ADNOC shifts OMV stake to XRG
XRG is ADNOC's wholly-owned international investment company.Company News Business
Low-cost carrier Wizz Air to stop Abu Dhabi operations
Budapest, Hungary -- Hungarian low-cost airline Wizz Air said Monday that it would end its Abu Dhabi operations, which have...Business
Nvidia expects $5.5 bn hit as US targets chips sent to China
Nvidia on Tuesday notified regulators that it expects a $5.5 billion hit this quarter due to a new US licensing...US officials last week told Nvidia it must obtain licenses to export its H20 chips to China because of concerns they may be used in supercomputers there
Shares of Nvidia, which have already seen high volatility since Trump's April 2 tariffs announcement, were down over six percent in after-market trades
Denmark’s Royal Unibrew adds AI colleagues into workforce
Fakse, Denmark -- They have names, faces and email addresses, but the five new colleagues at Denmark's Royal Unibrew only...Royal Unibrew in Denmark has introduced five virtual AI colleagues with names and backstories to assist human employees with routine tasks and information retrieval.
The company reports increased engagement since adding photos to the AI agents, and employees interact with them through chats and emails for enhanced efficiency.
Hermes overtakes LVMH as world’s most valuable luxury group
Paris, France -- French group Hermes overtook LVMH as the world's most valuable luxury company on Tuesday after shares in...The market capitalization of Hermes reached 248.6 billion euros ($280.5 billion) at the close of trading in Paris, topping LVMH's 244.4 billion euros.
LVMH shares sank 7.8 percent a day after the group owned by Europe's wealthiest man, Bernard Arnault, reported a two percent drop in first-quarter sales to 20.3 billion euros.
Travel and tourism sector contributes 11.4 percent to Gulf’s GDP
Muscat, Oman -- Travel and tourism sector's contribution to the Gulf's GDP by the end of 2024 reached approximately 11.4 percent,...The growth rate of the sector's contribution to the Gulf's GDP increased by approximately 31.9 percent compared to the figures recorded in 2019.
Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf GCC-Stat said the sector's contribution to the global GDP in 2024 amounted to 2.2 percent.
Ajman real estate transactions reach $560 million in March
Ajman, UAE -- Real estate transactions in Ajman reached AED 2.06 billion ($560 million) in March 2025, marking a significant...Omar bin Omair Al Muhairi, Director-General of the Ajman's Department of Land and Real Estate Regulation, said the emirate recorded 1,025 real estate transactions in March.
Al Muhairi noted that Ajman's real estate market continues to show strong momentum, consistently achieving record figures.
Saudi Arabia’s space economy reaches $8.7 billion in 2024
Riyadh, Saudi Arabia -- The Communications, Space, and Technology Commission (CST) has said that the Saudi space economy reached $8.7...The Saudi space market is projected to reach $5.6 billion by 2035, supported by space technologies, while the global space market reached $176 billion in 2024.
The size of the space market reached $1.9 billion, according to the KSA Space Market 2025 report. Saudi space economy is expected to reach $31.6 billion by 2035.
US exempts several consumer electronics from Trump’s import tariffs
Washington, United States -- The Trump administration has exempted a raft of consumer electronics from its punishing import tariffs --...US Customs and Border Protection office said smartphones, laptops, memory chips and other products would be excluded from the global levies President Donald Trump rolled out a week
The exemptions will benefit US tech companies like Nvidia and Dell, as well as Apple, which makes iPhones and other premium products in China.
EU to probe use of personal data by X’s AI chatbot
Ireland's data protection watchdog, acting on behalf of the European Union, launched an inquiry Friday into the use of personal...The probe relates to the processing of personal data comprised in publicly-accessible posts posted on the 'X' social media platform Grok
As X has its European headquarters in Ireland, the country's data protection commission is the lead regulator in Europe for the social platform
Why investors rush to gold in uncertain economic times?
London, United Kingdom -- Why do investors flock to gold when economic times turn tough? As the precious metal reaches...On Friday it struck an all-time high of $3227.51 an ounce in trading, handing the commodity a gain of more than 20 percent since the start of the year.
In 2024, global central banks together added more than 1,000 tons of gold to their reserves for the third year running, according to the World Gold Council.
Tesla’s first Saudi showroom opens
The opening in Riyadh comes with Tesla sales dropping.Saudi Arabia is a key regional ally of Washington, and US President Donald Trump forged close ties during his first term with Crown Prince Mohammed bin Salman.
However, demand for EVs is relatively low in Saudi Arabia, the world's largest oil exporter which enjoys bargain-basement fuel prices, with a liter costing just $0.62.
