UK’s richest family get jail terms for exploiting staff at Swiss villa
Geneva, Switzerland -A Swiss court handed jail sentences to four members of Britain's richest family on Friday, branding them "selfish" for...
Business
JPMorgan to launch ‘Pay With Your Face’ Shopping
JPMorgan Chase is reportedly preparing to launch a biometric payments system for the masses, the Daily Hodl reported quoting the American...
Business
Business
EGA to produce silicon metal
Silicon metal is added to aluminum to create high-strength alloys.
- Roughly a quarter of EGA’s production is foundry alloys, which are used to make vehicle parts.
- The UAE currently has no domestic silicon metal manufacturing capacity, and EGA is by far the largest importer of this material.
Business
Dubai urges use of smart apps to order Eid sacrifices
Muslims during Eid Al Adha traditionally buy a whole sheep to be slaughtered and distributed among friends, family, and the...
- Muslims during Eid Al Adha traditionally buy a whole sheep to be slaughtered and distributed among friends, family, and the poor
- Through the apps, residents can put in their orders for slaughter, have them delivered, or even distribute them to local charities
Economy
Big Oil meeting with US govt cordial but no gas price fix
High prices at the pump are weighing on American consumers and damaging President Joe Biden's approval rating.
- High prices at the pump are weighing on American consumers and damaging President Joe Biden's approval rating
- Biden and the oil industry have an uneasy relationship, in part over the White House's efforts to restrict drilling in some federal areas
Business
Gulf airlines recoup losses, make profits after 2 years
The global aviation sector's losses, which rose to around S138 billion in 2020, dropped to nearly $42 billion in 2021....
- Qatar Airways, a major GCC airline, reported profits of $1.54 billion during the fiscal year ending March 2022, compared to $4 billion loss in the previous year
- The UAE airlines have recovered 92.9 percent of seat capacity compared to pre-pandemic levels, according to data released by OIG International
Economy
UAE gets 41% of all FDI projects to Arab countries in 2 decades
The UAE received 41 percent share of the entire foreign direct investment projects all Arab countries attracted between 2003 and...
- The UAE received 41 percent share of the entire foreign direct investment projects all Arab countries attracted between 2003 and 2021
- As per the Arab Investment Export Credit Guarantee Corporation Arab countries received a total capex of US$1.3trn over the last 19 years
Business
EIG, Q Properties sign gas deal
EIG will supply gas to Q Properties' Reem Hills project.
- EIG will provide the Q Properties with services like feasibility, commercial, technical, conceptual designs and engineering.
- EIG will also support the project during engineering phases for gas-related work on the Reem Hills luxury development.
Economy
‘Renewable energy is 20 percent of Jordan’s power output’
Jordan has the highest transition rates to renewable energy sources and electric vehicles, says the Secretary-General of the Arab Renewable...
- Jordan has the highest transition rates to renewable energy sources and electric vehicles, says the Secretary-General of the Arab Renewable Energy Commission
- The Secretary-General called upon Arab nations to develop their own renewable energy industries rather than importing foreign technology
Economy
Energy security vital for economic growth, says Saudi minister
Saudi Arabia's Minister of Finance Mohammed bin Abdullah Al-Jadaan said energy security is very important for the economic growth and...
- Saudi Arabia's finance minister says energy security is important for the economic growth and prosperity of the world
- The finance minister says energy supplies, economic development and climate change vital aspects of the world
Business
UAE to issue dual-tranche dollar benchmark size bonds
The UAE government has announced it will issue a dual-tranche US dollar benchmark size bonds with a 10-year tranche and...
- The bonds are a 10-year tranche and a 30-year Formosa tranche.
- The 10-year tranche will be listed on London Stock Exchange and Nasdaq Dubai, and the 30-year tranche will be listed on LSE, Taipei Exchange and Nasdaq Dubai.
Business
UAE listed firms to pay $9.36 bn cash dividend for 2021
Listed public joint stock companies have approved AED 34.4 billion ($9.36 billion) cash dividends for 2021, according to the Securities...
- While AED34 billion earnings were distributed in cash, AED396 million were in form of stock dividends.
- Banks are the largest distributors of profits, AED15.79 billion, followed by the telecommunications (AED11.7 billion) and the realty sectors (AED1.85 billion).
UK’s richest family get jail terms for exploiting staff at Swiss villa
Geneva, Switzerland -A Swiss court handed jail sentences to four members of Britain's richest family on Friday, branding them "selfish" for...
Business
Company News
Tencent Q2 net income $3.6 bn
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Elon Musk teases audio and video calls at X
"Early version of video and audio calling on X," Musk wrote in a post that contained a screen capture showing...
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Business
The Arab Open Banking market to grow by 25% annually over next 5 years: report
Dubai, UAE - The Arab Open Banking is expected to experience 25% annual growth over the next five years, a...
- The Arab Monetary Fund will support Arab central banks in adopting effective frameworks for Open Banking and Finance initiatives
- The report covers aspects such as data sharing, consent mechanisms, data security, identification of regulated Third Party Providers
Business
ADCB profit up 22 percent
The bank's operating income rose 23% to US$3.32 billion.
- The bank said that net interest income rose 8% to $865 million QoQ and 24% YoY while non-interest income of $285 million declined 7% QoQ
- Its CEO said the bank delivered strong growth in the first nine months of the year, with net loan climbing by10% i and sound growth in CASA deposits
Business
Boeing posts Q3 loss
The firm trims full-year forecast for deliveries of the 737.
- The US aviation giant, which has struggled with manufacturing and quality control issues in recent years, reported a third-quarter loss of $1.6 billion
- The latest issue with the 737 is the result of misshapen holes drilled in a part of the fuselage that helps maintain plane pressure.