Lapita sees surge in leisure and wedding bookings in 2023
Dubai, UAE--Lapita, Dubai Parks and Resorts, has reported a surge in demand, bookings from across leisure and corporate segment last...
Business
Spain grabs 3% Telefonica stake after concerns over Saudi deal
Madrid, Spain - Spain's government has acquired a three-percent stake in telecoms giant Telefonica following concerns over a Saudi firm taking...
Business
Business
In a ‘dangerous’ land: tourists trickle back to Iraq
Retirees and YouTubers, on package tours or lugging backpacks, are braving Iraq's still basic tourist infrastructure to visit ancient sites...
- Western governments still issue travel warnings for tourists heading to Iraq, highlighting the risks from kidnappings and bombings
- Around 107,000 tourists visited Iraq in 2021, which is three times more than the number in 2020
Business
UAE-Turkey real-estate conclave to tap into new opportunities
Called the UAE-Türkiye Real Estate Development Construction Roundtable, it will be held on Wednesday, March 30.
- The meeting will look to widen the trade corridor and strengthen economic ties between the two countries, besides building new collaborations
- It will reportedly be hosted by the UAE-Turkish Business Council, in association with the Foreign Economic Relations Board of Türkiye (DEİK)
Business
Russians can do business in Turkey, says minister
Turkey’s Foreign Minister Mevlut Cavusoglu has said Russia's oligarchs can continue to do business in his country so long as...
- The measures targeting the possessions of Russia's oligarchs were not approved by the UN but by western countries
- They have imposed measures against Russia like placing oligarchs and other individuals close to Putin on sanctions lists
Business
Jordan to soon resume oil imports from Iraq’s Kirkuk fields
Jordan imports crude from Iraq under an MoU that was signed by the two governments on January 28 last year.
- The exports were suspended in early February, pending discussion of details in the MoU
- The oil will reportedly be transported to the Jordan Petroleum Refinery in Zarqa
Business
Microsoft addresses graft charges
An ex-employee said it paid bribes in the Middle East and Africa.
- A former employee has said he was fired after working for Microsoft from 1998 to 2018 in Africa
- He said he saw company employees involved in corrupt practices in several countries in the region
Economy
Riyadh, Dubai lead IPO surge in GCC
For the second time since the global financial crisis, the Middle East has surpassed Europe in terms of IPOs as...
- The proceeds of IPOs from Riyadh to Abu Dhabi have totaled $4.8 billion since the beginning of 2022
- Saudi Arabia has the busiest stock market in the Middle East in terms of IPO activity
Business
IEA gives third term to chief for guiding shift to clean energy
The International Energy Agency approved a third term for executive director Fatih Birol as the organization seeks a faster transition...
- The Turkish economist, who has been in the role since September 2015, will serve for another four years from September 2023
- The agency has since its inception focused on the energy security of developed countries but its mission was officially extended this week to search for carbon neutrality
Economy
Oil prices, stocks higher after EU snubs Russia ban
European stocks, which had been firmly higher earlier in the session, ended the day with only modest gains
- European stocks, which had been firmly higher earlier in the session, ended the day with only modest gains
- Bitcoin rose above $45,000 as Moscow is expected to accept cryptocurrency in exchange for Russian gas
Business
Aramco lifts TASI as UAE stocks see weekly gain
The Abu Dhabi Stock Exchange achieved weekly gains of 1.7 percent, while that for the Dubai stock exchange was 1.9...
- The Abu Dhabi index closed up by 0.2% on Thursday; and 0.3% on Friday
- TASI remained unchanged on Thursday, as losses in financial businesses canceled out the gains
Business
UAE and Dutch export credit firms to bolster cooperation, facilitate halal trade
Etihad Credit Insurance (ECI), the UAE Federal export credit company, signed a Memorandum of Understanding (MoU) with its Dutch counterpart...
- Etihad Credit Insurance and its Dutch counterpart Atradius DSB to bolster collaboration through joint strategic projects.
- The partnership also seeks to facilitate stronger halal trade through ECI’s Sharia-compliant finance solutions.
Lapita sees surge in leisure and wedding bookings in 2023
Dubai, UAE--Lapita, Dubai Parks and Resorts, has reported a surge in demand, bookings from across leisure and corporate segment last...
Business
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Cathay Pacific orders A320neo planes
The value of the deal is expected between $3.2 billion to $4.1 billion.
Business
Europe should move faster on energy transition, say IEA, ECB
PARIS, FRANCE - Europe must invest more quickly and massively in its energy transition if it wants to remain a global...
Business
Saudi Central Bank’s assets drop $6.39 billion in August
Riyadh, Saudi Arabia -- Assets held by the Saudi Central Bank (SAMA) declined by SAR 24 billion ($6.39 billion) month-on-month...
Business
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Business
EDGE acquires 50% stake in SIATT
SIATT is Brazilian smart weapons and high-tech systems specialist.
- The acquisition follows a cooperation agreement signed by both companies in Rio de Janeiro in April this year.
- SIATT specialises in the integration of systems with high technological content, which provides solutions to the demands of the defense and aerospace sectors.
Business
UAE’s EDGE acquires 50 percent stake in Brazil’s SIATT
Sao Paulo, Brazil - The UAE’s EDGE Group, one of the leading advanced technology and defence groups, has announced the...
- Founded in 2015, and based in the city of São José dos Campos, SIATT specializes in the integration of systems with high technological content
- SIATT’s product portfolio includes intelligent weapons such as missiles and guided munitions, and their integration onto aircraft, naval vessels, tanks and other land vehicles
Business
‘Mainstream sustainability for a net-zero future’
“As the UAE gears up to host COP28, it's crucial to involve all partners in hastening climate action, both locally...
- UAE Minister of Climate Change and Environment, Mariam bint Mohammed Almheiri, emphasizes the importance of integrating sustainability into business operations
- At the 12th NDCA, Minister Almheiri urges businesses to mainstream sustainability and highlights the pivotal role of carbon registries in achieving Net Zero by 2050