Hong Kong’s property distress hurting banks
Distressed property sales in Hong Kong are beginning to bite banks with average prices of office buildings, shopping malls and...
US$1.5 billion Amazon protection plan launched in Davos
A carbon markets investor backed by Swiss-trading house Mercuria said on Wednesday it had joined with two non-profits to raise...
Business
Google allows Parler app back into Play Store
Google pulled the Parler app from its online marketplace just days after the deadly attack on the seat of US...
- Parler was allowed back in the Play Store after removing abusive posts and blocking users who break the app's rules
- The app claimed to have more than 20 million users before being pulled from the Apple and Google online marketplaces.
Business
Ajman Bank and Mastercard collaborate to launch Touch Card
Ajman Bank and Mastercard have partnered to launch Touch Card, a payment card that will allow blind and partially sighted...
- The Touch Card has been designed to work with point-of-sale terminals and ATMs
- Moza Al Akraf Al Suwaidi, Undersecretary of the Ministry of Community Development, said it aligns with UAE’s social and community goals to promote an inclusive environment
Economy
Number of UAE bank employees surged to 34,330 in H1 2022: CBUAE
In its June 2022 report, CBUAE noted that the number of employees in the country’s banking sector increased to 34,332...
- CBUAE report noted that the number of employees in the country’s banking sector increased to 34,332 during H1 2022
- A total of 27,545 employees work in national banks and 6,787 employees for foreign banks operating in the country
Business
Market cap of Egypt’s bourse vaults by US$2.7bn in August
In spite of monetary policy tightening, Egypt has seen the market capitalization of its stock exchange vault by $2.7 billion...
- The market capitalization of listed companies’ shares grew 8.2 percent in August to $35.63 billion from $32.91 billion by July end
- The total value traded during the month reached $5.2 billion, with a total of 6.6 million securities executed
Business
TAQA to buy AlMansoori
The Saudi firm will buy UAE company for an unknown sum.
- The buyout is part of company's plan to expand TAQA’s Well Services business into the wider Middle East and North Africa region
- AMPS will add complementary products and services to TAQA’s portfolio, including Early Production Facilities, Well Testing, Slickline, and Marine Stimulation Vessels
Business
Latest technologies glamorize Gulf cosmetic industry
The UAE leads the region with adoption of developed regulations as technologies such as AI and VR have revolutionized the...
- The UAE leads the region with adoption of developed regulations as technologies such as AI and VR have revolutionized the diagnostics and treatments in the aesthetic sector
- The global market for AI in beauty and cosmetics is expected to grow from its 2021 value of US$ 2.7 billion to a whopping US$ 13.34 billion by 2030, a healthy CAGR of 19.7%
Business
Aldar acquires Spark Security
Spark Security Services employs over 5,000 security professionals.
- Aldar said the all-cash $34m acquisition strengthens its property and integrated facilities management platform to deliver a broader offering to customers.
- Spark serves major organisations operating in a wide range of sectors, including infrastructure, banking, healthcare and hospitality.
Geostrategy
G7 to ‘urgently’ implement Russian oil price cap
G7 industrialized powers vowed Friday to "urgently" move towards implementing a price cap on Russian oil imports in a bid...
- Households in Europe have borne the brunt of rising energy prices, with governments under pressure to alleviate the pain of the resulting high inflation.
- Moscow would "simply not supply oil and petroleum products to companies or states that impose restrictions".
Geostrategy
Jordan PM refers to shared views in meeting with Kuwaiti minister
Prime Minister of Jordan Dr. Bisher Khasawneh met Kuwaiti Minister of Information and Culture Abdul Rahman Al-Mutairi, who is in...
- The Jordanian PM reiterated to the Kuwaiti minister the two countries’ shared views on Arab, regional and international issues.
- The Kuwaiti Minister is in Jordan to attend the 21st Amman International Book Fair.
Science
DEWA’s R&D Center registers patent for robotic carrier
Dubai Electricity and Water Authority (DEWA) 's Research and Development (R&D) Center has registered its sixth patent for a user-friendly...
- DEWA's robotic carrier can transport glass panels or sensitive materials that require close care.
- The robotic carrier can lift solar photovoltaic panels easily from any surface.
Hong Kong’s property distress hurting banks
Distressed property sales in Hong Kong are beginning to bite banks with average prices of office buildings, shopping malls and...
Company News
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Emirates sign deal with Airbus to buy 15 A350-900s
Dubai, UAE - Dubai-based Emirates on Thursday announced an order for 15 long-haul Airbus A350-900s, bringing to 110 the number of...
Business
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Business
EDGE to supply metallic machined parts to Boeing
Abu Dhabi, UAE – EDGE, an advanced technology group specialising in precision engineering in the UAE’s aerospace, oil & gas,...
- The company will execute the procurement of raw materials, machining parts, and surface treatment processes
- EDGE manufactures high-quality complex engineering components for the defence, aerospace and oil & gas sectors
Business
Dubai Investment posts profit
Its income for the first nine months of 2023 is US$816m.
- The company reported a net profit of $222.46 million for the nine-month period ended September 30, 2023
- The diversified investment company listed on the DFM said its total assets reached $5.71bn at the end of Q3 2023
Economy
Bahrain and Russia look to boost economic cooperation
Manama, Bahrain-- Bahrain and Russia have held discussions to enhance cooperation in various fields of the two countries' economies. In...
- The Bahraini oil minister spoke highly of the Bahraini-Russian relations and their steady progress across various domains, including in the energy sector
- The Russian official expressed his country’s keenness to further bolster its cooperation with the kingdom in various fields, wishing Bahrain further prosperity