleum and Chemical Corporation.
- The Chinese company's chairman revealed that it had also requested a full share of the North Field South project that is dominated by Western energy giants.
Business
ADNOC Drilling to buy 3 rigs
The company bought four rigs between May and Aug. this year.
- The three brand new high-specification offshore jack-up drilling units (rigs) will be purchased for AED1.17 billion ($320 million).
- Since listing on the Abu Dhabi Securities Exchange in October 2021, ADNOC Drilling has expanded its fleet from 95 to 108 owned rigs, as of 30th September.
Business
FIFA World Cup: Coca-Cola Middle East launches locally produced 100% rPET bottles
350ml Coca-Cola, Sprite and Fanta bottles, plus 500ml Arwa water bottles, will be available to consumers.
- 350ml Coca-Cola, Sprite and Fanta bottles, plus 500ml Arwa water bottles, will be available to consumers
- The Coca-Cola Company has has been an official sponsor of the FIFA World Cup since 1978
Business
Nespresso chief confident inflation won’t hit sales
Inflation has hit Europe hard, forcing people to cut down expenses. But Nespresso boss Guillaume Le Cunff says their coffee...
- Inflation is running at 10.6 percent in the eurozone and household budgets are under pressure
- The Frenchman said that while Europe was Nespresso's historic market, it was still in expansion mode in North America
Automakers lead market losses after Trump tariffs on imported vehicles
Wall Street's main indexes opened in the red, with General Motors sinking more than nine percent in early trading while...
Business
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EU okays takeover of Seagen
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Saudi ministry explores investment with Chinese groups in aquaculture
Shenzhen, China - Saudi Ministry of Environment, Water and Agriculture discussed ways to enhance investments between the Kingdom and China...
Business
UAB concludes $200m term loan
Proceeds of the facility will be used for general corporate purposes.
Business
Mawani gets 79.01 points in UNCTAD’s Liner Shipping Connectivity Index for Q4 2023
RIYADH, SAUDI ARABIA – The Saudi Ports Authority (Mawani) attained its highest improvement in the UNCTAD's Liner Shipping Connectivity Index...
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OPEC+ cartel’s grip on oil market loosening as demand slows: IEA
Slowing demand growth and rising US crude production will make it more difficult for OPEC+ to continue to prop up...
- The Paris-based IEA, which advises oil-consuming nations, noted that prices had fallen by around $25 per barrel since September highs.
- Efficiency improvements and a booming electric vehicle fleet have also been lowering oil demand, it added.
Business
Arab Union for International Exhibitions & Conferences approves 2024 plan
Sharjah, UAE--The board of directors of the Arab Union for International Exhibitions Conferences (AUIEC), operating under the Council of Arab...
- AUIEC plan for next year focuses on attracting new memberships in order to expand its network and active participation in union members' activities and events
- The union is set to organise prominent events like the Arab Industries Exhibition in the UAE and Iraq and the Conference of the Exhibition Industry in the Arab World
Tesla files recall on 2m vehicles to fix autopilot software
Tesla's Autopilot program has spurred numerous government investigations as well as media exposes focusing on misuse or vulnerabilities. The system...
- The recall affects models across Tesla's portfolio and will be addressed by an "over-the-air software remedy" typically performed remotely
- The recall covers 2.03 million Tesla vehicles and includes Models S, X, Y and 3. Authorities in Canada said they were recalling 193,000 vehicles there