Author name: Admin

Infrastructure

“Dubai Plans Construction of 40 Air-Conditioned Rest Areas for Delivery Riders”

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Dubai’s RTA to Build Air-Conditioned Rest Areas for Delivery Riders Dubai’s Roads and Transport Authority (RTA) is set to construct air-conditioned rest areas for delivery riders across the city to enhance road safety and reduce the risks of accidents. Approximately 40 such rest areas will be strategically located to offer amenities for delivery riders, promoting their well-being and encouraging compliance with traffic laws. Two rest areas in Al Barsha are already completed, with the remaining facilities scheduled for construction in three phases. The rest areas, equipped with snack dispensers, water coolers, and phone charging stations, aim to provide a comfortable environment for riders while waiting for new orders. The project is part of RTA’s commitment to fostering a suitable working environment for delivery riders, addressing the significant growth in the delivery business in recent years. Note: The article heading is a concise summary of the content.

Energy

“Saudi Aramco Invests $4 Billion in Venture Capital Program”

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Aramco Boosts Venture Capital Program with $4 Billion Injection Saudi Aramco plans to significantly increase its venture capital program by injecting an additional $4 billion, more than doubling the total capital allocated to Aramco Ventures. The move aims to provide financial backing for transformative solutions and support businesses at various stages of development globally. Before this new allocation, Aramco Ventures managed three funds: the Digital/Industrial Fund ($500 million), the Prosperity7 Fund ($1 billion), and the Sustainability Fund ($1.5 billion). The venture capital program aligns with Aramco’s long-term strategy, focusing on new energies, chemicals, transition materials, diversified industrial businesses, and digital technologies. Ahmad Al Khowaiter, Aramco Executive Vice President of Technology and Innovation, stated, “By injecting an additional $4 billion in funding over the next four years, we intend to provide the financial backing required to take game-changing solutions to the next level.”

Energy

“Tesla Cybertruck and Nissan Leaf Among Electric Vehicles Losing US Tax Credits”

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Electric Vehicles, Including Tesla Cybertruck and Nissan Leaf, Lose US Tax Credits Under New Battery Sourcing Rules Washington: Effective Monday, several electric vehicles, including the Nissan Leaf, Tesla Cybertruck All-Wheel Drive, and Chevrolet Blazer EV, are no longer eligible for tax credits of up to $7,500, according to the U.S. Treasury. The new rules, outlined in December, focus on battery sourcing requirements to reduce reliance on China in the U.S. electric vehicle supply chain. The eligibility for U.S. EV tax credits has dropped from 43 to 19 models, considering different versions of the same vehicle type. Some manufacturers are yet to submit information on eligible vehicles, potentially leading to further changes in the list. Under the new guidelines, buyers can claim the tax credit at the point of sale, with limits on vehicle price and buyer income. Vehicles like the Volkswagen ID.4, Tesla Model 3 Rear Wheel Drive, BMW X5 xDrive50e, Audi Q5 PHEV 55, Cadillac Lyriq, and Ford E-Transit no longer qualify for the tax credits. Volkswagen expressed optimism that its MY2023 ID.4s and all MY2024 ID.4s will be eligible under the new rules after confirming their eligibility for the federal EV tax credit. Automakers are adjusting their supply chains to ensure compliance with the new clean vehicle credit, partnering with allies, and bringing jobs and investment back to the United States, according to the Treasury. Ford Motor announced last month that its E-Transit would lose the $3,750 tax credit, along with the Mach-E and Lincoln Aviator Grand Touring plug-in hybrid. However, the F-150 EV Lightning and the Lincoln Corsair Grand Touring retained credits. General Motors noted that all its EVs, except the Chevrolet Bolt, would temporarily lose eligibility. The Lyriq and Blazer EV are losing the credit due to two minor components, but GM expects them to regain eligibility in early 2024 after a sourcing change. The Chevrolet Equinox EV, Chevrolet Silverado EV, GMC Sierra EV, and Cadillac OPTIQ produced after the sourcing change will be eligible for the full incentive. The 2022 Inflation Reduction Act reformed the EV tax credit, requiring vehicles to be assembled in North America to qualify, eliminating nearly 70% of eligible models at the time.

Banking & insurance

“Workforce Turbulence: U.S. Top Banks Cut Over 17,000 Jobs in 2023; Additional Layoffs on the Horizon?”

