Tourism UAE set to run Kabul airport in deal with Taliban The Taliban and the United Arab Emirates are poised to strike a deal for the Gulf nation to run Kabul airport and several others in Afghanistan that could be announced within weeks, according to sources familiar with the negotiations. An agreement would help the Islamist militants ease their isolation from the outside world as they […] July 7, 2022
Retail Mexican used-car startup spends $60m on Istanbul expansion Mexican used-car platform Kavak is investing $180 million to open offices and make its platform available in four new countries, including Turkey – its first location outside Latin America, the company said Wednesday. Kavak, which calls itself the largest pre-owned car operation in the world, will enter Colombia, Chile and Peru with a planned investment […] July 7, 2022
Development Russia attends G20 meeting set to be dominated by Ukraine conflict Russian Foreign Minister Sergei Lavrov has flown into Indonesia’s resort island of Bali for a meeting of G20 foreign ministers, which is set to be overshadowed by tensions triggered by the Russia-Ukraine conflict. The G20 gathering runs until Friday in host country Indonesia, which this year has grappled with the balancing act of running a […] July 7, 2022
Economy Cost-of-living crisis driving surge in extreme poverty, says UN The global cost-of-living crisis is pushing an additional 71 million people in the world’s poorest countries into extreme poverty, a new report published by the UN Development Programme (UNDP) on Thursday has warned. Achim Steiner, UNDP administrator, said an analysis of 159 developing countries showed that the surge in key commodity prices this year was […] July 7, 2022
Banking & Finance Middle East backers help Chinese tech giant Sequoia raise $9bn Sequoia Capital China has raised a total of nearly $9 billion for four new funds amid investor hopes that the authorities are easing a regulatory crackdown on the tech sector, said a person with direct knowledge of the matter. The latest fundraising by Sequoia China, which according to the person originally targeted at least $8 […] July 7, 2022
Economy UAE-Indonesia deal to add billions to bilateral trade Officials from Indonesia and the UAE have hailed the signing of a free trade agreement which is predicted to boost bilateral trade to more than $10 billion annually within five years. The Comprehensive Economic Partnership Agreement (CEPA), signed in Abu Dhabi on Friday, will eliminate or sharply reduce duties on 99 percent of goods traded […] July 4, 2022
Economy UAE reaches trade pact with Indonesia Indonesia and the UAE today signed a free trade agreement, strengthening economic ties between Southeast Asia’s largest economy and the Gulf state. The Comprehensive Economic Partnership Agreement, signed in Abu Dhabi, will eliminate or sharply reduce duties on most goods traded between the nations. The accord includes chapters on services, investments, intellectual property rights and […] July 1, 2022
Retail Apple hikes iPhone prices in Japan by nearly a fifth Apple Inc has hiked by nearly a fifth the cost of its flagship iPhone phone in Japan, which is battling a weakening yen currency and rising inflation. The Cupertino, California-based manufacturer’s entry level iPhone 13 now costs 117,800 yen ($870), Apple’s website showed, compared to 99,800 yen previously. With the dollar up 18 percent against […] July 1, 2022
Retail Nike Q1 forecasts downbeat, despite higher Middle East sales Nike Inc forecast first-quarter revenue below estimates as it expects to discount more and wrestles with pandemic-related disruptions in China, its most profitable market. The company’s shares fell 3 percent to $107 after the bell. Analysts are mixed about Nike’s prospects in China this year even as strict COVID-19 lockdowns have been lifted in several […] June 28, 2022
Abu Dhabi part of $10.2bn deal to take US software giant private Zendesk Inc on Friday agreed to be taken private by investment firms led by Hellman & Friedman and Permira in a $10.2 billion deal, a turn of events that comes just weeks after the company concluded it would remain public. The San Francisco-based software company said shareholders will receive $77.50 per share in cash, representing […] June 27, 2022
Construction Dubai’s Emaar says it’s aware of report CEO detained in India Dubai’s Emaar Properties is aware of a media report that its Group Chief Executive Amit Jain has been detained in India, a spokesperson for the company said on Saturday. “Emaar is aware of reports regarding the Group CEO Amit Jain, over an issue relating to the company’s work in India. The issue has now been […] June 25, 2022
