RAKBANK, DP World sign pact
The aim is to offer trade finance solutions to businesses in UAE.
Business
Russia becomes world’s fourth-biggest LNG producer, says PM
MOSCOW, RUSSIA – Prime Minister Mikhail Mishustin said the country became the world’s fourth-biggest LNG producer last year. The Russian...
Business
Business
Tourism recovering, but not back to pre-pandemic levels
Global tourism is roaring back to life despite Covid travel headaches and the effects of the war in Ukraine, but...
- International tourist arrivals worldwide have more than doubled, up 130 percent in Jan 2022 on the same period last year, according to UN World Tourism Organization data.
- In 2019, global tourism revenues reached $1.48 trillion. That figure dropped by almost two thirds due to the pandemic the following year.
Business
Emirates, Jafza sign MoU
They will explore ways to offer travel incentives to SMEs.
- The MoU was signed by Dina Al Herais, Emirates’ Vice President, Commercial Products, B2B Corporate & Leisure, and Ebtesam Ahmad Alkaabi, Head of Sales, Jafza Sales.
- Emirates currently has over 20,000 SMEs enrolled in its Business Rewards program.
Business
Russian gas to Europe via Ukraine down by almost a third
Ukraine is a major supply route for Russian gas to Europe and the two sides have kept flows going even...
- Ukraine's pipeline operator GTSOU said that it was halting gas transport at the Sokhranivka transit point
- Germany said Wednesday that it saw a 25 percent drop in supplies of Russian gas flowing through Ukraine
Business
Scarce French rainfall adds new cloud to global food market
World food prices hit an all-time high in March following Russia's invasion of Ukraine, which accounted for 20 percent of...
- France is Europe's agricultural powerhouse, the biggest grain producer in the 27-country bloc
- The national weather service said France was in the grip of a hot spell with 20% less rainfall reported
Business
Abu Dhabi’s global tech ecosystem Hub71 accepts 16 startups
Hub71, Abu Dhabi’s global tech ecosystem, has accepted 16 startups to join its community. By launching operations in Abu Dhabi,...
- The accepted cohort includes early-stage startups with diverse representation from leading international tech hubs including the UK, USA and South Korea.
- Accepted in the cohort is UAE-founded Letswork, an app that allows members to book workspaces and work remotely.
Business
Iraq strikes deal with Iran to secure summer gas imports
Iraq has agreed to pay $1.6 billion in debt to Iran by June 1 to secure a steady gas supply...
- Chronic underinvestment through decades of war and sanctions has left Iraq dependent on imports from its eastern neighbor for a third of its gas needs
- But US sanctions on Iranian oil and gas have complicated Iraq's payments for the imports, leaving it in heavy arrears
Business
SABIC posts 33% rise in profit
The chemical giant of KSA has posted SR6.47bn profit in Q4.
- The Riyadh-based company attributed the stronger results to higher average selling prices which were up 3 percent
- The company CEO said SABIC will remain focused on delivering its growth strategy
Business
SoftBank posts record loss as tech shares nosedive
Japanese investment giant SoftBank Group on Thursday logged a record annual net loss after a bruising year that saw its...
- In the past six months, the tech-rich US Nasdaq index has lost more than 28 percent of its value
- The Japanese group's losses were deepened by the many shares it holds in Chinese ride-hailing giant Didi Chuxing and e-commerce group Alibaba
Economy
Energy firms’ climate commitments lack credibility: report
The climate commitments of global energy giants lack credibility as they rely on costly technologies that have yet to be...
- The research found that so far only four of the firms have made pledges that include a reduction in the emissions generated by the use of their products
- And only four have set 2030 reduction targets, which are important in driving quick progress and being able to evaluate progress
Business
Siemens profits down in Q2
Russia sanctions have cut the company's earnings by 600m euros
- Sanctions imposed on Russia following the invasion of Ukraine have cut Siemens' earnings by around 600 million euros
- The Munich-based conglomerate confirmed its full-year outlook, targeting growth in revenue of between six and eight percent
RAKBANK, DP World sign pact
The aim is to offer trade finance solutions to businesses in UAE.
Business
Company News
e& H1 net profit $1.27bn
Business
Ooredoo Algeria gets new CEO
Business
Latest News
Smart and Autonomous Vehicles Industries cluster launches at Masdar City
Abu Dhabi, UAE - A Smart and Autonomous Vehicles Industries (SAVI) cluster was launched at Masdar City on Friday. It...
Business
Saudi business sector’s operating revenues at US$1.36trn in 2022, says GASTAT
RIYADH, SAUDI ARABIA - The business sector in the Kingdom reported a 24 percent rise year-on-year (YoY) in operating revenues...
Business
Dubai records weeklong real estate deals worth $3.51 billion
Dubai, UAE -- A total of 1,659 real estate transactions worth over AED 12.9 billion ($3.51 billion) were conducted during...
Business
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Business
Presight, Samruk-Kazyna to form JV
Samruk-Kazyna is Kazakhstan's $70bn asset sovereign wealth fund.
- The joint venture aims to accelerate digital transformation in Kazakhstan.
- Presight will deploy its AI and big data analytics solutions and technologies.
Business
World’s biggest sustainable farm in Saudi enters Guinness Records
Riyadh, Saudi Arabia – A farm in Saudi Arabia has entered the Guinness World Records as the world's largest sustainable...
- The farm is one of the extension farms of the rejuvenated water farming research unit of the Bin Heshbal Valley in the Asir Region.
- The total area of the farm is 3.2 million square meters, divided into two sections, each with a concrete tank with a capacity of 500 cubic meters.
Economy
Disasters cause crop losses worth $3.8trn over 30 years, says FAO
PARIS, FRANCE - Natural and man-made disasters have caused $3.8 trillion in crop and livestock loses over 30 years, the UN's...
- Floods, droughts, insect infestations, storms, disease and war caused about $123 billion per year in lost food production between 1991 and 2021.
- This loss is the equivalent of five percent of total production or enough to feed up to half a billion people per year, the FAO said in a report.