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Major U.S. Banks Trim Workforces by 17,700 in 2023: Further Layoffs Expected? Wells Fargo, Bank of America, and Citigroup collectively reduced their workforces by a total of 17,700 employees in the previous year, as reported in their fourth-quarter earnings. The decline in dealmaking and softened borrower demand prompted these banking giants to either lay off employees or refrain from replacing those who departed. In contrast to the trend, JPMorgan Chase, the largest lender in the nation, continued to expand its workforce for the third consecutive year. The banking industry faces ongoing challenges in 2024, with potential headwinds in commercial real estate and proposed capital rules that may lead banks to curtail lending. The economic uncertainty of the previous year weighed on dealmaking, impacting Wall Street businesses. While the S&P 500 banks index recorded a 7% increase in 2023, it lagged behind indexes tracking industrial or consumer discretionary companies. Citigroup experienced a workforce reduction of 1,000 employees, bringing its total to 239,000 in 2023. The bank outlined plans to cut an additional 20,000 jobs over the next two years as part of a broader reorganization and business changes. Bank of America and Wells Fargo saw their workforces contract by approximately 2% and 5%, respectively, during the same period. In contrast, JPMorgan increased its employee count by more than 16,200, marking the third consecutive year of expansion. The bank acquired failed lender First Republic Bank in a rescue deal in May 2023, contributing to its consistent growth. Goldman Sachs and Morgan Stanley are expected to disclose their latest headcount figures in the coming week. As of September’s end, both banks had collectively cut over 4,300 jobs compared to the previous year. Goldman Sachs conducted its largest round of layoffs since the 2008 global financial crisis earlier in 2023 but expressed readiness for selective investments in headcount by October.

Banking & insurance

“UAE Takes Center Stage: Actively Engages in World Economic Forum Annual Meeting 2024”

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Dubai: UAE Announces Active Participation in the 54th World Economic Forum 2024 in Davos-Klosters The UAE proudly declares its engagement in the 54th edition of the World Economic Forum (WEF) 2024, scheduled to be held in Davos-Klosters, Switzerland, from January 15th to 19th. Over 100 prominent personalities, including heads of national companies, corporate leaders, government officials, and senior business figures, will represent the UAE, with 80 percent of the delegation comprising major national companies and private sector representatives. This year’s UAE participation underscores the vision of President His Highness Sheikh Mohamed bin Zayed Al Nahyan to enhance the country’s global leadership across various cooperation and partnership domains. It aligns with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai, aimed at strengthening the UAE’s global economic key role and competitiveness while fostering sustainable national and global economies. Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs, emphasized the UAE’s commitment to international dialogues and knowledge exchange on pivotal sectors. The UAE’s active involvement in the World Economic Forum reflects its dedication to fostering global economic development, prosperity, and well-being. Under the theme “Impossible is Possible,” the UAE’s pavilion at the forum will host media conferences, bilateral meetings, and sessions involving major private sector companies, CEOs of national firms, and officials from both the government and private sectors. The UAE’s participation spans five consecutive days, featuring press conferences, public and closed sessions, committee meetings, and panel discussions covering economic, diplomatic, educational, and technological topics. The UAE and WEF share a strategic partnership, with Minister Al Gergawi joining the WEF Leadership Council during the 2023 forum. This partnership, initiated during the World Economic Forum 2022, involves cooperation in innovation, technology, artificial intelligence, and Fourth Industrial Revolution solutions. With a history of over 20 years of participation, the UAE’s engagement in the World Economic Forum provides a platform for major national companies and the private sector to exchange experiences, solidify partnerships, and contribute to global cooperation and collaborative action. The 2024 forum, themed “Rebuilding Trust,” will bring together over 3,000 influential figures, leaders, and decision-makers to address global challenges, discuss solutions, and build partnerships across various economic and developmental sectors, contributing to sustainable development and addressing key international challenges.

Aviation

“Dubai Soars: Emirates Announces Plans to Recruit 5,000 Cabin Crew; Unveils Eligibility Criteria”

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Emirates Airlines Launches Ambitious Recruitment Drive: Plans to Hire 5,000 Cabin Crew Members in 2024 Dubai-based Emirates Airlines is embarking on an extensive recruitment campaign, aiming to bring onboard 5,000 new cabin crew members in the year 2024. This initiative aligns with Emirates’ strategic move to introduce its long-anticipated A350s from mid-year and the Boeing 777-Xs, scheduled for delivery starting in 2025. The airline’s order book includes 65 A350s and a combination of 205 Boeing 777-9s and 777-8s. The primary focus of this recruitment drive is on individuals entering or recently entering the workforce. Emirates is particularly interested in candidates with fresh graduate credentials, internship experience, or part-time job exposure, as well as those possessing about a year of hospitality or customer service background. To be eligible for consideration as Emirates cabin crew, candidates must meet the following criteria: Emirates’ recruitment team plans to conduct open days and assessments in over 460 cities across six continents to identify suitable candidates. In 2023, Emirates significantly expanded its cabin crew, hiring 8,000 individuals and organizing recruitment events in 353 cities as part of its post-pandemic service ramp-up. By August 2023, the airline surpassed the 20,000 cabin crew milestone, reaching a strength of 21,500. Cabin crew members at Emirates enjoy a host of benefits, including a competitive tax-free salary, flying pay, profit share eligibility, hotel stays, layover expenses, concessional travel and cargo privileges, annual leave, furnished accommodation, transportation to and from work, comprehensive medical, life, and dental insurance coverage, laundry services, and discounted flight tickets for friends and family. The Emirates cabin crew community represents more than 140 nationalities, speaking a total of 130 languages. Career progression opportunities are available, allowing crew members to advance to higher cabin classes, and pursue roles as cabin supervisors, pursers, or trainers. With 1,180 pursers who climbed the career ladder, Emirates provides internal vacancy opportunities throughout the Emirates Group. New cabin crew recruits undergo an intensive eight weeks of training at Emirates’ state-of-the-art facility in Dubai, acquiring transferable skills in communication, initiative, leadership, effective teamwork, and the ability to thrive under pressure. Access to the latest training programs and LinkedIn courses further supports ongoing development for Emirates cabin crew members.

