Business News

Boeing will cut 17,000 jobs, delay the first deliveries of its 777X jet by a year, and record $5 billion (AED 18.3 billion) in losses in Q3, as the US planemaker continues to spiral during a month-long strike.

Abu Dhabi Government will participate in GITEXGlobal 2024, taking place from October 14 to 18 at the Dubai World Trade Centre, under the theme ‘Towards an AI-Native Government'.

The UAE is expected to exceed its renewable energy capacity ambitions for 2030, the International Energy Agency (IEA) said.

Dubai-based companies have invested nearly $2 billion (AED 7.3 billion) in Turkey from 2018 to mid-2024, while Turkish investments in the emirate totalled $100 million (AED 367.3 million) from 2015 to 2023.

Tesla's Elson Musk showcased a long-promised robotaxi, featuring two gull-wing doors with no steering wheel or pedals, at an event on Thursday.

Jebel Ali Free Zone (Jafza) has solidified its status as a global leader in trade and logistics, taking home five major accolades at the fDi Global Free Zones of the Year 2024 awards.

The UAE and Malaysia have officially concluded negotiations for a Comprehensive Economic Partnership Agreement (CEPA), aimed at eliminating or reducing tariffs, lowering trade barriers and fostering collaboration between private sectors while opening new investment pathways.

Digital Dubai launched the "Dubai Cashless Strategy," which aims for cashless transactions to account for 90 per cent of all transactions by 2026.

HSBC CEO Georges Elhedery is weighing cost-cutting measures that could save up to $300 million (AED 1.1 billion) by reducing top management layers, the Financial Times reported on Thursday.

Minister of Energy and Infrastructure, Suhail bin Mohammed Al Mazrouei, said 22 per cent of the UAE's non-oil trade was transported by road in 2023, amounting to AED 576.4 billion.

The US said it may ask a judge to force Alphabet's Google to divest parts of its business, such as its Chrome browser and Android operating system, that it says are used to maintain an illegal monopoly in online search.

The first edition of the Global Rail Transport Infrastructure Exhibition & Conference (Global Rail) 2024 was launched in Abu Dhabi on Tuesday and set to continue until Thursday. The event, hosted by Etihad Rail, was inaugurated by several UAE officials and industry leaders. 

Boeing has withdrawn its pay offer to around 33,000 US factory workers and no further negotiations were planned with their union representatives, as a financially damaging strike nears its fourth week.

The UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and the Ruler of Dubai, has approved the Union General Budget Plan for the fiscal year 2025.

Emirates has cancelled flights to Iran and Iraq until October 16, the airline announced on Tuesday evening. Earlier in the week, flights to Baghdad and Basra in Iraq had resumed before the latest update.

ADNOC Logistics and Services plc has announced it will distribute a cash dividend of $136.5 million (AED501.3 million) for the first half (H1) of 2024, the equivalent to 6.78 fils per share.

The Future Blockchain Summit 2024 is set to take place from October 13 to 16 at Dubai Harbour, with an expected 1,200 investors from over 50 countries.

Nike's ongoing struggles are giving Adidas a chance to keep taking market share from its larger US rival, but the German brand will have to work harder to keep shoppers interested in its key Samba and Gazelle terrace sneakers, experts say.

Flydubai has extended its flight cancellations from Dubai International to Beirut International Airport due to the ongoing developments in the region.

President His Highness Sheikh Mohamed bin Zayed Al Nahyan witnessed the signing a Comprehensive Economic Partnership Agreement (CEPA) with Jordan on Sunday.

The UAE has confirmed its steadfast commitment to leveraging cutting-edge technology to boost operational efficiency and enhance the quality of government services as it marked its participation in the official inauguration of the Global Government Technology Centre (GGTC) in Berlin.

Dubai's Roads and Transport Authority (RTA) has announced its digital revenues for 2023 grew by 16.8 per cent, reaching AED 3.705 billion compared to the previous year.

The Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Serbia is the first with a country that is not a member of the World Trade Organisation, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade has said.

The Ministry of Finance announced the UAE Cabinet approved amendments to a Federal Decree-Law on Value Added Tax (VAT), which is set to exempt investment fund management services from VAT to stimulate growth in the investment management sector and increase the UAE’s attractiveness as a leading investment hub.

Brazil's Supreme Court said on Friday that lawyers representing social media platform X did not pay pending fines to the proper bank, postponing its decision on whether to allow the tech firm to resume services in Brazil.

Companies are being invited by the Abu Dhabi Investment Office (ADIO) to submit proposals to operate UAE animal feed markets.

OpenAI, the company behind ChatGPT, has raised $6.6 billion (AED 24.4 billion) from investors, which could value the company at $157 billion (AED 576 billion) and cement its position as one of the most valuable private companies in the world.

Indian Trade Minister, Piyush Goyal, and US Commerce Secretary, Gina Raimondo, signed an agreement to cooperate on strengthening supply chains in the two countries for lithium, cobalt and other critical minerals used in electric vehicles and clean energy applications.

Dubai has retained its title as the world’s leading city for attracting Greenfield Foreign Direct Investment (FDI) projects, according to data from Financial Times Ltd’s ‘fDi Markets’.

Etihad Rail, the developer and operator of the UAE National Rail Network, has unveiled a new brand identity, complete with a revamped logo, mission, vision and values.

