Lemon Tree International invests $27m in first UAE hotel

Lemon Tree International, a subsidiary of Al Waleed Investment Group, has opened its first hotel in the UAE. The Lemon Tree Dubai Hotel on Al Wasl Road in Jumeirah, features 114 rooms, restaurant, an outdoor lounge, conference hall, swimming pool and a wellness centre. The 3-star mid-range property represents an investment value of up to AED100 ...

Ericsson pays over $1bn to settle US corruption probe

A unit of Ericsson AB pleaded guilty to foreign bribery and the parent company agreed to pay more than $1 billion to resolve a long-running US corruption investigation involving payoffs in Asia and the Middle East. The Stockholm-based company admitted to a years-long campaign of corruption aimed at solidifying its grip on the telecommunications ...

UAE's Mubadala invests in Spanish food delivery firm Glovo

Abu Dhabi’s sovereign wealth fund Mubadala is placing a bet on the growing demand for food delivery platforms with an investment in Spanish start-up Glovo. Mubadala was the lead investor in Glovo’s 150 million euro ($167 million) funding round closed Wednesday, according to a statement, bringing its valuation to over $1 billion. Other backer...

Axiory Global opens Middle East base in Dubai

Forex brokerage firm Axiory Global has opened a base in Dubai to cover the Middle East market. The online brokerage service will operate out of premises in Business Bay where they will employ ten members of staff, in what is the company's first move into the region. CEO of Axiory Global Ltd, Roberto d’Ambrosio, said: “UAE is an optimistic an...

Making supercars for women 'a mistake': Ferrari

Italian automotive champion fears a feminine model would drive away male customers which make up a significant portion if its consumer base. The world’s most popular supercar maker does not want to make cars for women. Italian automotive champion Ferrari says it would be a “mistake” to design a car for women because its female clients do n...

Porsche's first electric car is pricey but insanely fun

Just in case you were worried electric cars were going to be boring, Porsche made the Taycan. It isn't perfect and, yes, it is expensive, but it is absolutely not boring. Sure, Tesla offers the aptly named Ludicrous Mode that can launch a Model S from a dead stop to 60 miles an hour in something gut-twistingly close to two seconds. That is also ...

Majid Al Futtaim to invest $1.5bn in Saudi, Egypt expansion plans

Dubai-based Majid Al Futtaim (MAF) CEO Alain Bejjani has revealed ambitious expansion plans, which include a $996.26 million investment in Egypt and a further $533.6m in Saudi Arabia. Bejjani told Reuters that the company’s investment, which will be spread over the next two to three years, is set to include $866m on a single mall in Cairo. Fur...

UAE's Rotana launches first hotel in Tanzania

UAE-based hotel operator Rotana has announced the soft opening of Johari Rotana in Tanzania’s commercial city of Dar es Salaam, further cementing its presence in Africa’s fast-growing hospitality sector. The new five-star property marks the company’s entrance to the East African market, Rotana said in a statement. The property offers 253 k...

Saudi Aramco raises $25.6bn in world's biggest share sale

State-owned oil giant Saudi Aramco has raised a record $25.6bn (£19.4bn) in its initial public offering in Riyadh. The share sale was the biggest to date, surpassing that of China's Alibaba which raised $25bn in 2014 in New York. Aramco relied on domestic and regional investors to sell a 1.5% stake after lukewarm interest from abroad. The IPO w...

UAE at the forefront of blockchain adoption

The UAE is one of the leading destinations for innovators and entrepreneurs in the blockchain space. The nation nurtures a robust blockchain tech innovation ecosystem by welcoming the newest and most forward-thinking blockchain startups from around the world. The Dubai Future Council for Blockchain launched the Dubai Blockchain Policy at the nin...

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