UAE bolsters air cargo industry with launch of ‘CARDS’ data platform
Abu Dhabi, UAE--The General Civil Aviation Authority (GCAA) has launched the Cargo Data Reporting System (CARDS), which provides a range...
Business
Hotel Dar Tantora is inspired by Saudi’s AlUla ancient mudbrick buildings
ALULA, SAUDI ARABIA – Situated in the heart of Old Town here, Dar Tantora Hotel offers guests a chance to...
Arts & Culture
Business
EU negotiators agree landmark law to curb Big Tech
The "Digital Markets Act" (DMA) has sped through the bloc's legislative procedures and is designed to protect consumers.
- The "Digital Markets Act" (DMA) has sped through the bloc's legislative procedures and is designed to protect consumers
- "The gatekeepers -- they now have to take responsibility," said the EU's competition supremo Margrethe Vestager
Business
Banks break pledges with fossil fuel billions: Report
The analysis by London-based think tank InfluenceMap found the world's 30 biggest listed finance groups provided $740 billion to fossil...
- The analysis by London-based think tank InfluenceMap found the world's 30 biggest listed finance groups provided $740 billion to fossil fuel producers in 2020 and 2021
- The biggest providers of fossil fuel financing were JP Morgan with $81 billion, Citigroup with $69 billion, and Bank of America with $55 billion
Business
ADH invests $100m in DEWA
Abu Dhabi-based Alpha Dhabi Holding is a subsidiary of the IHC.
- ADH made the investment through its subsidiary Alpha Dhabi Partners Holding LLC, as a cornerstone investor
- As part of the transaction, Alpha Dhabi Partners Holding LLC will acquire shares through DEWA’s IPO
Business
Al Abjan to raise production
The firm plans to produce 30m hatching eggs by 2023 from 11m in 2021.
- The firm said after raising its production, it will meet more than 28 percent of the UAE’s requirement of 105 million eggs annually.
- Al Ajban anticipates 13 percent return on investment, in consideration of expansion plans that include a new chicken rearing farm.
Business
DEWA prices shares AED2.25-2.48 in Dubai’s biggest IPO since 2017
The IPO size implies a market capitalization at listing of between $30.63 billion and $33.76 billion, which would make DEWA,...
- The IPO subscription started on Thursday and will run until April 2 for the UAE retail investors and until April 5 for the institutional investors.
- DEWA is the majority owner of Empower, the world's largest district cooling services operator by connected capacity.
Business
Unit 2 of Barakh Nuclear Energy Plant starts operations
The Emirates Nuclear Energy Corporation (ENEC) announced today the start of commercial operations of Unit 2 at the Barakah Nuclear...
- Unit 2 adds 1,400 megawatts of zero-carbon emission electricity to the national grid, bringing the total produced by Units 1 and 2 to 2,800 megawatt.
- This new addition takes ENEC and its subsidiaries to the halfway mark of delivering on its commitment to supply a quarter of the country's electricity needs.
Business
KSA mining sector grew 27% to $194 million in 2021
Saudi Vice Minister of Industry and Mineral Resources Eng. Khalid Saleh Al-Mudaifer estimated the total value of mineral wealth in...
- Saudi Vice Minister of Industry and Mineral Resources Eng. Khalid Saleh Al-Mudaifer estimated the total value of mineral wealth in Saudi Arabia at around $1.3 trillion
- He stressed that competition among countries is increasing to assume leading positions in the global mining markets
Geostrategy
Jordan, India discuss cooperation in fertilizer industry
The Jordanian Minister of Investment, Khairy Amr voiced Jordan's readiness to provide facilities for Indian investment in Jordan and invited...
- The Jordanian Minister of Investment, Khairy Amr voiced Jordan's readiness to provide facilities for Indian investment in Jordan and invited Indian experts to his country
- Indian minister reaffirmed the Indian government's keenness to prioritize Jordan in importing phosphates and fertilizers
Business
Ukraine war hits VW ops
A 150-strong task force is working feverishly to keep supply flowing.
- Volkswagen plans to use the lessons learned from Ukraine crisis as the war in country affects its production capacities
- Leoni restarted production in Ukraine on March 2 'with extra security precautions', and Soviet bunkers are being used to keep workers safe
Business
UAE, Turkey chambers of commerce review advancing cooperation
During the meeting, prospects for collaboration between private sector institutions in the countries and ways to enhance them were reviewed.
- The FCCI expressed readiness to promote the opportunities presented by Turkey among Emirati business-owners
- The two sides also mulled over the possibility of signing an MoU between ULUSKON and FCCI
UAE bolsters air cargo industry with launch of ‘CARDS’ data platform
Abu Dhabi, UAE--The General Civil Aviation Authority (GCAA) has launched the Cargo Data Reporting System (CARDS), which provides a range...
Business
Company News
ExxonMobil to buy Denbury
Business
Latest News
‘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...
Business
Chinese high-end EV brand Zeekr to make Middle East debut
Dubai, UAE - Chinese luxury electric vehicle manufacturer Zeekr, a subsidiary of Geely, is set to make its debut in...
Business
Saudi Arabia eyes global EV role following Lucid’s plant setup
Riyadh, Saudi Arabia -- Saudi Arabia aims to become a global player in manufacturing electric vehicles (EVs) and related products,...
Economy
Most Read
Business
Aramco to invest in LNG
The deal will be Aramco's first international investment in LNG.
- Aramco is likely to acquire a minority stake worth $500 million in MidOcean Energy, which is managed by the US investment firm EIG.
- Aramco wants to become "a leading global LNG player", the firm's upstream president Nasir K. al-Naimi said.
Business
New update allows ChatGPT to use internet for fetching data
New York, US - The generative AI platform ChatGPT can now fetch data directly from the internet and gather up-to-date information...
- "ChatGPT can now browse the internet to provide you with current and authoritative information, complete with direct links to sources," OpenAI said.
- Until now, ChatGPT's responses to user queries were based on a vast database, which did not contain information from after August 2021.
Geostrategy
Israel sells Arrow 3 missile defense system to Germany for US$3.5bn
TEL AVIV, ISRAEL - Israel's US$3.5-billion sale of its Arrow 3 missile defense system to Germany, sparked by security fears after...
- Israeli arms exports reached a new record of $12.5 billion dollars last year, double the amount from three years earlier, says its defense ministry.
- Israel, together with its top ally the United States, has developed hi-tech systems designed to knock incoming rockets and missiles out of the sky.