Aviation

“Fog Woes: Over 160 Indian Flights Experience Delays and Cancellations as Dense Fog Disrupts Air Traffic”

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Dense Fog Continues to Disrupt Northern India: Over 160 Flights Delayed and Cancelled The grip of an intense cold wave, shrouded in dense fog, persists across northern India, causing significant disruptions in air travel for the third consecutive day. More than 160 flights have been affected, with New Delhi, the capital, experiencing delays and cancellations at its international airport. According to Flightradar24, the aviation site, New Delhi’s international airport witnessed 128 delayed flights and 33 cancellations. The repercussions extended to flight schedules nationwide, creating a cascade effect. At 8 am, visibility at the airport was reported to be as low as 50 meters (164 feet), with weather officials anticipating similar conditions throughout the week. The winter chill in New Delhi hit its lowest temperature at 3.3 degrees Celsius on Monday, leading to the delay of around 500 flights and the cancellation of 87. Passengers expressed their frustration through heated arguments with airline staff, captured in images circulated on television and social media. One video even depicted passengers having dinner while waiting on the tarmac for a delayed flight. To address the situation, authorities are expediting efforts to utilize an additional runway equipped with the CAT III navigation system. This system enables aircraft to land safely even in conditions of low visibility, providing a potential solution to alleviate the disruptions caused by the persistent dense fog.

Auto

“Road-Tested Toughness: Unveiling the Resilience of the Toyota Hilux GR Sport in this Auto Review”

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Unveiling the Toyota Hilux GR Sport: A Review of Power, Performance, and Off-Roading Prowess The Toyota Hilux, traditionally recognized as a utilitarian pickup for construction sites and heavy-duty road use, takes an unexpected turn with the introduction of the Toyota Hilux GR Sport. This variant, designed to tap into the expanding lifestyle market, brings a blend of style and mechanical enhancements, showcasing equal enthusiasm for off-roading adventures as it does for utilitarian duties. Let’s delve into the details. Bold Aesthetics and Design The Toyota Hilux GR Sport presents itself as a substantial truck, boasting a high-riding stance reminiscent of a Fortuner SUV, coupled with a flat bed at the rear, extending its length to 5,320mm—surpassing even the Land Cruiser. The distinctive dual-tone vinyl application on the door bottoms enhances its visual appeal without being overly ostentatious, passing the test of vanity even in a city known for glitz and glamour. Details such as powerful LED headlamp clusters, a trademarked 3D front grille, and a specially designed front bumper with a robust skid plate contribute to the GR Sport’s commanding presence. The wide arch extensions accommodate 265mm wide tires, emphasizing its off-road design. The 17-inch alloy wheels, though downsized from 18 inches for the 2024 model year, enhance sand floatability, making it unmistakably distinctive on the road. Interior Evolution The Hilux GR Sport’s cabin reflects a shift from the traditional utilitarian approach to a more comfortable space, resembling an SUV’s interior. While not luxurious, it offers modern features such as analogue instrument counters with a central digital display, an 8-inch infotainment screen with user-friendly physical buttons, and a more ergonomic shift lever. The 3-spoke steering wheel, wrapped in GR-Sport-specific leather with contrast stitching, and seat upholstery combining suede and faux leather add a touch of sophistication. Convenience is addressed with a push-start button, accessible hazard button, and user-friendly physical A/C controls. The front cabin is generously spacious, but the rear cabin may feel slightly constrained in terms of knee space. Powertrain and Performance Equipped with a 4.0L V6 engine with 235 bhp and 375 Nm torque, paired with a 6-speed automatic transmission, the Hilux GR Sport positions itself as a contender among larger competitors. While not as turbocharged, it exhibits purposeful acceleration for traffic maneuvering and highway overtaking. The off-road capabilities shine with a 323mm ground clearance, groovy tires, switchable four-wheel drive, and an automatic limited-slip differential. On-road, the GR Sport offers a commanding view but introduces some road and wind noise into the cabin. Its ride is described as stiff, emphasizing its truck-like characteristics. Features and Practicality Despite being a pickup truck, the Hilux GR Sport boasts conveniences such as a 6-speaker audio system, wireless phone charger, and dual-zone air conditioning. Off-road features include downhill assist control, Active Traction Control (A-TRAC), Hill Start Assist, a rear bed-liner, rear-view camera, parking sensors, and an on-board air compressor. Verdict The Toyota Hilux GR Sport emerges as a robust off-roader with a focus on functionality and reliability. It distinguishes itself with rugged aesthetics, a potent powertrain, and off-roading prowess. While it may lack some refinements found in more sophisticated off-roaders, it compensates with its back-to-basics appeal and enduring reliability, making it a formidable choice for both adventure seekers and those seeking everyday utility.

