After the Indonesian government stated last week that all crude palm oil exports would be banned, a cooking oil crisis sparked by the Russian-Ukrainian war is now roiling both local politics and the global supply chain (CPO). While the export ban was expected to affect worldwide supplies, the cooking oil crisis in Indonesia has taken […]
The Asian Development Bank (ADB) is considering lending a loan to a Maldivian bank, according to Ashok Lavasa, Vice-President for Private Sector Operations and Public-Private Partnerships at ADB. At a World Travel and Tourism Council (WTTC) Global Summit held in Manila, Lavasa told PTI that ADB is planning to target the MSME firms through the […]
Egypt has announced two large commercial agreements to expand the country’s production of green ammonia. In Ain Sokhna, Egypt’s Suez Canal Economic Zone signed a $3 billion deal with a partnership led by EDF Renewables and the Egyptian sovereign wealth fund to produce up to 350,000 tons of green energy for ship fueling. The General […]
Vy Capital and Sequoia Capital led a $675 million fundraising round for Elon Musk’s tunneling business Boring Co. According to a press release issued on Wednesday, the round values the firm at $5.675 billion. The round also included Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth. The Boring Company (TBC) was founded […]
The World Economic Forum (WEF) has selected Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, UAE, as a member of the Young Global Leaders community (YGLs) 2022. Al Olama is one among 16 in the class of 2022 for the Middle East and North African Region. […]
In its first venture round, Egypt-based Pylon has successfully secured a seed round of $19 million. US firm, Endure Capital led the round, which is backed by British International Investment (previously CDC Group), the UK government’s development finance organization. Cathexis Ventures, LoftyInc Capital, Khawarizmi Ventures, and numerous undisclosed angel investors are among the other participants […]
Netflix announced on Tuesday that it lost 200,000 paid customers in the first quarter, the first drop in over a decade, and warned of more difficulty coming. Netflix expects a 2 million paying subscriber drop in the second quarter globally. October 2011 was the last time Netflix lost subscribers. Following the revelation, the company’s stock […]
Emirates Airlines already has the first initiatives in the works. A launch is scheduled in the coming months, as part of its focus on expanding its digital reach. In the Metaverse, enthusiasts will be able to obtain collector and utility-based NFTs, as well as a variety of other experiences. Emirates is investing $10 million into […]
On Sunday, Twitter CEO Parag Agrawal stated publicly that Musk remains the firm’s largest shareholder. Twitter’s management will stay receptive to his comments, despite his refusal to join the board of the microblogging platform. After the Tesla CEO had announced that he held a 9% stake in the company – which is higher than Jack […]
Dubai’s Department of Economy and Tourism (DET) revealed in its first-quarter report that the Business Registration and Licensing (BRL) sector has issued 24,662 new business licenses. That marks a remarkable 58% growth compared to the first quarter of last year. In Q1 2021, BRL issued a total of 15,850 licenses. According to the report, professional […]
The majority of India’s oil imports come from the Middle East, with Iraq and Saudi Arabia being the top two suppliers. After the kingdom hiked the official selling price (OSP) to record highs for Asia, at least two Indian refiners plan to buy less Saudi oil in May than normal. Saudi Aramco, the world’s largest […]
Amazon announced on April 5, 2022, a vast set of launch contracts with three launch providers – Arianespace, Blue Origin, and United Launch Alliance (ULA). The contract is to deploy its 3,236-satellite broadband mega constellation at 630 – 590 km from the surface of the earth. The plan is to have a total of 83 […]
