News

  Dubai / WAM The Commercial Transport activities sector in Dubai has reported a significant growth of 37 percent during the first quarter of 2022 extending from the same period of last year. These results reflect the cohesion and strength of the business movement in the commercial transport sector, which plays a vital and prominent role by contributing to facilitating ...

  Dubai / Gulf Time Dubai-based carrier flydubai and Standard Chartered, have successfully signed the sale and leaseback (SLB) agreement for five new Boeing 737 Max aircrafts. Four aircrafts were delivered between March and May with the remaining aircraft scheduled to arrive from Boeing, before the end of the first half of the year. The deal was structured, financed and ...

  Abu Dhabi / WAM The sixth edition of the Global Aerospace Summit 2022, hosted by Mubadala, commenced on Tuesday in Abu Dhabi, welcoming around 1,000 C-level leaders, experts and specialists from across the aviation, aerospace, space and defence sectors. This is the first in-person edition of the Summit since the 2018 edition. Mohammed bin Ahmed Al Bowardi, Minister of ...

Abu Dhabi / WAM Strategic relations between Abu Dhabi Development Fund for Development (ADFD) and the government of Jordan date to 1974, when ADFD financed the first project in the country. Thereafter, the fund financed hundreds of development projects in vital sectors, whose total value stands at about AED6.5 billion. These projects collectively raised the standard of living in Jordan ...

Bloomberg The US must be “strategic” when it comes to a decision on whether to remove China tariffs, Trade Representative Katherine Tai said a day after President Joe Biden mentioned he would review Trump-era levies as consumer prices surge. “With respect to the tariffs, our approach as with everything in this relationship, is to be strategic,” Tai said in an ...

  Bloomberg Oyo Hotels, the once high-flying Indian startup, is shelving plans for an initial public offering in 2022 after a market downturn that would hurt its valuation, according to people familiar with the matter. The board of Oyo, formally known as Oravel Stays Ltd, talked through a change in the offering’s timing during multiple meetings after consulting with its ...

Bloomberg The Samsung group plans to raise spending by more than 30% to 450 trillion won (about $360 billion) over the half-decade to 2026 to shore up businesses from chips to drugs, as South Korea’s conglomerates grapple with growing economic and supply shocks. The corporate giant — whose units from Samsung Electronics Co to Samsung Biologics Co dominate Korea’s economy ...

  Bloomberg SoftBank-backed Indian logistics firm Delhivery Ltd climbed in early trading as investors brushed off rising global risks to support the nation’s second-largest initial public offering of the year in its market debut. The shares rose as much as 12% to 543.95 rupees in Mumbai, versus the issue price of 487 rupees. The company and its shareholders, including Carlyle’s ...

  Bloomberg India is set to restrict sugar exports as a precautionary measure to safeguard its own food supplies, another act of protectionism after banning wheat sales just over a week ago. Sugar prices jumped. The government is planning to cap sugar exports at 10 million tons for the marketing year that runs through September, according to a person familiar ...

  DUBAI / WAM A UAE high-level delegation, encompassing UAE ministers, government officials and private sector leaders, is attending the World Economic Forum (WEF) annual meeting in Davos, taking place until May 26, to share the UAE’s vision and future directions in vital sectors and draw the features of agile partnerships in line with the new global changes. The meeting ...