India again refuse handshake with Pakistan in Asia Cup
Dubai, United Arab Emirates -- India skipper Suryakumar Yadav again refused to shake hands with Pakistan's Salman Agha as he...
Geostrategy
Emaar to pay $2.39bn dividend
Business
Aramco acquires stake in BHIG
Business
ADNOC L&S okays $273m dividend
Business
NYU Abu Dhabi team develops wireless pill to control gut neurons
Abu Dhabi, UAE -- Researchers at NYU Abu Dhabi (NYUAD) have developed an ingestible device that uses light to activate...
Science
Business
Saudi Arabia partners with World Bank to launch global knowledge hub in Riyadh
According to World Bank Group President Ajay Banga, “The new Knowledge Hub being created by the World Bank Group and...
- The initiative positions Saudi Arabia as a central player in facilitating the global exchange of transformative ideas
- The agreement was formalized with the signing by World Bank Group President and Saudi Arabia’s Minister of Commerce
Business
Aramco-Horse Powertrain deal completed
An agreement for the purchase of 10% equity stake was signed in June 2024.
- Aramco said it bought the stake through its directly and wholly owned subsidiary, Aramco Asia Singapore Pte. Ltd.
- The transaction builds on Aramco's efforts to develop new mobility solutions with the potential to reduce transport emissions.
Economy
UAE firms accelerate AI transformation, new report finds
The real power of AI lies in its careful deployment across diverse business functions, and the UAE is primed for...
- The AI Maturity Index shows that more than 80 percent of enterprises have a shared vision for AI within their organizations
- Only 15 percent have reached a 'transformative' level of AI maturity
Business
Saudi Arabia sets Guinness record for largest food cluster
Riyadh, Saudi Arabia -- Saudi Arabia has set a Guinness World Record for the largest food cluster in the world...
- Jeddah Food Cluster, which spans over 11 million square meters, has set a new global benchmark.
- MODON announced ambitious plans for the cluster, targeting investments of up to SAR20 billion and creating 43,000 job opportunities by 2035.
Geostrategy
Riyadh tripartite meet pledges to implement Beijing Agreement
Riyadh, Saudi Arabia -- The second meeting of the Saudi-Chinese-Iranian Joint Tripartite Committee to follow up on the Beijing Agreement...
- They also reaffirmed their continued endeavor to consolidate neighborly relations between their countries through adherence to the Charter of the United Nations.
- China has affirmed its readiness to continue to support and encourage the steps taken by Saudi Arabia and Iran to develop their relationship in various fields.
Geostrategy
End of a love affair: news media quit X over ‘disinformation’
Paris, France -- News outlets have begun quitting X, formerly Twitter, once a favorite of global media but now accused of...
- Sweden's newspaper of reference, the left-liberal Dagens Nyheter (DN), on Friday became third major media outlet to stop publishing its articles on X.
- "Since Elon Musk took over, the platform has increasingly merged with his and Donald Trump's political ambitions," said editor-in-chief Peter Wolodarski.
Business
Data Integrity: The foundation of true data freedom
Ensuring data integrity has become more challenging, leaving organizations at risk of data loss and corruption. during migration
- Organizations must liken preparing for migration to how pilots train to resolve the unexpected
- Data freedom is about ensuring data remains accurate, secure, and usable during migrations
Business
Lulu’s IPO raises $1.72bn
The proceeds make it the largest UAE IPO of 2024 to date.
- The Offering achieved aggregate demand of over AED135 billion ($37 billion) from local, regional, and international investors.
- This is a record for a non-Government UAE IPO over the past 10 years, with the IPO oversubscribed by more than 25 times across all tranches (excluding Cornerstone Investors).
Business
Altegio in UAE market to local boost digital transformation
Unlike other automation platforms that redirect customers to third-party websites, Altegio keeps booking processes within the client’s own ecosystem.
- Altegio’s platform offers over 30 specialized tools that streamline operations across marketing, sales, finance, and team management
- Founded in 2022 by a group of international entrepreneurs, Altegio has rapidly grown to serve over 10,000 businesses across 89 countries
Business
DAE 9M net profit $310m
The company said this was a 54.9 percent YoY increase in net profit.
- Profit before tax settled at $326.6 million for the same period, compared to $207.5 million last year.
- Total revenue was $1.017 billion for the nine months, a YoY increase of $27.9 million, or 2.8 percent.
India again refuse handshake with Pakistan in Asia Cup
Dubai, United Arab Emirates -- India skipper Suryakumar Yadav again refused to shake hands with Pakistan's Salman Agha as he...
Geostrategy
Company News
Emaar to pay $2.39bn dividend
Business
Aramco acquires stake in BHIG
Business
ADNOC L&S okays $273m dividend
Business
Latest News
Dar Alarkan 2024 profit up 32%
Business
European Parliament approves aid package for Egypt, Jordan
Brussels, Belgium -- Members of the European Parliament have approved two proposals to provide Egypt and Jordan with loans worth...
Business
Qatar’s Producer Price Index for Feb down 0.33 percent year-on-year
Doha, Qatar -- Qatar's general Producer Price Index (PPI) for the industrial sector for February recorded 114.01 points, showing stability...
Business
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Business
ADNOC L&S okays $273m dividend
The final dividend of $136.5m will be paid on April 3.
- ADNOC L&S delivered exceptional financial growth, driven by strong market demand, strategic acquisitions, and operational efficiency, the company said.
- Revenue increased 29 percent year-on-year to over $3.5 billion (AED13 billion), while net profit rose 22 percent to $756 million (AED2.7 billion).
Business
DEWA okays $843m in H2 2024 dividend
DEWA had posted a net profit after tax of $1.96 billion for the full year 2024.
- It reported consolidated full-year revenue of AED 30.98 billion and EBITDA of AED 15.73 billion for 2024.
- It said the consolidated annual revenue grew by 6.17 percent, primarily driven by rising demand for electricity, water, and cooling services.
Business
ADQ and US equity firm ECP to invest $25bn in data center energy projects
Dubai, UAE -- Abu Dhabi sovereign wealth fund ADQ has partnered with the American private equity firm Energy Capital Partners...
- Though the partnership’s primary focus will be the USA, a portion of the capital may also be allocated towards opportunities in selected other international markets.
- The combined initial capital contribution from the partners is expected to amount to $5 billion.