Aramco, unit and Sinopec ink $4bn deal
The two companies will establish a joint venture company.
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...
Business
Business
Dubai Airport set for record start to 2025: 4.3m guests in 15 days
Dubai, UAE -- Dubai International Airport (DXB) is on track to welcome 4.3 million guests in the first 15 days...
- With an average of 287,000 guests passing through daily during this period DXB is operating at volumes akin to its busiest months ever.
- This performance reflects a surge in international visitors flying out after the festive season, coupled with residents returning from holidays.
Business
Dubai real estate market saw record transactions worth $142.1bn in 2024
Dubai, UAE -- Dubai’s real estate market recorded 180,900 transactions worth AED 522.1 ($142.1 billion) in 2024, a market report...
- The transaction volume surged by 51 percent to 119,800 in 2024, reflecting a substantial increase in buyer confidence and developer activity.
- There was also a steady appreciation in the average price per sq ft, which was up 10 percent to AED 1,600.
Geostrategy
Israeli forces killed 45,553 Palestinians since Oct 2023: Health ministry
Gaza, Palestinian Territories -- The Israeli forces have killed at least 45,553 Palestinian civilians and injured at least 108,379 others,...
- At least 108,379 other civilians, most of them children, have been injured and thousands remain under debris.
- The ministry said the Israeli forces committed two massacres against Palestinian families in the Gaza Strip over the past 24 hours.
Business
Saudi PIF’s assets up by $11.44bn by the end of third quarter 2024
Riyadh, Saudi Arabia – The value of assets under Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) assets—both...
- The number of subscribers recorded a 51 percent increase, representing nearly 528,000 subscribers, to reach 1,570,452 subscribers, compared to 1,042,484 at the end of Q3 2023.
- Foreign investment assets recorded an annual growth of 15.1 percent, increasing by over SAR 3 billion to reach SAR 25.656 billion, which accounts for 16% of the total asset value.
Economy
Unemployment rate among Saudi nationals 7.8 percent in Q3
Riyadh, Saudi Arabia -- Unemployment rate among Saudi nationals reached 7.8 percent in the third quarter of 2024, a year-on-year...
- Data released by the General Authority for Statistics (GASTAT) said that the Saudi and non-Saudi labor force stood at 66.6 percent, a 0.4 percentage point increase over Q2 of 2024.
- Saudi women's participation in the labor force, which increased by 0.8 percentage points, to 36.2 percent and men's participation up by 1.1 percentage point.
Business
Key healthcare digital trends to watch in 2025
From AI-powered content creation to automated feedback systems, technology is streamlining operations and improving patient care.
- One of the most notable shifts is the growing ability to harness patient data responsibly for tailored marketing and engagement.
- Reputation management is taking center stage as well, with automated systems streamlining the collection of patient feedback and testimonials.
Economy
UAE real GDP grows by 3.6% in first half of 2024, says economy minister
Non-oil sectors' contribution to GDP reaches 75%. Economy minister Abdulla bin Touq Al Marri says the growth reflects the dynamic...
- The Minister said that the robust growth of non-oil sectors during the first half of 2024 reflects the dynamic nature of the UAE's economy.
- Transportation and storage activities led economic growth in the first half of 2024, with an impressive 8.4 percent growth rate.
Business
SHUAA okays MCB tranches
The two tranches will be converted into equity at the earliest opportunity.
- The first tranche, valued at up to AED150 million, will be offered to existing shareholders through a private placement.
- The second tranche, valued at up to AED275.5 million, will be offered to holders of existing bonds issued by a SHUAA-related special-purpose entity under the same conversion terms.
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.
Aramco, unit and Sinopec ink $4bn deal
The two companies will establish a joint venture company.
Business
Company News
Latest News
stc net profit for 2024 $6.58bn
Business
DAE net profit up 36.2%
Business
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...
Science
ADNIC okays 45% dividend for 2024
The company achieved its highest ever revenue and net profit.
Business
Most Read
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.According...
- 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.