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...
1 Billion Followers Summit: AI’s transformative role in content creation highlighted by YouTube, Meta, Duolingo
Dubai, UAE - The 1 Billion Followers Summit, the world’s largest event dedicated to the content creator economy, brought together...
Business
Business
Tibbiyah buys stake in rival firm
It bought 51% stake in Innovative Care for $57 million.
- Innovative Care, the Riyadh-based medical firm, operates New You Medical Center
- New You, set up in 2016, is a center specializing in cosmetic and reconstructive surgeries, supported by its pharmacy services provider iPharma
Business
Musk subpoenas Twitter whistleblower in new twist to court battle
According to court documents made public on Monday, Musk's attorneys served Zatko with a subpoena Saturday demanding he share any...
- Tesla boss hopes that allegations made by the former Twitter security chief Peiter Zatko, about major security gaps and problematic practices at the firm, will bolster his case
- Peiter Zatko was also ordered to answer questions on the record for Musk lawyers on September 9
Business
SPIMACO secures $335m loan
The Saudi pharma firm intends to use the capital for growth.
- The pharma company secured the shariah-compliant financing to grow the business
- The firm obtained the facilities in the form of short-term loans to finance working capital needs, long-term loans for expansions and investments, and treasury facilities
Business
Egypt’s Zohr gas field pumps out record 2.7bn cubic meters of gas
Egypt has posted a record in pumping out 2.7 billion cubic meters of gas per day at Zohr gas field...
- According to the ministry of petroleum and mineral resources the volume of investments in the gas field hit $741 million during the relevant year
- Investments have exceeded $12 billion since the beginning of work in the field
Business
UAE tops MENA region in business, technology skills
The UAE -- rated 69th globally in technology skills and 67th in data science -- has a significant chance to...
- The UAE -- rated 69th globally in technology skills and 67th in data science -- has a significant chance to improve mastery of human cadres in achieving digital transformation
- Students in the UAE score an impressive 89% on a test measuring their knowledge of information security engineering, the "World Skills Report" published by Coursera highlights
Business
Saudi-Thai Business Council set up to enhance trade
The Federation of Saudi Chambers announced Monday the establishment of a joint Saudi-Thai Business Council.
- The Federation of Saudi Chambers announced Monday the establishment of a joint Saudi-Thai Business Council.
- Thailand's Deputy Prime Minister said that discussions with Saudi officials resulted in signing of three pacts
Business
State Grid Corporation of China opens first office in UAE
Dubai, UAE: State Grid Corporation of China (SGCC), the largest utility company in the world, has expanded its presence in...
- State Grid Corporation of China (SGCC), the largest utility company in the world, opened the office in Dubai International Financial Centre.
- The SGCC has invested in utilities in Oman as well as internationally in Italy, Portugal, Greece and the Philippines.
Business
Uniper seeks state aid on prices
Massive hike in the gas prices hits firm's profitability.
- The Duesseldorf-based group said it had used up the nine-billion-euro line of credit agreed in the bailout as the cost for gas soared.
- One of biggest importers of Russian gas, Uniper has been squeezed as Moscow has reduced supplies to the continent in recent months
Business
UAE launches net-zero drive for firms
The Ministry of Climate Change and Environment (MoCCAE) Monday launched the UAE Climate-Responsible Companies Pledge. The pledge aims to increase...
- The pledge aims to increase the engagement of the private sector in the country’s decarbonization drive
- The pledge forms the basis of future collaborations between the private sector, non-governmental organizations (NGO) and international organizations.
Business
ADRO, ADGM ink deal to enhance ease of digital visa access
Abu Dhabi, UAE - Abu Dhabi Residents Office (ADRO) and Abu Dhabi Global Market (ADGM) have signed a deal to...
- ADGM will also provide ADRO a list of global companies to provide exclusive benefits for the Abu Dhabi Golden Visa holders.
- The two parties will collaborate to highlight the strategic initiatives of ADRO, including the promotion of the Abu Dhabi Golden Visa and other initiatives locally and globally.
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...
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EDGE bags $1.1bn UAE defense ministry munitions contract
Dubai, UAE -- EDGE, one of the world's leading advanced technology and defense groups, announced that it bagged an AED...
Business
Emirates, Safran sign pacts worth $1.2bn
Latest generation Safran Seats for new Emirates Airbus fleet part of the deal.
Business
Mawani, CMA CGM Group lay foundation for logistics park at Jeddah Islamic Port
RIYADH, SAUDI ARABIA – The Saudi Ports Authority (Mawani) and CMA CGM launched on Wednesday a new logistics park at...
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US$3.2bn worth deals signed on first two days of Dubai Airshow 2023
DUBAI, UAE – Tawazun Council announced the signing of 11 deals, worth US$1.8 billion (AED 6.9 billion), with local and...
- The biggest contract- worth US$898 million was awarded to a company to procure an air defense system.
- The second largest local contract, worth US$200 million was signed for aircraft maintenance services.
Business
ADNOC Gas net income $3.37bn
The company's third-quarter revenue grew by 8% to $5.80 billion.
- Net income for the quarter increased by 13 percent quarter-on-quarter (Q-o-Q) to $1.116 billion.
- ADNOC Gas expects to pay its inaugural interim cash dividend of $1.625 billion with payments commencing on 14 December 2023.
Business
Dubai Airports expect to cross pre-pandemic passenger numbers in 2023
Dubai, UAE--Dubai Airports is expecting annual passenger traffic at Dubai International (DXB) to touch 86.8 million – surpassing 2019 traffic,...
- It forecasts annual passenger traffic at Dubai International (DXB) to touch 86.8 million, crossing 2019 traffic, propelled by strong growth
- Some 23m passengers passed through the airport in Q3, taking the total traffic for the first nine months of the year to 64.5m passengers