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
UAE and South Korea sign agreement to boost ties
The UAE and South Korea have signed an agreement to boost ties between the two countries to develop entrepreneurship and...
- Under the terms of the MoU, the two parties will jointly design flexible partnership program during the next phase
- They will also cooperate in exchanging knowledge regarding the development of program, policies and legislation related to the entrepreneurship sector in the two countries
Business
UAE government holiday for Eid al-Fitr begins on 29th day of Ramadan
The holiday will last till the third day of the month of Shawwal, which is yet to be declared.
- The holidays will begin on Tuesday, the 29th day of Ramadan
- That date corresponds to April 30 on the Gregorian calendar
Business
Red Sea Development Company to use biofuel for all tourist facilities
The company has chosen MAN Energy Solutions to provide 25 sets of biofuel generators for the sustainable tourism destination.
- The Red Sea destination will apparently use solar energy stations that include storage batteries with the system of MAN GenSets
- These generators will reportedly have engines that will let them use the climate-neutral B100 biofuel
Economy
Oil prices up as traders weigh demand and supply issues
Oil began inching upward on Thursday after a day of losses over demand concerns linked to the Covid-19 lockdown in...
- The United States has said it will release a substantial portion of its oil reserves to cushion the shortfall
- "Oil is still trading mixed after Tuesday's sharp pullback but is opening in Asia near the midpoint of yesterday's trading range," Stephen Innes of SPI Asset Management said
Business
Twitter and analysts are wary of takeover bid by Elon Musk
Earlier this month, Elon Musk made an unsolicited bid of $43 million for Twitter, citing better freedom of speech as...
- Moody's estimated it would cost Musk $39 billion to buy all the outstanding shares of Twitter
- That would give Twitter ‘a strong chance’ to repay or refinance its billions of dollars of existing debt
Business
Tesla reports record profits
Tesla shares rose 5% to $1,026.99 in after-hours trading.
- Elon Musk's high-flying electric vehicle company notched a new record in quarterly profits of $3.3 billion
- This follows the unveiling of factories in Germany and the US state of Texas that have begun commercial deliveries
Business
UAE’s hospitality sector delivers strong results in Q1 2022
The uplift in overall performance was primarily driven by beachfront and luxury developments.
- The uplift in overall performance was primarily driven by beachfront and luxury developments
- The office market continued to perform well as rents in well-managed quality buildings rose
Business
Sweden opens criminal probe into Ericsson Iraq graft
Senior Public Prosecutor Leif Gorts confirmed that the investigation had been launched following reports of potential corruption between 2011 and...
- Senior Public Prosecutor Leif Gorts confirmed that the investigation had been launched following reports of potential corruption between 2011 and 2019
- Ericsson has already agreed to pay $1 billion in penalties to US authorities to close corruption cases in Djibouti, China, Vietnam, Indonesia and Kuwait in 2019
Interview
BNPL gains currency in the UAE
It also seems to be extremely helpful for customers who want to pay for a purchase in installments or make...
- BNPL payments in the UAE are expected to grow 89.4% on an annual basis to reach $1.82 billion in 2022
- BNPL is not just for Gen Y and millennials; it is expected to see adoption by elderly individuals as well
Business
Al Seer Marine signs VLGC deal
Al Seer Marine and BGN International sign the $134 million financial transaction.
- The deal was agreed and signed by ABGC DMCC, the joint-venture firm of Al Seer Marine and BGN International, an energy, trading, storage and transportation company.
- ABGC has two new VLGC’s on order with Hyundai Heavy Industries in Korea.
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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...
Company News
ADNOC in talks with OMV
Business
Latest News
Masdar, PLN NP sign expansion pact
They will develop Phase II of Indonesia's Cirata project by up to 500MW
Business
India allows export of 75,000 tonnes non-Basmati rice to UAE
New Delhi, India - Indian government has given the green light for the export of 75,000 tonnes of non-basmati white...
Business
Ford halts work on US$3.5 billion battery plant
The auto giant announced in February the project in Marshall, Michigan as a way to diversify its battery profile away...
Business
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Business
Growing IT outlays intensify MENA’s transformation
The region's IT spending is set to rise by 4% to $183.8 billion in 2024, with software and IT services...
- The region's IT spending is projected to rise by 4% to $183.8 billion in 2024, with software and IT services witnessing double-digit growth
- This surge aligns with the MENA region's push for digital transformation, enhanced cybersecurity, and a focus on generative AI initiatives
Business
European Union okays lighter pact on curbing car emissions
Brussels, Belgium - EU member countries on Monday adopted a watered-down deal on curbing car emissions, after auto manufacturers complained stricter...
- Led by France and Italy, the 27 nations voted for a less ambitious plan than the one put forward by the European Commission in November 2022
- The European Automobile Manufacturers' Association (ACEA), the sector's main EU lobby group, cautiously welcomed the decision
Business
ADX inks pact with Expo Center Sharjah to boost financial services
Abu Dhabi, UAE - The Abu Dhabi Securities Exchange (ADX) signed an agreement with the Expo Center Sharjah to enhance...
- The MoU between ADX and Expo Centre Sharjah aims to enhance services provided to the investor community in Sharjah
- ADX and Sharjah Expo will be able to provide their respective customers with a more comprehensive range of services and offerings