The restriction on the maximum amount of cash deposits for both people and businesses at bank branches and automated teller machines was repealed by the Central Bank of Egypt (CBE) ATMs. The bank also removed restrictions on cash deposits entirely. The cap on cash withdrawals was imposed during the Covid-19 financial crisis. The CBE also […]
The GDP projections for the first quarter of the current fiscal year will be made public in a few days. According to the Reserve Bank of India’s most recent statement, growth will be 16.2% for the quarter. It predicts that the economy will expand by 7.2% for the entire year, which is somewhat less than […]
The firms revealed plans on Thursday to link customers’ mobile phones directly to satellites in orbit by using Elon Musk-owned SpaceX’s Starlink satellites to give mobile users with network access in some areas of the United States. Musk announced the new plans at a flashy event on Thursday at his company’s south Texas rocket facility. […]
The plans for XZero City, a sustainable neighbourhood in Kuwait that aspires to provide 100,000 residents with a net-zero-carbon lifestyle, have been unveiled by Dubai-based developer URB. According to the developer, the 1,600-hectare project in the country’s south will comprise 30,000 houses and generate 30,000 green employments in industries including healthcare, tourism, technology, education, retail, […]
After the lifting of COVID limitations sparked a robust comeback in travel demand, shocking the market and pushing its shares up 6%, Qantas Airways Ltd said on Thursday that it will buy back up to A$400 million ($276 million) of shares. Although the rush to travel once borders opened increased its second-half profitability and assisted […]
Burjeel Holdings, the top healthcare provider in the UAE, and the Ministry of Investment of Saudi Arabia have signed a memorandum of understanding (MoU). The private healthcare firm will partner and work with institutions and healthcare organisations in accordance with the agreement and will invest up to $1 billion in the kingdom by 2030. In […]
The company of Indian billionaire Gautam Adani announced on Tuesday that it wants to own a majority position in the well-known New Delhi Television (NDTV), a move that the TV news organisation claims was made without its permission. NDTV issued a statement saying the move by the Adani Group “was executed without any input from, […]
As part of the Dubai company’s development into technology, Emirati billionaire Hussain Sajwani’s Damac Group is looking at investment opportunities worth €1 billion in Germany. According to a statement released on Tuesday, the company is now “on a fact-finding journey in Germany to explore the market and perhaps discover mutually beneficial partners” for investment. Privately-held […]
The agritech company Graze It has now formally launched its operations in the UAE and Saudi Arabia. The company uses controlled environment agriculture (CEA), which allows for water usage that is 95% lower than conventional agriculture, to directly generate sustainable animal feed at the consumer’s location in an effort to address a significant food security […]
One of China’s largest e-commerce companies, Pinduoduo Inc., is getting ready to launch its first cross-border expansion into the North American market, according to people familiar with its intentions. Pinduoduo, launched in 2015, broke the supremacy of Alibaba and JD with rock-bottom pricing and a group buying model that encourages users to discuss their purchases […]
For the six months ending June 30, 2022, DP World Limited reported impressive financial results, with total revenue increasing by 60.4% on an annual basis and 20.1% on a like-for-like basis. Acquisitions, the efficient operation of feeder services, and the expansion of high-margin cargo all contributed to increased revenue. The increase in storage demand drove […]
According to official state media of Vietnam, Apple supplier Foxconn has agreed to spend $300 million with Vietnamese developer Kinh Bac City to expand its facilities in the north of the country in order to diversify and increase production. The action comes in response to a story this week claiming that Foxconn has begun producing […]
Two of the biggest commercial aircraft types now in operation, the Airbus A380 and Boeing 777, will have their whole interior cabins upgraded as part of Emirates’ ongoing efforts. In order to ensure that Emirates’ customers “fly better” in the upcoming years, this enormous project, which represents a multi-billion-dollar investment, will formally begin in November […]
The Australian government announced on Friday that, in an effort to catch up with other developed economies, it would enact new restrictions aimed at reducing carbon emissions from vehicles. According to Climate Change and Energy Minister Chris Bowen, only 2% of cars sold in Australia are electric, compared to 15% in Britain and 17% in […]
Norway’s sovereign wealth fund, the world’s largest, lost 1.68 trillion Norwegian kroner ($174 billion) in the first half of 2022, as stock markets, in general, experienced a turbulent six months. The fund’s return on investment was a negative 14.4% from January to June, but it was still 1.14 percentage points higher than the return on […]
