Trump expands Apple tariff threat to all smartphones
Washington, United States -- US President Donald Trump on Friday threatened Apple and other smartphone manufacturers with a 25 percent...
Business
Trump administration refocuses US-China chip war on AI and Huawei
Beijing, China -- The United States has taken aim at China's Huawei over the cutting-edge chips powering artificial intelligence (AI),...
Business
Business
Emirates Islamic profit rises 71%
The Bank’s total income reached AED 1.2 billion ($326.69 million)
- The growth can be attributed to the upward trajectory of both funded and non-funded income, indicating enhanced business sentiment
- The Bank’s total income reached AED 1.2 billion ($326.69 million) in the fourth quarter of 2023, marking a noteworthy 24% year-on-year growth
Iran plays on color at fashion exhibition
The strict dress code for women has been the subject of heated debate since nationwide protests following the death in...
- Since shortly after the 1979 revolution, women in Iran have had to observe a strict dress code and wear loose-fitting garments while also covering the head and neck
- Many women opt for head-to-toe black chadors. But in recent years, Iranian designers have also sought to include brighter colours in their creations
Geostrategy
US to discuss troop withdrawal with Iraq soon: report
New York, United States - The United States will begin talks with Iraq on the withdrawal of US troops from...
- The report said that Washington wants the troop schedule to reflect the current situation in Iraq and the stability of its government and law enforcement agencies
- But the Iraqi leadership believes that the timeframe of the withdrawal should not be affected by any circumstances
Business
UAE MoD ink deals worth $517m in first two days of UMEX and SimTEX 2024
ABU DHABI, UAE - On the second day of the sixth edition of UMEX and SimTEX 2024, the accumulated value...
- The second day of the event witnessed announcement of five deals signed by the Tawazun Council.
- The total number of local contracts on the second day of UMEX and SimTEX 2024 reached five contracts.
Geostrategy
EU plans measures to protect sensitive technology from China
The European Union unveiled plans to strengthen the bloc's economic security including measures to protect sensitive technology from falling into...
- The fallout from the war in Ukraine hit Europe particularly hard, forcing the bloc to find alternative energy sources.
- Now, it wants to avoid a similar over-reliance on China, which dominates in green technology production and critical raw materials.
Business
Hub71-backed ABHI to set up global headquarters in Abu Dhabi
DUBAI, UAE - With support from the Abu Dhabi Investment Office (ADIO), Hub71-backed ABHI, an embedded finance platform founded in...
- ABHI is working with Abu Dhabi Investment Office as it scales up its operations to capture growth opportunities in emerging markets.
- ADIO provides a range of support to the FinTech company, including incentives and connections to the Abu Dhabi ecosystem.
Business
Global halal market set to hit $7.7 trillion by 2025
Makkah, Saudi Arabia — Global halal market is projected to reach an estimated $7.7 trillion by 2025. Leading the expansion...
- In education and health sectors, recent economic reports foresee the halal economy market doubling from $2.30 trillion in 2020 to $4.96 trillion in 2030
- The Public Investment Fund in Saudi Arabia, a frontrunner in the global halal industry, took the initiative in 2022 to establish a company specializing in the development of halal
Economy
Saudi Arabia set to launch advanced means of air mobility
Riyadh, Saudi Arabia - Saudi Arabia is planning to start air mobility that is most advanced and safest in the...
- The Saudi General Authority of Civil Aviation is spearheading the Advanced Air Mobility (AAM) initiative that encompasses a spectrum of innovative solutions
- The initiative seeks to ease traffic congestion, enhance accessibility to remote areas, and contribute to overall economic and social development
DIB reports $1.86bn net profit
The bank's income rose by 43% YoY to $5.4 billion.
- The bank's Balance Sheet increased to approximately $84.78 billion, up 9% YoY
- Shareholder returns continue to grow with RoTE at 20%, up 300 bps YoY
Economy
Real estate workforce in Saudi Arabia soars to 26,000 after localization push
Riyadh, Saudi Arabia - The Saudi real estate sector has witnessed a remarkable surge in local employment, boasting a substantial...
- The significant 116% leap comes in the wake of the government's decision to prioritize the localization of the sector
- The housing sector, in particular, benefits from substantial corporate support, with 21 initiatives worth over $181 million
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Trump expands Apple tariff threat to all smartphones
Washington, United States -- US President Donald Trump on Friday threatened Apple and other smartphone manufacturers with a 25 percent...
Business
Company News
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Israel, Hamas ceasefire begins Sunday, includes hostage deal, phased Israeli withdrawal, more aid for Gaza
The deal, brokered by the U.S., Egypt, and Qatar, includes Hamas releasing 33 hostages and Israel freeing hundreds of Palestinian...
Geostrategy
Masdar targets 100 GW of clean energy by 2030
Abu Dhabi, UAE - Fatima Al Suwaidi, Head of Development & Investment (APAC) at Masdar, has affirmed the company's ambitious...
Business
UAE’s satellite, developed by Emirati engineers, launched from California to aid disaster relief and earth observation
With cutting-edge features like high-resolution imaging and electric jet propulsion, MBZ-SAT will enhance environmental surveillance, disaster management, and infrastructure monitoring,...
Science
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Business
Latifa bint Mohammed awards UK’s Simon Squibb with ‘One Billion Award’ at 1 Billion Followers Summit
Dubai, UAE - Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority, presented the...
- The award ceremony was held during the third edition of the 1 Billion Followers Summit, the world’s largest gathering dedicated to the content creator economy
- Valued at US$1 million, the award stands as the world’s largest and most significant recognition for impactful content creators
Business
1 Billion Followers Summit: AI’s transformative role in content creation highlighted by YouTube, Meta, Duolingo
Dubai, UAE - The 1 Billion Followers Summit, the world’s largest event dedicated to the content creator economy, brought together...
- YouTube's Regional Director for the Middle East, Africa, and Turkey, shared insights on the pivotal role of ultra-short videos in reshaping digital content
- Fares Akkad, Regional Director for the Middle East and North Africa at Meta, revealed the company’s vision for AI and emerging technologies in content creation
Business
Content creation key to awareness, culture, human development: Dubai ruler
Dubai, UAE -- Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, attended part of...
- The three day 1 Billion Followers Summit is being held in the UAE at Emirates Towers, the Dubai International Financial Centre, and the Museum of the Future in Dubai,
- For the first time globally, leading platforms including Snapchat, X, YouTube, TikTok, LinkedIn, and Meta (Facebook, Instagram, WhatsApp) have come together in one place