• China regulator to ban Evergrande chair from securities market for life

    BEIJING, CHINA – Chinese regulators will ban the chairman of property giant Evergrande from the securities market for life on grounds of financial fraud, a subsidiary of the company said on Monday. Heavily indebted Evergrande has become a potent symbol of the years-long crisis in China's property market, a crucial pillar...
  • Dubai approves rise in energy, water efficiency programs

    DUBAI, UAE – Chairman of the Dubai Supreme Council of Energy Sheikh Ahmed bin Saeed Al Maktoum chaired the 81st meeting of DSCE, which was held virtually. The Council reviewed updates of the demand side management strategy for 2030 and 2050, which set well-studied goals to reduce water and electricity...
  • Arabian Drilling to pay $60m dividend

    The firm said the total dividend for 2023 will be S120 million.
  • Asian stocks rise on US gains ahead of key China policy meeting

    Hong Kong, China - Asian markets mostly rose Monday following US gains and ahead of a Chinese legislative session where Beijing's annual growth target and other key policies will be announced. Japan's benchmark Nikkei 225 index surpassed the 40,000 mark for the first time, with analysts predicting it could advance even...
  • Sovcomflot 2023 net profit $900m   

    In 2023, the firm demonstrated strong financial results.
  • $37.30 million Saadiyat Island penthouse sets new Abu Dhabi record

    Abu Dhabi, UAE -- A three-bedroom penthouse at Nobu Residences on Saadiyat Island was sold for a record AED137 million ($37.30 million) by real estate developer Aldar. Aldar said the sale represents the highest price per square meter achieved in the emirate, at more than AED96,000 per sqm. The record...
  • EITC to offer fintech services

    The company has been licensed for fintech services by the CBUAE.
  • Shipping service connecting India, South East Asia with Saudi Arabia comes up

    RIYADH, SAUDI ARABIA – VASI Shipping Pte Ltd has introduced a new shipping service IMS at King Abdulaziz Port in Dammam, connecting the Kingdom to Southeast Asia and India, Saudi Ports Authority (Mawani) announced. This service aims to enhance its strategic partnerships with major international shipping lines, support the maritime...
  • ADNOC and SEFE sign agreement

    ADNOC will supply 1 million mtpa of LNG to SEFE Singapore.
  • 50% of firms attracted to Dubai by DIC in 2023 Asian and Australian

    Dubai, UAE -- Nearly 50 percent of the Multinational Corporations (MNCs) that opened businesses in Dubai during 2023 are based in Asia and Australia, according to the Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers. The Chamber said in a statement that growing...
  • Bahrain and France sign MoU to boost tourism education

    Lyon, France--Vatel Hotel and Tourism Business School Bahrain signed a memorandum of understanding (MoU) with EKLYA School of Business in France to launch a student exchange programme between Bahrain and France aimed at bolstering academic and cultural ties between the two countries. This initiative affirms the joint commitment to strengthen...
  • UAE banking sector looks poised for continued growth in 2024

    Abu Dhabi, UAE--The UAE banking sector continued its growth momentum last year and is poised for further growth and recovery in 2024, thanks to the success of the Central Bank of the UAE's (CBUAE) strategies and policies in setting the necessary frameworks and regulations to deliver sustainable growth for the...
  • Iran signs deals worth US$13bn to boost oil production

    The oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields. The deals have been labelled as Iran's "biggest oil contracts in the past decade" that are aimed to add 350,000 barrels per day to the Islamic republic's daily production.
  • Iran signs big contracts to increase oil production

    Iran sealed contracts worth billions of dollars with domestic companies to boost its oil production in the face of Western sanctions. In a ceremony broadcast on state TV, the oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields.
  • ROSHN and Saudi cybersecurity organization partner on tech advancement

    Riyadh, Saudi Arabia -- ROSHN Group, the PIF-owned giga-project and real estate developer, has signed a memorandum of understanding (MoU) with the Saudi Federation for Cybersecurity, Programming and Drones during LEAP, the Riyadh-based annual technology event, that aims to further national capabilities in the areas of cybersecurity, programming, and drone...
  • Gemini’s inaccurate AI racial images warn of tech titans’ power

