Potential investors value Telegram at $30bn, says co-founder Pavel Durov
MOSCOW, RUSSIA – The Telegram is valued by potential investors at more than US$30 billion, the co-founder of the social...
Business
Supply chain challenges hit Ramadan retail rush
Logistical adaptations, strategic planning, and forecasting essential for addressing the unique demands of increased consumption during Ramadan, says Aramex's Tarek...
Business
Business
Credit businesses need to increase access to finance: EDB CEO
Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank (EDB), has called on the local and regional banking...
- Ahmed Mohamed Al Naqbi was speaking at Bonds, Loans & Sukuk Middle East 2022, which was held in Dubai.
- Bonds, Loans & Sukuk Middle East Bonds hosted 70-plus speakers, 550-plus sovereign, corporate and financial institution borrowers and 200-plus investors and lenders.
Business
ADU Holding rebranded NEMA
NEMA Holding to establish academic arm, NEMA Education.
- NEMA Education's portfolio includes several higher education institutions and professional training companies, including Abu Dhabi University.
- NEMA Education has over 10,000 students across its educational institutions and thousands of others who receive professional training through its training institutions.
Business
Zara owner Inditex profits up
The company's net profit increased by 80 percent
- The world's biggest fashion retailer said its net profit increased by 80 percent in the first three months of its financial year to April 31
- The fashion group, which owns eight brands including upmarket Massimo Dutti warned earlier this year that 2022 sales would be impacted by Russia's invasion
Business
DP World to run Southampton terminal on vegetable oil
DP World's Southampton container terminal will now be run on vegetable oil instead of the usual diesel fuel to scale...
- Diesel previously accounted for 90 percent of the terminal’s emissions but Hydrotreated Vegetable Oil (HVO) eliminates more than 80 percent of net carbon dioxide emissions
- DP World first trialed HVO last year, using the fuel in its forklift trucks, reefer (refrigerated unit) generators and straddle carriers
Business
UAE looks to boost economic partnership with Egypt, Jordan
The UAE wants to boost cooperation with Egypt and Jordan in the financial sector in order to achieve sustainable growth...
- The governors noted that their industrial partnership reflects a new phase of enhancing financial relations and contributes to achieving sustainable economic growth
- At the end of the meeting, Balama and Dr. Al Sharkas signed a Memorandum of Understanding (MoU) to enhance financial and banking co-operation
Business
Wall Street stocks down as World Bank lowers global growth outlook
Wall Street stocks fell early Tuesday as the World Bank slashed its global growth outlook and Target warned of lower...
- The World Bank cut its growth estimate for the global economy to 2.9 percent, 1.2 percentage points below the January forecast.
- The broad-based S&P 500 fell 0.5 percent to 4,100.91, while the tech-rich Nasdaq Composite Index also declined 0.5 percent.
Business
Apple unhappy as EU agree on common charger for all its devices
The EU said the current situation remained wasteful and that European consumers spent approximately 2.4 billion euros ($2.8 billion) annually on...
- For most portable devices the requirement for charging via a USB Type-C port will come into effect from late 2024, negotiators said, while laptops will be given more time.
- The USB-C rule will also stretch to digital cameras, headphones, headsets, portable speakers and E-readers.
Business
EQT X, Mubadala to buy Envirotainer
Envirotainer is the global provider of transportation of biopharmaceuticals.
- EQT Private Equity and Mubadala said they will seek to support Envirotainer in its next growth phase by accelerating expansion in APAC.
- Envirotainer has a fleet of circa 6,700 containers globally and approximately 375 employees in 20 countries.
Business
Masdar City, DANA to develop beta site for agritech
Masdar City, DANA, beta site, agritech, pilot projects, greenhouses, net houses, open field farming, water scarcity, irrigation, greenhouse cooling, soil...
- Masdar City, DANA sign MoU to help contribute to agritech sustainability
- MoU to help UAE in meeting objectives as per National Food Security Strategy 2051
Economy
Ajman Free Zone stresses on SEZs in business growth
Ajman Free Zone stresses on the importance of Special Economic Zones and their impact on businesses from various perspectives.
- Ajman Free Zone highlights the importance of Special Economic Zones during a time of crisis
- The Free Zone discusses SEZs in driving up skill levels and technological advancements in a region
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
Potential investors value Telegram at $30bn, says co-founder Pavel Durov
MOSCOW, RUSSIA – The Telegram is valued by potential investors at more than US$30 billion, the co-founder of the social...
Business
Company News
Latest News
SABIC AN profit slumps 71% in H1
Business
UAE and Kyrgyzstan to boost renewable energy, transportation ties
Bishkek, Kyrgyzstan--The UAE and Kyrgyzstan have discussed mechanisms to enhance joint cooperation in various fields, especially renewable energy, transportation, and...
Economy
Dubai Customs strengthens partnerships with courier firms to expand e-commerce
DUBAI, UAE - Dubai Customs recently convened an extensive meeting with the courier and express shipping companies, aimed at bolstering...
Business
FAO raises its forecast for global cereal production in 2023
ROME, ITALY - The Food and Agriculture Organization of the United Nations (FAO) raised its forecast for global cereal production...
Economy
Most Read
Business
Qatar becomes an important global event destination
"Qatar Tourism takes pride in organizing and hosting successful exhibitions across diverse sectors. These events underscore Qatar's capacity to harness...
- Doha hosts the Geneva International Motor Show, its first time outside Switzerland, underscoring Qatar's status as a major hub for global events
- Qatar Tourism excels in hosting varied sector exhibitions, setting its sights on becoming the Middle East's top tourist hotspot by 2030
Business
Dubai’s weeklong real estate transactions exceed US$2.5bn
DUBAI, UAE - A total of 1,445 real estate transactions worth over US$2.5 billion (AED 9.5 billion) were conducted during...
- The Dubai Land Department report showed that 248 plots were sold for US$476 million.
- The DLS report said 1,197 apartments and villas were purchased for US$865 million.
Business
Saudi Arabia’s Tabuk region produces over 28m roses annually
TABUK, SAUDI ARABIA - The Tabuk region's agricultural sector is making steady progress towards achieving the goals of Saudi Arabia's...
- These flowers have a market value of over US$8.5 million making the region a leader in rose production and export.
- The Kingdom’s Ministry of Environment, Water and Agriculture has developed strategies to advance the sector.