Israeli invasion destroys 90% of Gaza livestock, poultry farms
Gaza, Palestinian Territories - The Israeli forces have decimated 90 percent of 2,500 poultry and cattle farms in Gaza during...
Geostrategy
Dubai Airport set for record start to 2025: 4.3m guests in 15 days
Dubai, UAE -- Dubai International Airport (DXB) is on track to welcome 4.3 million guests in the first 15 days...
Business
Business
Waha to pay cash dividend of 10 fils
The firm also okays 1.5 fils per share special dividend.
- Waha Capital reported a net profit of AED440 million in 2023, an increase of 28 percent from the previous year.
- Waha Investment, the company’s wholly owned asset management subsidiary, produced a net profit of AED639 million.
Geostrategy
Major US bridge collapses as cargo ship plows into pylon
Baltimore, United States -- A major bridge collapsed in Baltimore on Tuesday, blocking one of the busiest US commercial harbors, after...
- Six people -- all members of a nighttime construction crew repairing potholes on the Francis Scott Key Bridge -- were missing, officials said.
- The Port of Baltimore is the ninth-busiest major US port in terms of both foreign cargo handled and foreign cargo value is directly responsible for more than 15,000 jobs.
Business
Mubadala invests in Avanse
Avanse is education-focused non-banking financial company.
- Mubadala led this round of funding through its affiliate Alpha Investment Company with participation from Avendus.
- Avanse is the second largest NBFC in the education finance space in India, with AUM at around AED5.5 billion.
Business
Atlantis Dubai first Eastern Hemisphere Certified Autism Center resort
Dubai, UAE -- Atlantis Dubai becomes the first resort destination in the Eastern Hemisphere to gain the Certified Autism Center...
- To meet IBCCES requirements, Atlantis Dubai ensured that over 80 percent of its colleagues received training in autism and sensory awareness.
- More than 90 percent of guest-facing colleagues across both resorts underwent training in Autism & Sensory Awareness (ASA).
Business
Arabian Travel Market’s sold-out Travel Tech area grows 56% YoY
Dubai, UAE -- More than 100 of the world’s leading travel technology companies will be exhibiting at Arabian Travel Market...
- 33 percent more exhibitors participating this year, thanks to unprecedented demand from companies looking to showcase their innovations in front of a global audience.
- The global travel technology market was valued at $9.4 billion in 2022 and is projected to reach $21 billion by 2032.
Market Report
Geopolitical tensions boost oil, weigh on equities
Geopolitical tensions sent oil prices climbing and weighed on equities as investors also continued to worry about prospects for interest...
- Moscow has escalated its aerial attacks on Kyiv, targeting key infrastructure in the wake of Ukrainian attacks on Russian oil facilities.
- Russia is a key producer of oil, while the Gaza-Israel war has given rise to worries about Middle Eastern crude supplies.
Business
ADNIC approves cash dividend of $69m
The company had posted its highest-ever net profit of $109.1m for 2023.
- Earnings per share (EPS) had climbed year-on-year (YoY) to AED 0.70 in 2023 from AED 0.63.
- During 2023, ADNIC's total insurance revenue hit AED 4.64 billion, down from AED 4.66 billion a year earlier.
Business
Mubadala acquires KELIX bio
KELIX bio is a specialty pharmaceutical business.
- KELIX bio was incepted in November 2020, and has since acquired manufacturing businesses in India, Egypt, Malta and Morocco.
- Mubadala said the acquisition aligns with Mubadala's goal to position the UAE prominently in the global life sciences sector.
Geostrategy
European Union probes Apple, Google, Meta under new digital law
Among six firms named as market "gatekeepers" under the EU's landmark Digital Markets Act -- along with Amazon, TikTok owner...
- The European Commission, the EU's antitrust regulator, said it suspects the measures the firms have put in place so far "fall short of effective compliance".
- Under the new rules, the commission can impose fines of up to 10 percent of a company's total global turnover. This can rise to up to 20 percent for repeat offenders.
Arts & Culture
Paris crowns champion waiters in one-of-a-kind ‘cafe race’
Paris, France -- Visitors to central Paris were treated Sunday to the sight of hundreds of aproned waiters surging through the...
- First born in 1914, the "course des garcons de cafe" was held on March 24 for the first time since 2011 -- four months before the city hosts the Olympics in July-August.
- The 200 contestants started and finished the race at city hall by the Seine river, set on their way by mayor Anne Hidalgo.
Israeli invasion destroys 90% of Gaza livestock, poultry farms
Gaza, Palestinian Territories - The Israeli forces have decimated 90 percent of 2,500 poultry and cattle farms in Gaza during...
Geostrategy
Company News
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Saudi-hosted summit says Mideast peace requires end to Israeli occupation
The summit's closing statement said that "a just and comprehensive peace in the region... cannot be achieved without ending the...
Geostrategy
Avia to buy 40 Boeing aircraft
The transaction for the purchase of 737 MAX 8 jets valued at $4.9bn.
Business
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Geostrategy
Arab, Muslim leaders fly to Saudi Arabia for talks on Gaza, Lebanon
Riyadh, Saudi Arabia -- Arab and Muslim leaders have begun arriving in Saudi Arabia for a summit scheduled for Monday that...
- The Saudi foreign ministry announced the summit in late October during the first meeting of an "international alliance" pushing for a two-state solution.
- The 57-member OIC and 22-member Arab League include countries that recognize Israel and those firmly opposed to its regional integration.
Business
Bitcoin hits $80,000 for the first time on Trump return optimism
London, United Kingdom -- Bitcoin soared to a new record high on Sunday, as traders bet that Donald Trump's return to...
- It has been rising since Republican candidate Trump won last Tuesday's US presidential election over sentiment that he will ease regulations on digital currencies.
- During his first presidency Trump referred to cryptocurrencies as a scam, but has since radically changed his position, even launching his own platform for the unit.
Geostrategy
Global food prices reach 18-month high, vegetable oil cost soars
Paris, France -- Global food prices rose in October to their highest level in 18 months, with a sharp increase in...
- The FAO Food Price Index, which tracks monthly changes in international prices of a basket of food commodities, reached 127.4 points last month, a 2% increase from September.
- It was the highest since April 2023 but still 20.5 percent lower than the peak reached in March 2022 following Russia's invasion of agricultural powerhouse Ukraine.