Dubai-based business-tycoon Mohamed Alabbar is weighing buying into venture capital firms in the Middle East to help kick start his $1 billion technology fund, according to people familiar with the matter, according to Bloomberg.
While Etihad Airways PJSC let Alitalia SpA slide into bankruptcy after workers spurned a restructuring plan, the Persian Gulf carrier is showing more patience with its other ailing European asset, according to Bloomberg.
Investors in United Arab Emirates construction stocks can remember the good days — when oil above $100 a barrel encouraged a seemingly endless stream of lucrative projects. Now, with crude priced at half that, companies are trying to rebuild their balance sheets, reports Bloomberg.
Dubai’s police force, famous for its stable of exotic supercars, has added yet another high-tech, rear-wheel-drive vehicle to its fleet, says Bloomberg.
Uber Technologies Inc. hopes to one day operate a network of flying cars. On Tuesday, the ride-hailing company laid out some aggressive plans to get closer to its first flight, reports Bloomberg
Amazon.com Inc. has agreed to buy Dubai-based online retailer Souq.com, betting that e-commerce in the Middle East is poised to take off, says Bloomberg
Emirates has seen U.S. traffic slip following President Donald Trump’s efforts to ban travel from six Muslim-majority countries and restrict electronics on flights from Mideast airports, reports Bloomberg.
Dubai Aerospace Enterprise Ltd., the Middle East’s biggest plane-leasing company, propelled itself into the top ranks of global players with a multi-billion dollar agreement to buy Dublin-based AWAS Aviation Capital Ltd. from U.K. private equity firm Terra Firma Capital Partners, says Bloomberg.
Abu Dhabi National Energy Co., the government-run company known as Taqa, is generating cash from overseas oil and natural gas operations and wants to sell some higher-cost wells in North America after reporting a record $5.2 billion loss last year, reports Bloomberg.
Middle Eastern carriers seized on the social media storm surrounding the forced removal of a passenger from a United Airlines flight to mock one of the arch-critics of their breakneck expansion, according to Bloomberg.