Japan to restart funding to UN Palestinian refugee agency
Tokyo, Japan--Japan is preparing to resume funding to the UN's crisis-hit Palestinian refugee agency (UNRWA), which coordinates nearly all aid...
Geostrategy
Abu Dhabi Chamber sets up working group to support startups, SMEs
ABU DHABI, UAE – The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has formed a working group specifically for...
Business
Business
Tech savvy UAE becomes Arab world’s digital hot spot
The UAE has earned a unique distinction of becoming the only Arab country to be propelled into the premier club...
- UAE is considered one of the world's most attractive countries for digital talent, while Dubai and Abu Dhabi are both listed in the top 10 cities for digital talent
- The UAE has been named the second most attractive place to relocate to work in the digital sector in a latest survey by Boston Consulting Group
Business
Audi, Porsche eye entry into F1
The firms aim to burnish their green technologies and ambitions.
- Audi will only join the championship on "condition" that the regulations from 2026 "provide for extensive changes for a more sustainable sport".
- The firms have said a final decision in this regard is yet to be made.
Business
Weekly real estate transactions worth $1.44 bn recorded in Dubai
A total 2,012 real estate transactions worth 5.3 billion ($1.44 billion) were conducted in Dubai during the week ending April...
- A total of 236 plots were sold for AED 1.07 billion, while 1,415 apartments and villas were sold for AED 2.96 billion.
- A total of 53 properties were granted between first-degree relatives worth AED 269 million.
Business
Saudi Arabia to penalize owners for not fencing their ‘vacant land’
The Ministry of Municipal, Rural Affairs and Housing of Saudi Arabia has asked owners of vacant plots of land to...
- The ministry intends to beautify the urban landscape, protect property from encroachments, reduce visual distortions, encourage citizens to become environmentally friendly
- The ministry said that Riyadh, Dammam, Makkah, Al-Madinah and Jeddah are the target cities in the first phase where the decision will take effect
Business
DIFC launches ‘Studio Launchpad’ focused on ubiquitous finance
Dubai International Financial Centre (DIFC) has announced the launch of Studio Launchpad, saying it is the world’s first venture studio...
- The Launchpad is supported by an international group of venture building experts, digital asset pioneers and emerging technology strategists.
- Â Studio Launchpad is designed to attract and engage a consortium of leading start-up and corporate venture studios.
Business
SAMA directs banks to stop opening online accounts
SAMA, the Saudi Central Bank, has directed banks in the kingdom to put a stop to the opening of online...
- As per the new measures that will take effect starting April 10, accounts are to be opened through branches only
- Other measures include limits on daily electronic transfers and holding the international transfers for 24 hours
Business
Tesla recalls 128,000 cars
The company said the fault could increase the risk of vehicle collision.
- It is the latest hitch for the US electric vehicle giant that is hugely popular in China, but has also faced complaints from consumers and been hit by Covid-19 lockdowns.
- Tesla sold a record 70,847 cars in China in December, facing stiff competition from homegrown brands such as Nio and XPeng.
Business
Saudi Re endorses capital hike
The hike to SR1.336bn will be used to fund expansion plans.
- The hike from SR891 million ($237.5 million) to SR1.336 billion through a rights issue would support its future expansion activities
- Pending approval of the Saudi Central Bank, the Capital Market Authority, and other regulatory authorities, this move will strengthen Saudi Re’s capital base
Business
Ma’aden extends MoU with Emirates Global Aluminium
The MoU will enable the two companies to deepen the focus on R&D, aiming at both conventional and green technologies.
- The MoU will enable the two companies to deepen the focus on R&D, aiming at both conventional and green technologies
- Ma’aden’s operates the largest vertically integrated aluminium complex in the world in Ras Al Khair on Saudi Arabia’s east coast
Business
Shanghai lockdown snarls world’s busiest port and China supply chains
Beijing has refused to budge from its strict zero-Covid strategy, and that has forced many companies to halt production and...
- Shanghai has been sealed off almost entirely for a week following a Covid-19 outbreak fueled by the Omicron variant
- The financial hub of China, Shanghai is home to multinational firms and as well as the country’s busiest port
Japan to restart funding to UN Palestinian refugee agency
Tokyo, Japan--Japan is preparing to resume funding to the UN's crisis-hit Palestinian refugee agency (UNRWA), which coordinates nearly all aid...
Geostrategy
Company News
Latest News
Global energy demand to rise 25% by 2045: OPEC chief
Abu Dhabi, UAE - Global demand for all forms of energy is forecast to rise by 25% through 2045, according...
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...
Business
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Economy
UAE to generate 19.8 gigawatts of clean energy by 2030: Al Mazrouei
Abu Dhabi, UAE-- The UAE will produce 19.8 gigawatts of clean energy by 2030, Suhail bin Mohamed Al Mazrouei, Minister...
- The minister informed the audience at ADIPEC 2023 that the UAE intends to work towards producing 1.4 million metric tonnes of low-carbon hydrogen per annum by 2031
- He told a global audience of energy leaders at the opening of the event in Abu Dhabi that an International collaboration is crucial to addressing energy challenges
Business
Sonatrach sacks CEO
Algeria's president has named Rachid Hachichi as new CEO.
- The Algerian government owns the company entirely, relying on the company's profits for about 60 percent of its budget and 95 percent of export revenues
- The company has been marred by a series of corruption allegations and financial scandals, some of which have prompted investigations in Algeria and abroad
Business
Abu Dhabi Oil Company to hike investment in UAE oil sector
Abu Dhabi, UAE--Abu Dhabi Oil Company (ADOC) is planning more investments and expansions in the UAE, according to a senior...
- Talking to the media at ADIPEC 2023, Shingai said the company was planning to expand production facilities and increasing extraction rates
- He noted that ADOC played a key role in advancing ties between the UAE and Japan through its investment projects in the UAE oil sector