Aung San Suu Kyi moved to solitary confinement in jail Myanmar military authorities have transferred deposed leader Aung San Suu Kyi to a prison in the capital from an undisclosed location where she had been held since she and her government were ousted in a coup last year, a military spokesman said. The Nobel laureate, who turned 77 on Sunday, had been moved to the […] June 24, 2022
Manufacturing Toyota, Suzuki partner to build hybrid vehicle Toyota Motor Corp and Suzuki Motor Corp said on Friday they will begin production in August of their first hybrid vehicle in India, as part of a partnership formed by the two Japanese carmakers in 2017. The hybrid sport utility vehicle (SUV), developed by Suzuki, will be manufactured at Toyota’s local plant in southern India. […] June 24, 2022
Life after the smartphone? BlackBerry revenue tops estimates Canada’s BlackBerry Ltd topped Wall Street estimates for first-quarter revenue on Thursday, powered by growth in its auto products and cybersecurity services segments. Soaring demand for electric vehicles and connected-car technologies boosted sales of BlackBerry’s auto software, used in cars made by General Motors, Mercedes-Benz and Toyota, among others. BlackBerry said that revenue from its […] June 24, 2022
Banking & Finance US warns UAE banks to swerve Russian deposits The US has warned UAE banks to be more proactive and take extra care when dealing with Russian clients, or the emirates may face stateside sanctions. Addressing a roundtable of the United Arab Emirates Banks Federation during a two-day visit to the country, Wally Adeyemo, deputy secretary of the US Treasury, commended UAE-based financial institutions […] June 23, 2022
Media & Advertising Samsung fined over ‘water-resistant’ smartphone ad Australia’s competition regulator said on Thursday a court has ordered the local unit of Samsung Electronics to pay a penalty of A$14 million ($9.65 million) over misleading claims about a water-resistance feature in some of its smartphones. Samsung Australia admitted to misleading buyers of some of its ‘Galaxy’ phones about the water-resistance level, the Australian […] June 23, 2022
Tourism Universal Beijing Resort to reopen on June 25 as Covid cases drop The Universal Beijing Resort said on Wednesday it will reopen on June 25 after being closed for nearly two months, as the number of new COVID-19 cases in the Chinese capital falls. The resort said on its official WeChat account that after it reopens, all visitors must show a negative PCR test taken within the […] June 22, 2022
Media & Advertising Naomi Osaka and LeBron James launch new media company Japanese tennis player Naomi Osaka is launching a new media company in partnership with four-times NBA champion LeBron James aimed at telling stories that cross cultural barriers, the former world number one announced on Tuesday. Hana Kuma, which translates to “flower bear,” will produce stories that are “culturally specific but universal to all audiences” and […] June 22, 2022
Oman offers to buy $1.75bn of outstanding bonds Oman has announced a tender offer to purchase for cash up to a total of $1.75 billion of several of its outstanding bonds, excluding accrued interest, a bank document showed on Wednesday. Oman reserves the right to increase or decrease the aggregate tender amount and accept or reject any offers, the document from one of […] June 22, 2022
Tourism Return of the superjumbo: A380 set for a dramatic comeback? Two years ago, dozens of Airbus A380s set course for storage sites in rural France from the Gulf as the outbreak of COVID-19 accelerated the demise of the world’s largest jets. Now, the iconic European double-decker is gaining a new lease on life as airlines scramble to cope with rising demand and shortages of newer […] June 21, 2022
Internet Explorer gravestone goes viral in South Korea For Jung Ki-young, a South Korean software engineer, Microsoft Corp’s decision to retire its Internet Explorer web browser marked the end of a quarter-century love-hate relationship with the technology. To commemorate its demise, he spent a month and 430,000 won ($330) designing and ordering a headstone with Explorer’s “e” logo and the English epitaph: “He […] June 17, 2022
Analysis Mena region has record year for startup investment The geographic location of the Middle East and North Africa (Mena) provides access to large markets in Europe, Africa and Asia, and is home to a large, young population. In a context of geopolitical instability and high unemployment, many of these young people are increasingly seeking new opportunities and looking to improve the world via […] June 16, 2022
