Amanat will own 85 percent of the post-merger entity.

New Delhi, India--India is looking to connect its power grid with Saudi Arabia and the UAE by way of undersea cables, according to Indian media, citing Union Minister for Power and Renewable Energy Raj Kumar Singh.  The media reports said that India will sign bilateral agreements with Saudi Arabia and...

Dubai, UAE— Dubai Electricity and Water Authority (DEWA) and Xanadu, a Canadian quantum computing company, are considering strategic cooperation in order to develop solutions for enhancing the reliability of energy systems. In this regard, Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA), met with...

Riyadh, Saudi Arabia— Saudi Arabia has signed a memorandum of understanding (MoU) with Wemade, a South Korean firm, to boost its presence in the gaming sector. The agreement between the Saudi ministry of investment and Wemade will enable the South Korean firm to widen its footprint in the kingdom. Wemade...

ABU DHABI, UAE - The Abu Dhabi Department of Economic Development (ADDED) and Wio Bank announced on Tuesday that would cooperate to transform how Small and Medium Enterprises (SMEs) manage their finances, payments, and their overall business operations. This partnership saves SMEs a significant amount of business operation time by...

Dubai, UAE -- Dubai Multi Commodities Centre hosted a China Business Day at Almas Tower, which drew more than 200 Dubai-based Chinese business leaders. DMCC said in a statement that the event celebrated the flourishing commercial ties between the UAE and China, with DMCC providing dedicated support to Chinese businesses...

The company posted a first quarter operating loss of $172 million.

The net profit plunged by more than 56 percent compared to Q1 2022.

Tehran, Iran— Claiming that Iran has received numerous “requests” from different countries for purchase of its defense equipment and cooperation, Brigadier General Afshin Khajeh Fard has hailed the achievements in producing unmanned aerial vehicles (UAVs) and manned drones with fixed and moving wings. The brigadier general, the head of the...

The firm will build an electric vehicle battery plant in the US.

Dubai, UAE -Taking advantage of the boom in the tourism sector in the Middle East, Saudi Arabia and the UAE are engaged in frantic construction activity to build new hotels in order to cope with the rush of visitors. According to a report by STR, Saudi Arabia is involved in...

Analysts polled by the Swiss financial newswire AWP expected UBS's first quarter net profit to tick in at around $1.7 billion, down from $2.1 billion a year ago. Though it managed to rack up a $1.0 billion net profit for the first three months of 2023, UBS said it had...

London, UK— The UAE is looking to invest US$160 billion in the new economy sectors like renewable energy over the next three decades. This was stated by Abdullah bin Touq Al Marri, Minister of Economy, in his address at the 13th edition of the City Week 2023 Forum, in London,...

Netflix, which spent more than 1 trillion won ($750 million) developing Korean content from 2015 to 2021, had previously said it would be expanding its South Korean show output, without giving details of spending plans. South Korea has cemented its status as a global cultural powerhouse in recent years, thanks in...

Coca-Cola's profits came in at $3.1 billion, up 12% from 2022.

Two loan agreements were signed in the Kyrgyz capital Bishkek by the SFD CEO Sultan bin Abdulrahman Al-Marshad with the Ministry of Finance of the Republic of Kyrgyzstan, represented by the Minister of Finance, Almaz Baketaev.

Dubai, UAE - The passengers of Dubai Metro surpassed two billion since its inauguration on September 9, 2009, the Roads and Transport Authority (RTA) said.The metro's Red Line transported 1.342 billion commuters while the Green Line served 673.531 million commuters. Additionally, the Dubai Metro maintained a punctuality rate of 99.7%,...

The Group will acquire a 55 percent stake in Media 247.

The state company said in a statement on its website that it was "launching its own version" of a chatbot, which will be called GigaChat -- a first for Russia. The Russian-language app is now only available by invitation in test mode.

The total acquisition cost comes to US$26.7 million.

"German business's worries are abating, but the economy is still lacking dynamism," said Ifo president Clemens Fuest.

Baghdad, Iraq -- The Federation of Iraqi Chambers of Commerce FICC has said that Iraq offers promising investment opportunities and its entry into the SWIFT platform gave a positive message to all countries of the world. "Iraq has thousands of promising investment opportunities in oil, agro-industries, commercial and tourism," the...

Doha, Qatar-- Qatar expects a big boost in hotel occupancy rates by at least 80 percent during the Eid holidays in the country. The boost is expected in the wake of the launch of the Haya platform in its new look, which allows 4 types of visas for visitors, and...

It will acquire a portfolio of towers in Europe for US$1.3bn.

The firm was a regular on the Fortune 500 list of biggest American companies.

SHARJAH, UAE -  India is among the UAE's most significant investment partners, with substantial mutual investments. Iron and steel rank among the top commodities exported from the UAE to India, the director of Hamriyah Free Zone Authority (HFZA) said. HFZA director made the remarks after the team successfully participated in...

