August, 2022

• 7 August

  Musk says inflation is ‘past peak’, citing Tesla’s costs coming down

  

    Bloomberg Elon Musk, chief executive officer (CEO) of Tesla Inc and the world’s richest person, said he sees signs the global economy is ‘past peak inflation.’ Speaking at the electric-vehicle maker’s annual shareholder meeting, Musk said Tesla’s commodity and component costs are trending downward over the next six months. He also reiterated that he expects a mild recession that ...

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• 7 August

  Meta’s job delays for summer interns makes Gen Z sweat

  

    Bloomberg Internships at Meta Platforms Inc, the Facebook and Instagram owner, are coveted for their selectivity, high compensation, lavish perks — and most of all, the potential job offer waiting at the end of the summer. This year, that’s more elusive. Meta told interns via email in early July that it would delay deciding whether to hire them, giving ...

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• 7 August

  Semtech agrees to buy Sierra Wireless

  Bloomberg Semiconductor maker Semtech Corp is acquiring Sierra Wireless Inc in all-cash transaction valuing the Canadian company at $1.2 billion including debt. Semtech said in a statement that it’s paying $31 a share for Sierra Wireless, a premium of about 25% to the closing price before Bloomberg News reported the merger talks. The deal is expected to roughly double Semtech’s ...

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• 6 August

  Foreign direct investments in UAE rise 116% in past decade

  

    ABU DHABI / WAM Foreign direct investments (FDI) in the UAE witnessed significant growth in recent years, despite the challenges posed by the Covid-19 pandemic. According to a report by the Ministry of Economy, during the past decade from 2012 to 2021, FDIs in the country increased by 116 percent, amounting to $20.667 billion in 2021 compared to $9.566 ...

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• 6 August

  Masdar inks deal to develop 2GW renewables project in Tanzania

  

    DAR ES SALAAM / TANZANIA /WAM Masdar announced that it has signed an agreement with Tanzania Electric Supply Company Ltd. (Tanesco) related to the development of renewable energy projects with a total capacity of up to 2 gigawatts (GW). In the presence of Hon. January Makamba, Minister for Energy for Tanzania, the Joint Development Agreement (JDA) was signed by ...

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• 6 August

  NCEMA holds session to discuss community safety

    Abu Dhabi / WAM The National Emergency Crisis and Disasters Management Authority (NCEMA), represented by Department of Safety and Prevention, held a brainstorming session to discuss the national framework for preparedness and public safety. The session saw participation of a number of federal and local agencies concerned with managing institutional and community risks. The session discussed a number of ...

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• 6 August

  Dubai’s week long real estate deals hit AED5.3b

  

    Dubai / WAM The real estate and properties transactions valued at AED5.3 billion in total during the week ending August 5. The sum of transactions was 2,247. 255 plots were sold for AED1.24 billion, 1,510 apartments and villas were sold for AED2.79 billion. The top transactions were a land in Hadaeq Sheikh Mohammed Bin Rashid sold for AED106.57 million, ...

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• 6 August

  UAE ministry, Edge team up to set up Industry 4.0 Enablement Centre

  

    Abu Dhabi / WAM The Ministry of Industry and Advanced Technology (MoIAT) and Edge signed a memorandum of understanding (MoU) to establish the UAE’s first Industry 4.0 Enablement Centre aimed at promoting, enabling, and supporting the digital transformation and the adoption of Industry 4.0 technologies across country’s manufacturing sector. The ministry and Edge will explore how the Enablement Centre ...

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• 6 August

  Tecom group included to DFM General Index

  

  Dubai / WAM Dubai Financial Market (DFM) announced the inclusion of Tecom group to DFM General Index and to Real Estate Index sector. In a statement issued on Friday, DFM said that the inclusion of Tecom group will begin as of Monday, August 8. Tecom group began trading on DFM on July 5, after completing its initial public offering (IPO), ...

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• 6 August

  Abu Dhabi’s boat show offers 50% off on tickets

  

  Abu Dhabi / WAM The Abu Dhabi International Boat Show (Adibs), the UAE capital’s prestige boating, leisure marine and fishing show, has announced the launch of early bird ticket sales for the eagerly anticipated 2022 event. Organised by the Abu Dhabi National Exhibitions Company (Adnec), the fourth edition of Adibs will take place at Adnec’s brand new Marina Hall and ...

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