Air Arabia 2023 net profit $408m
The firm recorded a 27 percent rise in profit compared to 2022.
Business
Business
Mubadala signs two deals to facilitate investments in France
Mubadala Investment Company (Mubadala) has revealed that it signed two agreements to facilitate investments in sectors of mutual priority and...
- The agreements are part of economic deals valued at more than €15 billion signed between Emirati and French companies
- The first agreement between Mubadala and Bpifrance will see the co-investment partnerships between the two companies extended by an additional €4 billion
Business
BuzzFeed to go public after raising less money than expected
American digital company BuzzFeed, known for its viral content and journalism, will go public on Monday after it initially raised...
- BuzzFeed said it had finalized a merger with 890 5th Avenue Partners, a special purpose acquisition company (SPAC), which aims to raise funds through an initial public offering
- Its shares are expected to start trading on the Nasdaq on Monday under the ticker symbol "BZFD"
Interview
Online food delivery infra a necessity now
‘The delivery sector has become critical to the hospitality industry's survival,’ says Deliverect Middle East General Manager Naji Haddad.
- The explosive rise of online food delivery is forcing restaurants to change how they operate
- Restaurants needed to survive through the pandemic, and now they need to stand out from the competitors
Economy
Jordan woos Russia for local investment
Russian representatives from three provinces met with commissioner general of the Jordan Pavilion at Expo 2020 Dubai.
- Jordan has invited investment from an industrial and economic delegation from Russia
- The Russian delegation represented three Russian provinces
Business
Twitter admits policy ‘errors’
Extremists are abusing its new photo-sharing rule.
- Twitter has noted that its teams have made errors in enforcing its new policy that disallows posting images of people without their consent
- It said it has corrected those, errors and is undergoing an internal review to make certain that this policy is used as intended
Business
WTO deal saves businesses $150bn a year
The deal with members including the US, EU, and Saudi Arabia agreeing to new ways to help businesses.
- The agreement is said to have called for members countries and groupings to create domestic regulation for services
- Such regulations would ‘improve the business climate, lower trade costs, and cut red tape so as to facilitate services trade worldwide’
Business
Samsung bags Aramco project
Samsung Engineering has bagged a $1.23 billion contract from Aramco to develop Jafurah Gas Process Package 1, a major project...
- It is part of the Jafurah shale gas field development located 400 km east of capital Riyadh and is expected to be completed in 2025
- The goal of the project is to produce shale gas, natural gas liquids (NGL), ethane, sulphur and stabilized condensate
Business
DEWA inaugurates visitors center at Al Maktoum solar park
Saeed Mohammed Al Tayer, MD&CEO of Dubai Electricity and Water Authority (DEWA), has inaugurated the ‘Noor Energy 1 Visitors Centre’...
- The Noor Energy 1 Visitors Centre features an exhibition that chronicles the history of energy as well as future energy technologies.
- When fully operational, Noor Energy 1 will be the largest single-site concentrated solar power plant in the world.
Business
Shell exits North Sea oilfield project
Royal Dutch Shell has exited the planned Cambo oilfield project off the Scottish coast because of insufficient financial gain, as...
- Shell, which has a 30-percent interest in the North Sea development, said late Thursday that the investment case was simply "not strong enough"
- The decision comes after major powers last month agreed at the COP26 climate summit in Scotland to curb the use of fossil fuels
Business
Louvre Abu Dhabi license extended until 2047
The Louvre Abu Dhabi's license has been extended by 10 years to 2047, the French presidency said Friday during a...
- The French president and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed agreed to the "extension for 10 years of the partnership over the Louvre Abu Dhabi
- The move will see Abu Dhabi pay 165 million euros ($186 million) between 2022 and 2023 for the extra decade
Most Read
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Company News
Gazprom 2022 profit at US$15bn
Business
Watch owned by China’s last emperor sells for $5m
Arts & Culture
Latest News
Saudi Arabia’s NDMC issues local sukuk worth US$9.57 billion
Riyadh, Saudi Arabia--The Saudi National Debt Management Center (NDMC) has issued new sukuk worth $9.57 billion under the Local Saudi...
Business
Most Read
Business
Use of technology, innovation crucial in daily life
"Multi-carrier aggregation is a proven method to enhance both the peak and average throughputs of wireless networks. This deployment underscores...
- du introduces multi-carrier aggregation, promising three times faster data speeds
- Home wireless services, introduced by du in 2021, set to benefit from this innovation
Business
UAE ranks first globally in employing Indians, Saudi second: Minister
New Delhi, India -- The UAE ranks first among the countries in the world in the employment of Indians, currently...
- Taken together, five Gulf countries -- UAE, Saudi Arabia, Kuwait, Qatar and Oman, in that order -- are among the top destinations providing employment for Indians.
- The number of Indians in the UAE last year was 3.419 million and more than 134,000 were added in one year, India's Minister of External Affairs told parliament.
Business
Ma’aden Q2 revenues hit $1.86bn
Record phosphate output boosts the company's performance.
- The firm's net profit records US$93.5 million, reflecting the downturn in commodity prices
- Debt reduction witnessed with long-term borrowings and net debt decreasing by 11% and 9%