Bitcoin surpasses $57,000 as crypto rally remains strong
Dubai, UAE - The price of Bitcoin on Tuesday surged past $57,000, demonstrating the continued strength of the cryptocurrency market...
Business
Geostrategy
British PM meets Saudi Crown Prince to plead for oil
British Prime Minister Boris Johnson met with oil-rich Saudi Arabia's Crown Prince Mohammed bin Salman to lobby for higher production...
- "It's not just a question of looking at the OPEC countries and what they can do to increase supply, though that is important," Johnson told British media
- Saudi Arabia and the UAE, which are two of the world's biggest oil exporters have so far avoided taking a position against Russia.
Interview
Skills gap challenge for GCC digitization, says du CEO
GCC companies should work closely with digital and software companies to expedite digital transformation, says Fahad Al Hassawi, CEO of...
- du is the second largest telecom service provider in the UAE, and its 2021 revenues grew by 5.4% to $3.19 billion
- Agility will be key to the telecommunications industry and requires telecom operators to look beyond connectivity, says al Hassawi
Business
Dubai to list DEWA in the biggest IPO by April
In a first, the state-owned DEWA will be listed on the Dubai Financial Market by April as part of Dubai's...
- Dubai Electricity and Water Authority plans to float 3.25 million shares, or a 6.5-percent stake, by April in what is expected to be Dubai’s biggest ever listing
- The retail offering subscription will run from Mar. 24 until Apr. 2, while the qualified investor offering period will be from Mar. 24 to Apr. 5
Business
Emirates to launch daily flights to Israel from June 23
Emirates will offer multiple daily and weekly flights throughout Australia, India, Philippines, Thailand and South Africa, many of which are...
- Emirates will operate its three-class Boeing 777-300ER on the route, featuring eight private suites in First Class.
- The new service to Tel Aviv will also provide 20 tonnes of cargo capacity on each flight, providing channels for Israeli businesses.
Business
Foxconn and Saudi in talks to create microchips manufacturing facility
Foxconn Technology Group and Saudi Arabia are expected to jointly build a $9 billion facility that can make microchips, electric-vehicle...
- The facility expected to be constructed by both is said to worth $9 billion.
- Foxconn, which is a supplier to Apple Inc., is yet to confirm the deal.
Business
Egypt and Lockheed Martin look to boost defense ties
Egypt and American Defense company, Lockheed Martin, have discussed ways to enhance cooperation.
- Mohamed Ahmed Morsi, Egypt’s minister of state for military production, held talks with Raymond Piselli, vice president of Lockheed Martin
- Morsi noted that Egypt’s growing presence in the field of security and defence is the result of economic reforms undertaken by Egypt
Business
Bahrain gives nod to cryptocurrency firm Binance to operate
Cryptocurrency exchange platform Binance, one of the world's largest, said Tuesday it had been granted an operating license in Bahrain,...
- The company said it would provide crypto asset trading and portfolio management services under the supervision of the Central Bank of Bahrain
- Bahrain hopes to become a regional hub for crypto asset companies, as does Dubai
Business
Emirates NBD launches website to support IPOs on DFM
Emirates NBD has taken the lead in supporting upcoming initial public offerings (IPOs) on the Dubai Financial Market (DFM) with...
- Emirates NBD’s IPO platform has built-in real time subscription payment capabilities for UAE investors and wire transfer capabilities for non-UAE investors.
- The seamless, single interface enables completely paperless subscription in five simple steps making the process simpler and paperless.
Business
Dana Gas to pay 4.5 fils per share
The total dividend paid for 2021 now stands at 8 fils.
- For the full year 2021, the company achieved a net profit of AED1.2 billion ($317 million)
- The Company's collections in 2021 were the highest ever at AED1.4 billion ($377 million), and the year-end cash position stood at AED678 million ($185 million).
Business
Playa Hotels inks Saudi resort deal
It will set up facilities along the Arabian Gulf and the Red Sea.
- Playa signed an agreement regarding the resorts with Saudi’s Tourism Development Fund on Monday
- This will contribute to enhancing the distinctive tourism experience and create local job opportunities
Most Read
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Bitcoin surpasses $57,000 as crypto rally remains strong
Dubai, UAE - The price of Bitcoin on Tuesday surged past $57,000, demonstrating the continued strength of the cryptocurrency market...
Business
Company News
DFM adds new investor accounts
Business
Latest News
Apple tops $3trn in market value
Business
ACWA Power signs clean energy agreements with Chinese firms
Riyadh, Saudi Arabia/Guangdong, China -- Saudi-listed ACWA Power has signed MoUs with two Chinese firms to bolster collaboration in China...
Business
UAE banks’ investments reach $157 billion by July end
Abu Dhabi, UAE -- Investments of banks operating in the UAE reached AED 580 billion ($157.90 billion) at the end...
Business
Most Read
Business
15m electric cars will be shipped globally in 2023: report
Dubai, UAE - Nearly 15 million electric cars, including both battery electric and plug-in hybrid vehicles, are expected to be...
- Electric cars are predicted to represent a significant portion of this growth, accounting for 97% of total EV shipments in the upcoming year
- Battery electric vehicles (BEVs) are poised for substantial growth, increasing from 9 million units in 2022 to an estimated 11 million units by the end of 2023
Market Report
Healthcare, F&B and telecom companies spoil GCC stockmarkets’ three-month party
GCC equity markets saw their first decline in three months during August, influenced by global market performance and hawkish Fed...
- GCC equity markets saw their first decline in three months during August, influenced by global market performance and hawkish Fed policies, says a report
- Despite some sectors showing gains, the overall trend was downward, with Qatar leading the decline and Dubai emerging as the best performing market
Economy
Qantas loses court fight over Covid lockdown layoffs
The airline is already under fire over soaring ticket prices, allegations it sold tickets for cancelled flights, and claims that...
- The court said Qantas had failed to disprove that one reason for the mass sacking was to prevent the workers from taking industrial action in the future
- The Transport Workers Union (TWU), which took Qantas to court over the layoffs, hailed the decision and called for the airline's board to be replaced