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...
Business
World’s rarest coffees to be auctioned for first time in Dubai
Dubai, UAE -- Coffee aficionados and industry leaders will converge in Dubai this February at World of Coffee (WOC) Dubai...
Business
Economy
Jordan’s investments increase by 47.6% in H1 2023
Amman, Jordan - Jordan's total volume of investments witnessed a 47.6 percent increase, according to data released by the Ministry...
- The total investment volume reached $841.6 million, compared to $570.2 million during the same period in 2022
- 236 investment projects capitalized on the advantages offered by the Investment Environment Law
Business
STC reports record revenues in H1 2023
The company's gross profit reached $4,929 million.
- The gross profit reached $4,929 million, representing a growth of 0.90% YoY
- The net profit surged to $1,625 million, registering a growth of 4.17 percent
Economy
UAE to establish prosecution entities specialised in economic crimes, money laundering
Abu Dhabi, UAE - The UAE is establishing federal prosecution entities specialised in economic crimes and money laundering, to develop...
- The establishment of these entities also represents a first step towards investigating and cracking down on crimes such as corporate crimes
- The entities will enhance the UAE’s competitiveness as a global financial and business hub for investment and improving the quality of criminal investigations
Saudi Arabia’s mining company Ma’aden to buy 10% of Brazilian firm
Riyadh, Saudi Arabia - Saudi Arabian Mining Company, known as Ma’aden, has agreed to acquire a 10 percent stake in...
- Manara’s investment into Vale will play a key role in helping it expand the production of copper and nickel
- A binding agreement was signed by Manara, Ma’aden's joint venture, established with the Public Investment
Business
Generative AIs transform everyday lives, enterprises
Despite challenges such as reliability, privacy issues, and potential bias, moderation filters and a 'human in the middle' approach can...
- GenAI models can enhance NLP-based applications, improve enterprise-wide search capabilities, and extend into image recognition
- The technology can be used for a variety of enterprise use cases, from writing emails and reports to assembling marketing campaigns
Business
Masdar, Iberdrola to invest in US$1.77bn German wind farm
The UAE's firm signed an agreement with Iberdrola to co-invest in the 476-megawatt Baltic Eagle offshore wind farm in the...
- Masdar's CEO Mohamed Jameel Al Ramahi and Iberdrola's Executive Chairman Ignacio Galan signed the deal
- For close to seven years now Masdar has revolutionized the clean energy sector in the UAE, and beyond
Economy
Abu Dhabi-Japan deal to boost economic diversification
“Our cooperation with Japan External Trade Organisation (JETRO) is part of these efforts as Japanese experience and progress reflect role...
- Rashed Abdulkarim Al Blooshi, Undersecretary of the ADDED, highlights the importance of human development in Abu Dhabi's economic diversification efforts
- The Abu Dhabi Residents Office, an ADDED arm, and JETRO have signed an MoU to bolster efforts in attracting specialized talent and investors across the sectors
Business
Middle East, major buyer of Basmati rice, could be hit by India’s rice ban
Mumbai, India: The world's biggest rice exporter India has banned some overseas sales of the grain "with immediate effect", the...
- Middle Eastern countries are one of the major importers of India’s basmati rice - a variety of long, slender-grained aromatic rice
- Earlier this year, Iran, Saudi Arabia and Iran accounted for 50 percent of total shipments of India’s export of this variety
ADCB logs 23% Q2 net profit
The company's interest income reaches $797m.
- The bank’s interest income reached $797 million marking a 14 percent YoY increase
- The cost to income ratio improved by 450 basis points YoY to 32.0 percent
Business
Sharjah nurturing publishing sector for five decades
“Sharjah has hosted the world’s largest book fair in terms of buying and selling of copyrights, developed pioneering business solutions...
- Sharjah Book Authority's contributions remain crucial in achieving cultural goals, says SBA Chairperson Sheikha Bodour Al Qasimi
- Sheikha Bodour emphasizes the vision and need to build Sharjah as a global beacon of knowledge, creativity, and innovation
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...
Business
Company News
Latest News
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...
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...
Geostrategy
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...
Business
Most Read
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.