Tesla reports drop in auto sales
The decline was in part due to a weak sales market in China.
Business
New shipping service in Saudi Arabia launched
RIYADH, SAUDI ARABIA - The Saudi Ports Authority (Mawani) has announced the addition of the new shipping service 'NRS' by...
Business
Business
Dubai Industrial City unveils plant to manufacture electric cars
The ceremony was attended by Dr. Majida Al Azazi, Chairman of the Board of Directors of M Glory Holding Group,...
- The new plant houses the temporary assembly line, which has a maximum production capacity of 10,000 cars per year
- The setting up of the factory, according to DIC, will enable regional manufacturers like M Glory to establish businesses and further the 'Make it in the Emirates’ initiative'
Economy
OPEC+ angers US with biggest oil output cut since pandemic
The 13-nation OPEC cartel headed by Riyadh and its 10 allies led by Moscow agreed to reduce output by two...
- The cut raises fears that it will turbocharge oil prices at a time when countries are already facing soaring energy-fuelled inflation.
- National Security Advisor Jake Sullivan and top economic advisor Brian Deese said in a statement that Biden was "disappointed by the shortsighted decision by OPEC+".
Economy
EU ‘ready to discuss’ plans to counter rising energy price
The EU is "ready to discuss" a price cap on gas within the bloc to bring down soaring energy costs,...
- Europe is facing an energy crunch as the price of electricity generation skyrockets because of a massive surge in the price of gas.
- Russia, which used to be Europe's main gas supplier, has turned off the taps after being hit by EU sanctions over the war in Ukraine.
Economy
WTO curtails global trade forecast for 2023 as Ukraine war takes toll
Presenting a revision of their annual trade forecast, WTO economists said they expected the volume of global merchandise trade to...
- "The picture for 2023 has darkened considerably. Today the global economy faces multi-prong crises," said WTO Director-General Ngozi Okonjo-Iweala.
- The WTO said surging energy prices in Europe, stemming from the war in Ukraine, were expected to squeeze household spending and raise manufacturing costs on the continent.
Business
Alpha Pharma signs MoU for plasma
It becomes first Saudi firm to enter plasma products' field in GCC region.
- Under the MoU, Biotest AG will provide the knowledge and technical expertise and supply plasma medicines to Saudi until Alpha Pharma becomes capable of producing them.
- Biotest AG will continue to guarantee the supply of plasma-derived products to the kingdom through the supply and distribution agreement with Cigalah Healthcare.
Economy
Lebanese lawmaker stages bank sit-in to free trapped savings for surgery
Cynthia Zarazir, who was elected to parliament in May, is the latest in a growing number of angry depositors who...
- Zarazir entered her bank branch in Beirut o demand $8,500 to pay for surgery costs not covered by her health insurance.
- Also on Wednesday, a retired member of Lebanon's Internal Security Forces entered a bank in Beirut's southern suburbs to demand access to his savings.
Business
Burjeel IPO raises $300m
VPS Healthcare Holdings will continue to own a 70 per cent stake.
- Oversubscribed 29 times, the total gross demand for the IPO was more than AED32 billion ($8.7 billion).
- Based on the Final Offer Price, Burjeel’s market capitalization upon listing is expected to be approximately AED10.4 billion.
Business
SEIC strikes US$150m deal
The PIF-backed firm buys 34% stake in an Egyptian firm.
- SEIC’s acquisition was made via the purchase of a minority stake from African Development Partners II, a fund advised by Development Partners International
- B.TECH is 34 percent owned by DPI, while the remaining 66 percent belongs to BT Holding which is owned by the Khattab family that founded the company
Business
Renewables grow to meet global electricity demands: study
In its new analysis, energy think tank Ember compared data from the first six months of the year -- which...
- Renewable energy sources are seen as crucial in global efforts to combat climate change
- The study found that global electricity demand grew by 389 terawatt hours (TWh) in the first half of 2022, while together wind, solar and hydro increased by 416 TWh
Economy
DMCC, Fresh Water Norway partner to expand water supply chain
The collaboration could see a staggering one billion litres of natural drinking water flow through Dubai every year, over a...
- The collaboration could see a staggering one billion litres of natural drinking water flow through Dubai every year, over a period of 50 years
- Fresh Water Norway will be able to avail of DMCC’s services, global connections and network across supply chains and its ability to drive trade flows through Dubai
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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
Tesla reports drop in auto sales
The decline was in part due to a weak sales market in China.
Business
Company News
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Snapchat to add in-app Amazon shopping
In-app shopping will be available for select products advertised on Snapchat and sold at Amazon, the spokesperson added. People will...
Google warns against downloading its AI model from external sources
Washington, US--Google has warned users against trying to obtain its Cold generative artificial intelligence (AI) model from external sources currently...
Business
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Business
Black Friday is a $74bn opportunity for MENA retail. But is it losing sheen by ‘blindly copying’ the West?
The expected injection of billions of dollars into the retail business through sale of varied items can turn out to...
- In 2021, Black Friday sales notched up $61 billion, followed by a further upswing in sales to $70 billion in 2022, and this year sales are expected to cross the figure
- According to several experts, the annual event continues to draw consumers across the GCC, with nearly 85 percent of them expected to participate in Black Friday
Business
EgyptAir orders 10 Airbus A350 planes in $3.2bn deal at Dubai Airshow
The transaction is worth $3.2 billion, reports say.
- Airbus commercial director Christian Scherer told a news conference the deal marked "an important milestone" in the "long and successful partnership" with EgyptAir
- Airbus, which on Monday announced an order for 30 A220-300s from Latvian budget carrier airBaltic, has been overshadowed by US rival Boeing at this year's Dubai Airshow
Business
UAE’s Tawazun Council signs deals worth $1.27bn at Dubai Airshow
Dubai, UAE - UAE's Tawazun Council, an independent government entity that works closely with the Ministry of Defense and security...
- Four contracts were signed by Tawazun Council on behalf of the Ministry of Defense with local companies, totaling AED 2.7 billion ($740m)
- A contract was signed with “Air Dynamics Solutions” to provide Technical Support and Purchase of Spare Parts and Repair of Aircrafts.