Bayanat, Yahsat shareholders to vote on merger and creation of SPACE42 on April 25
ABU DHABI, UAE – Bayanat AI PLC and Al Yah Satellite Communications Company each issued a circular on Thursday calling...
Business
Microsoft hires DeepMind co-founder to lead AI unit
Of all the tech giants, Microsoft has moved the fastest into adopting generative AI, integrating its powers into a whole...
Business
BMW profits slide as China lockdowns hit production
BMW said economic conditions would "remain difficult" in the second half of the year, with the war in Ukraine also...
- The carmaker shipped just over 563,000 units in the second quarter of 2022, a drop of 19.8 percent
- BMW said economic conditions would "remain difficult" in the second half of the year, with the war in Ukraine also disrupting supply
Economy
Metaverse Strategy set to position emirate as global Web3 hub
Dubai is already home to more than 1,000 companies in the metaverse and blockchain sector.
- Dubai is already home to more than 1,000 companies in the metaverse and blockchain sector
- The DMS aims to support more than 40,000 virtual jobs and add $4 billion to Dubai’s economy
Business
Retail sector in Gulf region stares at slump in business
Market experts predict a hard summer for the GCC retail industry as rising costs keep shoppers away from malls and...
- With high inflation biting into family budgets, households have cut back on spending on essential commodities because of the high cost of goods
- While the high-end malls and stores can fall back on their deep reserves of cash to get over the crisis, it is the small and medium-sized businesses that are struggling to survive
Business
Suez Canal revenue hits a record $704 million
Canal Authority Chairman Osama Rabea said that the Canal reached its highest monthly transit rate of 2,103 ships, as well...
- Canal Authority Chairman Osama Rabea said that the Canal reached its highest monthly transit rate of 2,103 ships, as well as monthly net tonnage of 125.1 million tonnes
- Rabie attributed the big leap in the revenues to the rise in the number and tonnage of ships transiting the canal during 2021-2022
Economy
UAE climate change ministry, EDB to finance agro ventures
UAE Ministry of Climate Change and Environment and Emirates Development Bank sign a Memorandum of Understanding to finance agricultural SMEs...
- UAE Ministry of Climate Change and Environment and Emirates Development Bank ink pact to finance agricultural SMEs
- This move will help to contribute to the UAE’s sustainable economic development and food security
Business
Three-day Liwa Ajman Dates and Honey Festival to begin Friday
The 7th edition of Liwa Ajman Dates and Honey Festival begins Friday at the Emirates Hospitality Centre in Ajman. Showcasing...
- Organized by Ajman Department of Tourism Development, the festival targets more than 400 participants.
- The festival also includes events that aim to revive the old Emirati customs and traditions.
Economy
UAE maintains reputation as top tourist destination
The UAE continues to maintain its regional and international leadership as a distinguished travel destination and a preferred country for...
- The UAE has strengthened its position on the world tourism map, becoming a leading international tourism destination.
- UAE is in the top 10 country in several international competitiveness indexes related to the tourism, travel and hotels sectors in 2021
Business
AD Ports, Hutchison to explore investments in GCC, Asia, Africa
Abu Dhabi Ports and Hutchison Ports have signed an MoU to identify joint investment and business opportunities related to feedering,...
- They will partner to operate within Tanzania to enhance the capabilities and market competitiveness of port operations in the country, including Dar Es Salaam Port.
- Potential areas of focus include improving servicing to several of Tanzania’s landlocked remote areas and neighboring countries.
Business
Uber posts Q2 loss of $2.6bn
Uber revenue more than doubled to $8.1 billion in Q2. Uber reported better-than-expected revenue in Q2, fueled by strong demand...
- Uber reported better-than-expected revenue in Q2, fueled by strong demand for the San Francisco-based company's ride-hailing and food delivery services
- Revenue more than doubled to $8.1 billion in the three months through June -- a 105 percent increase
Geostrategy
UAE minister discusses economic cooperation, trade with Mongolia
During the meeting, the minister emphasized the UAE's commitment to solidifying its economic and trade partnership with Mongolia to support...
- Minister of Economy Abdullah bin Touq Al Marri held a meeting with Ambassador Extraordinary and Plenipotentiary of Mongolia to the UAE Odonbaatar Shijeekhuu
- The meeting was held in Dubai with an aim to strengthen trade and economic cooperation between the UAE and Mongolia
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Bayanat, Yahsat shareholders to vote on merger and creation of SPACE42 on April 25
ABU DHABI, UAE – Bayanat AI PLC and Al Yah Satellite Communications Company each issued a circular on Thursday calling...
Business
Company News
Latest News
UAE banks’ investments hit record high in Aug to reach $159bn
Abu Dhabi, UAE -- UAE banks' investments surpassed AED 580 billion, hitting a record high in August 2023, according to...
Business
Alphabet and Microsoft see earnings rise on AI-infused cloud
Tech giant Microsoft said Tuesday its profits rose in the latest quarter, boosted by its strength in the closely watched...
Business
Most Read
Business
Investcorp to float IPO
The listing of shares on ADX is set for November 17.
- According to the company, the subscription will be open from November 2 to November 9, 2023
- It plans to offer 321,500,000 new shares while 321,500,000 shares will be sold by selling shareholder, Investcorp S.A
Business
UAE-Zimbabwe trade touches US$2bn, poised to expand more
Abu Dhabi, UAE-- Trade between the UAE and Zimbabwe touched $2 billion last year as the bilateral relations between the...
- The UAE is Zimbabwe's second-largest trading partner and the relations between the two countries are poised to grow further
- Zimbabwe's ambassador to the UAE said that both countries are working to develop a number of sectors, like mining, and energy
Business
Saudi industrial construction potential game-changer
The Kingdom is gearing up for a massive investment in industrial and mega projects, with plans to allocate $180 billion...
- The Kingdom is gearing up for a massive investment in industrial and mega projects, with plans to allocate $180 billion annually from 2025 to 2028, says a latest report.
- With projects like the high-tech NEOM city in the pipeline, the Kingdom is set on diversifying its economy and establishing itself as a leading tourist destination.