MIYAZAKI, JAPAN  -  With hunger levels rising and food prices soaring in most of the world, collective actions are necessary for immediate and long-term global food security objectives, Food and Agriculture Organization (FAO) said on Sunday. Director-General of FAO Qu Dongyu made the remarks at the G7 Ministers of Agriculture...

To meet the estimated energy demand from hydrogen and electric aircraft in 2050 would require the amount of energy produced from 10-25 of the world’s largest wind farms, or a solar farm half the size of Belgium, WEF says.

The launch chatbot ChatGPT by the US firm OpenAI last year has resulted in an explosion of interest in uses of Artificial Intelligence across many sectors.

The deal comes after several weeks of stalemate and repeated strikes among postal, transport and health workers demanding more money to cope with the rising cost of living. Under the agreement, some 2.5 million public sector workers will see their wages increase by 5.5 percent or at least 340 euros...

Beijing, China--Pummelled by a housing crisis that caused a record-breaking slump last year, some Chinese property developers are starting to see light at the end of the tunnel, but analysts warn the sector is still on course to slow down in the long term. The real estate industry grew at lightning...

Many who unwillingly gained blue ticks made it clear that they had not subscribed, as the badge became a symbol of support for Musk. Many official media accounts regained a tick, including AFP, which has not subscribed to Twitter Blue.

Credit Suisse pushed forward its result release to come out the day before those of UBS, as Switzerland's largest bank prepares to swallow its long-time main domestic rival. The results, which will be presented in a statement without the usual accompanying press conference and analyst discussion, will be closely studied...

According to the China Association of Automobile Manufacturers, electric vehicles made up 25 percent of car sales in the country in 2022, a year-on-year increase of 94 percent.

DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has been awarded first place in UAE Ministry of Energy and Infrastructure’s ‘Research and Innovation Award’ in the government sector category for its contributions in the field of balanced national energy. The award recognizes DEWA's consistent efforts in research, development and...

Abu Dhabi, UAE--The Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) accounted for nearly 20 percent of the Arab exchanges' liquidity in last week’s trades. According to a Arab Monetary Fund (AMF) weekly newsletter, Arab exchanges attracted liquidity amounting to nearly US$10.28 billion last week, of which...

Ottawa, Canada--Canadian Prime Minister Justin Trudeau announced Friday up to 13.2 billion Canadian dollars ($9.8 billion) in subsidies over 10 years for Volkswagen's first overseas battery plant, to be built in St. Thomas, Ontario. The production support matches incentives by US President Joe Biden's administration, as Washington's trading partners work to keep...

It posted better-than-expected profit increase to US$2.35bn.

Signaling its resolve to keep fighting price rises, the US central bank has said that interest rates may need to increase further, and remain high, to control inflation. The Fed has raised its benchmark lending rate nine times in a row to tackle inflation, which remains well above its long-term...

The internet titan is scheduled to release its most recent quarterly earnings figures next week. A site in San Jose had been cleared for a Google "Downtown West" campus, with construction to start by the end of this year, according to CNBC.

London, United Kingdom -- From digital bank Revolut to money-transfer group Wise and payments company Checkout, London is Europe's fintech champion and intends on keeping its crown. "Before Brexit, the UK was a great place" for the sector developing financial technology, Revolut's global head of government affairs, Adam Gagen, told UK...

Gross assets of the Islamic banks operating in the country increased to AED620.9 billion as of the end of January 2023, an annual increase of 5.6 percent, equivalent to nearly AED31.2 billion, as against nearly AED589.7 billion in January 2022, the Central Bank of UAE said.

Its Q1 profits rose 1% to $3.4 billion, on a 4% increase in revenues.

According to a ranking by the Sovereign Wealth Fund Institute (SWFI), the Norwegian fund is the biggest in the world, just ahead of the China Investment Corporation and followed by those in Abu Dhabi, Kuwait and Singapore.

Shares of Tesla slumped after reporting a drop in quarterly earnings and hinting the Musk-led company could face further profit pressures from more price cuts on its vehicles. As Twitter, Tesla and SpaceX deal with turbulence, Musk is a common denominator, noted independent tech analyst Rob Enderle.

Since the beginning of 2023 alone, three digital and physical platforms have been launched by Qatar, Oman and Kuwait to facilitate investments by foreigners and the local private sector.

Customers at a Bahrain jewellery store study displays of pearls that are, unusually, 100 percent natural -- the result of attempts to preserve a centuries-old industry. While rare elsewhere, natural pearls prised from seabed oysters by divers are the only variety produced in the Gulf kingdom, which is fiercely proud...

Global equities mostly slid on auto sector woes and economic fears about the prospect of more interest rate hikes aimed at cooling high inflation. Share prices of carmakers were hit hard after Tesla posted tumbling first-quarter profits as steep price cuts ate into margins at Elon Musk's electric auto company.

Nokia's share price was down seven percent at $4.35.

Dubai, UAE – Dubai’s real estate sector recorded deals worth AED157 billion ($42.75 billion) in the first quarter of 2023, an 80 percent increase from the same period last year. Transactions worth AED528 billion were recorded during the year 2022, a 44.7 percent  increase in volume and 76.5 percent increase...