    AUSTIN, US – For people at the trend-setting tech festival here, the scandal that erupted after Google's Gemini chatbot cranked out images of Black and Asian Nazi soldiers was seen as a warning about the power artificial intelligence can give tech titans. Google CEO Sundar Pichai last month slammed as "completely...
  • SAIC net profit $39 million

    The company's Board announces a dividend of $11.79 million.
  • Nakheel, Meydan join Dubai Holding

    The Board of Directors of both Nakheel and Meydan will be abolished.
  • Saudi Arabia takes part in global mineral and mining meet in Canada

    RIYADH, SAUDI ARABIA – A delegation comprising several entities from the Kingdom’s industry and mineral resources' system participated in PDAC 2024, Toronto, Canada under the umbrella of "Invest Saudi". The Saudi delegation was represented at the World’s Premier Mineral Exploration & Mining Convention by the CEO of the Saudi Geological...
  • ExxonMobil makes new oil discovery

    The oil and gas strike is the first of 2024.
  • Air Arabia shareholders approve 20% dividend for FY2023

    SHARJAH, UAE – Air Arabia shareholders approved the distribution of a 20 percent cash dividend for the financial year ended December 31, 2023 (FY2023), at the company’s Annual General Meeting (AGM). The dividend, which is equivalent to 20 fils per share, underscores another year of record financial performance for the...
  • UAE launches digital public consultation on tax implementation

    Abu Dhabi, UAE -- UAE's Ministry of Finance (MoF) Friday launched digital public consultation to gather feedback from relevant stakeholders on the implementation of the Global Minimum Tax (GMT) or Global Anti-Base Erosion Model Rules (Pillar Two) (GloBE Rules) as well as other tax matters in the UAE. The consultation...
  • Du, Samsung ink agreement

    The two companies have signed a three-year partnership.
  • Non-oil trade between UAE and US hits $31.4 billion in 2023

    Abu Dhabi, UAE -- Non-oil trade between the UAE and the United States reached $31.4 billion in 2023 and is expected to continue growing at the same pace in 2024, said Danny E. Sebright, President of the US-UAE Business Council. Sebright added, in statements to the Emirates News Agency (WAM),...
  • Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023

    RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of the country's real GDP in 2023 – the highest level on record, according to an analysis of the General Authority for Statistics data by the Ministry of Economy and Planning....
  • Eyes on Bank of Japan as unions announce big wage hikes

    Tokyo, Japan -- Japan's largest trade union said Friday it had secured the highest wage hikes since 1991 in preliminary data that stokes speculation the central bank will finally shift away from its outlier ultra-loose monetary policy. The Rengo union said that in spring wage talks so far, its members had...
  • Vodafone sells Italian unit to Swisscom

    British telecoms giant sold the business for US$8.7 billion.
  • Nissan, Honda in tie-up for EVs

    The alliance will take on China's dominant EV makers.
  • Dubai receives 1.77m international tourists in January this year

    Dubai, UAE--Dubai welcomed 1.77 million international tourists in January 2024, an increase of 21% compared to 1.47 million visitors in the same period of 2023. According to the Dubai Tourism Performance Report for January issued by the Dubai's Department of Economy and Tourism, Western Europe ranked first in terms of...
  • Sweden’s gaming group Embracer divests Russian assets

    Stockholm, Sweden - Swedish gaming group Embracer, which owns the Borderlands franchise and the Tomb Raider license, announced on Thursday that it was ceasing all Russian operations through the sale of subsidiary Saber Interactive. Beacon Interactive, which is controlled by Saber Interactive co-founder Matthew Karch, will pay $247 million for the...
  • Saudi inflation rises to 1.8% in February

    RIYADH, SAUDI ARABIA –   Saudi Arabia’s inflation accelerated to 1.8 percent in February compared to January 2024, according to data by the General Authority for Statistics (GASTAT).  The cost-of-living index for February rose to 110.64 points, according to the base year 2018, from 108.67 points in the same month a year earlier.  Inflation...
  • Former US treasury secretary says preparing buyout of TikTok

