Norway nears 100% goal of all-electric cars
By comparison, the share of electric cars in Europe was just 13.6 percent in the full-year 2024, a decline for...
Geostrategy
‘Authenticity, experiences, culture, generational and solo travel to lead tourism trends’
Visit Saudi, experience the warmth, generosity and hospitality of the people, Jerry Inzerillo tells TRENDS in an exclusive interview.
Business
Business
Dubai records weeklong realty transactions worth $2.49 billion
Dubai, UAE---A total of 2,317 real estate transactions worth AED8.9 billion ($2.49 billion) were conducted during the week ending 16...
- A total of 227 plots were sold for AED4.35 billion, and 1,560 apartments and villas were purchased for AED3.44 billion.
- The top three transactions were plots of land in Madinat Al Mataar that sold for AED988 million, AED259.24 million in Al Yufrah 1 and AED988 million in Madinat.
Market Report
Stocks mostly slide; pound hits 37-year dollar low
Stock markets mostly slumped Friday, while the British pound tanked to a 37-year dollar low as weak UK retail sales...
- Sales by volume dived 1.6 percent in UK last month, more than triple expectations.
- Sterling has hit a series of 1985 lows in recent weeks, also as the US Federal Reserve implements aggressive hikes interest rate hikes.
Geostrategy
UAE participates in G20 Finance Track’s Infrastructure meeting
UAE Ministry of Finance (MoF) participated in G20 Finance Track’s fourth and last Infrastructure Working Group (IWG) meeting for 2022...
- The members of the Infrastructure Working Group deliberated the progress made on scaling up sustainable infrastructure investments.
- The IWG also discussed means of promoting private sector investment in sustainable infrastructure.
Business
Salik ups number of IPO shares
The subscription period for the IPO remains unchanged.
- The Government of Dubai will continue to own 75.1 percent of Salik’s existing share capital.
- Salik reported core earnings of $217.82 million in the first half of this year, compared with 637.41 million in the same period in 2021.
Geostrategy
Germany seizes Rosneft’s subsidiaries
Berlin took control of the German operations of Russian oil firm Rosneft to secure energy supplies which have been disrupted...
- The seizures come as Germany is scrambling to wean itself off its dependence on Russian fossil fuels.
- Move covers the companies Rosneft Deutschland GmbH and RN Refining & Marketing GmbH and their corresponding stakes in three refineries: PCK Schwedt, MiRo and Bayernoil.
Economy
Third ‘armed bank withdrawal’ in a week in Lebanon
When a branch of the Byblos bank opened in the southern town of Ghaziyeh, a depositor, reported to be in...
- A man in 50 stormed a branch of Byblos bank in the southern town of Ghaziyeh and threatened bank employs with a gun and demanded his savings
- The man walked away with around $19,000 and turned himself in to the police moments later as a crowd formed in front of the bank to support him
Business
DEWA smart meters’ number up 73% in four years
Dubai, UAE---Dubai Electricity and Water Authority (DEWA) recorded a growth in the number of smart water meters by 73.6 percent...
- DEWA has more than two million smart electricity and water metres in Dubai.
- Automating metre readings helps customers receive instant information on their consumption patterns and effectively manage, monitor and control their consumption.
Business
Shell says CEO stepping down at end of 2022
The outgoing CEO, 64, has presided over a tumultuous time at the energy titan, weathering collapsing oil prices in 2020 as...
- The outgoing CEO, 64, has presided over a tumultuous time at the energy titan, weathering collapsing oil prices in 2020 as Covid lockdowns ravaged demand
- Under his tenure, Shell last year simplified its name and structure and outlined plans to slash greenhouse gas emissions
Business
Fossil-fuel subsidies hinder MENA’s energy transition
Improving social safety net may provide the space needed to end subsidies, while investment in renewable energy can cut costs...
- Improving social safety net may provide the space needed to end subsidies, while investment in renewable energy can cut costs and protect households from high prices, says a report
- Energy subsidies distort market dynamics and ignore the social cost of carbon and harmful environmental externalities, claims the recent report by Oxford Economics
Geostrategy
ENEC shares expertise at cyber energy leadership forum
The Emirates Nuclear Energy Corporation (ENEC) hosted the first edition of the CyberEnergy Leadership Forum (CELF) in Abu Dhabi. Over...
- The one-day forum featured a leadership briefing, followed by a technical forum hosted by ENEC and the United States Department of Energy
- ENEC is a leading entity that is spearheading cyber security in the UAE’s clean energy sector
Norway nears 100% goal of all-electric cars
By comparison, the share of electric cars in Europe was just 13.6 percent in the full-year 2024, a decline for...
Geostrategy
Company News
Latest News
Yalla 9M revenue at $237.9m
The results underscore the firm’s robust financial performance.
Business
UAE defense conglomerate EDGE signed nearly $2bn in deals
Dubai, UAE -- UAE defense conglomerate EDGE Group has inked deals worth at least $1.8 billion during the Dubai Airshow,...
Business
DTC sets IPO offer price range
Final offer price will be fixed through a book-building process
Business
Most Read
Economy
US regulator files charges against Kraken crypto exchange
The action against Kraken by the financial markets regulator will likely pour cold water on the hopes of many firms...
- The proceedings against Kraken began on Monday in federal court in San Francisco, targeting Payward and Payward Ventures, the two legal entities behind the exchange
- Kraken's business model is "rife with conflicts of interest that placed investors’ funds at risk," Director of the SEC’s Division of Enforcement, Gurbir Grewal, said in a statement
Geostrategy
With X’s Musk under fire, Biden joins rival Threads
The White House confirmed it had launched Threads accounts for the president, First Lady Jill Biden, Vice President Kamala Harris,...
- Meta launched Threads in July, in a bid to depose Musk's X, as the go-to platform for celebrities
- Biden's debut comes after his spokesman slammed Musk for the "promotion" of an anti-Semitic conspiracy theory
Business
ADNOC and Santos sign agreement to build joint platform for net-zero goals
Abu Dhabi, UAE--ADNOC and Santos have signed a strategic collaboration agreement (SCA) to build a joint global-carbon-management platform that could...
- The agreement will allow companies to advance critical carbon capture and storage (CCS) technologies required to speed up the decarbonisation
- They will look to ramp up the carbon management technologies of the future in order to safely transport, capture and store carbon, helping markets to decarbonise