Tesla reports drop in auto sales
The decline was in part due to a weak sales market in China.
Business
New shipping service in Saudi Arabia launched
RIYADH, SAUDI ARABIA - The Saudi Ports Authority (Mawani) has announced the addition of the new shipping service 'NRS' by...
Business
Business
EDB reaffirms its commitment to financial inclusion in the UAE
The Emirates Development Bank (EDB) has restated its commitment to financial inclusion in the UAE with a range of financial...
- EDB has reaffirmed that it is able to empower SMEs through direct or indirect financing, including a credit guarantee program
- It has launched new services that support financial inclusion, including its digital solution for SMEs and start-ups, which resulted in more than 1,000 new accounts being created
Business
NBA, NFL stars invest in Indian cricket franchise
US basketball star Chris Paul and American football players Larry Fitzgerald and Kelvin Beachum have invested in Indian Premier League...
- The three US athletes will be minority investors in the Royals, who won the inaugural edition of the Twenty20 tournament in 2008
- The IPL has grown to be the most popular franchise-format league for Twenty20, the shortest form of cricket
Business
Arab Bank Group Q1 net income $166m
The net income increased by 29.4 percent compared to $128.3m for Q1 2021.
- The Group loan portfolio grew by 5 percent to reach $35.2 billion as of March 31, 2022 compared to $33.5 billion for Q1 2021.
- Customer deposits grew by 3 percent to reach $47.3 billion compared to $45.8 billion for the same period last year.
Analysis
Physical security adds to digital transformation
Cybercrime has risen to the forefront of physical security concerns. And big firms are acutely aware of the problem, says...
- Physical security has progressed from when it was viewed as merely a technique for responding to crime
- It now plays a more significant role as a critical component in the digital transformation of business processes
Economy
CBUAE puts into circulation new AED5 and AED10 banknotes
The Central Bank of the UAE (CBUAE) has announced that the new AED5 and AED10 banknotes have entered circulation in...
- The CBUAE in collaboration with the UAE Banks Federation (UBF) has provided the new AED5, AED10 and AED50 notes
- The new denominations have been replenished to dedicated ATMs from participating banks across the country
Business
India seizes $725m from China’s Xiaomi over ‘illegal’ remittances
India seized $725 million from the local bank accounts of Xiaomi after a probe found the Chinese smartphone giant unlawfully...
- India's financial crime investigations agency began investigating the company in February and said it seized the money from the firm's local arm
- Relations between New Delhi and Beijing have been at a low ebb since a deadly Himalayan border clash between soldiers from both countries in 2020
Business
Swvl to buy Zeelo of UK
The buyout will give Swvl a foothold in developed markets.
- The buyout will provides Swvl, which has locations in Dubai and Cairo, with a launchpad to land and expand business operations in developed markets
- The transaction is expected to be completed in May 2022
Business
GCC stock exchanges witness a mixed week
The main Saudi index had a variable week, the Abu Dhabi exchange suffered a slight decline, while, the main index...
- A 1.4% drop in Al-Rajhi Bank's stock and a 1.8% drop in Saudi National Bank's stock weighed on the TASI on Tuesday, causing a 0.3% drop
- On Friday, the Abu Dhabi index fell by 0.2%, with losses of 1.3% at First Abu Dhabi Bank capping off two sessions of gains
Business
IDB lists US$ 1.6 billion Sukuk on Nasdaq Dubai
The first public Sukuk issuance from IsDB in 2022 strengthens its position as the largest supranational institution.
- The first public Sukuk issuance from IsDB in 2022 strengthens its position as the largest supranational institution
- The Bank successfully priced the 5-year Trust Certificates at par with a profit rate of 3.213%, payable on a semi-annual basis
Business
Abu Dhabi’s realty transactions exceed Dh11.3b in Q1 2022
The transactions included the buying, selling, and mortgages of all types of lands, buildings, and real estate.
- The transactions included the buying, selling, and mortgages of all types of lands, buildings, and real estate
- Yas Island topped the list with AED1.2 billion in real estate transactions, followed by Al Saadiyat Island with AED673 million
Tesla reports drop in auto sales
The decline was in part due to a weak sales market in China.
Business
Company News
Black Cobra signs MoU with OSTIM
Business
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ESG H1 net profit $162m
Business
ExxonMobil Q2 profits $7.9bn
Business
PIF sets up Tasaru Mobility Investments
The firm will drive strategic investments and partnerships
Business
Belt and Road Initiative generated $2 trillion in contracts: China
Beijing said Tuesday the value of signed construction contracts with partners now totaled two trillion dollars -- roughly the size...
Business
Major equity markets up, oil dips after surge on Israel-Hamas conflict
"Equity markets are bouncing back on Tuesday after a risk-averse start to the week, buoyed... by some promising Fed commentary,"...
Business
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Business
Borouge signs supply pact with NPCC
Borouge will also supply critical materials for UAE energy projects.
- Borouge and NPCC have previously partnered to provide steel pipe coating solutions for over 15,000 kilometers of pipelines in various local infrastructure projects.
- Borouge will supply materials for ADNOC Gas’ sales gas pipeline network enhancement (ESTIDAMA) program and Maximizing Ethane Recovery and Monetization (MERAM) project.
Business
Delta suspends Israel flights through October 31
The suspension of flights by the airline follows similar decisions by American Airlines, Air France, Lufthansa, Emirates and Ryanair and...
- The airline said that it has made a "difficult decision" to cancel our Tel Aviv flights
- Israeli flag carrier El Al said Sunday that it was maintaining its Tel Aviv flights for now
Business
Masdar to invest $8bn to develop Malaysia’s clean energy transition
Abu Dhabi, UAE - Abu Dhabi Future Energy Company (Masdar), the UAE’s clean energy powerhouse will invest US$8 billion in...
- The project will include ground mounted, rooftop and floating solar power plants, onshore wind farms and battery energy storage systems
- Established in 2006, Masdar is active in more than 40 countries with a total electricity generation capacity of more than 20GW