Nissan to shrink EV production costs
The automaker will slash production costs by 30 percent.
Business
EU imports US$120.5bn worth of energy products in Q4 2023
BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products...
Business
Business
Qatar may dislodge Russia to be Germany’s energy supplier
In order to lower its dependence on Russian oil and gas, Germany is looking toward Qatar to fulfill its energy...
- Germany is to close its last nuclear power plants this year and plans to build its first liquefied natural gas terminal within two years
- Qatar is one of the countries that recently have been approached by the US to reroute gas supplies to Europe
Business
Social media poses ‘existential threat’ to traditional, trustworthy news: UNESCO
The business model of the news media is ‘broken’ and with it, our fundamental right to information is at risk,...
- The UNESCO analysed media development trends from 2016 to 2021 and found that global newspaper advertising revenue has fallen by half during the five year period
- The report indicates that news outlets often struggle to get clicks from readers that determine advertising revenue, and many find themselves “squeezed out”
Business
Abu Dhabi launches ‘Abu Dhabi Express’ bus service
The Abu Dhabi Express is a direct, non-stop bus service, making its routes the quickest means of transport, enabling passengers...
- The Abu Dhabi Express is a direct, non-stop bus service, making its routes the quickest means of transport, enabling passengers to get to their destinations
- The Abu Dhabi Express services will all use the main bus station in Abu Dhabi city as an arrival point
Business
UAE and New Zealand to collaborate in food security
The UAE and New Zealand have signed an agreement to enhance collaboration in food security, a step aligning with the...
- Mariam bint Mohammed Almheiri, UAE Minister of Climate Change and Environment, and Damien O’Connor, New Zealand’s Minister of Trade, signed the MoA
- Officials from the two ministries will meet regularly to develop a plan for joint activities and programs aimed at advancing the MoA’s areas of cooperation
Business
Gas Arabian Services profit dips 18%
The net profit of Gas Arabian Services Co. has decline to $16 million.
- The firm’s net profit fell to SR60 million ($16 million), compared to SR73 million a year earlier, according to a bourse filing
- Despite the lower profit, the Dammam-based company seeks to pay SR2 per share as dividends
Business
Lebanon bans top officials of five banks from travel
A prosecutor in Lebanon has issued travel bans against the heads of the boards of five Lebanese banks as a...
- Ghada Aoun, the judge, issued the bans against Salim Sfeir of Bank of Beirut, Samir Hanna of Bank Audi, A Sehnaoui of SGBL, Saad Azhari of Blom Bank, and Raya Hassan of Bankmed
- She has not charged any of them with a crime
Business
Volkswagen sees 2021 profits surge
The carmaker sold 600,000 fewer vehicles in 2021 than in 2020.
- The German automaker expects its sales to increase by 5-10 percent in 2022
- The world's second-largest automotive group's revenue rose 12 percent last year due to 'favorable pricing'
Analysis
Weekly loss for UAE markets, amid contrast for TASI
Oil prices rose by more than 20 percent this week, due to ongoing concerns about supply disruptions and Russian output.
- The Saudi index ended its week on Thursday (March 10, 2022) down by 0.4%
- Abu Dhabi index finished the week with a loss of 0.3% on Friday (March 11, 2022)
Business
Abu Dhabi Police intercept 1.5 tons of contraband, worth $40m
This action, among others, could be quite helpful in getting the UAE out of the so-called grey list of the...
- The Anti-Drug Section at the ADP’s Criminal Investigation Department (CID) detected a suspicious shipment
- It had arrived from a neighboring country at Khalifa Port, and was apparently meant to travel to Europe
Interview
MENA businesses are battling social media scams
Saeed Ahmad, Callsign’s Managing Director for the MENA region, explains how a single fraudulent message impersonating an entity can erode...
- Scams have targeted 66 percent of people in the UAE in recent years, and the phenomenon is spreading
- Around 50 percent of the region’s consumers lose faith in an organization whose name appears in a scam message
Nissan to shrink EV production costs
The automaker will slash production costs by 30 percent.
Business
Company News
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European Union okays lighter pact on curbing car emissions
Brussels, Belgium - EU member countries on Monday adopted a watered-down deal on curbing car emissions, after auto manufacturers complained stricter...
Business
ADX inks pact with Expo Center Sharjah to boost financial services
Abu Dhabi, UAE - The Abu Dhabi Securities Exchange (ADX) signed an agreement with the Expo Center Sharjah to enhance...
Business
Central Bank of Bahrain treasury bills oversubscribed by 149 percent
MANAMA, BAHRAIN - This week’s BD 70 million (US$186 issue of Government Treasury Bills has been oversubscribed by 149 percent....
Business
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Business
NEOM inks deal with Marriott International
Under the deal, two luxury hotels will be built in Trojena.
- The agreement includes Saudi Arabia’s first W Hotel, and a JW Marriott chain-branded hotel, NEOM said in a statement.
- Trojena, a flagship development within NEOM, is being crafted and positioned as a year-round adventure sports haven.
Business
Arab countries account for 60 percent of global Islamic financial industry, says AMF
ABU DHABI, UAE – Director-General and Chairman of the Board of Directors of the Arab Monetary Fund Dr Abdul Rahman...
- Setting accounting standards for Islamic finance institutions helps support the growth of the industry.
- Maintaining the Islamic financial industry's achievements requires focusing on capacity building.
Business
Qatar launches ‘Istamer’ platform to employ retirees in private sector
DOHA, QATAR - The Ministry of Labor (MoL) launched the "Istamer" digital platform, which deals with employing Qatari retirees wishing...
- The platform’s purpose is to aid retired persons keen on re-entering the workforce find jobs in private institutions aligned with their expertize.
- The platform streamlines the entire recruitment process, from application submission to interviews and final job offers, which is all conducted online.