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To get ahead, plastics producers need to be running in circles

The volume of plastics produced globally every year has soared over the past half century, from 15 million tonnes in 1964 to more than 300 million tonnes today. This figure is forecast to double again over the next two decades and nearly quadruple by 2050. But synthetic polymers have one major drawback: they generally take […]

Damac's data centre company Edgnex has started work on a Riyadh facility

Dubai’s Damac to invest $990m in data centres in Germany

Dubai-based conglomerate Damac Group is planning to invest $990 million in data centres and technology acquisitions in Germany. The company is currently on a fact-finding expedition in the European country to identify opportunities. “It’s a very interesting time now in Germany, especially for future-oriented industries and the country has a lot of opportunities in sectors […]

Talks under way to forge UK-GCC trade deal

Discussions to broker a trade agreement between the UK and GCC have begun, with the trade commissioner for the Middle East, Simon Penney, describing the Gulf as an “important region” for the UK.   “Today marks the launch of the first round of negotiations towards a UK GCC Free Trade Agreement,” Penney said.  “The GCC is […]

Cyprus cash-for-passports scheme rife with tax failings

A cash-for-passports scheme discontinued by Cyprus in 2020 after a political furore cost the state hundreds of millions of euros in lost revenues from misdirected tax breaks, an independent watchdog said on Monday. Cyprus’s Auditor-General, which is an independent division of the state, said authorities may also have been duped into issuing passports on investments […]

Britain to recruit health workers from Nepal to offset shortage

Britain will recruit health professionals from Nepal under its first labour agreement with the Himalayan country, officials said on Monday, helping Britain offset a labour gap while Nepal bids to boost remittances from migrant workers. A joint statement by Nepal government and the British Embassy in Kathmandu said they had signed a preliminary agreement to […]

British Airways to cut winter schedule capacity

British Airways would make further cancellations up to the end of October and tweak its winter schedule, the airline said on Monday, following Heathrow airport’s decision to cap capacity to tackle widespread disruption. Sky News earlier reported that the IAG-owned carrier’s total capacity for winter schedule until the end of March would be reduced by […]

TotalEnergies and ENI make major gas discovery off Cyprus shore

Energy companies TotalEnergies and ENI announced a significant gas discovery at the Cronos-1 well, in Block 6, offshore Cyprus. Cronos-1 encountered several good quality carbonate reservoir intervals and confirmed overall net gas pay of more than 260 metres, said TotalEnergies in a statement. TotalEnergies and ENI each have a 50 percent stake in Block 6. […]

UK rules out criminal action against DP World’s P&O Ferries

The UK has announced it will not pursue criminal action against P&O Ferries over mass redundancies announced earlier this year.  The company, owned by Dubai-based DP World, whose ships sail across the English Channel, North Sea and Irish Sea, laid off nearly 800 workers in March and then went on to hire cheaper agency staff, […]

US warns Russia trying to bypass Western sanctions via Turkey

US Deputy Treasury Secretary Wally Adeyemo told Turkish Deputy Finance Minister Yunus Elitas that Russian entities and individuals were attempting to use Turkey to bypass Western sanctions imposed over Moscow’s war in Ukraine, the Treasury Department said. In a phone call, the two also discussed ongoing efforts to implement and enforce the sanctions against Russia, […]

FC Barcelona still unable to register Kounde as player

Barcelona have still not been authorised to register French defender Jules Kounde as a player, one of their marquee summer signings, as the club works to comply with LaLiga’s Financial Fair Play (FFP) rules, manager Xavi Hernandez said on Saturday. “At the moment, we don’t know anything. We are on stand-by,” Xavi told a news […]

UK trade secretary Anne-Marie Trevelyan launched free trade negotiations with the GCC in June

UK-GCC trade in numbers: relationship set for new era

Total trade between all six GCC countries and the United Kingdom increased in the year to the end of the first quarter of 2022, as talks begin on a free trade agreement aimed at further boosting the relationship. The UK posted a trade surplus with all the nations apart from Qatar, with the data showing […]

Person, Human, Suit

Elon Musk says he was joking about buying Manchester United

Elon Musk, the world’s richest person, said early on Wednesday that he was joking when he tweeted hours previously that he was going to buy currently struggling English football club Manchester United Plc. “No, this is a long-running joke on Twitter. I’m not buying any sports teams,” Musk posted when asked by a user if […]

Formula One governing body approves 2026 engine rules

Formula One’s governing body approved engine regulations for 2026 on Tuesday, an eagerly-awaited move that could lead to the arrival of premium Volkswagen Group brands Porsche and Audi. The International Automobile Federation (FIA) said its World Motor Sport Council (WMSC) also updated the 2022 and 2023 technical rules to address safety concerns. The new power unit […]

Mammal, Animal, Canine

Cash-strapped Britons give up pets as living costs soar

Stood on her hind legs to greet any prospective owner who might approach her glass-doored kennel, Harriet is a black English cocker spaniel abandoned as a deepening cost-of-living crisis pushes growing numbers of Britons to part with their pets. She was found running along a busy road in London after witnesses saw her pushed out […]

BlackRock may spur wealthy to make crypto leap

Institutional investors and high net worth individuals have traditionally shunned cryptocurrencies as volatile and untrustworthy. The ongoing turbulence in the market, with the value of bitcoin dropping by nearly half so far this year, has not helped sentiment but there are signs this is changing. BlackRock, which has $8.49 trillion of assets under management, yesterday […]

Turkey offers ‘a warehouse and bridge’ for metals trade to Russia

Western sanctions have given the Turkish metals sector a chance to serve as “warehouse and bridge”, the head of an industry group said, citing increased interest from Russian companies and also from European Union (EU) companies seeking to sell to Russia via Turkey. The West, including Britain and European Union countries, have imposed sanctions on […]

UK firms look to power the UAE’s energy transition

The UAE’s commitment to a net zero future is being increasingly recognised worldwide and capturing the attention of global partners including Britain. A case in point is London-based Desolenator, the world’s first solar thermal desalination technology company, delivering net-zero clean water at scale to companies and communities. It uniquely uses both solar-generated heat and electricity […]

Meet the Irishman selling ice in the desert

In the ever-competitive Dubai bar and restaurant market, a new supplier has launched this week, aiming to offer venues another unique selling point: high quality, hand-cut ice. Since he officially launched on August 1, John Gillespie, founder of Artisan Ice Co., has been targeting the top 30 venues in the city and he said the […]

Consolidation coming to Gulf fintech, warns $40bn unicorn VP

Consolidation is coming to the Gulf’s fintech sector, according to Remo Giovanni Abbondandolo, senior vice president for MENA at global payments processor Checkout.com. The London-headquartered fintech, which offers a full-stack platform that simplifies payments processes for large global enterprise merchants, closed a $1 billion Series D funding round in January. “In my opinion, if you’re […]

Package Delivery, Cardboard, Box

Kuwait’s Agility finalises $924m buyout of UK aviation firm

Kuwait’s Agility, one of the largest Gulf logistics companies, said on Thursday it has finalised its £763 million ($924.37 million) acquisition of British aviation services company John Menzies. Agility said it will combine the acquisition with its National Aviations Services (NAS) and the deal values Menzies at approximately £571 million on a fully diluted basis […]

Dubai ranks 18th in new index of top digital cities

Dubai is the only Middle Eastern city to be highlighted in the Digital Cities Index (DCI) 2022 – a new ranking of 30 global cities across four key pillars: connectivity, services, culture and sustainability. Ranked 18th with an overall score of 63.8, the city’s position highlights its forward-thinking approach to the digitised economy, underpinned by […]