Rotana announces the soft opening of Dar Rayhaan in Saudi Arabia
Abu Dhabi, UAE – Rotana, one of the leading hotel management companies in the region with over 100 properties in...
Business
Sheikh Hamdan praises ADNOC’s efforts in using AI in production process Â
ABU DHABI, UAE - Sheikh Hamdan bin Zayed Al Nahyan, Ruler's Representative in Al Dhafra Region, said that under the...
Business
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.
Rotana announces the soft opening of Dar Rayhaan in Saudi Arabia
Abu Dhabi, UAE – Rotana, one of the leading hotel management companies in the region with over 100 properties in...
Business
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QIIB profit climbs 7.7 percent
Business
Saudi MATARAT inks pact with Brazil’s Union of Airports
Rio de Janeiro, Brazil - The Saudi MATARAT Holding Company signed Wednesday a memorandum of understanding (MoU) with Brazil’s Union...
Business
UAE emerges as crypto powerhouse amid global shifts
Last year, 67% of UAE's crypto transactions were institutional, valued over $1 million, with decentralized exchanges constituting 48%, outpacing centralized...
Business
Inflation, war and high rates to decelerate trade in 2023, says WTO
Geneva, Switzerland - Global trade growth will be sharply lower than forecast this year as stubborn inflation, high interest rates and...
Economy
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Geostrategy
West responsible for Ukraine war, Russia wants ‘New World’ says Putin
Moscow, Russia - President Vladimir Putin said Thursday that Russia's mission was to create a "new world" and blamed Western hegemony...
- Putin has portrayed Russia's full-scale military intervention in Ukraine -- launched in February 2022 -- as part of a long-standing confrontation with the West
- Putin said the conflict in Ukraine was "not a territorial" one and that Moscow has "no interests from the point of view of conquering some territories"
Geostrategy
X removes headlines from news articles shared by users
The changes brought a good deal of criticism, journalist Tom Warren of The Verge website posting on X: "It's the...
- Elon Musk said the change was for "aesthetic" reasons -- news and other links now appear only as pictures with no accompanying text
- When the changes to links were first mooted in August, Musk posted: "This is coming from me directly. Will greatly improve the esthetics."
Business
Vietnam plans to auction rights to its largest rare earth mine
Hanoi, Vietnam - Vietnam plans to auction the rights to exploit its largest rare earth mine, a project partner said Thursday,...
- A tender for the mining of the Dong Pao mine, in northern Lai Chau province, is being planned by Australian mining company Blackstone Minerals.
- "Any party that succeeds in the auction will be able to exploit the mine and we will use the ore from this mine for production," a Vietnamese official said.