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Pan-African energy provider will introduce its advanced solar technologies and expertise to the UAEThe Abu Dhabi Investment Office (ADIO) has signed a strategic agreement with Ignite Energy Access, a leading pan-African provider of the full range of Distributed Renewable Energy (DRE) solutions, to establish its global headquarters in the emirate, a report said.Under the multi-year agreement, ADIO will support Ignite Energy Access in scaling its operations and expanding its regional and global footprint while reinforcing Abu Dhabi’s position as a global hub for clean energy innovation, the report added.Ignite Energy Access utilizes a proprietary technology platform to develop, deploy and…
80 percent of the aircraft are manufactured by Airbus and 20 percent are manufactured by BoeingThe Dubai Aerospace Enterprise (DAE) announced today that it signed agreements with multiple counterparties to acquire 17 aircraft for an aggregate consideration of approximately $1 billion. This portfolio is comprised of 100 percent next-generation aircraft, of which 89 percent are narrow-body aircraft.“Consistent with our commitment to improve the next-generation content of our fleet and reduce the fleet average age, we are delighted to add these modern, fuel-efficient, next-generation technology assets to our portfolio. This transaction also allows us to further deepen our relationship with our…
GDMO leverages a rapidly evolving digital media to align its strategy with the vision of Dubai’s leadershipThe Government of Dubai Media Office (GDMO) has been playing a key role in raising Dubai’s profile as a dynamic city that’s constantly evolving. Moreover, with the rapid evolution of digital platforms and AI technology, the Dubai Media Council, which oversees the GDMO, has created regulatory frameworks for innovation in digital media.Economy Middle East speaks to Her Excellency Mona Al Marri, director general of the Dubai Government Media Office, about how the GDMO has been at the forefront of shaping Dubai’s narrative even as…
Net profit grew by 39 percent to AED281 million, compared to AED202 million the previous yearRAK Properties reported a 40 percent annual revenue increase in 2024, reaching AED1.4 billion ($381.18 million), up from AED1 billion in 2023. The announcement came during the company’s annual general meeting on Thursday, where shareholders approved all agenda items, including the company’s financial statements for the full year ended December 31, 2024.“RAK Properties has once again delivered an exceptional year of financial growth, reflecting not only the strength of our vision but also the continued confidence in Ras Al Khaimah as a rising hub for…
Men and women socialize at the end of the day outside The Castle Pub in London, United Kingdom.Robert Nickelsberg | Getty Images News | Getty ImagesThe U.K.’s economy unexpectedly shrank by 0.1% month-on-month in January, official figures showed on Friday.Britain’s Office for National Statistics said the fall was mainly due to a contraction in the production sector.Economists polled by Reuters had expected the country’s GDP to grow by 0.1%.The U.K. economy grew by 0.1% in the fourth quarter, beating expectations, ONS data showed last month. It flatlined in the third quarter.The monthly GDP data has been checkered since then, with…
KARACHI: AirAsia X (AAX), the medium-haul affiliate of AirAsia – the World’s Best Low-Cost Airline – has announced an exciting new route to Malaysia’s capital Kuala Lumpur, with a four times weekly frequency, starting 30 May 2025. With the commencement of this route, AirAsia X will serve as the only low-cost carrier to provide direct connectivity between Karachi and Kuala Lumpur, enabling Pakistani travellers to fly to Malaysia affordably. It also plays a pivotal role in linking travellers from Malaysia and its neighbouring ASEAN region to Pakistan, connecting them to the country’s vibrant trade, tourism and economic opportunities. AAX has…
Expectations of lower Russian oil supply in the near term provided some support to oil pricesOil prices recovered some of the previous session’s more than 1 percent losses on Friday as prospects of a ceasefire deal between Ukraine and Russia, which would have brought back additional Russian energy supplies, diminished.Brent crude futures rose 0.67 percent to $70.35 per barrel as of 6:26 GMT after settling 1.5 percent lower in the previous session. Meanwhile, U.S. West Texas Intermediate crude gained 0.71 percent to $67.02 after closing 1.7 percent lower on Thursday.Russia-Ukraine deal prospects slumpRussian President Vladimir Putin said on Thursday that…
Mat TrewernBBC News, ManchesterBBCMark Wrigley said he felt “let down” by the governmentA bar owner has said he fears many small businesses are at risk of being “killed off” by a cocktail of rising costs.Mark Wrigley, who runs Atlas Bar in Manchester city centre, said he was worried that measures announced by the government in the Autumn budget would “wipe out” already struggling firms.Employers’ National Insurance (NI) contributions and the National Minimum Wage increase in April.A Treasury spokesperson said the government was determined to “kickstart economic growth”, for example by “permanently cutting business rates” and “capping corporation tax for the…
As Pakistan seeks to strengthen its economic ties with the European Union (EU), Finance and Revenue Minister Senator Muhammad Aurangzeb met with EU Ambassador Dr Riina Kionka to discuss the future of the Generalized Scheme of Preferences Plus (GSP+) facility. According to a statement released by the Finance Division on Friday, the two sides discussed a range of matters of mutual interest, particularly on strengthening business and investment ties between the EU and Pakistan. During the meeting, Aurangzeb expressed appreciation for the EU’s support for Pakistan, particularly the importance of the GSP+ facility. “He highlighted that GSP+ has been a…
Gul Ahmed Textile Mills Limited (GATM), one of the country’s largest textile mills, announced plans to establish four wholly-owned subsidiaries to undertake specialized textile operations under sustainable practices. The listed company disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Friday. “The company’s management is desirous to explore avenues to expand and improve the company’s business and operations in an evolving environment, including conducting textiles operations under sustainable practices as per the requirements of customers, and transitioning operations towards renewable energy sources to potentially replace fossil fuel-based power dependency,” read the company’s circular disclosed to the…