Business
Volkswagen posts Q1 profit
The German auto giant said operating profit rose to $9.3bn.
- The group's operating profit rose to 8.5 billion euros ($9.3 billion) over the first three months of the year
- The boost was down to strong "operating performance" and a positive effect of 3.5 billion euros
Business
Ajman Free Zone becomes Amazon Web Services Activate Provider
Ajman Free Zone (AFZ) announced today that it has become an AWS Activate Provider. Startups affiliated with the AFZ, which...
- The AWS Startup Activate program offers grants up to $25,000 to qualified startups, as well as offers of exclusive credits, discounts, and software service access.
- Qualified startups can obtain credits and partner funding, along with a business support plan credits of up to $5,000, through the AWS Startup Migrate program.
Business
Elon Musk offers to buy 100 percent of Twitter stock, take it private
Tesla chief offered $54.20 a share, which values the social media firm at $43.4 billion, in a filing dated April...
- Musk's latest move towards Twitter comes just days after he turned down a seat on the board following his acquisition of a 9.2 percent stake in the microblogging platform.
- Musk, Twitter's biggest shareholder, said his "offer is my best and final offer" and he would reconsider his position as a shareholder if it was rejected.
Business
Sandooq Al Watan to fund Lune with $68,000 for its innovator program
Sandooq Al Watan, the community initiative launched by Emirati businessmen to support the creation of a better future for forthcoming...
- Sandooq Al Watan, the community initiative launched by Emirati businessmen to support the creation of a better future for forthcoming generations.
- Lune Platform features an intuitive and easy-to-use control dashboard, designed to give users a comprehensive view of their customers’ financial accounts.
Business
Economic freedom, effective governance key to attract FDI: AMF
The study calls for the stability of the business environment by reforming relevant laws.
- The study calls for the stability of the business environment by reforming relevant laws
- The regulatory quality index outperforms all other factors in attracting investment
Business
Amazon fined $98k/day in France
France says Amazon’s seller contracts have ‘unbalanced’ clauses.
- French authorities on Wednesday slapped a €90,000-per-day ($98,000) fine on Amazon
- It would continue until Amazon removes abusive clauses in its contracts with businesses
Business
Iran’s oldest tyre factory shuts down
Company workers had gathered Sunday to urge the state to save the factory, local media said.
- The "largest producer of off-road tires in Iran" has been closed due to "financial problems and difficulties in the supply of raw materials"
- An American-Iranian company, Kian Tire was established in 1958 was popular for making "military vehicles and large trucks" in Iran
Business
Pfizer plans new Covid jab
It has said a shot for multiple variants is coming by 2022-end.
- Chairman Albert Bourla said Pfizer was also working on a vaccine that could provide good protection for a whole year
- This means people would come back annually for boosters, as with influenza shots currently given out in the US
Interview
Inspiring people is ‘a good legacy’: Sheikha Lubna
Sheikha Lubna Bint Khalid Al Qasimi, the first woman to be an Emirati cabinet minister, opens up to TRENDS about...
- In the UAE, every generation witnesses significant changes, but one constant is the government’s support towards and confidence in youth, said the Sheikha
- Empowering women and giving them the right opportunities is not new; it had already started since the foundation of the UAE, she added
Opinion
Resilience in PE market may open new opportunities
Despite the uncertainty, many PE firms are adapting and keen to point to their funders’ patience and understanding in what...
- The global private equity market is now worth over $4 trillion, says a latest report
- Private equity needs to negotiate the current COVID-19-induced economic crisis.
Company News
Strong growth key to GCC’s FDI appeal
Infographics
ANB profit up 51Â percent in H1
Business
Latest News
Baker Hughes bags 400m ADNOC award
Baker Huhges will supply all-electric compression systems.
Business
Jericho pins tourism hopes on UNESCO listing
Despite many cultural treasures, there were only 32,535 hotel guests in the Jericho area in the first half of this...
Business
Saudi Arabia to continue voluntary oil cut until end of Dec 2023
The Kingdom's production in the coming months November and December will be approximately 9 million barrels per day, the country's...
Business
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Business
Adnoc and Occidental sign deal
They will conduct a study to build a direct air-capture facility.
- The deal was signed after the two companies had signed a collaboration agreement to explore carbon capture, utilisation and storage (CCUS) projects in the UAE and the US
- The one-million-tonnes-per-annum facility will be be connected to ADNOC’s CO2 infrastructure for injection and permanent storage into saline reservoirs
Business
Miss Universe Bahrain and Pakistan promote halal and wellness tourism in Philippines
Dubai, UAE - : Recently crowned Miss Universe Queens Miss Universe Bahrain 2023 Lujane Yacoub and Miss Universe Pakistan 2023...
- The two Miss Universe queens arrived in Manila this weekend to collaborate with the Philippine Department of Tourism in promoting its ‘Halal and Wellness Tourism’ campaign
- With the Muslim travel market forecast to reach $225 billion by 2028, the Philippines’ government is trying to attract visitors from Muslim-majority countries
Business
Kazakhstan’s BSG Technology to set up business in UAE next year
Abu Dhabi, UAE-- Kazakhstan's BSG Technology is looking to expand its operations into the Middle East, and begin operations in...
- BSG Technology intends to launch its operations in the UAE market in 2024 and in this regard it has partnered with a local company
- Baimukhanbetov said the energy sector in the Middle East is large, offering many opportunities to companies for expansion in the field