US-based investment firm picks up stake in Abu Dhabi tech firm Group42

Dubai: Investment firm, Silver Lake, has made a “substantial” investment in Group42, the Abu Dhabi-based company that specializes in AI and cloud computing. Proceeds from the investment will be used to help G42 scale in the UAE and international markets. The terms of the investment transaction were not publicly disclosed. In connection with the deal, […]

Bentley celebrates 200,000 production milestone

Bentley is commemorating the creation of its 200,000th vehicle since the company’s founding in 1919. The car in question – a Bentayga Hybrid destined for a customer in China – met the oldest surviving Bentley, the EXP 2, alongside some of the firm’s longest-serving members of staff. It’s the latest in 155,582 cars built at […]

Egypt seizes Suez ship ‘Ever Given’ pending $900 million compensation

Cairo: Egypt seized a giant container vessel that closed off the Suez Canal last month as it sought compensation of over $900 million for the blockage. A court in the city of Ismailia granted the request regarding the Ever Given vessel at the behest of the Suez Canal Authority, state-run Ahram Gate reported on its […]

Ajman cancels fees related to government tenders

Dubai: Ajman on Wednesday announced cancellation of fees related to “Request for Proposals’ in bids and tenders, in order to ease the participation of more companies. Sheikh Ahmed bin Humaid Al Nuaimi, Representative of His Highness the Ruler of Ajman for Administrative and Financial Affairs, issued Resolution No. (15) of 2021 concerning the amendment of […]

Art Dubai makes a successful and safe return for 2021 edition

The Middle East’s largest art fair, Art Dubai, reopened its doors to over 30,000 visitors from around the world. With precautions in place and digital elements to support remote visitors and buyers, the annual event is leading a promising return for the city’s expansive art sector, and future events and exhibitions. #BusinessDubai #ArtDubai #CNN

Geely’s iconic Lotus Cars mulls raising $1 billion

Zhejiang Geely Holding Group Co. is considering raising about $1 billion to help expand its iconic British sports and racing automotive business Lotus Cars into the electric vehicles market in China, according to people familiar with the matter. Geely is working with advisers to sound out potential investor interest in a funding round that could […]