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SIB’s 2024 profit $272m

The profit surpassed AED 1 billion for the first time in bank's history.

AD Ports to invest in Kazakh port

Under the deal, AD Ports Group owns 51% stake.

PIF acquires stake in Saudi Re

The acquisition was made by way of a capital increase.

ADNOC Gas awards contracts

The $2.1bn contracts are aimed at enhancing LNG supply infrastructure.

ADNOC L&S buys stake in Navig8

The company will acquire the remaining stake in mid-2027.

  • US pushes naval coalition as Yemen rebels vow to attack more ships

    The United States pushed to build up a multinational naval task force to protect a key global shipping lane from...

    US Defense Secretary Lloyd Austin condemned the "unprecedented" spate of attacks in waters leading to the Suez Canal.

    The Canal is a chokepoint for about 10 percent of global trade, that have forced many shipping companies to divert their vessels.

  • Hyundai to sell Russian plant

    Sales of Hyundai cars have tumbled in Russia.

    The war in Ukraine has sparked an exodus of foreign companies from Russia, including many major car manufacturers.

    Sanctions by the European Union, the United States and others have made it increasingly difficult to do business with Russia.

  • DIFC Innovation Hub 2023 graduates raise $600 million in funding

    Dubai, UAE -- More than 200 start-ups graduating from the programs of DIFC Innovation Hub in 2023 have collectively raised...

    In 2023, the program also saw a record-breaking number of participants with over 700 applicants for a single cohort, out of which 19 start-ups graduated.

    DIFC Innovation Hub is home to the first and largest financial technology accelerator in the Middle East, Africa and South Asia (MEASA) region.

  • Bayanat, Yahsat to merge           

    It will benefit from revenue synergies, economies of scale.

    The merger will create an AI-powered space technology champion in the MENA region with an implied market capitalization of over US$4 billion.

    The combined entity will be vertically integrated and optimally positioned to capture regional, global opportunities in geospatial and mobility solutions.

  • Australia’s Starc, Cummins set salary records at IPL auction

    Before Tuesday, England all-rounder Sam Curran was the most expensive player after being bought for $2.23 million last year by...

    The Australian cricketer Starc was snapped up by Kolkata Knight Riders for 247.5 million rupees ($2.98 million), setting an all-time IPL auction record

    He broke the record set by Cummins earlier in the day when Sunrisers Hyderabad paid 205 million rupees ($2.47 million) for the World Cup-winning skipper

  • 15% increase in air traffic at UAE airports during COP28, says GCAA

    ABU DHABI, UAE – Airports in the country witnessed a 15 percent increase in air traffic during the 28th Conference...

    The first day of COP28 - November 30 2023 - witnessed the highest daily air traffic rate in the history of civil aviation in the UAE with 2,848 flights.

    The General Civil Aviation Authority organized meets and daily communication sessions to discuss plans, improve air navigation management systems.

  • Lufthansa orders planes for $9 bn

    The airline ordered 40 planes each from Boeing and Airbus.

    The Airbus planes are intended to be used by Lufthansa's new regional carrier, City Airlines, which is due to start operating in summer 2024.

    The aircraft, the first of which will be delivered in 2026, will be deployed on short-haul routes from Frankfurt and Munich.

  • ENEC announces completion of Unit 4 of Barakah Nuclear Energy Plant

    The Federal Authority for Nuclear Regulation (FANR), the UAE's independent nuclear regulator, recently issued the Operating License for Unit 4...

    The three current commercially operating Units at Barakah, delivered in three consecutive years, are already generating more than 30TWh of zero-emission electricity every year.

    The Barakah Plant, a pivotal player in the international nuclear energy sector, boasts four APR-1400 units, marking it as one of the largest nuclear energy facilities globally.

  • Mubadala Energy makes gas discovery

    This is the company's second successful well in the Andaman area.

    The latest discovery comies after the success of Timpan-1 in Andaman-II, which itself came after the success of Cengkih-1 in our SK320 in Malaysia.

    The well encountered an extensive gas column with a thickness of over 230 meters in an Oligocene sandstone reservoir.

  • Apple pauses sale of watch models

    The pause comes as it fights a patent battle over technology.

    The move comes more than a month after the USITC recommended banning imports of Apple Watch models that appear to infringe patents held by Masimo Corp

    A presidential review is underway regarding the USITC order regarding imports of Apple Watch models with the blood oxygen sensing feature at issue in the patent dispute