The SEC said the reality TV superstar was paid $250,000 to promote EMAX tokens on her Instagram account
Author Archives: One Carlo Diaz
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banking
Credit Suisse chief reassures markets amid tanking shares, rising default swaps
The new strategic plan could lead to sweeping changes to its investment bank and may include cutting thousands of jobs over a number of years
Bandar al-Khorayef
Saudi minister visits headquarters of tech majors Google, Zoom, Nvidia
During the meetings, the minister discussed investment opportunities between the Kingdom and the US, especially quality investments in the industrial and mining sectors
Airbus
Royal Jordanian set to modernise its fleet with 20 Airbus A320neo aircrafts
Part of the plan is to replace 13 A320ceo planes which are currently operational; a key part of the upgrade is savings from operational similarity and better fuel efficiency
banking
Saudi finance ministry hosts GCC Financial and Economic Cooperation Committee meeting
The GCC financial ministers and central bank governors were also scheduled to hold a joint meeting with the managing director of IMF Kristalina Georgieva to discuss a number of issues concerning the region
Gecko Robotics
US-based Gecko Robotics to set up international HQ in UAE under ‘NextGenFDI’ initiative
As part of its investment in the country, the Pittsburgh-based company is looking to establish a state-of-the-art manufacturing plant in Khalifa Industrial Zone Abu Dhabi
bilateral economic relations
Dubai, Italy discuss opportunities to enhance bilateral economic and trade relations
At a meeting between the Dubai customs and port authorities with their counterparts from Italy, the two sides also discussed various customs services and facilities provided to companies for facilitating bilateral trade
Energy
UAE’s green housing, energy segments new targets of NFT players
Long-term policy initiatives with milestone targets to cut carbon emissions and promote renewable energy are major factors luring NFT players to the ‘green’ sectors to the UAE – billed as one of the biggest construction capitals in the world
Aviation
Boeing agrees to pay $200 million over ‘misleading’ statements after fatal crashes
The SEC said the plane maker and its former chief Dennis Muilenburg made “materially misleading public statements” following the crashes that killed 346 people
AB Women in Business Conference
AB Women in Business 2022 kicks off today
Prominent business leaders gathered at the event to talk about the crucial role of women in the UAE and the wider region’s business landscape
Hospitality business
Indian hotel chain Oyo revives IPO plans, eyes early 2023 listing
Oyo earlier filed initial IPO documents in 2021, but the impact of Covid-19 hurt its growth, forcing it to cut thousands of jobs – and ultimately suspending the listing plans
Arabian Drilling Company
Saudi Arabia’s Arabian Drilling hires Goldman, HSBC, and SNB Capital for IPO
The offer price will be determined following a book-building period from September 28 to 5 October 5
Egypt
Egypt to raise Suez Canal transit fees by 15 percent in 2023
Rabie said the fee increase, which will take effect from January 1 2023, is “inevitable and a necessity,” amid rising global inflation rates
Abu Dhabi
NBA to host fan event during the week of inaugural Abu Dhabi games
The weeklong NBA District event will be held from October 5 to 9 at the Manarat Al Saadiyat
Dubai Creek Tower
Real estate controversy, Saudi visa rules, Salik IPO: 7 things you missed this week
A rundown of seven top stories – from real estate to visa rules to IPO – you might have missed this week on Arabian Business
Charity
Dubai offers free bread via vending machines for residents
The project is line with Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum’s zero-hunger vision for the UAE – “no one will go hungry in the land of the Emirates,” he once said
Dubai propert market
Weeklong real estate transactions in Dubai hit $2.4 billion
Plot sales led the figures in value, with a total of 277 plots sold for AED4.35 billion
Adani Group
India’s Gautam Adani dethrones Jeff Bezos as world’s second-richest person
Adani is the first person from Asia to feature this high in the wealth index, which has always been dominated by US technology entrepreneurs
Apple
iPhone 14 Pro review: stellar camera, great performance
Apple must have been listening to the criticism; this year’s iPhone 14 Pro sees significant upgrades in the camera department, a more powerful chip, a better display and a whole lot more
iPhone 14
iPhone 14 review: The new standard?
