News

Bloomberg VinFast, an electric carmaker backed by Vietnam’s richest man trying to take on Elon Musk’s Tesla Inc, has filed for an initial public offering in the US just as it prepares to deliver its first SUVs to California customers later this month. The unit of conglomerate Vingroup JSC, founded by Pham Nhat Vuong, is being advised by banks including ...

  Bloomberg China reported an increase in its gold reserves for the first time in more than three years, shedding some light on the identity of the mystery buyers in the bullion market. The People’s Bank of China (PBOC) raised its holdings by 32 tons in November from the month before, according to data on its website. That brought its ...

  Bloomberg Indian online-education provider Byju’s is seeking to restructure its $1.2 billion loan as it struggles with steep losses and cost reduction targets, according to people familiar with the information. The nation’s most valuable startup, valued at $22 billion, has appointed an adviser to discuss tweaks in covenants of the term loan B with creditors, the people said, asking ...

  Abu Dhabi / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan, discussed during a phone call with Vladimir Putin, President of the Russian Federation, ways to build on the cooperative relationship between the two countries, as well as several regional and international matters of mutual interest.

Dubai / WAM Jebel Ali Free Zone’s (Jafza) petrochemical sector witnessed an increase in export volumes in 2021, which grew 52 percent year-on-year. Additionally, last year, the free zone alone accounted for over 50% of Dubai’s polymers and petrochemicals trade, valued at over AED49 billion ($13.34 billion). DP World, through its local and regional assets, multimodal connectivity, cost-effective supply chain ...

Abu Dhabi / WAM AD Ports group has signed a collaboration agreement with the Africa Finance Corporation (AFC), an infrastructure solutions provider in Africa, to address infrastructure gaps across the continent. The agreement provides the basis for the two organisations to join forces on identifying, financing, developing and investing in much-needed ports, warehouses, maritime and logistics infrastructure projects across Africa. ...

  Abu Dhabi / Gulf Time Abdulla Mohammed Al Mazrui, Chairman of Abu Dhabi Chamber of Commerce and Industry, (ADCCI), highlighted the growth in the food and beverage (F&B) and hospitality sector in Abu Dhabi, and the importance of the Abu Dhabi International Food Exhibition (Adife) in supporting this growth. Al Mazrui said, “the first edition of the Abu Dhabi ...

  Abu Dhabi / WAM The UAE Space Agency and Amazon Web Services (AWS) signed a Statement of Strategic Intent and Cooperation to support the creation of a vibrant, sustainable, competitive, and innovative space sector in the UAE. Through this cooperation, the AWS will collaborate with the UAE Space Agency and related UAE government space organisations and institutions on three ...

  Dubai / WAM The Mohammed Bin Rashid Space Centre (MBRSC) confirmed the new date for the launch attempt of the Emirates Lunar Mission. The inaugural launch of the Rashid Rover is now scheduled to take place on December 11, at 11:38 Gulf Standard Time (GST), or 02:38 Eastern US Time. The initial launch attempt was postponed, allowing SpaceX to ...

Abu Dhabi / WAM Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has said that the UAE’s non-oil foreign trade grew by 19 percent by the end of the third quarter of 2022 to reach AED1.637 trillion compared to the same period last year. He also pointed out that the country’s total non-oil foreign trade during ...