Abu Dhabi records $2.88 billion in real estate transactions in January
Abu Dhabi, UAE -- Abu Dhabi’s real estate market recorded AED10.6 billion in transactions in January, totaling 2,514 property deals....
Business
Readying for jobs of tomorrow: WEF’s Till Leopold stresses upskilling
Davos, Switzerland -- In the next five years, millions of jobs will be created. Governments, employers, and education institutions, therefore,...
World Economic Forum
Business
Dubai records realty transactions worth $517 million: Land Department
Dubai, UAE--- Dubai real estate market recorded 344 sales transactions worth AED1.77 billion ($481 million), in addition to 67 mortgage...
- The sales included 286 villas and apartments worth AED600.16 million, and 58 land plots worth AED1.17 billion.
- The emirate's real estate market recorded a total of 7,092 transactions in July 2022, which is its best performance in the past decade.
Business
EU court to rule on record antitrust fine against Google
The decision by the Luxembourg-based General Court could undo or demand modifications to the landmark decision, taken by the European...
- Google urged a panel of EU judges last year to throw out the decision it argued was unfounded and falsely relied on accusations it imposed its search engine
- Google insisted that downloading rival apps was only a click away and that customers were in no way tied to Google products on Android
Economy
Europe’s battle with Big Tech: billions in fines and tough laws
In the past few years, the EU has slapped eye-watering fines on Apple and Google in tax and competition cases,...
- Brussels has slapped over eight billion euros in fines on Google alone for abusing its dominant market position
- The EU has also gone after Apple, accusing it of blocking rivals from its contactless iPhone payment system and fined Microsoft 561 million euros
Business
Wio launches in UAE
The digital bank is co-owned by ADQ, Etisalat, and others.
- It has three main business lines: digital banking apps, embedded finance and banking-as-a-service, the provision of banking through third-party distributors
- Wio is 65 percent owned by Abu Dhabi sovereign wealth fund ADQ and Alpha Dhabi, 25 percent by Etisalat and 10 percent by First Abu Dhabi Bank
Business
PIF to buy stake in Seera
PIF will pick up $1bn stake in Seera Group's travel unit.
- Seera Group said in a bourse filing that the PIF wants to hold 30 percent of Almosafer’s capital
- Almosafer aims to use the capital injection to scale up its tourism operations and strengthen its position as a leading travel agency in the kingdom
Business
ADQ monetises minority stake of 8.6% in TAQA
TAQA is a diversified utilities and energy group headquartered in Abu Dhabi, and listed on the Abu Dhabi Securities Exchange.
- TAQA is a diversified utilities and energy group headquartered in Abu Dhabi, and listed on the Abu Dhabi Securities Exchange
- The company has significant investments in power and water generation, transmission and distribution assets
Business
Twitter ex-security chief in Congress as shareholders back Musk buyout
Nearly 99 percent of the votes cast by stock owners endorsed the agreement with Musk to sell him the tech...
- The shareholder decision clears the way for the contract to close, even as billionaire Musk tries to exit it
- Musk has listed bot accounts as among the reasons to justify his walking away from the deal
Business
Why are millionaires flocking to UAE?
By the end of 2022, the UAE is expected to attract more than 4,000 high-net-worth individuals, mostly from India, Russia,...
- Around 25 percent of GCC's millionaires are moving to the UAE. At the same time, others are relocating to other regions like the UK, US and Europe.
- The total private wealth of the wealthy in the UAE increased by US$46 billion between 2019 and 2021, to nearly US$917 billion, according to a Global Citizens report.
Geostrategy
Drop in German investors confidence sparks recession fear
BERLIN, GERMANY - German investor confidence fell in September for a third straight month, a closely watched survey showed on...
- The ZEW institute's economic expectations index dropped 6.6 points from the previous month to minus 61.9 points.
- For its survey, ZEW quizzes experts about the current economic situation and the outlook for the coming six months.
Geostrategy
India to invite UAE as ‘guest country’ at G-20 Summit
India, the incoming President of the Group of Twenty (G-20) announced that it will invite the UAE as one of...
- The G-20 accounts for 85 percent of global GDP, 75 percent of international trade and two-thirds of the world population.
- This is the first of a series of announcements being made by India preparatory to its assumption of the G-20 Presidency on December 1, 2022.
Abu Dhabi records $2.88 billion in real estate transactions in January
Abu Dhabi, UAE -- Abu Dhabi’s real estate market recorded AED10.6 billion in transactions in January, totaling 2,514 property deals....
Business
Company News
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OpenAI staff threaten mass exodus to join ex-CEO Altman
In a fast-moving sequence of events, Altman, who was ousted by the board on Friday, has now been hired by...
Dubai Financial Market, Nasdaq Dubai, Shanghai Stock Exchange sign MoU
Dubai, UAE--The Dubai Financial Market (DFM), Nasdaq Dubai, and Shanghai Stock Exchange (SSE) have signed a memorandum of understanding (MoU)...
Business
ACWA Power starts commercial ops at phase 2 of Dubai’s Noor Energy
RIYADH, SAUDI ARABIA – ACWA Power Co said it received the initial commercial operation certificate from the Dubai Electricity & Water Authority...
Business
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Business
Norwegian firm expects first cross-border transport of CO2 in 2025
Oslo, Norway -- Norwegian fertilizer group Yara International on Monday signed a contract to begin transporting CO2 produced at its Netherlands...
- Yara International signed a contract to begin transporting CO2 produced at its Netherlands plant to Norway so it can be buried under the seabed.
- Carbon capture and storage is aimed at helping halt climate change, involves capturing CO2 emissions at factory smokestacks and burying them underground in geological reservoirs.
Business
Messi’s World Cup jerseys up for $10m auction
If the jerseys sell for above $10m, that could make the sale the most valuable collection of sports memorabilia ever...
- He donned these shirts during the first halves of the group-stage rounds against Saudi Arabia and Mexico, as well as later games against Australia, the Netherlands and Croatia.
- The most expensive individual jersey ever sold at auction was one that basketball legend Michael Jordan wore during his NBA finals run in 1998. It sold for $10.1m.
Business
48% of people in UAE expect cross-border payments surge in 2024
Dubai, UAE -- Nearly 48 percent of individuals in the UAE anticipate an uptick in cross-border payments over the next...
- The report reveals that 53 percent of respondents in the UAE prioritize lower fees, 52 percent prefer speedy transactions, and 41 percent seek a straightforward remittance process.
- A remarkable finding is the surge in the use of apps for cross-border payments among UAE SMEs, with 82 percent leveraging this technology.