Rat on a plane sparks worries for Sri Lanka’s airline
Colombo, Sri Lanka - Sri Lanka's national airline on Tuesday blamed a rat for grounding a plane for three days, sparking...
Business
UAE banks ride on growth, operational efficiencies
The country's banking sector emerges stronger, showcasing resilience and profitability with a notable 54.1% increase in net income, says a...
Business
Business
SeaBubbles launches UAE’s first hydrogen flying boat in Dubai
The company is celebrating the pearl legacy of the UAE by unveiling X-Pearl at the Dubai International Boat Show 2022.
- The company is celebrating the pearl legacy of the UAE by unveiling X-Pearl at the Dubai International Boat Show 2022
- The new boat represents the future of green mobility by combining the sensations of flying and sailing for a zero-wave, zero-noise, zero-emission navigation.
Business
Saudi startups collect 58% of $375m in funding in MENA
Saudi startups have secured 58 percent of the total $375 million in funding in the MENA region in February.
- Startups in the logistics sector raised the most funding in February with $120 million in the region, and the Kingdom’s startup Trukker secured $96 million in its series B round
- Saudi Arabia was also the most active in terms of investor participation with 27 deals, while UAE investors participated in 22 agreements
Business
Number of new companies in Ajman China Mall up 12 percent
Ajman China Mall has registered a growth of 12 percent in the number of registered companies in 2021 compared to...
- Out of 1,000 enterprises operating in the mall, the retail sector topped the list followed by the fashion and textile sector.
- The Mall’s yearly import value reached an average of AED 3.65 billion, with export products valued at AED 2.1 billion.
Business
Saudi Industrial Production Index shoots up 11.1% in January
Driven by high oil output, Saudi Arabia’s Industrial Production Index shot up 11.1 percent in January, official data indicated.
- This positive performance was mainly due to a 11.4 percent rise in mining and quarrying sector, which includes oil production as well
- The Kingdom pumped at a level of over 10 million barrels per day in January
Business
The Bukhatir Group of UAE revives Tunisia $5bn construction project
The Bukhatir Group of the United Arab Emirates announced Thursday the relaunch of a $5 billion real-estate project in Tunisia,...
- Known as the "Tunis Sports City," the venture has been on hold for 15 years, due in large part to the 2008 global financial crisis and Tunisia's 2011 Arab Spring protests
- The ambitious project will involve the construction of a golf course, sports academies, hotels and luxury villas in a lakeside northern suburb of the Tunisian capital, Tunis
Business
Masdar City, Mashreq Bank to provide financial services to SMEs, start-ups
Masdar City and Mashreq Bank have signed a Memorandum of Understanding (MoU) to provide financial services to Small and Medium-sized...
- An MoU signed between the two involves easy access to NeoBiz, the bank's first digital banking platform designed specifically for start-ups and SMEs.
- Masdar City is currently home to more than 1,000 companies, including a wide range of innovation-focused SMEs and start-ups.
Business
Careem looks to raise $500m to fund expansion
Careem, the vehicle-for-hire firm, has set its sights on raising some $500 million from investors, including regional sovereign wealth funds.
- The firm owned by Uber will use the money to bankroll an expansion into services different from ride-hailing
- It has already held talks with Saudi Arabia’s Public Investment Fund and Abu Dhabi’s ADQ to raise the funds
Economy
Brent oil rebounds 5 percent from slump as hopes of supplies rise
European benchmark Brent North Sea crude climbed 5.1 percent to $116.80 per barrel in morning deals. New York's WTI contract...
- Brent tumbled as low as $105.60, having hit a peak of $139 just two days before, as the Ukraine crisis continues to send shockwaves through markets.
- The UAE said Wednesday it would urge fellow states in the OPEC oil producers' cartel to boost output.
Business
DP World of UAE posts 26% jump in revenue to $10.8bn
DP World of the UAE has posted a twenty six percent increase in revenue to $10.8 billion in 2021, despite...
- In a statement the company said that the revenue hike was “supported by acquisitions and new concessions including Angola, Unico, and Transworld”
- “We expect our portfolio to continue to deliver growth,” commented CEO, Sultan Ahmed Bin Sulayem
Business
Saudi ministry signs 23 deals worth $3.46 bn at first defense show
The Saudi Ministry of Defense (MoD) announced the closing of 23 deals worth more than SR 13 billion ($3.46 billion)...
- The MoD signed five deals with the Saudi Arabian Military Industries (SAMI): two with Royal Saudi Land Forces and three with the Royal Saudi Naval Forces.
- The SR 6 billion deal with SAMI includes providing advanced communication systems, armored vehicles, ammunition, and maritime systems.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Rat on a plane sparks worries for Sri Lanka’s airline
Colombo, Sri Lanka - Sri Lanka's national airline on Tuesday blamed a rat for grounding a plane for three days, sparking...
Business
Company News
Lordstown sues Foxconn
Business
Latest News
Aquaterra gets UAE contract
Business
Most Read
Business
Investcorp sells stake in Safari
This was Investcorp's fourth exit in India in just a few years.
- In India, Investcorp is an active investor in mid-market companies across consumption-linked sectors and in the real estate business.
- In the private equity space, Investcorp targets opportunities across the consumer tech, healthcare, financial services, and retail.
Business
Mubadala commits $1bn Blue Owl
The $1bn was committed to Blue Owl's credit platform.
- The partnership will initially focus on its Technology Lending strategy, which provides financing solutions for a broad range of technology and software companies.
- Since 2009, Mubadala’s Credit Investments unit has been investing in private debt opportunities, with a focus on direct lending to middle market and large cap companies.
Business
RTX engine issue to hit profit by $3.5bn
RTX said 600-700 engines will be removed for inspection.
- Company officials previously described the problem as one of quality control, stressing that there was no immediate danger to flight safety.
- The impact on pre-tax operating profit, however, is expected to be between $3 billion and $3.5 billion in the coming years, RTX said on Monday.