Saudi, UAE investors plan to invest in SpaceX – The Information
A unit of Saudi Arabia’s investment fund and an Abu Dhabi-based company are planning to invest in a multi-billion dollar funding round for Elon Musk-led SpaceX, The Information reported on Wednesday, citing people familiar with the discussions. The funding round is expected to value the rocket maker at about $140 billion, the report added. SpaceX […]
Abu Dhabi’s Yahsat proposes 2% increase in dividend as revenues hit $433mln
The board of Al Yah Satellite Communications Company (Yahsat), partly owned by Abu Dhabi state investor Mubadala, has proposed a 2% increase in dividend, as revenues rose to more than $430 million. Total revenue for the full year of 2022 stood at 1.6 billion UAE dirhams ($433 million), up by 6% from the previous year and […]
UAE’s Tawazun Council sets up freezone for military, security sector
Tawazun Council, the defense and security acquisitions authority for the UAE Armed Forces and Abu Dhabi Police, has established a free zone dedicated to the military and security sector in Tawazun Industrial Park. The free zone covers 2.8 square kilometers and has been established to commence operations related to defense and security industries and associated […]
Du posts 10.8% rise in 2022 net profit on higher broadband, 5G demand
Emirates Integrated Telecommunications Company, also known as Du, saw its full-year 2022 net profit rise to AED 1.22 billion ($332 million), as revenues rose by more than 9% on the back of a sustained demand for broadband services and 5G handsets. Net profit for the year ended 31 December 2022 was 10.8% higher than the […]
Vertiv inaugurates new factory in Ras Al Khaimah
Vertiv, a global provider of critical digital infrastructure and continuity solutions, has espanded its factory in Ras Al Khaimah, to support its integrated modular solutions (IMS), low voltage switchgear and busway businesses. The latest addition will help the company proactively address the increasing demand for Vertiv products and services. This new facility will be strategic […]
UAE’s ADNOC to pilot carbon mineralising project in Fujairah
Abu Dhabi National Oil Company (ADNOC) has partnered with Fujairah Natural Resources Corporation (FNRC), Abu Dhabi Future Energy Company (Masdar) and Omani environmental organization 44.01 to pilot technology that permanently mineralises carbon dioxide (CO2) within rock formations found in Fujairah. The project, set to begin this month, will use 44.01’s Earthshot prize-winning Carbon Capture […]
RAM Investment plans AI City Dubai
Sheikh Rashid Bin Ahmed Al Maktoum, Chairman of RAM Investment, has announced a partnership with Europe’s leading artificial intelligence (AI) venture studio and ecosystem Merantix to conceptualise the AI City Dubai, a proposed free zone where impactful AI solutions will be pioneered, implemented and scaled. AI City will be a global AI hub, powered by […]
Dubai’s DMCC launches gaming centre to cash in on $1.8bln gaming industry
Dubai Multi Commodities Centre (DMCC) has launched a its own gaming centre to tap into the region’s AED 1.8 billion gaming industry, which is expected to reach $5 billion by 2025. DMCC, located in Jumeirah Lake Towers (JLT), said it is currently home to 50 gaming companies, including developers and producers, as well as e-sports […]
9 in 10 consumers in MENA bought products online this year: Survey
Ecommerce in the Middle East and North Africa (Mena) is growing at an unprecedented pace, with a recent report showing that 91% of consumers in the region bought products online in the past year. The report, released by global payments solution provider Checkout.com, shows that one in five consumers across Mena purchased retail products online more […]
e& and Ericsson partner to build more sustainable future networks
e& (formerly known as Etisalat Group) and Ericsson will explore initiatives aimed at reducing energy consumption and building more efficient and sustainable future networks. For this they have signed a Memorandum of Understanding (MoU) on the sidelines of the 27th Conference of the Parties of the UNFCCC (COP27) in Egypt. The three-year partnership […]