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%
Saudis reform Investment Law in bid to attract foreigners
Saudi Arabia announced new business regulations aimed at boosting transparency and easing the process of investing in the kingdom as...
- Update will replace the current licensing process in 2025
- Kingdom wants to hit $100 billion of FDI annually by 2030
Company News
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MGX participation confirmed in OpenAI’s US$6.6bn in new funding, valuing it at US$157bn
OpenAI has finalized a deal to receive US$6.6 billion in new funding from investors who valued the company at US$157...
Business
Waldorf Astoria to open in Madinah by 2028
With more than 300 luxury rooms, three dining concepts, and various facilities, the hotel will merge global luxury with Madinah’s...
Business
Abu Dhabi non-oil GDP up 6.6% in second quarter: SCAD
Abu Dhabi, UAE -- Abu Dhabi's GDP increased by 4.1 percent during the second quarter of 2024, compared to the...
Economy
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Business
Saudi leisure tourism surges by 656% in 2024: Tourism Ministry
Riyadh, Saudi Arabia -- Saudi Arabia's tourism sector, particularly the leisure and holiday segments, witnessed substantial growth in 2024.In a...
- The Kingdom welcomed 17.5 million international tourists between January and July 2024, a 10 percent increase over the same period in 2023
- The Kingdom had set the goal of 100 million tourists by 2030, but achieved this milestone in 2023, seven years ahead of schedule.
Business
UAE captures 30% of Middle East cinema market share in 8 months
Abu Dhabi, UAE -- The UAE cinema sector achieved revenues of AED 517 million during the first eight months of...
- UAE cinemas attracted about 11 million visits to cinemas, the Emirates Media Council revealed.
- The country's cinema sector includes 702 screens spread across 72 locations and caters to more than 200 nationalities.
Business
Saudi non-oil exports increase by 19 percent in July: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia's non-oil exports, including re-exports, during July 2024 amounted to SAR25.4 billion ($6.76 billion), compared...
- The value of merchandise exports increased during July 2024, reaching SAR94.5 billion, compared to SAR92.6 billion during July 2023, an increase of SAR1.9 billion, or 2.1 percent.
- The value of oil exports during July 2024 amounted to SAR69.1 billion, compared to SAR71.3 billion during July 2023, a decrease of SAR2.2 billion, or 3.1 percent.