UAE earns first spot in Global Entrepreneurship Monitor 2024 report
Abu Dhabi, UAE-- The United Arab Emirates has been ranked first globally for the third consecutive year in the Global...
Business
AD Ports Group, CMEC ink MoU
Business
Volvo Cars Q2 net profit $342m
Business
Netflix adds 6m subscribers
Business
US stocks open mixed ahead post fresh economic data
New York, US- Wall Street stocks saw a mixed start to Thursday, as traders digested the latest economic data ahead of...
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Economy
S&P degrades Russia’s forex payments rating to ‘selective default’
Credit rating agency S&P Global Ratings on Saturday downgraded Russia's foreign currency payments rating to "selective default" after Moscow paid...
- The agency does not expect investors to be able to convert the ruble payments to dollars equivalent to the amounts originally due
- Russia's finance ministry on Wednesday announced it had made a payment of almost $650 million due on April 4 in rubles
Business
EDGE picks up a new CEO
Saif Ali Al Dahbashi will be the CEO of AL TAIF, an EDGE firm.
- AL TAIF is part of the Land division within EDGE Group’s Platforms & Systems cluster
- The firm is the eading UAE in-country provider of lifecycle support for military land platforms and systems through maintenance, repair and overhaul
Business
Taaleem of Dubai in discussions with banks for IPO
Taaleem, the Dubai school operator, is in initial stage of talks with banks for an initial public offering in Dubai.
- The Dubai government last week decided to freeze tuition fees for the year 2022-2023, its third year in a row to help ease the financial burdens on parents
- In a report to clients, ratings agency Moody’s last month said the tuition fee freeze was credit negative for Dubai’s largest education provider Gems
Business
Iran seizes fuel-filled boat in Gulf, arrest 11
Iran's Revolutionary Guards have seized a foreign boat smuggling fuel in the Gulf and arrested its 11 crew members, a...
- "Naval forces have seized a foreign vessel carrying smuggled fuel in Persian Gulf waters," said Mojtaba Ghahramani, justice chief for Iran's southern Hormozgan province
- That seizure came days after Iran announced the release of the Vietnamese-flagged MV Sothys tanker, which they had seized in October
Business
UAE stock markets gain almost $6bn in first week of Ramadan
The two bourses have been adhering to the Monday-to-Friday workweek — the norm across most of the world — since...
- The ADX broke the 10,000-point barrier for the first time amidst increased demand for IHC's Apex National Investment
- The DFM advanced 0.74 percent to 3,541.6 points following 5,251 transactions worth AED520.5 million ($141.73 million)
Business
Vaccine factory to come up in Khazaen City with $52m outlay
The first phase of the project is expected to be set up on a total area of 37,000 square meters.
- The agreement was signed by Khazaen CEO Salim Al Thuhli and Opal’s Chairman of the Board of Directors, Sa’ad Moosa Al Junaibi
- Al Thuhli was quoted by the official sources as saying that the project would be the first vaccine factory in Khazaen Economic City
Business
North Sea oil project wins Israeli takeover boost
A North Sea oilfield project off Scotland's coast opposed by environmentalists and paused after energy giant Shell decided to exit...
- Ithaca Energy, owned by Tel Aviv-listed Delek Group, announced late Thursday a deal to buy Siccar Point Energy for an initial $1.1 billion
- The new owner added that Cambo and Rosebank "represent an opportunity for Ithaca to develop fields that will contribute significantly to the UK's energy security."
Business
Rising prices threaten Petrobras
It is caught in a political tug of war, with the president on one side.
- Jair Bolsonaro, the right-wing President of Brazil, is widely blamed by the public for the country's double-digit inflation and high fuel prices
- Even as Brazil's economy recovers from the pandemic, fuel prices rose 33 percent and the war in Ukraine made the situation worse
Business
Cryptocurrency miners in Texas going solar
The crypto-creation center would be located in west Texas and equipped with Tesla solar panels and batteries.
- Block and Blockstream are said to have invested $6 million to produce 0.1 bitcoin per day
- The project would be located in west Texas, aiming to make cryptocurrencies less expensive and more eco-friendly
Business
Twitter employees to meet Musk
They are concerned about his influence on the company board.
- The social media company named Tesla Chief Executive Elon Musk to the board on Tuesday
- It came after he acquired a more-than-9-percent stake in the company, making him Twitter's largest shareholder
UAE earns first spot in Global Entrepreneurship Monitor 2024 report
Abu Dhabi, UAE-- The United Arab Emirates has been ranked first globally for the third consecutive year in the Global...
Business
Company News
FAB H1 2023 net profit $2.2bn
Business
AD Ports Group, CMEC ink MoU
Business
Volvo Cars Q2 net profit $342m
Business
Netflix adds 6m subscribers
Business
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ADNOC and Occidental to advance direct air capture project in UAE
Abu Dhabi, UAE -- ADNOC and international energy company, Occidental, announced today an agreement to undertake a joint preliminary engineering...
Business
South Korean firms eyeing expansion in UAE’s oil and gas sector
Abu Dhabi, UAE -- Top executives from South Korean companies have affirmed that numerous firms are actively looking to expand...
Business
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Business
Adnoc Gas awards contract
Nearly US$615m will be paid to build carbon-capture units.
- Adnoc Gas said the large-scale project reaffirms its steadfast commitment to maximising energy output while minimising emissions
- The project expected to be started in 2026 will inject CO2 for permanent storage in ADNOC Onshore's Bab Far North Field
Business
Masdar enters Tajikistan market with plans to explore 500MW clean energy projects
Abu Dhabi, UAE - UAE’s clean energy powerhouse Masdar expands Central Asian presence with agreement to explore ground-mounted solar, onshore...
- MW Energy, a joint venture between Abu Dhabi Future Energy Company – Masdar and W Solar Investment, has signed an agreement with Tajikistan’s Ministry of Energy
- The collaboration will focus on the development of solar photovoltaic (PV), wind, and hydropower projects through a Public-Private Partnership (PPP)
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