It may seem odd calling the iPhone 14 premium, it being just the ‘standard’ model in Apple’s smartphone arsenal, but indeed it is
cyber attack
Fighting online fraud holds the key to unlocking the UAE’s true digital economy potential
The importance of cybersecurity and data protection in the UAE has never been more crucial
Central Bank of the UAE
UAE banks meet to discuss stronger compliance, removal from FATF grey list
Aside from discussing specific FATF guidelines, participants of the two-day event also talked about dealing with “emerging financial challenges”
Artificial intelligence
Saudi Arabia launches of second edition of NEOM AI Challenge for SMEs and entrepreneurs
Winners of each track will receive executive contracts with NEOM worth SAR 500,000, totalling SAR 1.5 million
Abu Dhabi Global Market
ADGM issues new guidelines on virtual asset regulation, reiterates anti-money laundering position
The new issuance is aimed at outlining the regulator’s approach to virtual asset regulation and supervision
Saudi Arabia
Saudi ‘behavioral consultant’ says Netflix is ‘sponsor of homosexuality’
The Saudi state TV also aired a compilation of footages from specific Netflix shows that it deem to “threaten the healthy upbringing of children”
broadcast content
Netflix told to remove ‘offensive content’ in Arab countries
Legal measures will be taken if Netflix continues to broadcast “offensive content,” the GCC committee statement said
delivery
Saudi startup Jahez delivers 85 percent increase in net profit
Increase in delivery fee and commission revenue seen as major reasons as the online delivery platform’s net profit reaches $14.15 million
Saudi Arabia
Saudi Arabia’s Yanbu industrial city enters UNESCO’s list of global learning cities
This is the second Saudi city selected by the UN body, the first being the Jubail industrial city in 2020
inflation
Saudi Arabia, UAE non-oil economies improve in August amid fears of global recession
Business activities in the non-oil private sector of the Arabian Gulf’s two biggest economies further improved in August amid mounting inflationary pressures globally
Threat of internet outages in Lebanon continue amid Ogero strike
A three-and-a-half-hour long meeting was conducted between the disgruntled workers and Lebanon’s communications minister Johnny Corm
CEO
After four decades of leading Starbucks, Schultz handing over the reins to Narasimhan
The India-born Narasimhan joins the company from October 1 and will take over as the new CEO and a member of the board from April 1 next year
DEWA
DEWA files patent for a robot that could transport solar panels easily, ‘more patents underway’
The research arm of the utility provider has published over 100 research papers in international conference and journals
Abu Dhabi
Abu Dhabi’s Aldar acquires security guards provider Spark Security for $34 million
The acquisition is part of Aldar’s aim to broaden its services, and invest in non-core business verticals – including consultancy and energy management
Abu Dhabi
Emirates Global Aluminium signs pact with Abu Dhabi’s HRA to promote Emirati employment
EGA is to train 23 high school students who are registered in the HRA database and interested in developing skills related to technical occupations through EGA’s long-running national training programmes
Dubai
Residential property deals in Dubai hit $490 million on Thursday
The deals registered on Thursday included 414 sales transactions worth AED 1.19 billion, 101 mortgage deals of AED216.02 million and 19 gift deals amounting to AED477.33 million
London Stock Exchange
UAE-based Wizz Financial announces delisting of its newly acquired Finablr PLC from London bourse
The Prism Group AG subsidiary acquired the businesses of Finablr after it went into administration in March this year
Kalba Waterfront
Sharjah’s Shurooq completes construction work of the $32.4 million Kalba waterfront project
The project, being developed at an estimated cost of AED119 million, is the largest retail and first inclusive waterfront destination in the eastern region of the emirate
Bilateral relations
UAE calls on India to resolve outstanding bilateral issues related to double taxation exemptions, aviation
The UAE foreign minister, speaking at the UAE-India joint council meeting, also expressed happiness that the ongoing dialogue between the two countries has yielded success in a broad range of areas
Google refuses to allow Trump-backed Truth Social on Play Store over moderation issues
While the social media platform is available on Apple’s App Store, it is still losing out on nearly 40 percent of the US android smartphone market
cloud
Qatar launches Microsoft’s first hyperscale cloud datacentre region
The new datacentre offers Microsoft Azure and Microsoft 365, giving organisations access to hundreds of scalable and resilient cloud services
US bans export of artificial intelligence-related chips to China fearing misuse
Nvidia shares tank after it estimated a loss of $400 million as it is prevented from exporting two types of chips that can be used for military use; AMD also affected
Dubai World Trade Centre
DXB Live report 10 percent increase in visitor numbers over H1 2019
With an increasing number of international, regional and local visitors, the success of these events has spread across all sectors and led to a rise in tourism as a whole
ADX, FTSE Russell launch new benchmark growth market index
The launch of the new index followed the launch in March of the FTSE ADX 15 Index, a blue-chip benchmark of the 15 largest and the most liquid companies on ADX
financial system
Saudi central bank amends Regulatory Sandbox to make it an ‘on tap’ window
SAMA launched the regulatory initiative in 2018 to encourage participation of local, regional and international fintech institutions and companies seeking to provide their innovative financial products and services to Saudi market
logistics
Saudi Ports Authority launches $4.7 million gate expansion work at Jeddah port
The SAR 17.5 million expansion work will also help reduce transition time between the port and Al Khumra warehouse city from 40 to 25 minutes
Abu Dhabi
Abu Dhabi court takes action as unpaid dues to labour camp workers hit $11.4 million
The dues were handed over by mail to the workers in their respective labour camps
Cricket
As it restructures its streaming plans, cricket continues to be the big bet for Disney
The company lost the right to stream the Indian Premier League recently, but has now won both TV and digital rights for all ICC events through the end of 2027 for a reported $3 billion
Airlines
Emirates’ summer traffic hit 10 million passengers amid rebounding travel demand
Emirates is currently operating at 74 percent of its pre-pandemic capacity, with plans to increase it up to 80 percent by the end of the year
Arab women
How the digital space has broken limitations for Arab women entrepreneurs and changemakers
But though it is mostly a democratic space (and I say mostly because we have witnessed a surge in censorship in recent years), it certainly has elites like any other network—those with the most impact
Instagram
Tesla stock emerges as social media darling with 45.4 million views on TikTok
Based on Google searches, AMC stock was the most popular with more than 490,000 searches monthly in the UK
Aerospace
NASA plans a re-try to lift off its giant moon rocket on Saturday
But prospects for success on Saturday appeared clouded by weather reports predicting just a 40 percent chance of favourable conditions that day
anti-money laundering
UAE slaps administrative sanctions on exchange house and its owner
The new sanctions come as the UAE doubles down on its efforts to improve its financial system – which include implementing stricter policies for financial firms
Privacy
Twitter launches ‘close friends’ feature
The social media major’s latest move comes in the wake of widespread unease among its users for being prosecuted or attracting unruly comments from unknown users for some of their posts, allegedly for being ‘hurting sentiments’ or offensive