Tesla stops production at German plant after suspected arson attack
Michael Stuebgen, interior minister for Brandenburg state, said that "if initial findings are confirmed, this is a perfidious attack on...
Geostrategy
UAE F&B sector set to soar, projected to reach $20bn in 2024
Dubai, UAE - The UAE’s foodservice market is poised to reach $19.98 billion in 2024, with further projections indicating a substantial...
Business
e& Q1 net profit $653m
Its consolidated revenues rose 0.8 percent to AED13.3 billion.
- At constant exchange rates, revenue rose 3.5 percent and EBITDA was up 2.8 percent year-over-year
- The number of Etisalat UAE subscribers reached 13.1 million in Q1 2022
Business
Alwaleed blinks as Musk buys Twitter
Prince Alwaleed is one of the wealthiest businessmen in the Middle East, but Elon Musk is the richest person in...
- Last week, KHC Chairman and Twitter shareholder Prince Alwaleed rejected Elon Musk's bid to acquire Twitter Inc for $54.20 per share
- Alwaleed had stated that the deal proposed by Musk did not ‘come close to the intrinsic value’ of the popular social media platform
Business
UAE’s first waste-to-energy plant set be commissioned
The 30 MW plant will displace almost 450,000 tonnes of CO2 emissions a year and preserve the equivalent of 45...
- The 30 MW plant will displace almost 450,000 tonnes of CO2 emissions a year and preserve the equivalent of 45 million m3 of natural gas
- BEEAH and Masdar have begun exploring opportunities for the Emirates Waste to Energy company to open similar plants across the UAE and the wider region
Business
Indian PM meets UAE business delegation on visit to Kashmir
Modi said a total of $4.97 billion private investment is on its way to Jammu and Kashmir.
- Modi said a total of $4.97 billion private investment is on its way to Jammu and Kashmir
- In August 2019, New Delhi revoked Article 370 of India’s constitution that lent the then state its autonomous status within the Indian Union
Business
Arab Brazilian Chamber, FUNAG sign cooperation MoU
The agreement is expected to reinforce the ABCC’s operations in the cultural area and allow for it to get closer...
- The cooperation agreement apparently provides for a collaboration in research, studies, and academic activities in areas of common interest
- These include bilateral relations and diplomatic history, trade, investment, science, technology and innovation, sustainable development, and energy
Business
HSBC Q1 pretax profits down 30%
Higher-than-expected credit losses and inflation are to blame.
- Tuesday's results of London-based HSBC were published against the backdrop of Russia’s invasion of Ukraine
- The bank said the war was exacerbating inflationary pressures and contributing to higher ECL charges
Analysis
New trends drive Arab automotive growth
From pre-owned cars to electric vehicles, a number of trends are driving the growth of the automobile sector in countries...
- Saudi imports of cars grew from 544,000 in 2020 to over 546,000 in 2021
- Around 28% of those polled in the UAE said they prefer to buy a used car online
Business
Musk’s world and we just live in it
Buying Twitter is just the latest conquest for Musk, who has revolutionized the car industry, sent his own rocket to...
- Musk, 50, last year became the world's richest person taking the title from Amazon's Jeff Bezos
- His new guise as a social media overlord will fuel controversy over his political views, business methods and outsized personality
Business
Elon Musk reaches deal to buy Twitter for $44 bn
"Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to...
- The sale was a dramatic shift for the board, which had originally maneuvered to block Musk from taking the social media network private
- Musk had taken a major stake in the firm earlier this month before lining up last week some $46.5 billion in financing to push forward with the purchase
Business
GM plans electric Corvette
Traditional carmakers are in a race to make more electric vehicles.
- GM has set a goal of overtaking Tesla in terms of sales of electric vehicles
- To achieve that, it plans to invest $35 billion in electric and autonomous vehicles by 2025
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
Tesla stops production at German plant after suspected arson attack
Michael Stuebgen, interior minister for Brandenburg state, said that "if initial findings are confirmed, this is a perfidious attack on...
Geostrategy
Company News
Latest News
QIB posts 7.7% profit rise
Business
Saudi EXIM Bank, Trafigura sign pact
The bank will extend three-year credit facility of $500 million.
Business
Markets mostly up but US rate outlook feeds uncertainty
With inflation still sitting well above the central bank's target and the labor market showing few signs of softening, decision-makers...
Business
EDGE, Brazil Marine Corps sign pact
A technical cooperation agreement will follow the signing.
Most Read
Police hold boss of troubled developer China Evergrande: report
Xu Jiayin, who is known as Hui Ka Yan in Cantonese, was taken away by authorities earlier this month, according...
- Evergrande stocks in Hong Kong fell precipitously on Wednesday afternoon following a moderate rise in morning trading, closing the day 19 percent down
- Chinese property developer Evergrande's enormous debt has contributed to the country's deepening property sector crisis, raising fears of a global spillover
ChatGPT maker value rockets in funding talks: report
The estimated worth for the company behind generative artificial intelligence platform ChatGPT is nearly triple that of just a year...
- OpenAI this week said it is adding voice and image capabilities to the platform, which was previously limited to written prompts
- Voice and image capabilities are being rolled out to ChatGPT Plus and Enterprise users over the course of the coming weeks
Economy
Morocco looks to become key player in green hydrogen
According to the country's economy minister, around 1.5 million acres of public land -- nearly the size of Kuwait --...
- It hopes to harness green hydrogen -- the kind made without burning fossil fuels -- for its sizeable fertilizer sector
- Hydrogen is seen as a clean energy source that can help the world reduce atmospheric carbon emissions