SpaceX’s blockbuster IPO gives way to volatile trading as investors reassess valuation
Among the several factors that contributed to the volatility is the limited share float. Only around 4.2% of total shares...
Business
Marco Rubio : ‘We’re going to be completely aligned with our partners in the Gulf’
He said that technical talks between the United States and Iran are expected to resume in Switzerland on June 29...
Geostrategy
Economy
Chief Economists warn global growth under strain from trade policy shocks and AI disruption
The global economic outlook has worsened since the start of the year, as rising economic nationalism and tariff volatility fuel...
- The report reveals that 79% of surveyed economists view the current geoeconomic developments as signs of a significant structural shift for economy than a temporary disruption
- Nearly all the chief economists (97%) place trade policy among the areas of highest uncertainty, followed by monetary policy (49%) and fiscal policy (35%)
Business
PureHealth posts $137m Q1 net profit
The Group's revenue increased 8 percent YoY.
- EBITDA grew 5 percent year-on-year to AED 1.1 billion and net profit grew 3 percent year-on-year to AED505 million in Q1-2025.
- haista Asif, Group Chief Executive Officer at PureHealth, commented, “PureHealth’s first quarter results reflect the solid growth witnessed across all core segments."
Business
Borouge Q1 net profit $281 million
The total dividend paid to shareholders in 2024 $1.3bn.
- Q1 2025 operational performance remained strong, with production volumes rising 7 percent year-on-year in the first quarter of 2025.
- Revenue in Q1 2025 grew 9 percent year-on-year to $1.42 billion, driven by higher average selling prices and increased sales volumes.
Business
Aramco, unit and Sinopec ink $4bn deal
The two companies will establish a joint venture company.
- Sinopec and its unit shall contribute $990 million and $1.98 billion in cash, respectively.
- AAS will allocate the remaining amount, representing 25 percent of the JV’s registered capital.
Business
stc Group Q1 net profit up 11.05%
The Group reported a revenue of $5.12 billion.
- The group distributed SAR0.55 per share for the first quarter of 2025, in accordance with the dividends distribution policy approved by the General Assembly.
- Gross profit rose by 5.01 percent to SAR 9.098 million, operating profit increased by 2.02 percent to SAR 3.584 billion, and EBITDA grew by 5.25 percent to SAR 6.120 billion.
Business
Saudia to acquire 20 wide-body aircraft
10 of these being acquired for its flydaeal low-cost airline
- Saudia Group currently operates a fleet of 194 aircraft, serving commercial aviation, cargo operations, and logistics services.
- "The group is set for significant expansion, with 191 new aircraft scheduled for delivery in the coming years," the airline said.
Economy
IMF cuts global growth outlook on impact of Trump tariffs
Washington, United States -- The International Monetary Fund on Tuesday slashed its forecast for global growth this year, citing the...
- The IMF projections see the global economy growing by 2.8 percent this year, 0.5 percentage points lower than the previous World Economic Outlook (WEO) forecast in January.
- The IMF expects China, the world's second-largest economy, to see growth slump to 4.0 percent this year, down from 5.0 percent in 2024.
Geostrategy
WHO countries strike landmark agreement on tackling future pandemics
Geneva, Switzerland -- Years of negotiations culminated early Wednesday with countries agreeing the text of a landmark accord on how...
- Negotiators stumbled over the agreement's Article 11, which deals with transferring technology for pandemic health products towards developing nations.
- During the Covid-19 pandemic, poorer states accused rich nations of hoarding vaccines and tests.
Business
OpenAI files counterclaims against Musk as feud deepens
San Francisco, United States -- Artificial intelligence giant OpenAI has filed counterclaims against multi-billionaire Elon Musk, accusing its former co-founder...
- OpenAI alleges Musk became hostile toward the company after abandoning it years before its breakthrough achievements with ChatGPT.
- "Musk could not tolerate seeing such success for an enterprise he had abandoned and declared doomed," OpenAI said in a filing.
Business
47 global firms interested in developing 7th phase of Al Maktoum solar park
Dubai, UAE -- A total of 47 international companies have shown interest in developing the seventh phase of the Mohammed bin...
- The seventh phase will have a production capacity exceeding 1,600 megawatts (MW) and 1,000MW battery storage system providing 6,000 megawatt-hours.
- Scheduled for phased commissioning between 2027 and 2029, the seventh phase will be generating 4.5 terawatt-hours of clean energy by 2030.
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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
SpaceX’s blockbuster IPO gives way to volatile trading as investors reassess valuation
Among the several factors that contributed to the volatility is the limited share float. Only around 4.2% of total shares...
Business
Company News
Latest News
UAE, EU push stronger humanitarian supply chains
Dubai, UAE -- The UAE, the European Union and humanitarian organizations met in Brussels on Thursday to discuss strengthening global...
Geostrategy
Gulf sovereign funds line up for landmark SpaceX listing
Saudi Arabia's Public Investment Fund and Kuwait Investment Authority have each submitted orders worth between $1 billion and $5 billion....
Business
Dubai Islamic Bank prices $1 billion AT1 sukuk after strong demand
Dubai, UAE -- Dubai Islamic Bank (DIB) has priced a $1 billion Additional Tier 1 (AT1) perpetual sukuk after attracting...
Business
Most Read
Geostrategy
Saudi, UAE startups join World Economic Forum’s global tech cohort
Saudi Arabia was represented by intella, which develops Arabic-language speech recognition and analytics tools, and Nommas Technologies, which provides AI-powered...
- World Economic Forum's 2026 Technology Pioneers recognizes early-stage companies developing technologies with the potential to reshape industries and societies.
- The cohort underscores a shift in global innovation patterns, with emerging economies playing a larger role in frontier technologies.
Economy
PIF assets reach $910 billion by 2025 end, below Vision 2030 target
According to the latest Vision 2030 annual report, the real non-oil GDP reached $892 billion against a target of $904...
- The figure represents substantial growth for the sovereign wealth fund but remains below the programme's target of $1.09 trillion.
- The sovereign wealth fund is the main financial engine behind Vision 2030, Saudi Arabia's plan to reduce dependence on oil revenues.
Business
flynas to set up new hub
Five destinations in first phase of operations.
- Initial routes will connect Al-Qassim with Istanbul, Trabzon, Cairo, Abha and Dammam.
- The move makes flynas the first Saudi airline to operate from six hubs across the Kingdom.