Global equities, gold may extend gains in H2 2026 despite market risks: Standard Chartered
UAE and Middle East investors remain supported by stable oil markets, easing geopolitical risk premiums and strong liquidity, the bank...
Business
Oman opens temporary Hormuz shipping corridor as efforts intensify to restore maritime traffic
Muscat said the measure was intended to safeguard freedom of navigation in accordance with international maritime law and without imposing...
Geostrategy
Geostrategy
Ukraine to propose sky, sea truce at US talks in Saudi: official
The talks on Tuesday will be the first Ukraine-US meeting since a White House blow-up between Zelensky and US President...
- In Jeddah, the port city close to Islam's holiest sites in Makkah and Madinah, dozens of Ukrainian and Saudi flags flew on a main roundabout near the airport and on thoroughfares.
- US Middle East envoy Steve Witkoff said Washington wanted to use the talks "to get down a framework for a peace agreement and an initial ceasefire as well".
Economy
UAE’s real GDP increases by 3.8% during first nine months of 2024
Dubai, UAE -- The UAE’s real GDP increased by 3.8 percent during the first nine months of 2024 compared to...
- This growth was driven by a strong expansion in non-oil sectors, which grew by 4.5 percent to AED 987 billion.
- The contribution of non-oil activities to real GDP reached 74.6 percent, highlighting the increasing role of these sectors in supporting economic growth.
Science
Japan puts world’s most accurate clock on sale for $3.3 million
The "Aether clock OC 020" is so precise that it would take 10 billion years for it to deviate by...
- Shimadzu is aiming to sell 10 of its clocks over the next three years and hopes its customers will use them to advance scientific research.
- Known as a "strontium optical lattice clock", it is 100 times more accurate than caesium atomic clocks, the current standard for defining seconds.
Business
ADNIC okays 45% dividend for 2024
The company achieved its highest ever revenue and net profit.
- As a result of strong underwriting and investment performance, ADNIC's net profit before tax grew by 16.3 percent year on year to AED 466.4 million.
- Its total assets grew by 52.9 percent year on year to reach AED 11.8 billion and total shareholders equity grew by 20.6 percent for year on year to reach AED 3.5 billion.
Business
stc net profit for 2024 $6.58bn
This is an increase of 85.7 percent over the previous year.
- Revenues for 2024 rose 5.7 percent over the previous year to reach SAR 75.893 billion, and gross profit reached SAR 37.30 billion.
- Operating profit increased 9.6 percent over the previous year to reach SAR 14.426 billion.
Business
Maaden raises $1.25bn in sukuk offering
The Sukuk were offered in a five-year and a 10-year tranche.
- The five-year tranche of $750 million consists of 3,750 Sukuk based on the minimum denomination and total issue size.
- Maaden said the annual return on the five-year tranche is 5.25 percent and 5.50 percent for the 10-year tranche.
Business
DAE net profit up 36.2%
Revenues grew by 9 percent to $1.42bn from $1.31bn in 2023.
- Total assets reached more than US$13 billion by the end of 2024 compared to US$12.26 billion in 2023.
- DAE said it acquired 83 aircraft (owned: 30; managed: 53) and sold 68 (owned: 19; managed: 49).
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.
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Global equities, gold may extend gains in H2 2026 despite market risks: Standard Chartered
UAE and Middle East investors remain supported by stable oil markets, easing geopolitical risk premiums and strong liquidity, the bank...
Business
Company News
Ancient water network discovered in historic Cairo
Arts & Culture
Latest News
US strikes Iranian military sites after Apache helicopter downing
The latest confrontation around the Strait of Hormuz threatens regional shipping security and comes despite renewed diplomatic efforts to stabilize...
Geostrategy
Saudi Arabia’s economy expands as oil and non-oil sectors grow
According to the General Authority for Statistics (GASTAT), all major economic sectors recorded positive annual growth during the quarter, reflecting...
Economy
Most Read
Business
UAE consumers embrace AI shopping but remain wary of autonomous purchases
Visa's latest Stay Secure study also highlighted the rapid rise of social commerce, with 69% of UAE consumers reporting purchases...
- Forty-six percent of respondents said they had experienced a financial scam during the past 12 months.
- Consumers increasingly see technology as part of the solution, with 85% believing AI will play a critical role in protecting people from fraud in the future.
Geostrategy
Israel and Iran signal restraint after renewed military clashes
Both countries, however, warned that they were ready to launch retaliatory attacks if provoked. The renewed hostilities raised concerns that...
- Diplomats from Saudi Arabia, Egypt, Turkey, Pakistan and Qatar reportedly urged Washington to press both sides toward restraint.
- The exchange followed Israeli strikes in Iran and Iranian missile attacks on Israel, with both sides citing earlier actions by the other as justification.
Business
OpenAI files confidentially for IPO as AI boom accelerates
The company did not disclose the size or timing of the offering, saying only that preparations remained at an early...
- Reuters previously reported OpenAI could seek a valuation of up to $1 trillion, potentially making it one of history's largest technology listings.
- The filing follows a restructuring effort and a court victory over Elon Musk, removing a major legal hurdle ahead of any share sale.