Aramco, Sempra ink Port Arthur LNG royalties deal
Aramco's 25% participation in Port Arthur LNG Phase 2 aims to expand its gas portfolio and meet the world's growing...
Business
Chinese electric car company Nio to enter UAE this year
Chinese electric car company Nio plans to expand to the Middle East this year, CEO William Li said on an...
Business
Geostrategy
DEWA, Azerbaijan discuss bilateral ties, energy, business prospects
DEWA and Azerbaijan discuss investment in oil exploration and production projects, crude oil trading and reviewed issues of mutual interest...
- DEWA , Azerbaijan discussed investment in oil exploration and production projects, crude oil trading
- The two sides reviewed issues of mutual interest in the energy sector and long-term investment opportunities
Business
Gulf countries take first steps to bank on metaverse
Payment on metaverse will take place through cryptocurrencies. NFTs and virtual goods will become popular once metaverse becomes mainstream. Therefore,...
- There is no doubt that Metaverse is interesting for banks because modern virtual worlds are built on blockchains, cryptocurrencies, and decentralized finance
- Many questions regarding the impact of the Metaverse on banking rose after JPMorgan announced plans to open an office in the metaverse
Business
Saudi Arabia to invest $3bn in vaccines, vital medicines industry
Saudi Minister Bandar bin Ibrahim Alkhorayef said that the targeted pharmaceutical sectors whose value exceeds US$5 billion will be implemented...
- Saudi Minister Bandar bin Ibrahim Alkhorayef said that the targeted pharmaceutical sectors whose value exceeds US$5 billion will be implemented in several stages
- The second phase, the minster said, will focus on localising immunological and cancer treatments technologies
Business
NFTs: Digital way to own art, music, videos
Everything is open-sourced, permission less and on-chain, Holaplex CEO Alex Kehaya tells TRENDS on the rising popularity of NFTs.
- Holaplex’s Social NFT Network is a new platform for NFT enthusiasts
- Kehaya believes that the NFT industry is seeing an adoption curve that is greater than that of the internet
Business
Material prices hurt as GCC cities turn green, smart
As the complexity of the pandemic and supply chain challenges have affected building material prices, the region should look for...
- As the complexity of the pandemic and supply chain challenges have affected building material prices, the region should look for alternatives, says Nizam Abdul Baki of Purity
- Green building materials improve the buildings' structures' sustainability and efficiency in terms of design, construction, maintenance, and renovation, he points out
Geostrategy
Abu Dhabi officials in Canada to discuss clean energy solutions
A delegation from the Abu Dhabi Department of Energy (DoE) is visiting Canada to meet senior government officials and stakeholders...
- Department of Energy officials in Canada showcase Abu Dhabi’s experience in promoting energy efficiency and sustainability
- The officials discuss opportunities for collaboration in energy efficiency and advanced clean energy solutions
Business
European Union seeks to prepare arrival of ‘zero-emission’ aircraft
The European Commission called Friday on the members of the aviation sector to join an alliance to prepare for the...
- The decarbonization of aviation is one of the major challenges toward the carbon neutrality goal the EU seeks to achieve by 2050.
- Manufacturers are also working on new generations of regional aircraft using hybrid or electric propulsion, with a range of several hundred kilometers.
Geostrategy
Saudi Arabia, Djibouti sign agreement on maritime transport
The Kingdom of Saudi Arabia has signed a joint cooperation agreement in maritime transport with the Republic of Djibouti which...
- The maritime transport pact between Saudi Arabia and Djibouti aim to strengthen relations at the strategic level
- The agreement aims to open new horizons for cooperation in various fields between the two countries
Business
Careem acquires MUNCH: ON
MUNCH: ON offering will be rebuilt on the Careem app.
- MUNCH: ON, a subscription-based food delivery platform which connects customers to meals at a discount by tapping into underutilized kitchen capacity.
- Careem said the two firms will work together to deliver even greater value by introducing low-cost meal segments.
Economy
‘Make it in the Emirates’ helps in growth of industries
The two-day 'Make it in the Emirates' event hosted by Abu Dhabi, highlight the UAE's capacity to ensure the growth...
- The two-day ‘Make it in the Emirates' event highlight the UAE's capacity to ensure the growth of national industry
- The event helps in identifying a number of products the country will depend on in the coming years
Aramco, Sempra ink Port Arthur LNG royalties deal
Aramco's 25% participation in Port Arthur LNG Phase 2 aims to expand its gas portfolio and meet the world's growing...
Business
Company News
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Tencent Q2 net income $3.6 bn
Business
How Saudi PIF is trying to build a post-oil economy
Riyadh, Saudi Arabia -- As global banking elites attend the Future Investment Initiative forum in Riyadh, a focal point of Saudi...
Business
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Business
Volvo Cars posts profit
Its operating profit shot up to US$400m for the third quarter.
- The car maker reported an operating profit of 4.5 billion kronor ($400 million) for the third quarter -- up from two billion kronor a year earlier
- Volvo Cars saw a more than fourfold increase in net income for the period, reaching 3.2 billion kronor, compared to 665 million for the same period a year before
Business
Mercedes-Benz profit slumps
The carmaker's net profit plunged 7% to US$3.9bn in Q3.
- The company's revenue dropped 1.4% to $39.21bn , partly because passenger car sales were around five percent lower in the quarter
- The German automaker left its outlook for 2023 unchanged, with revenue and operating profit seen at the same level as last year
Meta quarterly profit jumps but it sees volatility in ad market
The number of people using Facebook monthly rose slightly to 3.05 billion in a year-over-year comparison while monthly active users...
- Meta made a profit of $11.6 billion as ad revenue climbed 23 percent to $34 billion when compared to the same period a year earlier
- Meta shares, which closed the formal trading day down, fell more than three percent further in after-hours trades to $289.50