China’s Xiaomi to invest nearly $7 bn in chips
Chinese tech giant Xiaomi will invest 50 billion yuan ($6.9 billion) in developing high-end smartphone chips, the firm's founder said...
Business
US, China to slash tariffs as Trump to speak to Xi
After the first meetings between Washington and Beijing since Trump ratcheted up his trade war, the world's two biggest economies...
Economy
Economy
TRENDS poll: GCC residents opt to be in Dubai for Eid vacation
Most of the participants, in the poll from as far away as Egypt and Lebanon, picked up Dubai to celebrate...
- Dubai has been attracting young travelers in droves, thanks to its infrastructure, cleanliness, beaches, and high levels of safety
- Qatar has seen an influx of tourists, with a record number already being registered in the first two months of the year
Business
Abu Dhabi QCC drives emirate’s infrastructure development in 2022: Report
Abu Dhabi, UAE - Abu Dhabi Quality and Conformity Council (QCC) has made strides in developing the quality infrastructure of...
- In 2022, the Council approved 26 new technical documents, reviewed 22 draft specifications and technical regulations.
- The report said that the council has conducted over 5 million laboratory examinations since 2014, 606 main services and over 2,394 sub-examinations.
Business
DEWA approves payment of US$1.29bn in dividend to shareholders
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) which is listed on the Dubai Financial Market (DFM) on Monday...
- DEWA general assembly was chaired by Matar Humaid Al Tayer, Chairman of the Board of Directors of the utility.
- Saeed Mohammed Al Tayer, MD and CEO of DEWA and members of the Board of Directors also took part in the meet.
Economy
Asian markets mixed as US jobs data hints Fed interest rate hike
The closely watched non-farm payrolls reading on Friday followed a string of figures last week showing the world's top economy...
- While rates are seen going up, bets are for officials to end their hiking cycle earlier than previously thought.
- Oil prices edged down as investors weighed OPEC's decision to cut output by more than a million barrels a day.
Geostrategy
Environment Agency – Abu Dhabi launches strategic environmental assessment program
ABU DHABI, UAE - The Environment Agency - Abu Dhabi (EAD) has introduced the Strategic Environmental Assessment (SEA) planning program...
- Strategic Environmental Assessment will promote sustainable development and a healthy environment for future generations.
- SEA will aid in evaluating environmental impacts and guiding the investigation of alternatives and potential mitigation efforts.
Business
Microsoft, G42 sign MoU
MoU will leverage core competencies of both the firms.
- The MoU will help explore joint business development and marketing opportunities across a variety of areas G42 covers.
- Microsoft and G42 will be working in the coming months to finalize the development required to ensure regulatory compliance.
Economy
Egypt sees growth in financial inclusion, touches 65% of adult population
Cairo, Egypt-- Egypt's financial inclusion has widened as total ownership of transactional accounts reached 64.8 percent of the total 65.4...
- The country's financial inclusion rose 147 percent between 2016 and 2022 to 42.3 million citizens who own and use transactional accounts
- Mobile wallets and prepaid cards primarily led to the increase, growing by 54 percent and 31 percent respectively
Economy
IMF, World Bank to consider ‘ambitious reform’ in spring meetings
Washington, United States-- The World Bank and International Monetary Fund's spring meetings get underway later this week with an ambitious reform...
- The IMF estimates globlal growth to drop below three percent this year, and to remain at close to three percent for the five years
- Although Asia's emerging markets might witness a big rise in economic output, nearly 90 percent of world's large economies will see slow growth this year
Economy
4th batch of Saudi oil derivatives grant arrives in Aden
Aden, Yemen - The fourth batch of the Saudi Oil Derivatives Grant, consisting of 150,000 metric tons of diesel and...
- This initiative is part of Saudi Arabia's ongoing efforts to support the Yemeni people
- The grant was provided to help Yemen operate over 70 power generation plants
Business
Saudi Arabia 60 percent self-sufficient in mango production
Dubai, UAE – Saudi Arabia has achieved 60 percent self-sufficiency in the production of mangoes in the kingdom, producing more...
- The kingdom produced more than 88000 tons of mangoes on more than 6880 hectares of land, the Ministry of Environment, Water and Agriculture said.
- More than 20 varieties of mango are produced during the growing season from April to August, which include Tommy Atkins, Kate, Kent, Alphonso.
China’s Xiaomi to invest nearly $7 bn in chips
Chinese tech giant Xiaomi will invest 50 billion yuan ($6.9 billion) in developing high-end smartphone chips, the firm's founder said...
Business
Company News
Latest News
Dubai GDP growth up 3.3 percent in nine months of 2023
Real estate soared by 4 percent, while financial and insurance activities surged 2.7 percent. The knowledge economy improved with a...
Economy
Bahrain and Slovakia to ramp up cooperation in urban planning
Manama, Bahrain-- Bahrain and Slovakia are looking to ramp up the ongoing cooperation in urban planning and sustainable development. In...
Economy
Cinema ticket prices in Saudi Arabia decline by 16% in 2023
Riyadh, Saudi Arabia - The average cinema ticket prices decreased by over 16% in 2023 compared to the previous year,...
Business
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Business
France flooded with applications for electric car leasing scheme
Paris, France - The French government has been flooded with applications from low-income households to lease a subsidized electric car from...
- Some 90,000 people have applied to the scheme since the start of the month, French Environment Minister Bechu said.
- President Emmanuel Macron unveiled the plan on social media in December as part of efforts to reduce carbon emissions in France.
World Economic Forum
In Davos, AI excitement persists but fears over managing risks
A recent IMF report said AI would affect nearly 40 percent of jobs around the world, and some 60 percent...
- Over the course of the week, more than 3,000 policy makers, business executives, academics and innovators discussed some of the world's most pressing issues at the annual meet.
- The Forum announced it will hold a special meeting, hosted by Saudi Arabia, on “Global Cooperation, Growth and Energy for Development” on 28-29 Apr 2024 in Riyadh.
Business
Tesla’s Musk throws down the gauntlet
Amid declining sales and safety concerns, CEO covets more control, seeking solace in SpaceX's success.
- Tesla has lost over US$90 billion in market cap, a rough landing in 2024, and a continuation of a slide that could crash the EV maker’s stock value, data from Refinitiv revealed.
- There is declining growth in EV production and a wider slowdown in the market that has Tesla investors nervous.