IRGC targets US sea drone as Hormuz traffic falls to single digits
The claim came a day after Iran said it had captured an unmanned US submarine drone, while the US military...
Geostrategy
PIF launches company to develop coastal destination in Khafji
Saudi Arabia's Public Investment Fund (PIF) has launched Gulf Coast Development Co. to develop an integrated tourism and residential destination...
Business
Business
Mubadala acquires stakes from GHH
It acquired an 80 percent stake in Global Medical Supply Chain.
- Founded in 2015, GMSC provides comprehensive end-to-end supply chain services for medical products, including demand planning, procurement and logistics.
- IDS, established in 1987, stands as one of the leading distributors of pharmaceutical and consumer healthcare products in the UAE.
Business
AD Ports Group secures $2.125 billion refinancing deal
The move aims to optimize financing costs.
- The deal is also aimed at extending the facility’s maturity to 2028, with an option to extend further until 2030.
- The increased facility, which was oversubscribed 2.5 times, will be used to support the Group’s short and medium-term growth objectives.
Hackers stole US$2.2bn in crypto through 2024, Chainalysis Research
Crypto hackers stole US$2.2bn worth of crypto. This amount was a 21 percent yoy increase, the fourth consecutive year they...
- This stolen amount represents a 21 percent year-on-year increase
- Private key compromises accounted for the largest share of stolen crypto in 2024, at 44 percent
Geostrategy
Coal use at record high in 2024, the world’s hottest year: IEA
Paris, France -- World coal use is set to reach an all-time high in 2024, the International Energy Agency said Wednesday,...
- China drives global coal demand to new heights, consuming 4.9B tons in 2024—over 30% more than the rest of the world.
- The IEA's "Coal 2024" report predicts the world will hit peak coal in 2027 after topping 8.77 billion tons this year.
Business
ADNOC Drilling closes JV
It is a JV between ADNOC Drilling, SLB and Patterson UTI.
- ADNOC Drilling holds a 55 percent majority equity stake, SLB, the world's largest oilfield services provider, holds a 30 percent equity stake and Patterson-UTI 15 percent.
- Turnwell announced the acceleration of its initial 144 unconventional wells earlier this year, following the successful operational startup.
Business
World’s rarest coffees to be auctioned for first time in Dubai
Dubai, UAE -- Coffee aficionados and industry leaders will converge in Dubai this February at World of Coffee (WOC) Dubai...
- Some of the rarest coffees in the world include Black Ivory from Thailand, which sells for approximately $1,500 per kg.
- The coffee industry has experienced a significant rise in value and demand, with coffee prices reaching a 47-year high.
Business
Ras Al Khaimah tourism sector contributes 5 percent to GDP: Official
Ras Al Khaimah: Ras Al Khaimah seeks to welcome 3.5 million tourists annually by 2030, says Raki Philipps, CEO of Ras...
- The tourism sector's contribution toward GDP is expected to rise to one third by 2030, says CEO RAK Tourism Development Authority Raki Phillips.
- Ras Al Khaimah includes over 38,000 companies across more than 50 sectors, with businesses from over 100 countries.
Business
Vegetable oil pushes global food prices to seven-month high in Nov
Rome, Italy -- The benchmark for world food commodity prices rose in November to its highest level since April 2023,...
- Global palm oil prices climbed further amid concerns about lower-than-expected output due to excessive rainfall in Southeast Asia.
- The Sugar Price Index decreased 2.4 percent, influenced by harvest activities in India and Thailand and improved sugarcane crop prospects in Brazil following recent rains.
Business
ADNOC signs deal with PETRONAS
Under the agreement, ADNOC will supply 1m tons of LNG per year.
- The LNG will primarily be sourced from the Ruwais LNG project, which is currently under development in Al Ruwais Industrial City, Abu Dhabi.
- Deliveries are expected to start in 2028 upon commencement of its commercial operations.
Business
Saudi Arabia partners with World Bank to launch global knowledge hub in RiyadhÂ
According to World Bank Group President Ajay Banga, “The new Knowledge Hub being created by the World Bank Group and...
- The initiative positions Saudi Arabia as a central player in facilitating the global exchange of transformative ideas
- The agreement was formalized with the signing by World Bank Group President and Saudi Arabia’s Minister of Commerce
IRGC targets US sea drone as Hormuz traffic falls to single digits
The claim came a day after Iran said it had captured an unmanned US submarine drone, while the US military...
Geostrategy
Company News
flydubai Aleppo flights resumed
Business
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Trump imposes tariffs on 60 countries over forced labor concerns
The new tariffs, ranging from 10 percent to 12.5 percent, will take effect as temporary 10 percent worldwide tariffs imposed...
Geostrategy
Dubai Chambers legal events draw 1,551 business representatives in H1
Dubai, UAE -- Dubai Chambers said it organized 15 legal events during the first half of 2026, attracting 1,551 representatives...
Business
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Business
UAB H1 profit climbs
Income, lending drive first-half growth
- Loans, Islamic financing, deposits and investments expand while capital, liquidity and asset quality remain above regulatory requirements throughout.
- Total assets increased 16 percent to 28 billion dirhams ($7.62 billion).
Analysis
Alphabet and Tesla in focus as markets demand more from Big Tech
"Three months ago investors were comfortable funding aggressive AI investment," Gilbert added. "Today they're asking tougher questions. Markets now want...
- One bright spot remains Alphabet's AI monetisation strategy, with Gemini now exceeding 900 million monthly users.
- The market expects Tesla to report USD 26.3 billion in revenue and earnings per share of USD 0.50.
Business
CFI posts record first-half trading volume of $5.34 trillion
Dubai, UAE -- CFI Financial Group said it recorded its strongest first half on record, with trading volume reaching $5.34...
- The broker expanded into Brazil, launched UAE local stocks and Bahrain digital assets while active clients rose 8.4 percent annually.
- The company said metals generated the strongest demand during the quarter, followed by increased activity in equity indices.