    Washington, US - Former US Treasury Secretary Steven Mnuchin on Thursday said he is putting together a team of investors to buy TikTok from its Chinese owners. On Wednesday, the US House of Representatives overwhelmingly approved a bill that would force TikTok to divest from its parent company or face a...
  • Ajman records real estate transactions worth US$195m in February

    AJMAN, UAE – Director-General of Ajman’s Department of Land and Real Estate Regulation Eng. Omar bin Omair Al Muhairi said that there were 129 real estate valuation transactions in the emirate in February, valued at around US$195 million (AED718 million). He highlighted the ongoing momentum in Ajman's real estate market,...
  • AstraZeneca to buy Amolyt for $1bn

    It will pay $800 million upfront for the Lyon-based company.
  • Brighter US economic outlook fuels global oil demand growth forecast

    Rising fuel needs of ships rerouted away from the Red Sea also to increase demand, the International Energy Agency said. Commercial ships have been taking longer and costlier journeys around the southern tip of Africa to avoid attacks by Yemen's Houthi rebels in the Red Sea.
  • Gulf Cooperation Council’s first UAE Bond ETF launched by Lunate Capital

    Abu Dhabi, UAE -- The launch of Gulf Cooperation Council's first UAE bond Exchange Traded Fund (ETF), which will list on the Abu Dhabi Securities Exchange (ADX), was announced Thursday by Lunate Capital Limited, an Abu Dhabi-based investment management firm licensed by the ADGM Financial Services Regulatory Authority (FSRA). The...
  • DP World 2023 profit is $1.5bn

    The company's revenue grew 6.6 percent to $18.25 billion.
  • Majid Al Futtaim net profit is $735m

    The Group reported a 12% increase in EBITDA to $1.25 billion.
  • UAE, Hungary ink pact to enhance trade, investment ties

    ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade and investment between the two nations.   The agreement was signed in the Hungarian capital Budapest by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and...
  • Foxconn net profit jumps 33%

    Its net profit for October-December rose to US$1.6bn.
  • Parkin record-breaking IPO raises $428m

    The offer was oversubscribed 165 times for all tranches combined.
  • OpenAI partners with Le Monde and Prisa Media

    Prisa Media chief executive Carlos Nunez called the OpenAI alliance a "step toward the future of news" where technology and human expertise merge to serve readers. OpenAI had previously announced partnerships last year with The Associated Press and Axel Springer.
  • ADNEC to organize first Bitcoin MENA Conference in Abu Dhabi

    Abu Dhabi, UAE--ADNEC Group has announced the launch of the region's first Bitcoin MENA Conference 2024 set to take place on 9-10th December 2024 in the Abu Dhabi National Exhibition Centre (ADNEC Centre Abu Dhabi). Co-organised by Capital Events, the event management arm of ADNEC Group, and BTC Inc., the...
  • European Parliament approves ‘pioneering’ rules to govern AI

    Senior European Union officials say the rules, first proposed in 2021, will protect citizens from the risks of a technology developing at breakneck speed, while also fostering innovation on the continent.
  • Mubadala to anchor US-based Blue Opal’s second venture capital fund

    MIC will be an anchor investor in their second venture capital fund.
  • Land transport of goods leads Saudi commercial registrations in Q4

    Riyadh, Saudi Arabia -- Saudi Arabia witnessed a surge in commercial registrations across various business sectors in the last quarter of 2023, with land transport of goods leading the way, the Kingdom's Ministry of Commerce said Wednesday. Land transport of goods witnessing a remarkable increase. By the end of Q4...
  • Women returners to MENA workforce can contribute $385bn to GDP

    Doha, Qatar -- Women returning to the workforce following a career break have the potential to contribute nearly $385bn to the GDP across nine countries in the Middle East and North Africa (MENA) region, a study shows. This indicates a significant economic potential, provided that organizations can adopt supportive measures...
  • Inditex posts record net profit

    Inditex, the world's biggest fashion retailer, is owned by Zara.
  • Walaa posts $39m net profit

    The insurance provider had suffered a loss of $18.15m in 2022.
  • Adidas posts 2023 loss

    In 2024, it expects sales to grow at a "mid-single-digit rate".