UAE’s Etihad finds ‘no issues’ with engines of A350 fleet: statement
Rolls-Royce said on Thursday it was launching "a one-time precautionary engine inspection programme" which may apply "to a portion of...
Business
Durov: Father of 100 children is a mysterious and controversial Telegram founder
Paris, France - Russian-born tech entrepreneur Pavel Durov has founded wildly popular social networks, cryptocurrencies, amassed a multi-billion-dollar fortune and locked...
Business
Economy
Dubai’s labor body to expand schemes for welfare of workers
The Permanent Committee for Labor Affairs has reiterated its commitment to collaborate with private and social organizations to consolidate the...
- The Permanent Committee for Labor Affairs said it will collaborate with private, social organizations for progressive labor policies in Dubai
- PCLA said it pursues workplace campaigns and community initiatives to improve workers’ standard of living and working
Business
African Union lauds Russia for allowing Kyiv to resume grain export
Ukraine and Russia and two of the world's largest grain producers.
- Ukraine's farms are major source of grain for world market, particularly in Middle East and Africa.
- Cereal prices in Africa have surged because of the slump in exports due to Russia-Ukraine war.
Business
Saudi Arabia inks several deals at Farnborough airshow
The General Authority for Military Industries led and organized the Saudi pavilion under the slogan "Invest in Saudi."
- The national company for defense industries in the kingdom, SAMI, inked a deal with Airbus Helicopters Arabia.
- The deal will help SAMI build its technical capabilities to provide technical support for helicopters for Saudi forces.
Business
Saudi construction contracts jump to $12.3 billion in Q1
Saudi Arabia has seen a staggering increase in the award of construction contracts to the tune of $12.3 billion in...
- According to a US Saudi Business Council index which tracks spending in the sector, the kingdom has bounced back strongly after the sharp drop of 2020
- The leading sector in awarded contracts yet again was oil and gas, totaling SR15.1 billion worth of contracts in the first quarter of this year
Business
Wheat prices fall as Russia-Ukraine export agreement takes off
Wheat prices tumbled Friday, retreating to levels last seen prior to the Russian invasion of Ukraine following a landmark agreement...
- Russia and Ukraine together produce about 30 percent of the world's wheat exports
- Despite Friday's retreat in wheat prices, analysts expressed skepticism about the accord's ability to sidestep the realities of the grinding Russia-Ukraine conflict
Business
Commercial Bank International launches virtual location in Metaverse
CBI is the first-ever bank in the UAE and the Middle East region to have a location in the Metaverse.
- CBI is the first-ever bank in the UAE and the Middle East region to have a location in the Metaverse
- Metaverse is a virtual world, where people can interact, explore, and access services as digital avatars of themselves
Business
Saudi Arabia unveils plan to automate 4,000 factories
Saudi Arabia will automate some 4,000 factories in order to enhance competitiveness, efficiency and quality of industry.
- Saudi Ministry of Industry and Mineral Resources has launched a program aiming to move factories away from relying on low-skilled workers to instead automating their manufacturing
- It has also announced the adoption of the Smart Industry Readiness Index methodology to assess the operational readiness of factories
Business
Twitter takes a dig at Elon Musk for bad results
Twitter blamed disappointing results Friday on "headwinds," including the uncertainty imposed on the company by Elon Musk's chaotic buyout bid....
- Despite the less than stellar results, Twitter's stock closed up nearly one percent at $39.84, as investors seemed relieved the news wasn't worse
- Twitter notched a victory earlier this week in its fight with Musk, when a judge agreed to a fast-track trial on whether to force the billionaire to complete the buyout
Analysis
Crises put Gulf investments in Sri Lanka at stake
The region has invested billions of dollars across sectors in the South Asian nation as recent past witnessed an expansion...
- The region has invested billions of dollars across sectors in the South Asian nation in the recent past
- Sri Lanka has been enduring shortages of food, fuel, medicines and other essentials for months
Economy
Abu Dhabi records $6.13bn of real estate transactions in H1 2022
Abu Dhabi's real estate market sustained growth driven by investor optimism, recording 7,474 property transactions amounting to over US$6.13 billion...
- Abu Dhabi's real estate market recorded 7,474 property transactions worth over US$6.13bn in H1 2022
- Department of Municipalities and Transport half-yearly report says all kinds of land, buildings and real estate were purchased, sold and mortgaged
UAE’s Etihad finds ‘no issues’ with engines of A350 fleet: statement
Rolls-Royce said on Thursday it was launching "a one-time precautionary engine inspection programme" which may apply "to a portion of...
Business
Company News
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Al Ansari Financial Services okays dividend
The first proposed interim dividend is of $81 million.
Business
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Business
ADX partners with HSBC to develop digital assets
Abu Dhabi, UAE - Abu Dhabi Securities Exchange (ADX) and HSBC Bank Middle East Limited are working together in the...
- The initiative leverages the investment product knowledge of ADX, and HSBC’s investment banking, capital markets and blockchain capabilities.
- Digital bonds are financial instruments that are created and managed using blockchain and smart contract technology to create efficiencies in capital markets
Business
ACWA Power 9M net profit up 22%
The company said higher operating income was the main driver.
- The company said it recorded SAR 814 million in operating income—before impairment, loss and other expenses—in the third quarter of 2023.
- Operating income for the first nine months of 2023 reached SAR 2.10 billion, growing by 12.4 percent, compared to the same period last year.
Business
DEWA discusses cooperation in renewable energy with German delegation
Dubai, UAE-- Dubai Electricity and Water Authority (DEWA) has held discussions with a delegation from Germany on how to boost...
- DEWA's CEO emphasized the importance of strengthening strategic cooperation with German enterprises in water, renewable, and clean energy
- The delegation applauded the UAE's leading role in dealing with climate change and promoting a sustainable, safe, and healthy environment