Dubai Airports has announced a collaboration with Etihad Energy Services Company (ESCO), a wholly-owned subsidiary of DEWA, to launch the world's largest rooftop solar panel installation project at an airport.

The UAE, represented by the Ministry of Energy and Infrastructure (MoEI), participated in the meeting of BRICS Ministers of Energy in the Russian capital, Moscow.

A number of telemarketers in the UAE have been fined after authorities discovered over 2,000 violations.

The Central Bank of the UAE (CBUAE) prohibited a takaful insurer operating in the UAE, from issuing or concluding new, or renewing, motor and health insurance contracts.

Abu Dhabi’s GDP grew by 4.1 per cent in the second quarter of 2024, compared to the same period last year, according to Statistics Centre – Abu Dhabi (SCAD). The reported growth was attributed to the expansion of the non-oil sector.

The bidding for Pakistan's national airline has been delayed to October 31, two government officials at the Ministry of Privatisation said on Tuesday.

The Ministry of Economy announced the launch of the National Economic Registry "Nomu", with the aim of providing the largest unified database for establishments and companies across the seven emirates, merging the procedures and requirements for establishing businesses and practicing economic activities in the country through a single national portal. 

The Ministry of Finance has announced the launch of a dedicated page for the World Bank's advisory services online. The webpage allows local entities to apply for the Bank's advisory services and monitor the status of their requests efficiently.

Emirates has extended their flight cancellations to and from Beirut as the airlines continue to monitor the situation in Lebanon.

The Federal Tax Authority (FTA) has announced the postponement of the deadline to file a Tax Return and settle Corporate Tax Payable to December 31, applicable to short Tax Periods ending on or before February 29, 2024.

Firefighters battled to douse a fire that halted production at a major Tata Electronics plant in southern India which makes components for Apple's iPhone, three people with knowledge of the situation said.

Air Arabia has announced the expansion of operations from Ras Al Khaimah with the launch of a new route connecting Ras Al Khaimah International Airport with Moscow Domodedovo International Airport.

The UAE Media Council has announced that the cinema sector generated AED 517 million in revenue during the first eight months of this year, attracting around 11 million cinema visits.

Elon Musk's SpaceX plans to invest $1.5 billion (AED 5.5 billion) in Vietnam in the near future, the government of the Communist-run nation said on Thursday, which could help resolve a stalemate over the launch of its Starlink satellite services there.

The UAE and New Zealand concluded negotiations for a Comprehensive Economic Partnership Agreement (CEPA), it was announced on Thursday. The deal is expected to unlock economic opportunities for exporters and boost supply chains with one of the latter's most important trading partners in the Middle East.

Boeing and its largest union will resume contract talks on Friday in a bid to end a strike that has throttled plane production and hammered the finances of the aerospace giant, the union and company said on Wednesday.

The ride hailing firm Uber will soon add self-driving cars to its Abu Dhabi fleet following a partnership with WeRide, a leading autonomous driving technology company.

Microsoft has established an Engineering Development Center in Abu Dhabi, its first in the Middle East. The centre will integrate with a global network to support advances in AI innovation, cloud technology and advanced cybersecurity solutions.

The Dubai Department of Economy and Tourism (DET) forged a strategic collaboration with Amazon UAE to launch the "DET x Amazon Accelerator," designed to bolster the growth of SMEs in Dubai and enhance competitiveness on the international stage.

Abu Dhabi Future Energy Company (Masdar) has announced the proposed acquisition of Saeta Yield from Brookfield Renewable, together with its institutional partners (Brookfield), for an implied enterprise value of AED 5.1 billion ($1.4 billion).

Boeing made a "best and final" pay offer to thousands of striking workers on Monday, but its largest union declined to put it to a vote, saying the planemaker had refused to bargain over the proposal that fell short of members' demands.

Nakheel, part of Dubai Holding Real Estate, has awarded an AED 1.8 billion contract to ALEC Engineering & Contracting LLC for the construction of the 75-storey Como Residences on Palm Jumeirah.

SpaceX plans to launch about five uncrewed Starship missions to Mars in two years, CEO Elon Musk said in a post on social media platform X.

The second edition of the Sharjah-Europe Business Women Forum starts on Tuesday in Brussels, featuring 500 participants from across the globe, including a distinguished group of businesswomen from the UAE and European countries.

The 10th edition of the World Green Economy Summit (WGES), organised by the Dubai Supreme Council of Energy, Dubai Electricity and Water Authority (DEWA) and the World Green Economy Organisation (WGEO), will place a special focus on climate finance as its central theme.

Dubai Customs, through its Corporate Communication Department, has won the prestigious International Best Practice Competition (IBPC) award, earning the "Excellence Level – Five Stars" in Government Communication.

The UAE has explored ways to expand trade and investment ties with the Eurasian bloc, which includes Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan.

Expo 2020 Dubai has reaffirmed its commitment to gender equality and women’s empowerment.

Expo 2020 Dubai and the United Nations Global Compact are joining forces to hold a Sustainable Development Goals Business Forum.

More than 2,500 online travel agents, tour operators, hotel groups and airlines have signed on as Authorised Ticket Resellers (ATRs) for Expo 2020 Dubai.

A spectacular line-up of sights, sounds and tastes await visitors at Expo 2020 Dubai, through a series of specially curated itineraries.

Apple on Tuesday launched the iPhone 12 with faster 5G connectivity, which the company hopes will spur a wave of upgrades and keep its sales booming through the end of the year.