Dubai’s real estate sector records $207 billion in transactions in 2024
Dubai, UAE -- Dubai’s real estate sector recorded a total of 2.78 million procedures in 2024, the highest in its...
Business
Global economy set to face significant challenges in 2025: WEF survey
Geneva, Switzerland – The global economy is set to face significant challenges in 2025, with 56 percent of chief economists...
Economy
Geostrategy
SpaceX postpones historic mission featuring first private spacewalk
United States -- SpaceX postponed once more its attempt at launching a daring orbital expedition featuring an all-civilian crew that...
- SpaceX announced late Tuesday it was pushing back the launch plans "due to unfavorable weather forecasted in Dragon's splashdown areas off the coast of Florida".
- SpaceX Dragon capsule is set to reach a peak altitude of 870 miles (1,400 kilometers) -- higher than any crewed mission in more than half a century, since the Apollo era.
Geostrategy
UAE seeks consular services for arrested Telegram boss
"The UAE is closely following the case of its citizen Pavel Durov, founder of Telegram, who was arrested by the...
- He is accused of failing to curb the spread of illegal content on Telegram, which has more than 900 million users. The company has rejected the accusations.
- Durov set up Telegram after leaving Russia a decade ago, and Forbes magazine estimates his current fortune at $15.5 billion.
Geostrategy
Iraq issues arrest warrants against two persons for ‘heist of the century’
Baghdad, Iraq -- An Iraqi criminal court on Tuesday issued arrest warrants for a businessman and a former government official wanted...
- The scandal, dubbed the "heist of the century", sparked widespread anger in Iraq, which is ravaged by rampant corruption, unemployment and decaying infrastructure.
- The criminal court issued the warrants for businessman Nour Zuhair and Haitham al-Juburi, a former adviser to then prime minister Mustafa al-Kadhemi.
Geostrategy
Egypt says will not accept Israeli force on its Gaza border
Cairo, a key mediator in efforts to secure a ceasefire between Israel and Hamas in Gaza, "reiterated to all parties...
- "Egypt is managing the mediation" between Israel and Palestinian militant group Hamas "in accordance with its national security", the source told Al-Qahera News.
- The negotiations, also mediated by Qatar and the United States, have yielded little hope for a ceasefire, though Washington said Friday that some progress had been made.
Business
UAE national carriers fly to 606 destinations as travel demand rebounds
Abu Dhabi, UAE -- UAE national carriers continued to expand their destinations for passengers, supported by the UAE's leading position...
- The carriers reached about 586 destinations at the end of last year 2023. The national carriers' destinations currently include more than 144 Emirates destinations.
- flydubai flies to 125 destinations in 58 countries across Africa, Central Asia, Central and Southeast Europe, the GCC, the Middle East.
Business
Alibaba to upgrade Hong Kong listing amid profit drop
Hong Kong, China -- Chinese e-commerce giant Alibaba said Friday it would upgrade its Hong Kong-listed shares to primary status, opening...
- The decision by shareholders during its annual general meeting Thursday will provide a much-needed boost to the firm, which has underperformed the market in recent years.
- Alibaba has been primarily traded in New York since 2014 and remained dual-listed after its notable return to Hong Kong through a second listing in 2019.
Geostrategy
In rare move, UAE accepts Taliban government ambassador
It became just the second country after China to do so. The UAE said it was committed to "building bridges"...
- The UAE's growing ties with the Taliban government include the management of Afghan airports by an Emirati firm, GAAC, following the withdrawal of US forces and Taliban's return.
- "The world recognizes the challenges faced by Afghanistan over the past few years," an Emirati official said in a statement.
Business
EGA buys 80% stake in Spectro
EGA says the deal boosts its plan to expand recycling space globally.
- The owners and management will hold a 20 per cent stake, as the two companies have signed a share purchase agreement.
- The transaction is expected to be completed during the third quarter of 2024, subject to obtaining all regulatory approvals.
Business
Stocks wobble as investors brace for Powell’s rate cut clues
Paris, France -- Stock markets wobbled on Thursday as investors await a highly-anticipated speech by US Federal Reserve chief Jerome Powell,...
- The dollar has been under pressure from expectations of lower rates, but it pared down some losses against other major currencies on Thursday.
- The spotlight will turn to Powell when he addresses an annual gathering of global central bankers, with investors eager to hear for fresh signals about the Fed's plans.
Business
TSMC starts work on first European plant
TSMC is investing $3.9bn in the Dresden project.
- The Dresden facility will be specialized in the production of semiconductors for Germany's flagship automotive industry, currently in the throes of transitioning to EVs.
- Some 10 billion euros has been ploughed into the flagship project in the "Silicon Saxony" region, which has an industrial heritage dating back to the communist era.
Dubai’s real estate sector records $207 billion in transactions in 2024
Dubai, UAE -- Dubai’s real estate sector recorded a total of 2.78 million procedures in 2024, the highest in its...
Business
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UAE says will not arm Sudan paramilitary RSF: White House
Washington, United States -- The United Arab Emirates has informed the United States that it will not arm paramilitaries in Sudan's...
Geostrategy
Biden cancels $4.28 bn more in student debt before leaving office
Washington, United States -- US President Joe Biden said Friday he was canceling student loans for an additional 55,000 Americans, which...
Geostrategy
Honda and Nissan in merger talks as electric vehicle competition intensifies
Tokyo, Japan --Japanese auto giant Honda and its struggling rival Nissan will reportedly begin talks on a merger to boost their...
Business
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Business
Turkey’s Pegasus Airlines says to buy 200 Boeing 737 aircraft
Istanbul, Turkey -- Turkey's Pegasus Airlines said Thursday it would buy 200 Boeing 737 MAX 10 aircraft in its largest-ever order...
- "The first 100 aircraft, for which we have placed firm orders, will begin joining our fleet starting in 2028," said Pegasus CEO Guliz Ozturk.
- Established in 1990, Pegasus Airlines operates 109 international routes to 53 countries as well as flying to 35 destinations within Turkey, its website says.
Business
Saudi tourism sector employee number rises by 5.1 percent in second quarter
Riyadh, Saudi Arabia – The number of employees in tourism-related activities in Saudi Arabia increased by 5.1 percent in the...
- GASTAT's Tourism Establishments Statistics bulletin for the second quarter of 2024 said that of these employees, Saudi nationals accounted for 25.6 percent (245,905 employees.
- Male employees dominated the sector, representing 86.6 percent of the workforce (831,076 employees), with women comprising 13.4 percent (128,099 employees).
Geostrategy
Coal use at record high in 2024, the world’s hottest year: IEA
Paris, France -- World coal use is set to reach an all-time high in 2024, the International Energy Agency said Wednesday,...
- China drives global coal demand to new heights, consuming 4.9B tons in 2024—over 30% more than the rest of the world.
- The IEA's "Coal 2024" report predicts the world will hit peak coal in 2027 after topping 8.77 billion tons this year.