Gold hits record, dollar drops as tariff fears dampen sentiment
With several markets still closed for the Easter holiday, business was limited ahead of a week that will see the...Business Economy
Saudi Arabia’s merchandise imports rise 8 percent to $19.34bn in Jan
Riyadh, Saudi Arabia -- Saudi Arabia’s merchandise imports increased 8 percent year-on-year (YoY) to SAR 72.6 billion ($19.34 billion) in...Business
ADNOC Distribution 2024 net profit down 7%
Minus UAE corporate tax, it would have grown by 2.4% to $725mThe company achieved its highest-ever (EBITDA) of $1.05 billion (AED3.86 billion), an increase of 4.8 percent year-on-year.
The company's Board of Directors has recommended a cash dividend of $350 million (AED1.285 billion) for H2 2024.
Altman rejects Musk’s US$97.4 billion bid to buy OpenAI, as feud continues
After receiving backing from his OpenAI board, Sam Altman informed an Elon Musk-led group of investors that sought to buy...Musk is suing OpenAI's restructuring plans from a non-profit to a for-profit
In a repartee, Altman offered to buy Twitter (X) for US$9.74 billion
Chinese auto giant BYD to integrate DeepSeek, broaden self-driving tech
BYD will install its "God's Eye" autonomous driving system in at least 21 models, including the Seagull budget hatchback priced...The company also said it would integrate AI startup Deepseek's software into its cars, following domestic peers such as Geely, Great Wall Motors, and Leapmotor
BYD is Tesla's biggest rival in China and increasingly abroad, and Monday evening's announcement led analysts to suggest a new price war might be on the horizon
Government chiefs and tech leaders gather in Paris for AI summit
Political and tech industry leaders were set to descend on Paris Monday for a two-day summit on artificial intelligence, hoping...Macron announces US$113 billion investments in AI in coming years in France
China is opening an investigation into monopolistic practices by Google
Maaden raises $1.25bn in sukuk offering
The Sukuk were offered in a five-year and a 10-year tranche.The five-year tranche of $750 million consists of 3,750 Sukuk based on the minimum denomination and total issue size.
Maaden said the annual return on the five-year tranche is 5.25 percent and 5.50 percent for the 10-year tranche.
UAE announces top-up tax for multinational enterprises
Abu Dhabi, UAE - The Ministry of Finance has announced the issuance of Cabinet Decision No. 142 of 2024 on...The top-up tax will apply to entities that are members of Multinational Enterprises (MNEs) operating in the UAE with annual global revenues of €750 million or more
To bolster the UAE’s competitiveness as a leading investment hub, the top-up tax has been structured to exclude Investment Entities
Big Tech’s AI spending rattles markets
Amazon and big tech peers Microsoft and Google saw their stock prices fall on concerns over high AI investment costs....Meta's stock surged 18 percent in January as investors endorsed its AI strategy
Amazon forecasts 5-9 percent growth in Q1 2025, with sales between US$151 and US$155.5 billion
Exclusive: Green investments lead to tangible returns, says WEF’s Philips
Public-private partnerships are essential for advancing sustainable urban development and meeting net-zero targets, Vivian Brady Phillips, Head of Strategic Initiatives,...Public-private partnerships are essential for advancing sustainable urban development and meeting net-zero targets, Vivian Brady Phillips tells TRENDS
Technology plays a crucial role in sustainability, enabling energy-efficient operations, smart city connectivity, and digital waste tracking
UAE non-oil foreign trade up by 14.6% in 2024 to reach $816bn
Abu Dhabi, UAE -- UAE's non-oil foreign trade increased by a record 14.6 percent in 2024, compared to 2023, reaching...He said that of all the positive indicators, the most encouraging is the increasing contribution of non-oil exports to UAE's foreign trade.
Last year, they climbed 27.6 percent in to reach a record AED561.2 billion – nearly 70 percent of the AED800 billion target.
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).
