RAKBANK, DP World sign pact
The aim is to offer trade finance solutions to businesses in UAE.
Business
Russia becomes world’s fourth-biggest LNG producer, says PM
MOSCOW, RUSSIA – Prime Minister Mikhail Mishustin said the country became the world’s fourth-biggest LNG producer last year. The Russian...
Business
Economy
Abu Dhabi’s Environment Agency holds training for industries
The Environment Agency - Abu Dhabi (EAD) organized two training workshops on the Green Industries environmental labeling program.
- The Green Industries program aims to recognize industrial facilities that adopt green processes and operations.
- The workshops, held digitally, were attended by over 135 industrial facilities from various sectors in Abu Dhabi.
Business
Aramco to sponsor major cricket tournaments, player-of-match awards
Saudi Aramco, one of the world's richest companies, will sponsor the International Cricket Council's upcoming men's and women's T20 World...
- Aramco, which scored record profits as oil prices surged following Russia's invasion of Ukraine, will also sponsor the World Test Championship final in Britain.
- No value was announced for the deal, which is the latest in a series of sports investments as Saudi Arabia tries to diversify its oil-dependent economy.
Business
QatarEnergy becomes 100 percent owner of Siraj Energy joint venture
QatarEnergy bought 49 percent of Qatar Electricity and Water Company’s share in Siraj Energy.
- Siraj Energy was established in 2017 to finance, build, operate, and maintain solar power facilities, and sell electricity generated from solar power, within Qatar.
- Siraj Energy has a 60 percent interest in Siraj (1) which owns and will operate Al-Kharsaa Solar Photovoltaic (PV) Independent Power Project.
Business
Dubai records real estate deals worth $571 million on Thursday
Dubai, UAE---Dubai real estate market recorded realty transactions worth AED2.1 billion ($571 million) on Thursday, Dubai Land Department said. The...
- The transactions included 401 sales deals worth AED1.69 billion, in addition to 77 mortgage deals of AED324.64 million.
- The sales included 373 villas and apartments worth AED687.26 million, and 28 land plots worth AED1 billion.
Business
Brazil judge fines Apple $20m over chargerless iPhones
The decision, which can be appealed, came after Brazil's justice ministry slapped a separate fine of nearly $2.5 million on...
- Apple stopped including outlet chargers with new iPhones in October 2020, saying it wanted to help reduce electronics waste
- The move effectively "requires consumers to purchase a second product in order for the first to work," Judge Caramuru Afonso Francisco wrote in his ruling.
Business
Meta working to speed up metaverse, but success far from certain
The biggest announcement from this week's Meta Connect event -- the company's giant's annual conference focused on virtual reality --...
- The analysts say the company has toned down the hype a bit as it struggles to reach its goal of creating an interactive virtual world
- The company said it is partnering with Microsoft, Adobe, Accenture and others to sync up popular work software with virtual worlds using Quest Pro
Business
Netflix to debut subscription with ads
After having shunned advertising since it started its streaming service, Netflix acquiesced as competition in the market intensifies and as...
- Netflix reported a loss of 970,000 subscribers in the second quarter along with stagnant profits
- The new "Basic with Ads" subscriptions will be priced at $6.99 in the United States, three dollars less than a no-ads basic option
Business
Lulu Group to list on Abu Dhabi Exchange in 2023
V Nandakumar stressed that the group’s listing is a major opportunity to contribute to the sustainable growth of the Emirati...
- V Nandakumar stressed that the group’s listing is a major opportunity to contribute to the sustainable growth of the Emirati economy
- A number of other firms are considering their IPOs on ADX and the Dubai Financial Market to build up resilience against international uncertainties
Business
Middle East region now has a new address for business centers: Downtown
Close to 200 years after the business hub of New York City was named as downtown, the word has entered...
- Saudi Crown Prince Mohammed bin Salman announced the establishment of Saudi Downtown Company
- The Downtown Jeddah project will cover 5 million square meters and house more than 58 thousand people, likely to be completed in 2029
Business
5.3 billion cell phones to become waste in 2022
Defunct cell phones are just the tip of the 44.48-million-ton iceberg of global electronic waste generated annually that isn't recycled.
- Despite containing valuable gold, copper, silver, palladium and other recyclable components, these devices will be dumped or incinerated, causing environmental harm.
- Studies show 46 percent of the 8,775 households surveyed considered potential future use as the main reason for hoarding small electrical and electronic equipment.
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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
RAKBANK, DP World sign pact
The aim is to offer trade finance solutions to businesses in UAE.
Business
Company News
Cisco buys Splunk for US$28bn
Business
Latest News
PIF seeks to increase stake in Egypt’s e-Finance by 2 percent
Riyadh, Saudi Arabia -- Ibrahim Sarhan, the Chairman and Managing Director of e-Finance for Digital & Financial Investments based in...
Business
IBM pulls ads from Elon Musk’s X over pro-Nazi posts
In the year since taking over Twitter, now rebranded as X, Musk has gutted content moderation, restored accounts of previously...
Google launches new AI features for organizing photos
Washington, United States - Google said on Thursday that Google Photos now groups together similar photos and organizes screenshots and...
Business
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Alibaba shares dive more than 7% after cloud service called off
Alibaba is a key player in China's expansive digital economy and the operator of a major online shopping platform. The...
- The firm's stock dived 7.13 percent soon after the starting bell in Hong Kong, tracking a collapse in its New York-listed shares
- Washington has moved to bar the shipment to China of powerful chips, including those from California-based Nvidia
Business
Focus shifts to societal impact and ethical use of AI
AI and data stakeholders will gather at Global Data Dialogue 2023 -- to be hosted in Dubai next week by...
- AI and data stakeholders will gather at Global Data Dialogue 2023 - to be hosted in Dubai next week by DataLEADS - to discuss AI's sector-wide transformative potential.
- Through engaging panel discussions, illuminating show-and-tell sessions, the summit endeavors to spark dialogues that will shape the trajectory of AI and and data science globally
Business
UAE defense ministry orders 100 REACH-S unmanned aircraft from EDGE
DUBAI, UAE - EDGE, one of the world's leading advanced technology and defense groups, announced its first major order from...
- ADASI, an EDGE entity which designs and develops autonomous systems, will oversee the production and deliver the contract to the UAE Armed Forces.
- The REACH-S will provide the UAE Armed Forces with a cost-effective, 24-hour intelligence, surveillance and reconnaissance (ISR) capability.