Dubai International Chamber attracts 31 MNCs to Dubai in H1
Dubai, UAE -- Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has announced...
Business
Nvidia’s forecast dampens AI enthusiasm in other tech stocks
Shares of Nvidia and other technology heavyweights fell late on Wednesday, a discouraging sign for investors betting that a strong...
- Nvidia loses $200 billion in market value
- Investors' high expectations led to disappointment despite Nvidia's strong earnings
Business
UAE national carriers fly to 606 destinations as travel demand rebounds
Abu Dhabi, UAE -- UAE national carriers continued to expand their destinations for passengers, supported by the UAE's leading position...
- The carriers reached about 586 destinations at the end of last year 2023. The national carriers' destinations currently include more than 144 Emirates destinations.
- flydubai flies to 125 destinations in 58 countries across Africa, Central Asia, Central and Southeast Europe, the GCC, the Middle East.
Asia shares edge up and dollar down; oil gains
Asian shares crept cautiously higher on Monday, while the dollar and bond yields were on the wane ahead of inflation...
- Oil prices climbed 0.8% after Israel and Hezabollah traded rocket salvos
- The dollar slipped a further 0.5% to 143.64 yen, having fallen 1.3% on Friday
Business
EGA buys 80% stake in Spectro
EGA says the deal boosts its plan to expand recycling space globally.
- The owners and management will hold a 20 per cent stake, as the two companies have signed a share purchase agreement.
- The transaction is expected to be completed during the third quarter of 2024, subject to obtaining all regulatory approvals.
Economy
Oil falls by more than $2 a barrel on Gaza ceasefire talks and weak Chinese economy
Oil prices fell by more than $2 a barrel Monday on the prospect of successful Middle Eastern peace talks reducing...
- Brent crude futures settled at $77.66 a barrel
- Energy investors also awaited clues on the U.S. Federal Reserve's next interest rates decision
Business
Abu Dhabi Airports, Paris Airports to expand air transport infrastructure
Abu Dhabi, UAE-- Abu Dhabi Airports has expanded its existing collaboration with Paris Airports Group (ACG) to focus on collaborating...
- This decision comes after Abu Dhabi Airports completed a comprehensive program of activities aimed at enhancing the contribution of partners among other things.
- The collaboration is aimed at creation of the ground infrastructure needed to provide advanced air transport applications in Abu Dhabi.
Global fears spread about Mpox- How worried should you be?
The World Health Organization (WHO) regional director for Europe warned on Thursday that Mpox could spread to other countries after...
- Sweden reported the first case of the more contagious variant of Mpox outside of Africa
- The virus seems to be spreading quickly and little is known about it
Economy
World’s largest SWF posts $138 billion in H1 profit as AI demand boosts tech
Norway’s massive sovereign wealth fund on Wednesday posted first-half profit of 1.48 trillion kroner ($138 billion), primarily driven by robust...
- Completely different geopolitical situation now present more risks to global stocks
- The PIF, which has $977 billion in assets, reported a 2023 profit of $17.2 billion in a July 2024 filing
Business
UAE, Saudi Arabia lead Middle East IPO surge in second quarter
Abu Dhabi, UAE -- The IPO market in the Middle East and North Africa (MENA) region remained resilient during the...
- A total of 14 IPOs recorded total proceeds of US$2.64 billion, up 45.3 percent compared to the same period last year.
- The UAE’s Alef Education Consultancy LLC and Spinneys 1961 Holding Plc accounted for 33.8 percent of the region’s total proceeds for the quarter.
Oil prices soar 4 percent but US inflation fears ease
U.S. crude oil prices rose over 4% on Monday, surpassing $80 per barrel, as the Pentagon deployed additional forces to...
- WTI and Brent crudes were both hovering around $80 per barrel at time of publishing
- Expectations for three-year inflation hitting a record low of 2.3%
Company News
SIB’s 2024 profit $272m
Business
Latest News
PIF acquires stake in Saudi Re
Business
ADNIC okays 45% dividend for 2024
The company achieved its highest ever revenue and net profit.
Business
Maaden raises $1.25bn in sukuk offering
The Sukuk were offered in a five-year and a 10-year tranche.
Business
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Business
Abu Dhabi records $2.88 billion in real estate transactions in January
Abu Dhabi, UAE -- Abu Dhabi’s real estate market recorded AED10.6 billion in transactions in January, totaling 2,514 property deals....
- DARI real estate platform of the Department of Municipalities and Transport in Abu Dhabi, sales transactions totaled AED 6.5 billion across 1,730 deals.
- Meanwhile, mortgage transactions from the beginning of the year until the end of January amounted to AED3.9 billion across 756 deals.
Business
Dubai’s real estate sector records $207 billion in transactions in 2024
Dubai, UAE -- Dubai’s real estate sector recorded a total of 2.78 million procedures in 2024, the highest in its...
- Real estate transactions alone totaled 226,000, a remarkable 36 percent growth in volume and 20 percent growth in value year-on-year.
- The sector recorded 217,000 investments valued at AED526 billion, reflecting impressive growth rates of 38 and 27 percent in number and value respectively.
Business
UAE most attractive Arab destination for auto investment, business
Kuwait -- The UAE has topped the Arab list as the best and most attractive destination for investment and business...
- The automotive sector in Arab countries attracted 184 foreign projects valued at more than $25 billion, providing more than 102,000 jobs.
- Five countries: Saudi Arabia, the UAE, Algeria, Morocco and Kuwait had around 75 percent of overall vehicle sales in the region by the end of 2024.