Tesla to unveil robotaxi in August
Its shares rose more than three percent in after-market trades.
Business
Davos summit of global elites returns after two-year break
The Davos summit of global political and business elites returns Monday after a Covid-induced two-year break to face another momentous...
- The theme of the World Economic Forum, "History at a Turning Point", sets the tone for the four-day meeting in the glitzy Swiss mountain resort
- More than 50 heads of state or government will be among the 2,500 delegates, ranging from business leaders to academics and civil society figures
Business
Nayifat CEO resigns
Al-Sowailem resigned due to “personal circumstances."
- Al-Sowailem held the position of managing director and has resigned from his membership in the board of directors and committees
- The company said it will announce any further developments relating to the appointment of a new or acting CEO at the earliest opportunity
Business
World Cup police brace for ‘huge crowds’ in Doha
Controlling hundreds of thousands of football fans in Qatar's capital will be the biggest security challenge of World Cup 2022,...
- Unlike previous World Cups, where only two teams and their supporters would generally converge on one city at any given time, all the games will take place in and around Doha
- Major General Abdulaziz Al-Ansari, head of Qatar's World Cup security operation, also acknowledged that the numbers were the main concern
Business
Sharjah Consultative Council reviews plans to promote private sector
The Financial, Economic and Industrial Affairs Committee of the Sharjah Consultative Council (SCC) reviewed its strategic plans to promote the...
- Saif Mohammed Al Midfa, Chairman of the Council’s Financial, Economic and Industrial Affairs Committee, praised exhibition industry's achievements.
- He said the council looked forward to enhancing the reputation of Sharjah as a regional hub for prospective investments.
Business
DEWA research facility registers patent for drone charging system
Dubai Electricity and Water Authority’s (DEWA)’s Research & Development Centre has registered a new patent for an Unmanned Aerial Vehicles...
- The system enables continuous charging for UAVs, providing longer flying hours with a large storage capacity.
- DEWA said the system can be used for government, military, commercial, and personal operations.
Business
Qatar Chamber signs deal with Spanish firms to promote trade
Qatar Chamber signed a deal with two Spanish organizations by which it seeks to enhance economic, commercial and trade cooperation...
- There are about 50 Spanish companies operating in Qatar in various sectors like trade, contracting, services.
- Bilateral trade exchange between both countries hit $1.2 billion last year compared with $820 million in 2020.
Business
Al-Waleed to sell 16.87 percent of his firm to Saudi sovereign fund
The sale of 625 million shares of the Riyadh-headquartered Kingdom Holding Company is worth roughly $1.5 billion. The company owns...
- Al-Waleed, once dubbed the Warren Buffett of Saudi Arabia, struggled to recover his political and financial standing in the kingdom after he was detained in a crackdown.
- Saudi Public Investment Fund, chaired by Crown Prince Mohammed bin Salman, is at the heart of Saudi Arabia's efforts to end its reliance on oil.
Business
Iraq will have a surplus of the difference in selling oil: FM
Iraq's Finance minister said during a Television interview, "Iraq will have a surplus of the difference in selling oil, up...
- Minister said in a Television interview, "Iraq will have a surplus of the difference in selling oil, up to 20 billion dollars"
- According to the Iraqi Minister, 2021 budget is unable to cope with economic fluctuations
Economy
Central Bank of Iraq increases its capital to $3.42 billion
The Central Bank of Iraq has announced an increase in its capital to 5 trillion dinars ($3.42 billion) Iraqi media...
- The bank decided to its capital from 3 trillion dinars to 5 trillion dinars.
- The increase was made using part of the profits achieved by CBI in 2021.
Business
UAE tea exports increase to AED1.2bn in 2020
The UAE has found its way into an exclusive club of top five tea-exporting countries in the world, with total...
- The tea trade volume reached AED586 million in Q1 this year, including exports worth AED310 million, re-exports of AD51 million and around AED224 million in imports
- the UAE tea trade last year stood at around AED1.859 billion, including exports worth AED968 million, re-exports of AED128 million, and AED763 million of imports
Tesla to unveil robotaxi in August
Its shares rose more than three percent in after-market trades.
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Saudi Arabia launches bus transport project linking 200 cities
RIYADH, SAUDI ARABIA – The Kingdom’s Minister of Transport and Logistic Services Saleh bin Nasser Al-Jasser here launched a significant...
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Archer to launch its all-electric air taxi service across UAE
ABU DHABI, UAE - Archer Aviation on Tuesday announced that it has entered into an agreement with Abu Dhabi Investment...
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Manufacturers struggle to meet AI-related goals, says new white paper
DUBAI, UAE -- Despite many manufacturers integrating AI into their operations, a significant number of them face challenges in meeting...
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Business
MENA banking sector records 30% surge in net profits in H1 2023
Dubai, UAE - The Middle East and North Africa (MENA) banking sector has witnessed a remarkable 30% year-on-year increase in...
- Digital transformation is reshaping the sector, with a focus on AI, sustainable finance, and enhanced customer experiences
- The UAE's banking sector saw a remarkable 31% increase in net profits and total assets, driven by substantial investments in technology initiatives
Business
Gulf Navigation posts profit
Its net profit rose to US$9.53m in the first nine months of 2023.
- The Dubai-based company in a statement said that operating revenue for the nine-month reached $23 million
- The company CEO said that the management was focusing on achieving sustainable returns for their shareholders
Business
Rolls-Royce to cut 2,500 jobs
It will cut six percent of its staff to build a leaner company.
- Chief executive Tufan Erginbilgic said the company was building a Rolls-Royce that is fit for the future
- Last CEO Warren East had axed more than 9,000 jobs and launched a major divestment programme in 2020