American Airlines orders 260 jets
It is part of the airlines' effort to 'modernize' its fleet.
Business
Arts & Culture
Export credit companies of UAE and Indonesia sign pact to boost trade
Etihad Credit Insurance (ECI), the UAE Federal export credit company, and its Indonesian counterpart PT Reasuransi Indonesia Utama (Persero) or...
- The two agencies also agreed to expand their collaborative initiatives across the globe by fostering sustainable and inclusive economic development and corporation.
- Etihad and Persero will help domestic companies of the respective countries grow overseas by making it easier for these companies to access liquidity.
Business
Dubai allots some 18,000 e-trader licenses in five years
Dubai has allotted some 18,013 e-trader licenses during the last five years, according to a government report.
- Of the total licenses issued, 13,671 are professional, while 4,342 are commercial licenses
- In Dubai, an e-trader license allows freelancers and startups to conduct business activities online and across social networking accounts
Infographics
Iftar lightens the pocket in GCC
Here’s a look at how the price of an Iftar meal compares to a standard meal eaten in moths other...
- Ramadan a month of communal joy, when people gather after dusk and before dawn to partake in feasts that would help them tide over daylong fasts
- However, there seems to be a disparity between how much a full Iftar meal costs versus how much a normal meal costs outside the month of Ramadan
Business
UAE and Egypt to boost investment and cooperation
UAE’s Minister of Industry and Advanced Technology Sultan bin Ahmed Al Jaber reviewed bilateral relations with Mostafa Madbouly, Prime Minister...
- This includes traditional and renewable energy, advanced industries, infrastructure, tourism, agriculture
- The two discussed on wind and solar energy, and finding opportunities for sustainable joint investments
Business
Twitter shares rise on reports it will accept Musk takeover bid
The deal, which media outlets including The Wall Street Journal reported could be announced later in the day, would put...
- About 20 minutes into trading, Twitter shares were up 3.6 pc amid an otherwise downbeat day in New York, where the Dow, Nasdaq and S&P 500 were all in the red by under one percent.
- Musk had earlier this month launched his $43 billion hostile takeover bid for the company, casting it as a promotion of freedom of speech.
Business
DEWA aims to earn $2bn profit next year, not to sell more stock
DEWA has no intention to sell more stock, after having raised $6.1 billion in a record initial public offering, the...
- It is also eyeing 7.4 billion dirhams ($2 billion) in 2023 profit, amid a prospective IPO of its district cooling unit by the end of this year
- DEWA is seeking to spend 40 billion dirhams to expand over the next five years, with more focus on renewable energy
Business
El Khalifa to launch West Cairo projects
West Cairo has witnessed strong real estate development.
- He said the two projects are likely to be launched in May, coinciding with the beginning of the summer season, which represents the peak of real estate market activity.
- Both projects are located in the Green Belt in Sheikh Zayed city, where there is a strong volume of development, reconstruction and a demand from clients.
Business
Emirates Global Aluminum agrees credit facility tied to Term SOFR
Emirates Global Aluminum today announced the company has agreed a revolving credit facility tied to the Term Secured Overnight Funding...
- SOFR is the emerging replacement to the US dollar London Interbank Offering Rate (LIBOR), which has been the global lending benchmark for decades.
- SOFR provides a benchmark interest rate based on data from observable transactions, while LIBOR relied on disclosures from a panel of selected banks.
Business
Rate hike fears and China lockdown drag down stocks
Stock markets sank Monday on growing concerns that lockdowns in China aimed at fighting a worsening Covid outbreak could threaten...
- China's struggle to get a grip on a Covid outbreak that has forced Shanghai -- the country's biggest city -- into lockdown and dealing a blow to demand
- All three main indexes on Wall Street ended more than two percent down Friday, and Asia followed suit with hefty losses
Business
Twitter reexamining Musk’s takeover offer: report
Twitter is reconsidering Elon Musk's buyout proposal, with discussions between the two camps ongoing Sunday, The Wall Street Journal reported,...
- Tesla CEO Musk said Thursday he had secured close to $46.5 billion to finance the transaction
- The potential turnabout on Twitter’s part comes after Musk met privately Friday with several shareholders of the company
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
Company News
QIB posts 7.7% profit rise
Business
Latest News
AMEA reaches financial closure on PV plant
The $86m project will be AMEA's first operational asset in Tunisia.
Business
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...
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...
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Business
Iran to sign long-term contract with India on Chabahar Port
Tehran, Iran-- Iran will sign a long-term contract with India to develop Chabahar Port, according to the Islamic republic's minister...
- The Iranian minister said that a long-term contract to operationalize Chabahar Port will be signed with India in the near future
- He said that in order to develop the country's transit, it is important to develop north-south corridors with a rail connection
Business
DP World spends US$6bn
It invested the money to be a big supply chain player.
- DP World's CEO, Sultan Ahmed bin Sulayem, made the remarks during the 21st Arab Media Forum in Dubai, at a session titled ‘Trade in a Changing World’
- He said the company made the switch from operating ports to becoming a global leader in smart end-to-end supply chain logistics, facilitating worldwide trade flows
Geostrategy
China grants Approved Destination Status to Saudi Arabia
RIYADH, SAUDI ARABIA – China on Tuesday granted Approved Destination Status (ADS) to the Gulf Kingdom. The bilateral agreement, signed...
- The bilateral pact allows Chinese citizens to travel to Saudi Arabia in group tours in addition to facilitating greater ease of access.
- ADS will drive greater connectivity between Saudi Arabia and China and unlock new opportunities across the tourism ecosystem.