Parkin to give more shares to retail investors in its IPO
Dubai, UAE - Parkin Company on Tuesday announced an increase in the number of shares offered in the UAE Retail...
Business
Business
Empower begins to operate a new cooling plant in Dubai
Emirates Central Cooling Systems Corporation (Empower) has started operating the first phase of its new District Cooling plant in Za’abeel,...
- The total cooling capacity of the plant will be 50,000 RT upon completion
- It will be interconnected with the company’s existing district cooling plant in Dubai International Financial Centre (DIFC) to deliver total cooling energy of 112,000 RT
Business
HP, UAE sign education MoU
MoU aimed at enhancing cyber skills training in UAE schools.
- HP and the Cyber Security Council will launch various initiatives nationwide and expect to work with more than 500 students a year.
- The partnership with the Cyber Security Council has three separate elements that support schoolchildren, university students, and graduates.
Business
Unilever eyes GSK-Pfizer unit despite $64bn bid rebuff
Unilever has revealed ongoing interest in a consumer healthcare unit owned by GlaxoSmithKline and Pfizer after a bid of £50...
- GSK said it had received three unsolicited offers from Unilever for GSK Consumer Healthcare, but they were rejected for being too low
- The unit's products include Sensodyne toothpaste, pain-relief drug Panadol, and cold treatment Theraflu
Business
FB ad policy irks Iraq NGO
Facebook has been mired in global controversies for its ad policies.
- The most prominent Facebook ads controversy was when Cambridge Analytica targeted political ads at users after collecting their data without consent
- The results were advertisement that led to Donald Trump winning the US presidential election, and Britain voting to exit the EU
Interview
Remote working becoming a norm in MENA: Zoom
The year 2022 would “offer a more comprehensive acceptance of remote working policies, as more companies are allowing employees anywhere,”...
- Around 76% of the UAE respondents chose Zoom as their preferred platform
- Zoom is working hard to accelerate the UAE’s digital development across various sectors
Business
UAE banks saw 80% growth in deposits in 10 years
Deposits at banks in the UAE grew 80 percent to AED1,884 billion ($513 billion) in 2020 from AED1,049 billion ($285.64...
- The number of commercial banks operating in the UAE totaled 58 in 2020 against 51 in 2010
- The licensed insurance companies increased from 238 in 2010 to 314 in 2015 to 406 in 2020
Business
World’s 10 richest men doubled wealth during pandemic, says Oxfam
Oxfam said the men's wealth jumped from $700 billion to $1.5 trillion, at an average rate of $1.3 billion per...
- Oxfam said in its report that the pandemic has plunged 160 million people into poverty
- Non-white ethnic minorities and women bore the brunt of the impact as inequality soared, it added
Business
Amman Chamber of Industry exports up by 17 percent in 2021
The exports of the Amman Chamber of Industry (ACI) increased last year in 2021 to "high" levels, compared to 2019,...
- The United States, India, Saudi Arabia and Iraq accounted for the majority of the Chamber's exports last year, with a value of JD3.111 billion.
- ACI exports rose during the same year to many Arab and foreign countries, most notably Indonesia, Egypt, Brazil, Algeria, Turkey, Sudan, Yemen and Malaysia.
Business
Breakbulk Middle East to host top female executives, discuss challenges
Middle East’s largest breakbulk and project cargo event Breakbulk Middle East will host the ‘Women in Breakbulk Breakfast’, as part...
- A 2021 survey conducted by Gartner Inc shows that women comprise 41 percent of the supply chain workforce in 2021, up from 39 percent in 2020.
- The primary aim of BBME is to bridge the gender gap in the breakbulk and project cargo industry.
Business
Dubai records biggest real estate deals worth $41bn in 12 years
During the course of last year, Dubai real estate saw a momentous growth, resulting in deals worth close to $41.1...
- The total number of deals last year reached 61,241, the largest number since 2013, according to media reports
- Of these deals, ready made properties accounted for 60 percent of total real estate transactions in Dubai in 2021, while the rest was made up of off-plan properties
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Qantas CEO steps down early as airline falls out of favour
Irish-born Joyce has been in charge for close to 15 years, often delivering bumper profits for shareholders and safeguarding the...
Real estate exchange transforms Saudi market
The stock exchange offers indices, real estate services, and wealth management. It ensures supply-demand balance, and swift transactions, while delivering...
Business
Turkish Airlines orders 10 A350 Airbus
The airline disclosed no financial details in a statement.
Business
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Business
Mubadala, Petrobras sign MoU
The two parties will explore potential investment in a biofuel project.
- The biofuel project currently being developed by Mubadala Capital in the State of Bahia, Brazil.
- The MoU builds on biorefinery project to produce renewable diesel and sustainable aviation fuel derived from Macauba, a native Brazilian crop.
Business
Qatar tourist arrivals surge on post-world cup momentum
Doha, Qatar -- More than 2.56 million people visited Qatar from January to August 25, which is more than the...
- This number surpasses the full-year arrivals in 2022 and marks a 157 percent increase over the same period last year.
- Immediately after the FIFA World Cup Qatar 2022, Qatar Tourism launched its 'Feel More in Qatar' global campaign.
Business
Emirates NBD invests in Komgo
The equity investment was made by Emirates NBD's Innovation Fund.
- Emirates NBD's corporate venture capital arm will enable the Group to invest in tech start-ups and companies supporting its digital strategy.
- Komgo has diverse customer base that includes more than 200 multinational corporations and global trade banks.