Istithmar Suspends its Top Officials Involved in Wrongdoing

With the Govt. proceeding with its investigations related to corruption, Dubai sovereign wealth fund, Istithmar World has suspended its vice chairman Adel al-Shirawi and chief financial officer, Feras Kalthoum.

It was confirmed through a statement that Adel al-Shirawi will no longer be serving as a board director of Istithmar World.

Earlier during the month of August, Istithmar World, a unit of state-owned Dubai World had confirmed, “The two were being investigated for alleged wrongdoing while in their previous positions at Dubai mortgage lender Tamweel.”

Kylie Minogue all set to win Millions of Hearts in Dubai

The well known Hollywood singer Kylie Minogue is all set to win hearts of millions through her two concerts which she will deliver at Dubai. Reportedly, the award-winning singer and a breast cancer survivor, has agreed to perform in two concerts at Dubai and in return has grabbed a cheque of four million US dollars for one performance.

The concerts will be held this November and the singer according to the Middle East AEG Live production company will let the singer earn a whopping sum of money.

Dubai Islamic Bank share suspension lifted

DIB (Dubai Islamic bank) informed yesterday that the ownership of land assets in Dubai land allocated to plantation holding.

Later in media reports bank stated that it looking to cover the exposure and recover funds given to Dubai - based property dealers. This effected market regulators to withdraw trading in DIB shares.

Kylie Minogue to perform at private Dubai gig

Kylie Minogue will be performing in a flashy private party on the manmade Palm Jumeirah Island off Dubai for 2 million.

Quake results in death of five and 26 injured

According to Iranian state television, Southern Iran was hit by an earthquake sending tremors across the Persian Gulf and trembling the skyscrapers of Dubai in which at least five people were killed and 26 got injured.

It was a magnitude six quake which struck about 850 miles south of capital Tehran, in the region of Bandar Abbas, according to the countries seismological centre reports.
Officially no causalities were reported by the TV .Tremors also caused power outage and bought slight damages on Qeshm Island in the Persian Gulf

UAE to buy Missile Defense System from United States

On Monday, the Washington Post announced that the Pentagon has planned to sell the THAAD missile defense system to the United Arab Emirates (UAE), worth up to 7 billion U.S. Dollar.

It further informed that the Pentagon is expected to inform the Congress for approval of sale very soon.

U.S defense analysis further said that the new system is thought to be used by UAE to protect itself from missile attacks from Iran. In the near future, this system can also be integrated into the U.S. air defense network in the Middle East.




Italy’s MV Agusta launches new range of electric bicycles

Italian motorcycle manufacturer MV Agusta Motor SPA has officially entered the market of electric mobility with the launch of a new range of electric bicycles (e-bicycles).

Tesla opens order books for Model Y across Europe, with deliveries slated for September 2021

Palo Alto, California-headquartered electric car maker Tesla Motors has confirmed that it has started accepting orders for the Made-in-China Model Y across Europe, with estimated delivery of the el

Mercedes-Benz to switch to EVs earlier than previously planned

Following Audi’s footsteps, German luxury car brand Mercedes-Benz is also accelerating its shift from conventional fossil fuel-guzzling ICE cars to environment-friendly electric vehicles (EVs).

Jaguar announces plans to enter fast expanding space of pure-electric vehicles

Following the footsteps of other major luxury carmakers, British automobile manufacturer Jaguar Land Rover (JLR) has also announced plans to enter the fast expanding space of pure-electric vehicles

Volkswagen USA announces specs and prices for ID.4 AWD trims

German motor vehicle manufacturer Volkswagen (VW) has finally released specs and pricing details for the All-Wheel Drive (AWD) versions of the upcoming ID.4 fully-electric crossover SUV.

Range of brand new Tesla Model S Long Range downgraded without explanation

The range of new Tesla Model S Long Range, the American EV maker’s longest-range electric car, has been trimmed down without any explanation.

BMW iX to be rolled out in U.S. market in Q1 of 2022, with starting price tag of $83,200

German luxury automobile manufacturer BMW has announced the launch of the iX xDrive50, the production version of the company’s iNext concept EV, in the United States.