Masdar completes acquisition of 49% stake in Dogger Bank South project
Abu Dhabi, UAE--Masdar, the UAE’s clean energy powerhouse, has completed its acquisition of a 49 percent shareholding in the 3...
Economy
Saudi Arabia permits over 350 firms to open regional HQ, mostly in Riyadh
Riyadh, Saudi Arabia -- Saudi Arabia has granted permission to more than 350 international companies to open their regional headquarters...
Business
Business
Climate and Covid recovery loom large over Dubai air show
Airlines are still deep in the red, with losses expected to extend by another $51.8 billion this year.
- Air traffic has bounced back since the easing of restrictions, though it was still 53 percent lower in September than its pre-pandemic levels.
- Airbus will show off its A321neo -- the latest model in Airbus's A320 narrow-body series -- and its twin-aisle A350.
Geostrategy
High freight costs push world food import bill to record high
The global food trade should hit a record high in both volume and value, according to a new report by...
- The bill is 14 percent higher than last year and 12 percent higher than the previous forecast.
- The increase is also driven by higher price levels of internationally traded food commodities.
Market Report
Asian markets rise on outlook hope but eyes on inflation
A respite in the crisis surrounding troubled Chinese developer Evergrande also provided some much-needed support to the region.
- A respite in the crisis surrounding troubled Chinese developer Evergrande also provided some much-needed support to the region
- Analysts said dealers remained hopeful that the inflation spurt would not be long-lasting and flatten out as supply chains normalise
Analysis
Zero-carbon not the end of oil and gas
Some people conflate the target of zero carbon emissions with the notion that the era of oil, gas, coal, and...
- Carbon emission targets are sometimes misunderstood with the end of oil, gas, and coal
- Oil and gas are still the primary drivers of the global economy, and will continue to be so for decades
Economy
Trillions needed to fight climate threat: UN draft report
The draft Intergovernmental Panel for Climate Change report is scheduled for release early next year.
- Helping vulnerable nations cope with the multiplier effect of climate change will require trillions of dollars, according to a draft UN report
- The failure of rich countries to deliver the promised $100 billion a year for vulnerable nations has become a flashpoint at COP26
Business
Saudi Arabia sells dual-tranche bonds for $3.25 billion
Saudi Arabia has sold two bonds--a sukuk tranche and a conventional bond--for $3.25, the kingdom's National Debt Management Center (NDMC)...
- The value of the first tranche is at $2 billion for a nine-and-a-half-year sukuk maturing in 2031.
- The second tranche of $1.25 billion is for a 30-year bond maturing in 2051.
Economy
UAE, Bahrain to establish joint investment fund in both countries
“The governments of the UAE and Bahrain, in light of the fraternal ties and long-term mutual interests between the two...
- According to the Bahrain News Agency, Mumtalakat and Mubadala Investment Co will launch the new fund together
- Bahraini Crown Prince Salman bin Hamad Al Khalifa announced the deal during a visit to the UAE
Business
Apple loses bid to stall apps bypassing pay system in Epic Games case
A judge rejected Apple's request to delay letting App Store offerings bypass its payment system as ordered by the court...
- Epic filed the lawsuit to break Apple's grip on the App Store, accusing the iPhone maker of operating a monopoly in its shop for digital goods or services.
- The judge reasoned that Apple's policies not allowing app developers to steer users to payment platforms outside the App Store as being a factor in the "antitrust conduct."
Business
Elon Musk loses $50 billion as Tesla shares fall for third day
Elon Musk, the CEO of Tesla lost $50 billion in two days as shares of Tesla fell for the third...
- According to Bloomberg Billionaires Index, this is the biggest two-day fall in its history.
- his drop in net worth of Elon Musk reduces the gap between him and Jeff Bezos, the second richest man of the world to $83 billion.
Business
EDB, NBF agree to provide credit guarantee and co-lending for SMEs in UAE
The Emirates Development Bank (EDB) has signed an MoU with the National Bank of Fujairah (NBF) to offer credit guarantees...
- NBF will offer up to AED10 million financing to an SME, and 50 percent of the facility amount will be either guaranteed or co-lent by EDB.
- The program also aims to support UAE citizens in the startup journey by offering financing facilities of up to AED1 million.
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Masdar completes acquisition of 49% stake in Dogger Bank South project
Abu Dhabi, UAE--Masdar, the UAE’s clean energy powerhouse, has completed its acquisition of a 49 percent shareholding in the 3...
Economy
Company News
Latest News
UAE per capita income rises to 7th rank globally
ABU DHABI, UAE - The UAE ranked seventh in the world in terms of per capita national income, according to...
Economy
East Pipes, Banque Saudi Fransi ink pact
Funds will be used to finance working capital for projects.
Business
Middle East firms pay fortune for employee burnout
A TRENDS exclusive report takes a hard look at how tens of thousands of white-collar workers in Middle East are...
Economy
Most Read
Economy
Middle East firms pay fortune for employee burnout
A TRENDS exclusive report takes a hard look at how tens of thousands of white-collar workers in Middle East are...
- It is estimated that businesses in the Middle East suffer a loss of $100 billion every year on account of mental health challenges due to lost working hours
- It has also been found that only 15 percent of white-collar workers across the MENA region have access to professional mental health resources
Business
Dubai Transport Authority’s digital channels record 10% jump in 2022 revenues
Dubai, UAE-- Dubai's Roads and Transport Authority (RTA) has reported a 10 percent increase in revenues for 2022 to $953...
- RTA reported 814 million digital transactions up from 676 million in 2021, a 20 percent growth rate, in addition to a 30 percent jump in the number of registered users
- Mattar Al Tayer, Director-General of RTA, said that the company was going ahead with its digitization projects in order to increase its global competitiveness
Business
EU, New Zealand ink deal to enhance trade by 30 percent in a decade
The European Union and New Zealand signed a free trade agreement which Brussels says can lift exchanges between the two...
- New Zealand Prime Minister Chris Hipkins said it "will generate substantive new economic opportunities. It's of huge benefit to both partners."
- "New Zealand is a key partner for us in the Indo-Pacific region, and this free trade agreement will bring us even closer together," the EU chief said from Brussels.