Parkin to give more shares to retail investors in its IPO
Dubai, UAE - Parkin Company on Tuesday announced an increase in the number of shares offered in the UAE Retail...
Business
Economy
UAE Industry Development Council reviews action plan
Industry Development Council meeting reviews recommendations made at the first meeting, progress in implementing them and discusses the development of...
- Industry Development Council recommends launching unified platform for industrial data
- The council reviews suggestions made at first meeting, reflects on progress in implementing them
Business
UAE-Germany non-oil trade surpasses $130 billion in 10 years
The UAE-Germany non-oil trade exchange exceeded AED 478 billion ($130 billion) from 2012- 2021, according to data from the Federal...
- The imports accounted for 89.5 percent of the total trade exchanges, while exports 3.5 percent and re-exports accounted for seven percent.
- The trade exchanges grew by 12 percent by the end of last year to AED35.3 billion against AED31.5 billion by the end of 2020.
Business
Nana ties up with Google Cloud
The alliance will ensure home delivery in 15 minutes.
- Powered by Google Cloud, Nana Direct uses the company’s unique artificial intelligence and data warehousing solution to be well informed about business decisions
- Google said that by virtue of the collaboration it will be able to bring innovative solutions to e-commerce in the kingdom
Business
Google AI splits opinion on its risks and ambitions
An internal fight over whether Google built technology with human-like consciousness has spilled into the open, exposing the ambitions and...
- The Silicon Valley giant suspended one of its engineers last week who argued the firm's AI system LaMDA seemed "sentient"
- AI remains a delicate topic in and outside the tech world, one that can prompt amazement but also a bit of discomfort
Business
High car sales adds to Iraq’s road misery
Five years ago, Iraqi taxi driver Osama Mohammed would make about six trips a day across Baghdad. Today, traffic is so...
- Experts point at many reasons for the growing chaos: a post-war mini boom has brought more people and more cars
- The research group Future of Iraq estimates that the fuel each vehicle wastes daily by idling in Baghdad traffic jams is equivalent to driving 20 kilometers
Business
UAE to raise 2022 federal budget spending by $334.9m
The UAE will raise its 2022 federal budget spending by an additional Dh1.23 billion ($334.9 million), according to the Federal...
- The FNC said on Twitter that the increased spending will come from the federal government's general reserves
- The UAE's revenue is expected to grow by about Dh374.9 million
Business
BP buys 40% stake in Australian renewable plant, largest on earth
Oil giant BP announced Wednesday it is taking a 40.5 percent stake in an Australian energy project being billed as...
- The project is expected to generate 26 gigawatts of renewable energy through wind and solar, supplying power across the Pilbara
- It will also produce 1.6 million tonnes of green hydrogen each year
Business
GCC eyes unified payment system to strengthen banks
Aiming to strengthen the financial sector and achieve economic unity by 2025, the regional governments are working on an agreement...
- The Unified Payment System Agreement is part of the GCC's commitment to boost the region's financial markets
- The participation of the GCC countries in the unified payment system is optional and also based on their readiness
Economy
Food security main agenda of UAE delegation in Netherlands
A UAE delegation visits Netherlands to exchange knowledge and best practices in the food sector with their Dutch counterparts with...
- The UAE delegation shared their wide range of expertise with their Dutch counterparts
- The delegation learned first-hand about the latest innovations in Dutch agriculture technology
Economy
Qatar passenger traffic may surge by 105 percent in 2022: Report
The report of Qatar Aviation body is updated with the IATA Air Transport data (Airport-IS) related to schedule statistics until...
- Passenger traffic anticipates a surge ranging from +90 percent to +105 percent compared to the year 2021
- The report suggests that the number of flights at Hamad and Doha International Airports could reach about 28,000
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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
Company News
Adidas posts $92m Q2 profit
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EIH buys stake in Gewan Holding
Business
Abu Dhabi’s Mubadala to invest $1 billion a year in Brazil
New York, United States - Mubadala Capital, the investment arm of Abu Dhabi’s sovereign wealth fund, plans to invest more...
Business
First wind turbines reach Saudi green hydrogen plant, says CEO
RIYADH, SAUDI ARABIA - The first wind turbines have arrived at what Saudi officials bill as the world's biggest green hydrogen...
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Business
Belt and Road Initiative generated $2 trillion in contracts: China
Beijing said Tuesday the value of signed construction contracts with partners now totaled two trillion dollars -- roughly the size...
- China is hailing this month the 10th anniversary of its Belt and Road Initiative (BRI), which has seen Beijing pour a trillion dollars into projects globally
- Beijing's Silk Road Fund, established to help fund BRI projects, has "signed agreements on 75 projects with committed investment of about $22 billion"
Business
Major equity markets up, oil dips after surge on Israel-Hamas conflict
"Equity markets are bouncing back on Tuesday after a risk-averse start to the week, buoyed... by some promising Fed commentary,"...
- Europe's main stock markets jumped more than 1.5 percent approaching the half-way stage, and after a largely upbeat session in Asia and overnight on Wall Street
- Oil prices dropped, having soared Monday after Hamas launched a deadly attack on Israel, stoking fear of spreading unrest in the crude-rich Middle East
Business
ADNOC Drilling to pay $358m dividend
The company's H1 revenue increased by 13% to $1.4 billion.
- Since listing on Abu Dhabi Securities Exchange, and including this latest interim dividend payment, the Company will have distributed $1.36 billion to shareholders.
- The interim dividend distribution will be on or around October 27, 2023, to all shareholders of record as of October 19, 2023.