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Uber-owned ride-hailing firm Careem announced a spinout on Monday with significant support from both its parent business and a new source. With a $400 million investment, the tech holding company e&, formerly Etisalat, based in Abu Dhabi, United Arab Emirates, has entered into a legally binding deal with Uber Technologies to purchase a 50.03% majority […]
The operating earnings of the Dubai Integrated Economic Zones Authority (DIEZ) increased by 42% in 2022. In comparison to 2021, its overall sales increased by 29% last year. By providing a cutting-edge multimedia ecology, a global network, and comprehensive solutions, the DIEZ seeks to reinforce Dubai’s status as a top global hub. The increased financial […]
The world’s largest maker of electronics, Samsung, says it will contribute almost 300 trillion won ($230.8 billion; £189.6 billion) over a 20-year period to the South Korean government’s effort to create a major semiconductor hub there. The South Korean government announced on Wednesday that it would invest billions in a variety of industries, including biotechnology, […]
OSN, the Middle East streaming service and Warner Bros. Discovery have signed a multi-year exclusive licence agreement, making OSN the exclusive platform for streaming all HBO content throughout the Middle East and North Africa. The multi-year licencing agreement strengthens OSN’s market-leading position by extending its rights to broadcast and stream programming from HBO exclusively on […]
For offering complete international logistics services throughout the central Asian nation, AD Ports Group and SEG ENERA Group of Uzbekistan have formed a joint venture. The new business, which will be known by the brand name ADL-Ulanish, will provide a range of cutting-edge services, such as freight forwarding, air and land logistics, warehousing and storage, […]
The private sector will receive investments totaling SR192.4 billion ($51 billion) through Saudi Arabia’s Shareek programme. The investments, which were unveiled in the presence of Crown Prince, Prime Minister, and Chairman of the Big Businesses Investment Committee Mohammed bin Salman bin Abdulaziz, are the first stage of Shareek’s anticipated SR5tn ($1.3tn) initiative. The Shareek programme […]
Edge, an AE defense and technology business, wrapped up fruitful participation at IDEX 2023 by signing new contracts totalling $5 billion (AED18.6 billion). During IDEX 2023, Edge unveiled 14 new products, 11 of which were ground-breaking autonomous and unmanned technologies and solutions. AED4 billion of the AED18.6 billion in contracts were for overseas exports, and […]
All FIFA World Cup stadium perimeters in Qatar are now off-limits to the sale of beer. The world’s biggest single sporting event is set to begin 72 hours after the announcement. On Sunday, Qatar and Ecuador will play to kick off the World Cup. The competition is taking place in the Middle East for the […]
UAE CEOs, who make up more than twice as many CEOs as those from other countries, are more confident than their global counterparts about their company’s future than average, with 60% of them anticipating earnings growth of between 2.5 and 4.5% annually over the next three years. These conclusions are among the most recent ones […]
Penguin Random House’s owner, the German media conglomerate Bertelsmann SE & Co, announced on Tuesday that it would appeal a decision by an American court that barred the combination of Penguin and rival Simon & Schuster. In a statement, Thomas Rabe, chief executive officer of Bertelsmann, stated that “a merger would be good for competition” […]
After six months of public and legal battling over the purchase, Elon Musk finally completed his $44 billion acquisition of Twitter, according to sources familiar with the situation, placing the world’s richest man in charge of the faltering social network. Twitter will now be a private corporation and shareholders will receive $54.20 per share. The […]
Mubadala Capital, a global asset management firm and a subsidiary of Abu Dhabi’s Mubadala Investment Company, has acquired TruFood Manufacturing, a snack food contract manufacturer. Trufood, based in Pennsylvania, is being acquired by funds affiliated with AUA Private Equity Partners. Mubadala Capital’s legal counsel was Akin Gump Strauss Hauer & Feld LLP, and its financial […]
