Arab Bank for Economic Development in Africa expects financing to touch US$2.5bn
Abu Dhabi, UAE--The Arab Bank for Economic Development in Africa (BADEA) expects the bank's annual financing to reach US$2.5 billion...
Economy
TAQA, JERA sign pact with SATORP to develop plant in Saudi ArabiaÂ
ABU DHABI, UAE – Abu Dhabi National Energy Company (TAQA), together with JERA Co., Inc on Thursday announced that they...
Business
Science
First private mission readies for launch to ISS
Takeoff is set for 11:17 am (1517 GMT) from the Kennedy Space Center in Florida on a SpaceX rocket.
- Commanding the Axiom-1 mission will be former NASA astronaut Michael Lopez-Alegria, a dual citizen of the United States and Spain
- He accompanies American real-estate investor Larry Connor, Canadian businessman Mark Pathy, and Israeli fighter pilot-turned-entrepreneur Eytan Stibbe
Business
Air travel recovery gathering steam as Covid restrictions eased: IATA
The accelerated growth recorded in February 2022 compared to a year ago, is helping passenger demand catch up to 2019...
- The traffic of Middle Eastern airlines rose 215.3 percent in February compared to February 2021
- This was well up compared to the 145.0 percent rise in January 2022, versus the same month in 2021
Business
Toshiba pauses spin-off plan
The Japanese firm will now weigh the possibility of going private.
- It was the latest setback for the engineering giant, which was once a symbol of Japan's tech and business prowess
- Toshiba has since then faced a series of scandals, financial troubles and shock high-level resignations in recent years
Business
Shell to lose $5 bn
Nations and their companies have axed business ties with Russia over Ukraine.
- Shell is gradually withdrawing from Russia owing to the war due to the UK government policy.
- Shell previously apologized for buying a cargo of Russian oil at a vast discount following the invasion.
Business
EU passengers can claim compensation for delays even outside Europe
EU travelers who book flights through a European airline can claim compensation in the event of a major delay of...
- The European Court of Justice said that the entirety of a journey that was subject to a single reservation fell under the EU's rules on flight delays.
- The court was hearing a case that involved a journey booked through German carrier Lufthansa for three passengers from Brussels to San Jose in California.
Business
EGA, Ma’aden tech cooperation
The two will explore potential collaboration in the aluminum value chain.
- The two firms will also consider cooperation in managing by-products from processes in the aluminum value chain
- EGA has developed its own aluminum smelting technology for more than 25 years.
Business
DFSA regime to provide whistleblowers enhanced legal protection
Enhanced legal protection will be provided to persons who report financial misconduct internally within the entities regulated by Dubai Financial...
- DFSA regulatory regime for whistleblowing is the first of its kind to be introduced by a financial service regulator in the UAE.
- The regime applies to all DFSA Regulated Entities operating in or from the Dubai International Financial Centre.
Business
dnata to expand cargo operations into Germany by acquiring Wisskirchen
dnata announced expansion of its European footprint through the planned acquisition of Germany-based Wisskirchen Handling Services (Wisskirchen). Subject to government...
- dnata has executed agreements with the owner of Wisskirchen, Oliver Hellwig, to acquire 100 percent of the shares in the company
- The acquisition is subject to approval by the Federal Ministry for Economic Affairs and Climate Action in Germany
Business
ADDC, Abu Dhabi University join hands for energy innovations
The Abu Dhabi Distribution Company (ADDC), a subsidiary of Abu Dhabi National Energy Company (TAQA Group), has signed a Memorandum...
- The cooperation aims to promote ties between both entities through training programs and knowledge exchange
- The agreement was signed at ADU’s main campus by Saeed Al Suwaidi, Managing Director, ADDC, and Professor Waqar Ahmad, Chancellor, ADU
Business
SFDA, SBA partner to create media content on health, food
The agreement aims to create joint media sponsorship opportunities that serve both sides and to establish specialized media publications
- The agreement aims to create joint media sponsorship opportunities that serve both sides and to establish specialized media publications
- The areas of cooperation include educating consumers on the safe use of cosmetic products, making television programs and providing visual and audio content
Arab Bank for Economic Development in Africa expects financing to touch US$2.5bn
Abu Dhabi, UAE--The Arab Bank for Economic Development in Africa (BADEA) expects the bank's annual financing to reach US$2.5 billion...
Economy
Company News
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SALIC buys 10.7% stake in BRF
Business
ADIA acquires hotel portfolio
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...
Business
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...
Economy
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Geostrategy
Dubai must possess its distinct emblem, says new decree
Dubai, UAE - Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued Law No....
- The law says emblem can be utilized across various government facilities, documents, websites, and during government events
- Private entities may also utilize it, provided they obtain prior approval from the Dubai Ruler or his representative
Business
Birkenstock declares IPO prize
The company expects to raise around $1.58 billon.
- Around 32.2 million ordinary shares will be put on the New York Stock Exchange in the IPO, the company said in a regulatory filing.
- Known for its wide-strapped sandals with cork and latex soles, Birkenstock was founded in 1774 to make orthopaedic shoes.
Geostrategy
Oil industry is an integral part of climate solutions, says COP28 head
President of the upcoming COP28 climate talks Sultan Al Jaber, also the head of UAE state-owned oil firm ADNOC, told...
- The president of the upcoming COP28 urged oil industry leaders to curb emissions associated with energy production.
- He also encouraged them to embrace "low carbon solutions" like carbon capture and storage,