Auto

“Selfdrive Forecasts a 20% Rise in Car Subscriptions and a 10% Growth in Rentals for 2024”

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Selfdrive.ae Foresees 20% Surge in Car Subscriptions and 10% Increase in Rentals for 2024 Selfdrive.ae, the leading mobility tech platform, is predicting a 20 percent rise in demand for car subscriptions and a 10 percent growth in car rentals in the upcoming year, 2024. The company emphasizes the unmatched flexibility offered by car rentals, catering to various needs such as short business trips, weekend getaways, or family vacations without the long-term commitments associated with ownership. Soham Shah, CEO of Selfdrive.ae, highlighted the notable shift in consumer preferences, with an increasing recognition of the advantages of car rentals over ownership. He stated that Selfdrive is strategically positioned to meet this growing demand by providing innovative solutions that redefine how individuals approach on-demand mobility. Currently overseeing assets exceeding $1 billion on its platforms, Selfdrive has announced an exclusive app offer available until the end of the month. Accessible only through the Selfdrive.ae mobile app, customers can enjoy a flat $50 discount on the total amount for monthly bookings of selected cars within the Selfdrive.ae fleet. To avail of this exclusive offer, customers can download the Selfdrive.ae app, explore eligible cars, and apply the promo code during the booking process. As the largest car subscription and car rental mobility platform operating in the UAE, Qatar, Bahrain, Saudi Arabia, Oman, the UK, and Ireland, Selfdrive collaborates with top car manufacturers and dealerships to manage a robust fleet ready to serve various mobility needs. Whether for a day, a month, or a year, the Selfdrive mobile app provides access to premium mobility solutions.

Banking & insurance, Blue Chips, Chambers, Companies, Markets, UAE

“Remarkable Surge: Pakistan Achieves 3,300+ Company Registrations in Dubai Chamber of Commerce for 2023”

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“Pakistan Sees Surge in Business Presence: Over 3,300 Companies Join Dubai Chamber of Commerce in Q1 2023” In the first quarter of 2023, more than 3,300 Pakistani companies joined the Dubai Chamber of Commerce (DCC), according to the country’s top diplomat in the United Arab Emirates (UAE). This development highlights the dynamic nature of Pakistani businesses and the growing appeal of the UAE as an investment destination. The DCC reported a total of 30,146 new companies joining in the first quarter, with India leading with 6,717 companies, followed by the UAE with 4,445 firms. Pakistan secured the third position with 3,395 new business entities, marking a significant 59 percent increase from the same period last year. The overall count of Pakistani companies with DCC membership has now reached 40,315. Mohammad Ali Rashed Lootah, the DCC president and CEO, emphasized the diversity of nationalities among the new companies, highlighting Dubai’s vibrant business environment. Ambassador Faisal Niaz Tirmizi praised this positive development, emphasizing the resilience and entrepreneurial potential of the Pakistani business community and diaspora. The ambassador highlighted the strong economic fundamentals of the UAE’s economy, with a focus on diversification and global economic partnerships. He emphasized Dubai’s strategic position for Pakistani businesses to engage with other Gulf states and the Middle East. Tirmizi noted the significant increase in the number of Pakistani expatriates in the UAE, spanning various sectors. The embassy played a crucial role in facilitating business by maintaining active communication with the DCC and sharing opportunities with Pakistani chambers and the diaspora. Trade linkages between Pakistan and the UAE have expanded, leading to Pakistani businesses establishing local offices and registering with local chambers. The mission addressed issues such as non-tariff barriers and facilitated Pakistani firms’ participation in trade fairs, enhancing exposure to UAE markets. The ambassador revealed plans for a bilateral economic partnership agreement with the UAE by the end of September, presenting potential opportunities in goods and services sectors. Fakhruddin Diwan, chairman of the Pakistan-UAE business council, sees the inclusion of more Pakistani companies in the DCC as a significant achievement, anticipating strengthened foreign reserves and increased global exposure for Pakistani products.

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