Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
Economy
ahli islamic introduces Sharia-compliant Money Market Fund
MUSCAT, OMAN – As part of its investment solutions and Sharia-compliant products and services, ahli islamic, ahlibank’s Islamic banking window,...
Business
Business
Elon Musk says “excited” about taking over Twitter
Having spent months trying to break free of the $44 billion buyout contract, Elon Musk now says he is "excited"...
- Musk said that he believes Twitter has potential to be worth "an order of magnitude" more than it is now
- Twitter, meanwhile, has sought to prove Musk was contriving excuses to walk away -- simply because he changed his mind
Business
Post Covid, shopping centers in UAE adopt experiential community approach to attract customers
Through the new concept, retailers and shopping centers in the Gulf country are giving a customer a whole experience, in...
- Through the new concept, retailers and shopping centers in the Gulf country are giving a customer a whole experience, in some cases both in-store and online
- The experiential community strategy involves getting businesses via flexibility, where brands can stay for a period and decide whether to remain permanently.
Business
Saudi Center for Debt Management invites investors for bond repurchase
Riyadh, Saudi Arabia---Saudi Arabia’s National Center for Debt Management announced Wednesday that it has invited investors for the first partial...
- The Center said the process is part of the kingdom’s plan in the effective management of the debt portfolio.
- The size of the repurchase will be announced after the end of the period of receiving applications on October 24.
Business
ENOC opens new station in Al Hamriya Port
This would be the eighth marine service station in the emirate.
- The station is equipped with two fuel tanks and two fuel dispensers, offering Diesel, as well as a prefabricated structure featuring a ZOOM convenience store.
- ENOC said the station is equipped with energy efficiency features such as Variable Refrigerant Flow (VRF) air-conditioning to cut down electricity use by up to 35 percent.
Business
Mubadala acquires stake in Skyborn
Skyborn Renewables is the world’s largest private offshore wind developer.
- The investment by Mubadala also includes the acquisition of a stake in GIP’s 50 percent interest in NY Bight Project called Bluepoint Wind.
- In April this year, Mubadala was part of a BlackRock Real Assets-led consortium which agreed to invest $525 million into the renewable energy arm of India’s Tata Power.
Business
Video: Transparency is hallmark of TOP CEO Awards as GCC winners get honored
From among a small pool of short-listed CEOs of listed firms, each winner was picked on the basis of growth,...
- For the process not only to be fair and trustworthy, but also to be seen as such, another layer of transparency and accountability was added by roping in iNseaD business school
- Global auditors were also brought in to ensure full transparency in the work
Business
Aramex acquires eCommerce enabler MyUS
The acquisition integrates MyUS into Aramex’s business.
- The acquisition paves the way for MyUS’s integration into Aramex’s business, operating as a business unit within the Company’s Courier business segment
- MyUS will retain its brand name and will be complementary to Shop & Ship, Aramex’s subscription based last mile e-Commerce solutions platform
Business
Netflix subscriber base grows after chilly start to year
The company said it ended the third quarter with slightly more than 223 million subscribers worldwide, up some 2.4 million,...
- Netflix reported a quarterly profit of $1.4 billion on revenue of $7.9 billion -- a net income slightly less than in the same period a year ago when it brought in more money
- With the launch of cheaper, ad-supported subscriptions, Netflix and Disney+ are expected to bite into the revenue of traditional television channels
Business
Sipchem posts jump in profit
It recorded a 37% increase in net profit to $800m.
- The company said in a bourse filing that it had recorded a profit of $533 million for the same period a year earlier
- Yet the petrochemical maker's stock declined 1.42 percent to touch $11 at the close of Tuesday
Business
New technologies bolster GCC-Asia trade relations
Beyond oil and gas, Gulf companies have made some strategic investments in sectors with strong potential for growth, including fintech,...
- GCC and Asian countries are benefitting from technological advancements, which has potential to make cross-border trade more efficient, inclusive and equitable for SMBs.
- Gulf countries, led by the UAE and Saudi Arabia, have been investing in Asian technology companies and incentivizing them to launch operations in the region, says an expert.
Most Read
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
Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
Economy
Company News
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Investcorp portfolio firm listed
Business
OpenAI faces leadership crisis as staff threaten to follow Altman to Microsoft
This mass discontent follows the unexpected dismissal of OpenAI co-founder Sam Altman, whose leadership in AI advancements like ChatGPT has...
Business
UAE holds 19% of global sustainable bonds, says Fitch Ratings
DUBAI, UAE - Fitch Ratings has affirmed the critical role that COP28 will play in raising awareness of sustainability issues...
Business
Dubai Customs logs 13% growth in transactions in first nine months of 2023
DUBAI, UAE – Dubai Customs has experienced a robust 13 percent increase with 21.6 million transactions during the first nine...
Economy
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Business
Adoption of electric vehicles in US face infrastructure hurdles
NEW YORK, US - The US transition to electric cars has hit a speed bump, with concerns about vehicle range and...
- Automakers in recent weeks have pushed back EV sales targets and delayed capital projects as they seek to reduce inventories of unsold EVs at dealerships.
- The network of EV charging stations in the US remains dodgy, with many areas either lacking infrastructure or equipped with unreliable machines
Business
Big tech firms have been fined billions, but not paid them
PARIS, FRANCE - Rarely a month goes by without big tech companies getting fined for price fixing, squashing competitors or misusing...
- Ireland's data regulator confirmed that Meta has not paid any of the US$2.2 billion in fines issued since last September.
- Amazon is still appealing against a US$812 million fine from 2021, Luxembourg's data regulator said.
Economy
EDB pledges to expand UAE’s renewables market through easy financing
Dubai, UAE-- With its financing packages for the renewables sector to support the transition to clean and sustainable energy sources,...
- EDB CEO Ahmed Mohamed Al Naqbi said the bank through its financing can help businesses switch to solar-power to reduce emissions
- The bank can offer up to 100% financing with a maximum tenure of 15 years and a two-year grace period for investments in renewable energy