Dow, S&P 500 hit fresh records, but Nasdaq ticks lower
The tech-rich Nasdaq slipped by 0.3 percent to 15,996.82 -- a day after surging by 3.0 percent following strong earnings...
AI in focus as world’s biggest mobile fair gets underway in Spain
Barcelona, Spain - The world's biggest mobile phone fair throws open its doors in Barcelona Monday with the sector looking to...
Business
Business
UAE Cabinet okays trading cooperative shares on financial markets
The move is said to be conducive to strengthening the regulatory environment of the cooperatives sector and driving their economic...
- The development is apparently the first of its kind in the region
- It is aimed at growing the cooperative sector’s contributions to the economy
Business
Abu Dhabi saw real-estate transactions worth $19.47bn in 2021
The entire amount resulted from a total of a combined 14,958 sales and mortgage transactions.
- Yas Island is said to have topped the list of best performing areas, with real-estate deals worth AED4.1 billion ($1.12 billion)
- Reem Islands comes second with AED3.2 billion ($871.34 million), and Saadiyat was third with AED2.5 billion ($680.74 million)
Analysis
Global trade hit record $28.5trn in 2021: UNCTAD
The UNCTAD’s Global Trade Update said all major trading economies saw imports and exports rise above pre-pandemic levels in the...
- The global trade volume in the year gone by was an increase of 25 percent on 2020
- It was also 13 percent higher compared to 2019, before the Covid-19 pandemic struck
Economy
World fuels its own destruction with $1.8trn subsidies: Study
Governments across the world pay an estimated $640 billion in support to the fossil fuel industry.
- Agriculture gets $520 billion in subsidies, which lead to soil erosion, water pollution, deforestation, emissions, and loss of biodiversity
- Another $350 billion in subsidies for the water industry is said to help fund water pollution and risk ocean and waterway ecosystems
Business
Plastic surgery enhances face of UAE medical tourism
The industry, stabilized significantly with experienced surgeons and the availability of good facilities, woo a sizable number of foreign clients...
- The prices in well-equipped clinics and hospitals in the UAE are at the same level as in other countries, said Dr Timm Wolter, a plastic surgeon at the Nova Clinic, Dubai.
- Body contouring, liposuction, and fat transfer have been trending for some time now in the emirates.
Business
Saudi Ceramics posts $62m profit
Saudi Ceramics has posted a threefold jump in net profit to $62 million on the back of better profit margins.
- The Riyadh-based firm made SR233 million ($62 million) in profit, compared to SR77.7 million ($20.7 million) last year
- The strong results were fueled by improved profit margins due to increased prices and lower cost of goods sold
Business
G42 Cloud and Serbia to develop cloud computing solutions
G42 Cloud, a subsidiary of G42, the UAE-based AI and cloud computing company, and Serbia signed a Memorandum of Understanding...
- The new agreement will see both parties progress the joint development of Artificial Intelligence (AI) and cloud computing solutions across sectors
- The signing ceremony took place at Expo 2020 Dubai at the Investment Conference held in conjunction with the Statehood Day of Serbia
Business
PIF to bid for Starbucks stake
Owners of the Starbucks franchise value the business at $15 bn.
- Abu Dhabi’s ADQ and Mubadala Investment Co. also submitted separate non-binding offers to buy 30 percent stake.
- Brookfield Asset Management Inc., CVC Capital Partners also have shown interest in buying the shares of Starbucks.
Business
Dubai imports 8 million tons of food in 2021
Dubai has imported eight million tons of food during 2021 and re-exported 6.277 million shipments through all its ports, a...
- Dubai issued 78,812 food export health certificates, while the quantity of food exported last year amounted to 3.272 tons to 157 countries
- The municipality said all types of food are registered electronically through a global system, a unique systems in controlling imported and locally produced foods in the emirate
Business
Air travel momentum up as countries lift Covid restrictions: IATA
Air travel recovery was gaining momentum as countries were lifting restrictions, with a sharp 11-percentage-point increase for international tickets sold...
- There was an 11-percentage-point increase for international tickets sold in recent weeks.
- The 11-percentage point improvement between the January and February periods is the fastest such increase for any two-week period since the crisis began.
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
Dow, S&P 500 hit fresh records, but Nasdaq ticks lower
The tech-rich Nasdaq slipped by 0.3 percent to 15,996.82 -- a day after surging by 3.0 percent following strong earnings...
Company News
Jamjoom Tadawul debut on Jun 20
Business
Bupa renews contract with SABIC
Business
Latest News
Iran’s oil output capacity up 40 percent in two years: Oil Minister
Tehran, UAE -- Iran’s oil production capacity has increased 40 percent in two years with the rise in investment in...
Business
UAE and Brazil launch partnership to exchange expertise in economy
Dubai, UAE -- The governments of the UAE and Brazil have launched a partnership to exchange knowledge and expertise in...
Business
Most Read
Business
Alahmadi joins SHUAA Board
He is set to be part of the Board's Investment Committee.
- Alahmadi's career includes stints at global giants like Mubadala and Rothschild & Co. More recently, he was associated with the CEO Office of ADQ
- His current portfolio also includes a position as an independent member of the Audit and Risk Committee for ADX-listed firm, Presight AI Holdings.
Business
Tech’s carbon footprint: can AI revolutionize responsibly?
The planet's 8,000 or so data centers are the foundation of our online existence, and will grow ever further with...
- In 2019, researchers trained several large language models, and found that training a single AI model can emit the CO2 emission equivalent of five cars over their lifetimes.
- Between 2010 and 2018, global data center energy use rose by only 6 percent, despite a 550 percent increase in workloads and computing instances, according to the IEA.
Business
DEWA presses into service seven 132 KV transmission substations in H1
Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has pressed into service seven new 132 transmission substations in the first half...
- DEWA's MD and CEO, Saeed Mohammed Al Tayer, said that the total cost of electricity transmission network projects under construction exceeds $1.14bn
- Al Tayer further revealed that the total number of transmission substations across Dubai reached 368 stations by the end of the first half of 2023