China’s Xiaomi to enter EV market
China's EV sector has grown rapidly in recent years.
GenAI set to bridge cybersecurity skills gap by 2028
As GenAI narrows cybersecurity skills gap, organizations will prioritize aptitude over specialized education, adapting hiring practices to meet demands of...
Business
Business
Ortega heiress heads Zara parent
Marta Ortega on Friday took the reins of Zara-owner Inditex.
- Worth some €62 billion, Zara-parent Inditex nearly tripled its profits last year to €3.2 billion
- However, its outlook for 2022 has been overshadowed by Russia's invasion of Ukraine
Business
UAE, Colombia finish phase 1 of Comprehensive Economic Partnership Agreement
UAE-Colombia non-oil trade was valued at AED991 million ($269.84 million) last year. Under the partnership, this figure could increase threefold...
- The agreement is expected to help strengthen trade and investment relations between the two countries
- The UAE’s Ministry of Economy has said it is continuing joint efforts to reach a final draft of the agreement
Business
ADPG profit up Dh397m
The company’s revenue rose to AED 3.9 billion.
- AD Ports Group has evolved into a vertically integrated ecosystem of businesses that include Economic Cities & Free Zones, Ports, Logistics, Maritime, and Digital services
- As a strategic gateway to Abu Dhabi, AD Ports Group generated 21 percent of all non-oil related GDP in the Emirate, according to Oxford Economics
Business
GCC pharma industry: Leaders and innovators
GCC countries have a highly dynamic environment characterized by growing populations, a broad diversity of patient demands and increasing healthcare...
- The number of drug factories in the UAE has risen from four in 2010 to 23 in 2021, while its drug market is expected to grow up to $4.7 bn in 2025.
- More than $400m worth of Saudi pharmaceuticals are exported each year. The kingdom aims to double the percentage of local pharma manufacturers.
Economy
NEOM subsidiary sets up Hydrogen and Innovation Development Center
ENOWA, the energy, water and hydrogen subsidiary of NEOM, has established the region's first Hydrogen and Innovation Development Center (HIDC)....
- The Hydrogen and Innovation Development Center will be a testing ground for new technologies in the clean energy industry.
- The Center will also be a collaborative learning community for research institutions focused on hydrogen and the circular carbon economy.
Business
Israel and UAE ‘milestone’ free trade deal to boost commercial relations
Israel described as "historic" the deal abolishing customs duties on "95 percent of the products" exchanged between the Jewish state...
- Talks for a free trade agreement were concluded Friday after four rounds of negotiations, including last month in Egypt between Israeli PM and Abu Dhabi Crown Prince.
- The deal was now "ready for signature", the UAE's Minister of State for Foreign Trade Thani al-Zeyoudi said.
Business
ADQ of Abu Dhabi to buy majority stake in Unifrutti Group
ADQ, Abu Dhabi wealth fund, will buy a majority stake in Unifrutti Group, a fruit and vegetable producer, marketer, and...
- The acquisition is designed to secure food supply amid pandemic and geopolitical tensions
- The investment will help the group expand its footprint globally, along with enhancing food security in the UAE
Geostrategy
Iran reacts with fury over imposition of new US sanctions
Iran criticized the United States for imposing new sanctions on the Islamic republic, saying it shows the Americans harbor bad...
- The US Treasury announced on Wednesday the measures targeting several entities it accused of involvement in procuring supplies for Iran's ballistic missile program
- The Islamic Revolutionary Guard Corps (IRGC) meanwhile said Iran's "missile prowess" and regional influence are "red lines" ,according to a statement posted on its website
Business
ADEX, Korea Eximbank to collaborate on export financing
The two sides discussed co-financing solutions for Korean organisations seeking to import goods and services from the UAE.
- The two sides discussed co-financing solutions for Korean organisations seeking to import goods and services from the UAE
- ADEX was established by Abu Dhabi Fund for Development (ADFD), to drive diversification and growth of the UAE export economy
Business
UAE, Jordan discuss accelerating investments post-Expo 2020
At the meeting, the two sides called for intensifying visits by trade delegations from both countries and increasing the number...
- The two sides believe the momentum from Expo 2020 will apparently continue in the fields of agricultural and food trade
- They also see it in the pharmaceuticals and furniture industry, and the proliferation of fairs and exhibitions around the world
China’s Xiaomi to enter EV market
China's EV sector has grown rapidly in recent years.
Company News
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Saudi Arabia, Pakistan ink pact on digital transformation, innovation
RIYADH, SAUDI ARABIA - The Kingdom of Saudi Arabia signed a memorandum of understanding (MoU) with Pakistan here on Sunday...
Geostrategy
Saudi Arabia’s consumer spending up 8% to reach $30bn in Aug
Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia grew 8 percent to SAR 115.4 billion ($30.76 billion) in August 2023, from...
Business
Crypto industry grapples with FTX fallout as boss goes on trial
London, United Kingdom -- The collapse of cryptocurrency platform FTX, whose disgraced former boss goes on trial this week, sparked shock...
Business
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Business
ROSHN group opens sale for SEDRA phase 3 units in Riyadh
RIYADH, SAUDI ARABIA - ROSHN Group, one of the Public Investment Fund (PIF) subsidiaries, announced on Sunday the opening of...
- SEDRA phase three will add 3,438 more houses to ROSHN’s first integrated development; 1,904 units are for sale in this initial sales tranche.
- SEDRA 3 offers prospective residents eight options of floor plans and eleven facades, in single- or multi-family configurations,
Business
Porsche sales revenue up
The sports car maker posted gains one year after its IPO.
- In the first half of 2023, Porsche posted significant gains in group sales revenue, group operating profit and deliveries
- The sports car maker, after going public, set up individual partnerships in the field of software with Apple and Mobileye
Business
Meta technology chief defends tech titan’s AI strategy
The company launched AI-infused chatbots with personalities at the gathering, along with tools for creating images or written content using...
- "The majority of the world's population will have their first experience of generative AI with us," said Andrew Bosworth
- Bosworth was adamant that Meta is not behind, enhancing its global platforms with AI since before ChatGPT was launched