Assad’s fall reshapes Middle East politics, redefining power dynamics across the region
The Islamist Hayat Tahrir al-Sham rebels shocked the world by swiftly seizing Aleppo and Damascus, overshadowing global focus on the...
Abu Dhabi’s Hub71 startups secure $1.90 billion in funding, says CEO
Abu Dhabi, UAE -- Startups within Hub71, Abu Dhabi's global tech ecosystem, have secured over AED 7 billion in funding,...
Business
Business
QatarEnergy, QPD to further develop Al-Karkara and A-Structures oil fields
The new 5-year agreement, which commences on December 23, succeeds the development and production sharing agreement signed in December 1997.
- The new 5-year agreement, which commences on December 23, succeeds the development and production sharing agreement signed in December 1997
- The fields were initially considered non-commercial until QPD managed to prove their commercial viability in the late 1990s
Economy
UAE, Canada non-oil trade totals $3bn in first 9 months of 2022
The UAE is the second leading trading partner of Canada in the Gulf Cooperation Council (GCC) and the region in...
- The UAE is the second leading trading partner of Canada in the Gulf Cooperation Council (GCC) and the region in 2021
- Canadian direct investments in the UAE until the start of 2021 amounted to AED3.6 billion, a rise of 100 percent over the past 8 years
Economy
Japan inflation at 3.7% in November, highest since 1981
The November figure is well below the sky-high levels that have sparked concern in the United States, Britain and elsewhere,...
- Core consumer prices, which exclude volatile fresh food costs, climbed 3.7 percent last month compared to a year earlier
- Prices jumped the most for processed food items and were also higher for electricity and durable goods like air conditioners
Business
Nike shares soar as profits top estimates
Profits for the Q1 came in at $1.3 billion.
- Profits for the quarter ending at November 30 came in at $1.3 billion, the same as in the year-ago period while revenues jumped 17 percent to $13.3 billion
- In the most recent quarter, Nike's gross margin declined compared with the prior quarter due to higher markdowns, especially in North America, Nike said.
Ukraine war providing lessons for future conflicts
How the war in Ukraine has played out -- both on the world stage and the battlefield -- serves as...
- The United States and other countries imposed punishing sanctions on Russia, leaving it increasingly isolated
- US Defense Secretary Lloyd Austin said the response to Russia's invasion demonstrated the international commitment to the rule of law
Economy
Qatar’s budget surplus exceeds $21bn in 9 months
The surplus is mainly due to control over expenditures and the rise in revenues with the recovery in oil prices.
- The surplus is mainly due to control over expenditures and the rise in revenues with the recovery in oil prices
- The data also showed an increase of 26 percent in revenues and 0.78 percent in expenditures in the third quarter
Business
ADNOC Drilling to acquire rigs
The two offshore jack-up rigs will be bought for $200 million.
- Since listing on the Abu Dhabi Securities Exchange in October 2021, ADNOC Drilling has expanded its fleet from 95 to 108 owned rigs, as of 30th September, 2022.
- This rig purchase adds to earlier deals for a total of nine rigs signed in 2022 and four rigs acquired in 2021.
Economy
Qatar posts budget surplus of $8bn in third quarter
Doha, Qatar - Qatar posted a budget surplus of QR 30 billion ($8 billion) for the third quarter of 2022,...
- Total revenues for this quarter amounted to $22 billion, of which $21 billion came from oil and gas
- Total expenditures in the quarter amounted to $14 billion, of which $4 billion was spent on salaries and wages
Business
BEEAH inks three-way pact
The three firms will produce fuel cell grade hydrogen from waste.
- The three firms will form a consortium that will advance progress on the Middle East’s first waste to hydrogen plant, located in Sharjah.
- The plans for the plant include an on-site green hydrogen dispensing station capable of fuelling several vehicles.
Business
DEWA receives 29 EOIs for first phase of desalination project at Hassyan
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has received 29 expressions of interest (EOIs) to implement the first...
- This is the first project implemented by DEWA using the Independent Water Producer model, which will run in phases during 2025 and 2026.
- The firm uses clean solar power to desalinate seawater using the latest Reverse Osmosis technologies, which consume less energy.
Assad’s fall reshapes Middle East politics, redefining power dynamics across the region
The Islamist Hayat Tahrir al-Sham rebels shocked the world by swiftly seizing Aleppo and Damascus, overshadowing global focus on the...
Company News
McDonald’s profits up 7%
Business
Latest News
Chip giant TSMC briefly joins trillion-dollar club
New York, United States -- Chip-making juggernaut Taiwan Semiconductor Manufacturing Co. briefly surpassed $1 trillion in market capitalization on Monday as...
Business
Gaza battles rage as mediators push for truce deal
Mediators Egypt and Qatar were due to host new talks this week, according to officials, as the bloodiest-ever Gaza war...
Geostrategy
Is Artificial Intelligence a major drain on the world’s energy supply?
Paris, France -- When Google announced this week that its climate emissions had risen by 48 percent since 2019, it pointed...
Geostrategy
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Business
European Union slaps Chinese electric cars with tariffs of up to 38%
Brussels, Belgium -- The European Union on Thursday slapped extra provisional duties of up to 38 percent on Chinese electric car...
- A European Commission probe launched last year concluded that state subsidies for Chinese EV manufacturers were unfairly undercutting European rivals.
- The Chinese Chamber of Commerce to the EU slammed the tariffs, coming on top of current import duties of 10 percent, as "politically-motivated" and "protectionist".
Geostrategy
Heavy fighting rocks Gaza as thousands are on the move again
The United Nations warned that the almost nine-month-old war had "unleashed a maelstrom of human misery."
- The UN agency supporting Palestinian refugees said 250,000 people had been impacted by the latest evacuation order
- The war has now displaced 80 percent of Gaza's population
Science
Dubai-based rowers brave Arctic this July to highlight plastics pollution
At an indoor pool in Dubai, three rowers battle artificial rain and simulated waves as they train for an Arctic...
- They plan to row for three weeks aboard an eight-meter boat flying the UAE flag, with no sail or engine
- The United Nations says plastics account for 85 percent of all marine trash