UAE’s satellite, developed by Emirati engineers, launched from California to aid disaster relief and earth observation
With cutting-edge features like high-resolution imaging and electric jet propulsion, MBZ-SAT will enhance environmental surveillance, disaster management, and infrastructure monitoring,...
Science
UAE’s tech industry set to achieve record growth in 2025
Abu Dhabi, UAE - The UAE’s technology industry is set to achieve record growth in 2025, driven by significant expansion...
Economy
Geostrategy
UN, Russia hold talks on grain, fertilizer exports
United Nations chiefs held talks with Russian officials on the Black Sea agreements on exporting grain and fertilizers, eight days...
- The talks took place behind closed doors at the UN Palais des Nations headquarters in Geneva.
- No statement has yet been issued following the meeting.
Economy
Companies have 50 days to achieve Emiratisation targets: Ministry
Dubai, UAE--- UAE's Ministry of Human Resources and Emiratisation (MoHRE) has said it was keen to support and empower private...
- Ministry of Human Resources and Emiratisation has said it was keen to support and empower private sector companies in the country and help them achieve their targets.
- Companies with 50 or more employees are targeted to raise their Emiratisation rate by 2 percent of their overall skilled jobs.
Business
FTX goes bankrupt in US
The Cryptocurrency platform chief executive quits.
- FTX Group announced in a statement that it filed for Chapter 11 bankruptcy proceedings.
- Chapter 11 is a US mechanism allowing a company to restructure its debts under court supervision while continuing to operate.
Business
MoIAT, Burjeel Holdings sign MoU on healthcare facilities
ABU DHABI, UAE -UAE's Ministry of Industry and Advanced Technology (MoIAT) has signed a Memorandum of Understanding (MoU) with Burjeel...
- The MoU is in line with MoIAT's keenness to provide support and specialized healthcare for its employees and their families.
- Burjeel Holdings will offer the ministry employees and their families special discounts on medical services that are not covered by insurance.
Business
SoftBank Q2 net profit at $21.4b
Firm's reduction of stake in Alibaba partly helped.
- Falling share prices for many of its tech start-up ventures continue to hurt the company's balance sheet.
- The investment behemoth has made huge bets to find and grow new tech companies around the world - making its earnings vulnerable to fickle market forces.
Business
Luxury group Richemont posts H1 2022-23 loss of US$786m
Loss is basically due to the sale of one of its online platforms.
- The group, owner of the Cartier and Piaget brands, made a profit of US$1.23 billion in the same period last year.
- In August, Richemont agreed to sell a large stake in its Yoox Net-A-Porter online luxury sales brand to British e-commerce platform Farfetch.
Economy
Global food import bill to jump to record $1.9 trillion: FAO
The new forecast would mark "an all-time high", and is due to the depreciating values of currencies against the US...
- Ukraine and Russia are agricultural superpowers, with more than 30 nations reliant on them for wheat and sunflower oil exports.
- Sub-Saharan Africa, already hard-hit by malnutrition, is expected to spend $4.8 billion more on food imports, despite a decrease in volumes.
Economy
Saudi Aramco, Energy ministry ink pact to build a carbon capture and storage hub
Saudi Arabia is embarking on initiatives such as the Saudi Green Initiative and the Middle East Green Initiative to meet...
- Saudi Arabia is embarking on initiatives such as the Saudi Green Initiative and the Middle East Green Initiative to meet its climate change commitments
- The first package of ongoing activities as part of Saudi Green Initiative, includes investments in the green economy worth more than $186 billion
Economy
Infra investment key to climate change adaptation
“We need to build a coherent framework of trade and investment policies supported by roadmaps that can accelerate the energy...
- There is a need to develop climate-smart policies to promote international trade and investment in mitigation and adaptation projects, says WTO official
- Fostering cooperation to develop common approaches to carbon pricing is critical to driving new transformations, Dr Ngozi Okonjo-Iweala highlights
Economy
Saudi Ports register 15% growth in October container activity
Container throughput the Kingdom's ports continued its upward year-on-year movement during October 2022, soaring to 694,517 twenty-foot equivalent unit at...
- Growth remained the dominant trend across most cargo categories.
- Optimizing operational efficiency and attracting big-ticket investments have remained a major focus for the Saudi Ports Authority.
UAE’s satellite, developed by Emirati engineers, launched from California to aid disaster relief and earth observation
With cutting-edge features like high-resolution imaging and electric jet propulsion, MBZ-SAT will enhance environmental surveillance, disaster management, and infrastructure monitoring,...
Science
Company News
Latest News
SEC reports $1.55bn Q3 profit
The company attributes the growth to surge in demand.
UN calls for overhaul of financial system to help poorest countries
The UN called for an overhaul of the global financial system to help the world's poorest countries and their struggle...
Geostrategy
UAE Islamic Treasury Sukuks auction is a tremendous success
ABU DHABI, UAE - The United Arab Emirates, represented by the Ministry of Finance (MoF) as the issuer, in collaboration...
Business
Most Read
Market Report
IPOs in MENA raise US$5.8bn in first nine months of 2023
ABU DHABI, UAE - A recent report revealed that 29 initial public offerings (IPOs) were recorded in the Middle East...
- The report indicated that the MENA region witnessed six IPOs during the third quarter of this year with proceeds of US$523 million.
- The report described plans to list shares for IPO in the fourth quarter of 2023 and early 2024 as still promising.
Business
Record number of patent applications filed globally in 2022, says WIPO
GENEVA, SWITZERLAND - Global patenting activity soared to new records in 2022, fueled by Indian and Chinese innovators, but an...
- China, the US, Japan, Republic of Korea and Germany were the countries with the highest numbers of patent filings in 2022.
- innovators from around the world submitted 3.46 million patent applications in 2022, marking a third consecutive year of growth.
Economy
Marafy: Saudi Arabia unveils another ambitious megacity project
Riyadh, Saudi Arabia - Saudi Arabia has revealed plans for a remarkable megacity project named Marafy, following in the footsteps...
- Marafy is set to become an urban center located to the north of Jeddah, offering a stunning waterfront reminiscent of London's iconic landscape
- The city will follow the ongoing construction of Neom on the Red Sea coast, spearheaded by Crown Prince Mohammed bin Salman