Trump threatens Hormuz tolls as Iran keeps strait closed ahead of Switzerland talks
The developments came ahead of technical talks between U.S. and Iranian officials expected in Switzerland as both sides seek to...
Geostrategy
Middle East conflict exposes hydrogen supply risks: IEA
Dubai, UAE -- The conflict in the Middle East has disrupted production and trade in hydrogen-based products, exposing vulnerabilities in...
Geostrategy
Geostrategy
Russia working to establish visa-free travel with Gulf nations: Bogdanov
Moscow, Russia -- Russia is working to establish a visa-free regime with all Gulf countries, said Mikhail Bogdanov, Russia's deputy...
- "In principle, such work is going on systematically. Because, of course, I think it is in the interests of our countries," said Mikhail Bogdanov, Russia's deputy foreign minister.
- In September last year, Russia offered the complete cancellation of tourist visas to Kuwait, Oman, Bahrain, Saudi Arabia and Malaysia.
Business
Arabian Drilling to pay $60m dividend
The firm said the total dividend for 2023 will be S120 million.
- The company posted a net profit SAR 605 million in 2023, up 8 percent compared to SAR 558 million in 2022.
- The fourth-quarter net earnings jumped 34 percent to SAR 183 million from SAR 137 million in Q4 2022.
Business
$37.30 million Saadiyat Island penthouse sets new Abu Dhabi record
Abu Dhabi, UAE -- A three-bedroom penthouse at Nobu Residences on Saadiyat Island was sold for a record AED137 million...
- Aldar said the sale represents the highest price per square meter achieved in the emirate, at more than AED96,000 per sqm.
- The record sale of the Nobu Residences Abu Dhabi penthouse follows a recently sold four-bed duplex sky villa at the same development for AED130 million.
Business
ADNOC and SEFE sign agreement
ADNOC will supply 1 million mtpa of LNG to SEFE Singapore.
- The LNG will primarily be sourced from ADNOC’s lower-carbon Ruwais LNG project, currently under development in Al Ruwais Industrial City, Abu Dhabi.
- This is the second long-term LNG supply agreement from the Ruwais LNG project, following the 15-year agreement with China’s ENN Natural Gas in Dec 2023.
Business
50% of firms attracted to Dubai by DIC in 2023 Asian and Australian
Dubai, UAE -- Nearly 50 percent of the Multinational Corporations (MNCs) that opened businesses in Dubai during 2023 are based...
- Latin America and Europe, and the Middle East and Eurasia, accounted for 23.5 percent each of the total number of MNCs attracted during 2023.
- Companies from Africa represented 3 percent of the total number of corporations attracted by the chamber.
Business
ROSHN and Saudi cybersecurity organization partner on tech advancement
Riyadh, Saudi Arabia -- ROSHN Group, the PIF-owned giga-project and real estate developer, has signed a memorandum of understanding (MoU)...
- Both parties will develop joint initiatives aimed at enhancing the abilities of the Saudi IT and cybersecurity sectors.
- ROSHN will look to explore the use of drone technologies in its operations, and also participate in SAFSCP’s Bug Rewards Platform (Bug Bounty)
Business
SAIC net profit $39 million
The company's Board announces a dividend of $11.79 million.
- The company's fourth-quarter net profit increased 89.6 percent year-on-year (YoY) to SAR 38 million, from SAR 19.85 million in 2022.
- In a Tadawul filing, the company attributed the rise in net profit to sale of shares in associated companies and the sale of financial assets at fair value through profit or loss.
Business
UAE launches digital public consultation on tax implementation
Abu Dhabi, UAE -- UAE's Ministry of Finance (MoF) Friday launched digital public consultation to gather feedback from relevant stakeholders...
- The consultation will be open from 15th March 2024 to 10th April 2024, and accessible via the Ministry’s website or the UAE’s Government Portal.
- To familiarize stakeholders with the rules and to ensure informed feedback is received, the Ministry has issued a Global Minimum Tax briefing document alongside the consultation.
Business
Gulf Cooperation Council’s first UAE Bond ETF launched by Lunate Capital
Abu Dhabi, UAE -- The launch of Gulf Cooperation Council's first UAE bond Exchange Traded Fund (ETF), which will list...
- The Chimera JP Morgan UAE Bond UCITS ETF will track the performance of the JP Morgan MECI UAE Investment Grade Custom Index.
- The ETF will hold Investment Grade sovereign, quasi-sovereign and corporate bond issues with at least $500 million in face amount outstanding.
Business
Majid Al Futtaim net profit is $735m
The Group reported a 12% increase in EBITDA to $1.25 billion.
- MAF – Properties recorded a 20 percent YoY increase in revenue to AED 6.9 billion and 21 percent increase in EBITDA to AED 3.6 billion.
- The Group's net debt increased to AED 15 billion, primarily due to investments in working capital.
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Trump threatens Hormuz tolls as Iran keeps strait closed ahead of Switzerland talks
The developments came ahead of technical talks between U.S. and Iranian officials expected in Switzerland as both sides seek to...
Geostrategy
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Trump claims Iran in ‘state of collapse’, says Tehran wants blockade lifted
US President Donald Trump has claimed that Iran is in a “state of collapse” and said Tehran has approached Washington...
Geostrategy
MENA faces shortfall of 111,737 construction Project Managers by 2035: PMI
The PMI report finds that MENA will require up to 330,794 construction project management professionals by 2035 under a high-growth...
Economy
Hezbollah warns it would respond to Israeli ceasefire violations
The exchange came as regional tensions remained high and Iran intensified diplomatic efforts to secure a broader halt to hostilities,...
Geostrategy
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Geostrategy
Humanoid robot outpaces human half-marathon record in Beijing trial
Dubai, UAE -- A humanoid robot completed a half-marathon in China in a time faster than the human world record,...
- The robot, widely referred to as “Lightning” or “Flash,” finished the 21.1-kilometer race in 50 minutes and 26 seconds at the Beijing E-Town humanoid robot half-marathon.
- The race was not conducted under rules set by World Athletics, and the robot’s performance is not recognized as an official record.
Business
UAE real estate posts record Q1 growth on strong investor demand
In Dubai, the Dubai Land Department reported 718,160 real estate transactions, including 60,303 disposals, up 6% from a year earlier....
- Abu Dhabi recorded its highest quarterly performance on record with transaction values surging 160.7% to about $18.0 billion (AED66 billion).
- In Sharjah, real estate trading volume climbed 40.7% year-on-year to approximately $5.0 billion (AED18.5 billion).
Business
UAE foodservice sector set for continued growth through 2030: Deloitte preview
The UAE’s foodservice sector continued to grow in 2025 and is expected to expand further through 2030, even as the...
- The report said the global foodservice market is projected to reach €2.98 trillion in 2025, marking growth of 2.2% compared with 2024
- The UAE foodservice market, valued at €16 billion in 2025, grew by 1.6% compared with 2024 and is forecast to rise by a further 4.2% through 2030