News

  Dubai / WAM The Dubai Financial Services Authority (DFSA) hosted an outreach event for its regulated community and other stakeholders to discuss known and emerging cyber risks and trends, and the steps that should be taken to prevent, detect and respond to them. It was acknowledged that globally, cyber-attacks are increasing in scale and sophistication from highly organised groups of ...

  Dubai / Emirates Business Dubai Electricity and Water Authority (DEWA) has organised a two-day workshop on Energy Storage in cooperation with the Spanish National Renewable Energy Centre (CENER). The workshop supports DEWA’s role as a platform for sharing knowledge and expertise and its efforts to keep its staff and partners up-to-date with the latest technologies and developments. Over 150 ...

  Ras Al Khaimah / Emirates Business More than 10,000 residents and visitors flocked to the towering red sand dunes of Ras Al Khaimah’s Awafi this weekend to celebrate the start of the 14th annual festival of the same name. The three-week long annual festival, which celebrates the northern emirate’s ethnic and cultural heritage, runs each evening from 4pm to ...

  Dubai / Emirates Business Careem, the leading ride-hailing service in the Middle East and North Africa, announced a first close in its $500 million funding round. The investment of $350 million is co-led by Rakuten, Inc., a global leader in internet services and innovation headquartered in Japan, and Saudi Telecom Company (‘STC’), the largest telecom operator in the Middle ...

  Dubai / Emirates Business Meraas on Monday announced the launch of Dubai Gourmet, a new business designed to deliver Dubai’s residents and visitors inventively-themed, gourmet dining destinations. Dubai Gourmet will introduce innovative and enriching experiences to the city, that will elevate the concept of ‘experiential dining’ to a whole new level. Drawing inspiration from some of the world’s most ...

  DUBAI / Emirates Business Dubai Gold and Jewellery Group (DGJG) announced their mega jewellery promotion for the 22nd edition of Dubai Shopping Festival, which will run from December 26 to January 28, 2017 under the slogan ‘Shop.Win. Celebrate’. Unveiling the promotion at a press conference held at Conrad Dubai Hotel, Tawhid Abdullah, Chairman, Dubai Gold & Jewellery Group (DGJG) ...

  Brussels / AFP Apple on Monday launched a legal challenge against a landmark EU decision that the tech giant pay billions in back-taxes to Ireland, claiming the EU has ignored the law. The European Commission, the EU executive arm, in August ordered iPhone maker Apple to reimburse a record 13 billion euros ($14 billion) in unpaid taxes in Ireland. ...

  Frankfurt am Main / AFP German industrial gases maker Linde and US competitor Praxair are set to announce a $65-billion merger to create a global leader in the sector in the coming days, the Financial Times reported on Monday. Linde and Praxair’s previous attempt at a tie-up failed in September, but they are now expected to reveal preliminary merger terms ...

  Bloomberg Fairfax Financial Holdings Ltd. agreed to buy insurer Allied World Assurance Co. for $4.9 billion in cash and stock in Chief Executive Officer Prem Watsa’s largest purchase. Fairfax will pay $54 per share, which is 18 percent higher than Allied World’s closing price on Friday. For every share, Allied investors will receive about $10 in cash — half ...

  Bloomberg Svenska Cellulosa AB will acquire BSN Medical for 2.74 billion euros ($2.9 billion) as the Swedish maker of Velvet tissues expands into wound care and orthopedics ahead of a planned split from forestry products. The purchase of the dressings-and-bandage maker from private equity firm EQT Partners AB, to be funded through debt, is expected to generate annual synergies ...