How cyber criminals steal cryptocurrency
Hackers from North Korea have become notorious for their sophisticated and relentless tradecraft, according to Chainalysis. Nearly 60 percent of...
Business
$2.65bn in contracts signed during first two days of IDEX and NAVDEX 2025
Abu Dhabi, UAE -- Tawazun Council, UAE's authority responsible for managing acquisitions, procurement, and contracts on behalf of the Ministry...
Business
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.
Business
VW, Horizon Robotics plan JV
JV will help in strengthening VW's presence in China.
- Volkswagen's software arm Cariad will hold a 60 percent stake in the new company, with the deal set to close in the first half of 2023.
- As part of its transition to electric vehicles, Volkswagen has long been investing in China.
Business
Camel Club, Riyadh Chamber to promote camel culture as Saudi heritage
Riyadh, Saudi Arabia---The Saudi Arabia's Camel Club and Riyadh Chamber of Commerce have signed an MoU to develop and create...
- The two entities signed an MoU that also aims at creating investment opportunities in the camel sector.
- Providing support and assistance to the club when holding international conferences are other aims of the MoU.
Business
Oman & Emirates Co. Q3 net profit $5.6m
The profit for the same period in 2021 was 538,832 OR.
- Oman & Emirates Investment Holding Company was established through the Royal Decree in 1993, as an joint venture between Oman and UAE.
- Â O&E is registered as an Omani Joint Stock Company traded in Muscat, Abu Dhabi and Dubai Securities Markets.
Business
Infosys Q2 profit at US$731.4m
The firm approved a $1 billion share buyback after Q2 result.
- Tech companies have benefited from higher digital services demand since the pandemic,.
- Infosys also reported a marginally lower employee attrition rate - a key metric for IT companies - compared to the previous quarter.
Business
Fast Retailing posts yearly net profit at US$1.86bn
Firm owns Uniqlo, Comptoir des Cotonniers clothing brands.
- Following years of aggressive global expansion, Fast Retailing is one of the world's biggest clothing retailers.
- As well as Uniqlo, it owns the clothing brands Theory, Comptoir des Cotonniers and lingerie label Princesse Tam Tam.
Business
ADNOC awards $980m contract
The contract awarded to ADNOC Drilling to hire offshore rigs.
- ADNOC Drilling is the largest national drilling company in the Middle East by rig fleet size.
- Over 80 percent of the award value will flow back into the UAE’s economy under ADNOC’s In-Country Value (ICV) programme.
Business
Musk jokes new perfume launch to fund Twitter purchase
Musk is expected to complete a $44-billion takeover of Twitter by the end of the month. If he fails to...
- The world's richest man's Twitter bio now describes him as a "Perfume Salesman" and a link to the product's sale page is included as a pinned tweet
- The ad for the perfume shows a ruby red bottle with the name engraved on the front in script and its tagline reads, "The Essence of Repugnant Desire"
Business
Burjeel Holdings set to expand to Oman, Saudi Arabia
The company is raising capital to support the ongoing expansion in the UAE and Oman, and pending entry into Saudi...
- The company is raising capital to support the ongoing expansion in the UAE and Oman, and pending entry into Saudi Arabia, the founder Dr Parambath said
- In the UAE Burjeel has built the cancer centre, the mother care services, as well as the orthopaedic and diagnostic networks
How cyber criminals steal cryptocurrency
Hackers from North Korea have become notorious for their sophisticated and relentless tradecraft, according to Chainalysis. Nearly 60 percent of...
Business
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Ducab bags 30 major contracts
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UAE and Cuba look to boost economic, energy ties
The discussions between the UAE president and the Cuban president at Expo City Dubai focused on cooperation in various fields...
Economy
ENOC and Neste sign MoU to drive sustainable aviation fuel initiatives
Dubai, UAE--ENOC Group has signed a memorandum of understanding (MoU) with Neste, the world's leading producer of sustainable aviation fuel...
Business
UAE to pump CO2 into rock as carbon capture debate rages
Fujairah, UAE - High in remote mountains in the oil-rich Emirates, a new plant will soon take atmospheric CO2 and pump...
Business
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Eve Air Mobility, flynas ink MoU
The firms will explore starting eVTOL services in Saudi Arabia.
- The agreement will contribute to Saudi Arabia’s aviation industry by building the ecosystem for electric flights.
- flynas operates over 1,500 weekly flights to over 70 domestic and international destinations.
Business
Google to pay Canadian media $73m annually after a deal with Ottawa
Ottawa, Canada -- The Canadian government and Google have reached a deal to support the country's media, heading off an...
- The amount is less than the government-estimated compensation, but heads off a potential online blackout for news in Canada, where Google and Meta are the dominating platforms.
- The agreement will reportedly allow Google to negotiate with a single group representing all Canadian media, rather than one-on-one deals.
Business
FAB becomes first MENA bank to publish TCFD climate report
Abu Dhabi, UAE -- First Abu Dhabi Bank (FAB) became the first MENA bank to publish a Task Force for...
- The TCFD standard, promoted by the Financial Stability Board since 2015, urges entities to specify the resilience of their strategies to climate-related risks.
- The report delivers on FAB’s 2019 commitment to agree to adopt TCFD recommendations into its reporting and disclosure processes.