DUBAI: As Rolls-Royce and Vertical Aerospace race to introduce a fully-electric aircraft by 2025, officials from both companies said the Middle East is an ideal market in terms of demand and infrastructure, Arab News reported. The pair is developing the VA-X4, an electric vertical take-off and landing aircraft, which could introduce a new intercity mode … Read more
KARACHI: Pakistan Stock Exchange opened on a bullish note as the KSE-100 index witnessed an increase of 274.72 points, or 0.60 per cent, in the first hour of trading on Tuesday. The Pakistan bourse witnessed a profit-taking session on Monday, as the negotiations between Pakistan and the International Monetary Fund (IMF) have not ended which … Read more
KARACHI: The rupee recorded an increase of 49 paisa against the dollar at the opening of the interbank foreign exchange market on Tuesday. The dollar is being traded at Rs174.80. The exchange ended at Rs175.29 on Monday in the interbank foreign exchange market. Market analysts said that the news of government’s talks with the IMF, … Read more
RIYADH: The Geological Survey Programme initiatives related to the mining sector are expected to attract investments worth around SR3.8 billion (over $1 billion), CEO Abdullah Al-Shamrani told CNBC Arabia. These initiatives contribute to facilitating investors who wish to obtain information about the mining sector in the kingdom, he said. The initial results of the programme … Read more
The Abu Dhabi National Oil Co (Adnoc) chief executive Sultan al-Jaber said that the world could not “simply unplug” from hydrocarbons and that the oil and gas industry needed to invest over $600 billion a year until 2030 to meet the expected demand, Arab News reported. He was addressing the ADIPEC oil and gas conference, … Read more
DUBAI: Around 10,900 new aircraft deliveries are projected globally in the next 20 years, Brazilian aerospace firm Embraer said, with the Middle East taking a 7 per cent share of the total projections, Arab News reported. The 20-year market forecast, revealed at the ongoing Dubai Airshow, said the total value of these new orders could … Read more
DUBAI: Refusing to bow down to the US pressure to pump oil faster, Saudi Arabia, the UAE and Russia, all part of the grouping called Opec+, on Monday indicated that the oil producers will continue to follow the production quota as earlier decided by the alliance, Arab News reported. UAE Energy Minister Suhail Al-Mazrouei said … Read more
RIYADH: Germany’s inflation would notably decline at the beginning of the next year, as the effects of one-off factors soften, Arab News quoted the country’s Economy Ministry, as saying. The temporary decrease in the value-added tax rate in the middle of 2021 helped inflation to increase to 4.5 per cent in October. Higher prices of … Read more
DUBAI: Saudi Arabia’s national carrier Saudia has signed an agreement with Boeing to improve fleet operations of the 787 Dreamliner and 777 jets, Arab News reported. The deal will allow Saudia to use Boeing’s services in digital analytics and to modify the cabin interiors of the 777 fleet, the pair announced on Monday. “As ever, … Read more
RIYADH: The Dubai Electricity and Water Authority has called on banks to pitch for a role on an initial public offering that could value the utility at $25 billion, Arab News reported. DEWA has named Moelis as an adviser on what will likely be the city’s biggest listing yet and the Dubai government-owned company would … Read more
JEDDAH: Emaar revealed its aim to sell 50 per cent or more of the online shopping platform, Namshi, Arab News quoted Mohammad Alabbar, founder of Emaar, as saying. This will not be done by selling a stake in Namshi through special purpose acquisition company (SPAC), nor will it be offered for subscription, he said in … Read more
RIYADH: The Saudi Export-Import Bank has signed nearly $118 million deals with three banks, the Saudi Press Agency reported. The Exim Bank signed an insurance policy with the Saudi British Bank worth $63.5 million to enhance documentary credits. A documentary credit is a method of payment that protects both the seller (exporter) and the buyer … Read more
RIYADH: The Central Bank of the UAE (CBUAE) will launch a new index for overnight funding transactions denominated in UAE Dirham in December, Arab News reported. Donia aims at providing market participants with interbank market data, and to improve transparency in domestic money market activities,as a part of the new Dirham Monetary Framework implementation plan. … Read more
SHEIKHUPURA: At least two school children died as a train and school wagon collided on Bahrian Wala Road in Sheikhupura on Tuesday. One female school kid passed away on the spot, while another succumbed to her injuries at hospital. Four other children were also injured in the mishap and immediately rushed to district headquarters hospital … Read more
ISLAMABAD: Former prime minister Shahid Khaqan Abbasi on Monday said if constitutional institutes would interfere in elections then country would continue to face inflation and other troubles. He said this while referring to former chief justice Gilgit-Baltistan Rana M Shamim’s claim in a notarised affidavit that ex-top judge of Pakistan Saqib Nisar had directed not … Read more
PESHAWAR: Federal Minister for Planning and Development Asad Umar on Monday visited Takht-Bahi Buddhist monastery in Mardan district, known as a world heritage site, and lauded the efforts of the Khyber Pakhtunkhwa government for its conservation and preservation. Asad Umar visited the monastery and took a keen interest in it. He said Takht-i-Bahi was a … Read more
The US Central Command said Sunday that a 2019 airstrike that killed civilians in Syria was “legitimate,” after a New York Times investigation said the military had concealed the death of dozens of non-combatants. The newspaper published the results of its investigation on Saturday saying a US special task force operating in Syria — sometimes … Read more
ISLAMABAD: Federal Minister for Interior Sheikh Rashid Ahmed on Monday said he was hopeful that the allied parties of the government would vote in favour of the proposed electoral reforms. Addressing media in Islamabad, Sheikh Rashid Ahmed said Prime Minister Imran Khan would talk with the allies on Monday regarding the electoral reforms. He had … Read more
