Abu Dhabi launches technology investment company MGX
ABU DHABI, UAE – The Artificial Intelligence and Advanced Technology Council (AIATC) announced on Monday the creation of MGX, a...
Business
Expo 2020 DUBAI
Expo 2020 hits halfway mark, records nearly 9 million visitors
Expo 2020, the world's biggest event since the pandemic, has passed the halfway mark, recording nearly nine million visitors so...
- From October to December 2021, Expo hosted a total of 8,902 government leaders, including ministers, presidents, prime ministers and heads of state.
- almost one-third (30 percent) of all visitors came from outside the UAE, with the top international visitor countries including India, Germany, France and the UK.
Business
Alpha Dhabi acquires stake in Al Qudra
Deal part of ADH's $2.17 billion investment plan.
- Al Qudra Holding is an Abu Dhabi-based private joint-stock company, which has focused on sustainable development in the region.
- Last month, Al Qudra Holding completed the acquisition of Tamouh Investments from International Holding Company.
Business
Dubai’s Emaar group to develop shopping mall in Kashmir
The governments of Dubai and Jammu & Kashmir have signed a memorandum of understanding (MoU) to facilitate investment in the...
- The governments of Dubai and Jammu & Kashmir have signed a memorandum of understanding (MoU) to facilitate investment in the proposed project
- Emaar Properties entered the Indian real estate market in 2005 by partnering with India's MGF group and investing Rs 8,500 crore into joint venture Emaar MGF Land
Business
Dubai approves 600 housing loans worth $163m
The loans are to be provided by the Mohammed bin Rashid Housing Establishment as part of housing projects announced last...
- The decision reflects the vision of the emirate’s ruler Sheikh Mohammed bin Rashid to provide the best living conditions for Emirati families
- It is said to be in line with the Dubai 2040 Urban Master Plan that lays out a roadmap for sustainable urban development in the emirate
Business
US telecom firms agree to airlines’ call, delay 5G rollout
The move came a day after AT&T and Verizon rebuffed a request to delay the already delayed rollout, prompting airlines...
- AT&T and Verizon have agreed to postpone deployment of their 5G infrastructure after concerns were raised over aircraft interference
- A last-minute draft agreement first will see AT&T and Verizon put off the deployment of their new 5G frequency bands by 15 days
Business
Sonatrach plans $40bn investment
The Algerian firm will make the investments over five years.
- The $40 billion plan includes a refinery project at the largest oil field of Algeria, as well as an extension of the Skikda refinery to convert derivatives into fuel
- Sonatrach has also planned to put into service the fourth turbocharger of the Medgaz pipeline, which transports gas to Spain and Portugal
Interview
‘Challenging year ahead for logistics industry’
Companies have used innovative methods to keep their operations running while overcoming numerous challenges linked to Covid-19 pandemic. However, the...
- The limited capacity and high freight rates will remain until global vaccine campaigns gather traction
- Logistic companies who fail to recognize necessity of digital adoption will be left behind
Business
Apple hits $3trn valuation
It has become the first US company to reach that valuation.
- The iPhone-maker scaled the record level near 1845 GMT on Monday, January 3
- It reached $182.88 a share before slipping back slightly to end at $182.01
Ajman issues 41 percent more economic licenses in 2021
The economic licenses issued by the Department of Economic Development in Ajman (Ajman DED) during 2021 grew by 41 percent....
- The initiatives launched by the Ajman DED during the current year have resulted in a high growth rate of the Taziz Program to about 238 percent.
- The department signed 54 agreements during the current year, and the percentage of partners' satisfaction reached 85 percent.
Business
Emirates declared safest airline globally by Hamburg-based JACDEC
The Hamburg-based Jet Airliner Crash Data Evaluation Centre (JACDEC) has again named Emirates Airline as the world’s safest airline in...
- With a risk index of 95.05 per cent, Emirates beat its nearest rivals KLM (93.31 per cent), JetBlue (91.61), Delta (91.55) and easyJet (91.28) among the 25 airlines surveyed.
- In Europe, KLM (93.31) took first place, ahead of Finnair (93.16), Air Europa (93.12), Transavia (92.83), easyJet (91.28) and Norwegian (90.95).
Abu Dhabi launches technology investment company MGX
ABU DHABI, UAE – The Artificial Intelligence and Advanced Technology Council (AIATC) announced on Monday the creation of MGX, a...
Business
Company News
Latest News
Viacom18 nets Indian cricket broadcast rights for $721 million
Media rights are a huge earner for the Board of Control for Cricket in India (BCCI), one of the richest...
Business
Qatar Credit Bureau, Supreme Judicial Council to share data
DOHA, QATAR - Qatar Credit Bureau signed a memorandum of understanding (MoU) with the Supreme Judicial Council (SJC) pertaining to...
Geostrategy
Saudi Arabia’s oil exports down 33.4 percent in second quarter
Riyadh, Saudi Arabia -- Saudi Arabia's oil exports fell by 33.4 percent to SAR 227.7 billion ($60.70 billion), from SAR...
Business
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Business
EGA H1 net profit $533 million
The firm expects growth in primary production and recycling business.
- EGA announced H1 2023 adjusted EBITDA of AED4.2 billion ($1.1 billion). EGA’s aluminum segment adjusted EBITDA margin was 27 percent, leading global industry peers.
- EGA’s average realized London Metal Exchange price for its aluminum was $2,359 per ton compared to $3,063 per ton during H1 2022.
Business
Microsoft bows to EU competition concerns over Teams
In a bid to address the concerns, Microsoft will unbundle Teams from its Microsoft 365 and Office 365 suites in...
- EU Commission launched the investigation in July to see whether the US tech giant was "abusing and defending its market position" by bundling the software together
- Microsoft bundles Teams with its cloud-based Office 365 and Microsoft 365 suites, which include its popular Word, Excel, Powerpoint and Excel programmes
Economy
In China, Baidu leads public rollout of AI chatbots
China issued new regulations this month for the country's AI developers that maintain the government's tight control on information while...
- Chinese generative AI apps must "adhere to the core values of socialism" and refrain from threatening national security
- By making ERNIE widely available, Baidu will be able to gain "massive" human feedback to improve the app at a swift pace