Over 300 keynotes, panels, main sessions at 1 Billion Followers Summit’s third edition
Dubai, UAE - The third edition of the 1 Billion Followers Summit, the world’s first and largest event dedicated to...
Business
Hackers stole US$2.2bn in crypto through 2024, Chainalysis Research
Crypto hackers stole US$2.2bn worth of crypto. This amount was a 21 percent yoy increase, the fourth consecutive year they...
Business
25,647 new economic licenses issued in Abu Dhabi in 2023, says ADDED report
ABU DHABI, UAE - The Abu Dhabi's “Business Activity Report” for the year 2023, issued by the Abu Dhabi Department...
- 24,143 commercial sector licences were issued in 2023, comprising 94.1 percent of the total.
- Active licences in Abu Dhabi rose to 143,617, a growth of 10.9 percent compared to the year 2022.
Business
Robots save UAE’s finance ministry 39,000 working hours
Dubai, UAE -- UAE's Ministry of Finance has saved 39,000 hours of human labor by using bots, software applications that...
- The Ministry has just completed phase two of embedding robotic process automation (RPA) into many of its internal processes.
- By 2022, it had more than 50 bots working unattended, delivering great results, and it expects to save an additional 12,000 working hours in 2023.
Business
KEZAD to build new warehouses
It will invest US$169m to develop new capacity.
- The building of new warehousing was spurred by strong demand for such capacity in both free zone and domestic industrial areas
- The group since the third quarter of 2022 has thrown open more than 270,000 sq metres of additional warehousing space in Abu Dhabi
Business
Saudi Aramco halts plan to raise production capacity
Tuesday's announcement was not expected to have an immediate effect on production or exports. After a series of oil supply...
- Riyadh announced the planned production capacity increase in October 2021, the same month it pledged to achieve net zero carbon emissions by 2060
- That applies to emissions that are produced directly by Aramco's industrial sites, but not the CO2 produced when clients burn Saudi oil in their cars
Business
Toyota sells record number of vehicles in 2023
It is the world's top automaker for the fourth year in a row.
- The automaker consolidated its position as the world's top-selling automaker for the fourth successive year
- Toyota said that by next year it plans to have an electrified version for every Toyota and Lexus model globally
Business
Hong Kong court orders liquidation of China’s Evergrande
Evergrande's demise has been closely watched as it was once a pillar of China's economy, with the construction and property...
- The order kickstarts a long process that should see Evergrande's offshore assets liquidated and its management replaced
- The company's executive director vowed the Hong Kong court's decision would not impact its operations domestically
Business
Bahrain and Hungary aim to boost trade, investment ties
Budapest, Hungary--Bahrain and Hungary have held discussions to boost economic and trade ties between the two countries.In this regard, Khalid...
- Chairman of Bahrain Chamber of Commerce and Industry said the Bahraini-Hungarian Business Forum aimed to boost trade, investment ties between the two countries
- According to Gabor Jenei, the CEO of Hungarian Export Promotion Agency (HEPA), Hungary's exports to Bahrain reached $15m and Bahrain's exports to Hungary at $8m
Business
Ghitha 2023 revenue at $1.2bn
Ghitha reported an operating profit of $69 million in 2023.
- Ghitha's revenue milestone indicates a significant growth rate of over 100 percent compared to 2022.
- This is due to the successful execution of strategic acquisitions and expansion across diverse categories.
Business
Toyota to suspend shipments of 10 models due to testing irregularities
Tokyo, Japan - Toyota said Monday it was suspending shipments of 10 models that use engines linked with testing irregularities at...
- The affiliate, Toyota Industries, did not conduct proper horsepower output testing for the certification of three diesel engine models, the parent group said
- Toyota Industries said in a separate statement that its workers adjusted the fuel injection amounts to make the data "better-looking"
Business
Dubai Investments buys GFP stake
GFP secures nearly $60 million in equity financing to expand its network.
- GFP aims to create the leading fertility network in the region, and one of top 10 globally, according to a statement.
- Saudi Arabia will be the focus of the investment. GFP’s facility in Riyadh is currently under construction and is due to commence operations later this year.
Over 300 keynotes, panels, main sessions at 1 Billion Followers Summit’s third edition
Dubai, UAE - The third edition of the 1 Billion Followers Summit, the world’s first and largest event dedicated to...
Business
Company News
ADX partners with Eureeca
Business
Latest News
Masdar to buy stake in Terra-Gen
Business
Turkish Airlines restarts Libya flights after almost a decade
Istanbul, Turkey - Turkey's flagship carrier, Turkish Airlines, has resumed flights to Libya's capital, almost 10 years after they were suspended...
Business
GASTAT issues FDI statistics of Saudi Arabia for Q4 2023
RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) issued on Friday the Foreign Direct Investment (FDI) statistics for...
Economy
Most Read
Business
UAE earns first spot in Global Entrepreneurship Monitor 2024 report
Abu Dhabi, UAE-- The United Arab Emirates has been ranked first globally for the third consecutive year in the Global...
- The report said the UAE was the best place to start and conduct new business ventures, surpassing many advanced economies
- The report put Saudi Arabia on the third spot, Qatar at fifth, and Estonia South Korea, Switzerland, and China following them
Geostrategy
Japan to restart funding to UN Palestinian refugee agency
Tokyo, Japan--Japan is preparing to resume funding to the UN's crisis-hit Palestinian refugee agency (UNRWA), which coordinates nearly all aid...
- Japan like many other countries paused funding after Israel claimed that 12 of UNRWA's 13,000 Gaza employees were involved in the deadly October 7 Hamas attack
- The UN has launched both an internal and an independent investigation but has said Israel has not provided it with any evidence to support the claim against the workers
Economy
Arab Bank for Economic Development in Africa expects financing to touch US$2.5bn
Abu Dhabi, UAE--The Arab Bank for Economic Development in Africa (BADEA) expects the bank's annual financing to reach US$2.5 billion...
- The annual financing of the bank is witnessing a steady increase, rising from US$2 billion in 2022 to US$2.23 billion in 2023
- Nearly 30 percent of the bank's financing in the last 10 years was allocated to sustainable development projects in Africa