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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.
  • European Union and UAE agree to launch trade deal negotiations

    Emirati President Mohammed bin Zayed Al Nahyan "and I just decided to launch negotiations on an EU-UAE free trade agreement,"...

    Sheikh Zayed said that the CEPA would create new avenues for cooperation between the UAE and EU, increase trade and investment flows.

    The EU is the UAE’s second-largest trading partner, accounting for 8.3 percent of the UAE’s total non-oil trade, which hit $67.6 billion in 2024.

  • Mubadala Energy enters US energy market

    Acquires a 24.1% interest in US firm Kimmeridge’s SoTex

    Through SoTex, Kimmeridge is building America’s first integrated gas independent to deliver low-cost natural gas from wellhead to water.

    The deal bolsters Mubadala Energy's growth plans to invest across the gas value chain in key energy hubs around the world.

  • 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...

    OpenAI alleges Musk became hostile toward the company after abandoning it years before its breakthrough achievements with ChatGPT.

    "Musk could not tolerate seeing such success for an enterprise he had abandoned and declared doomed," OpenAI said in a filing.

  • 47 global firms interested in developing 7th phase of Al Maktoum solar park

    Dubai, UAE -- A total of 47 international companies have shown interest in developing the seventh phase of the Mohammed bin...

    The seventh phase will have a production capacity exceeding 1,600 megawatts (MW) and 1,000MW battery storage system providing 6,000 megawatt-hours.

    Scheduled for phased commissioning between 2027 and 2029, the seventh phase will be generating 4.5 terawatt-hours of clean energy by 2030.

  • After Instagram restrictions, Meta to introduce teen accounts for Facebook

    Paris, France -- Meta on Tuesday announced that it was extending its teen accounts to its social network Facebook, after...

    The accounts were brought in for 13- to 15-year-old Instagram users last September as part of moves to shield underage internet users from online harms.

    Teens are immediately placed in such accounts, with those under 16 unable to change settings without parental permission.

  • $20 million rare blue diamond goes on show in Abu Dhabi

    Abu Dhabi, United Arab Emirates -- A rare blue diamond valued at $20 million went on pre-auction display on Tuesday...

    The 10-carat Mediterranean Blue, which will go on sale in Geneva next month, is the showpiece of a collection estimated at $100 million, organizers said.

    "Included in the group are the largest flawless diamond in the world... the second largest red diamond known to exist and several diamonds over 100 carats," Sotheby's said.

  • UAE’s steady economic rise fertile ground for growth of facilities management

    A steady stream of development projects and year-round tourism in the country propel demand for tech-enabled facilities management, says Adnan...

    In a market like the UAE, or the GCC in general, where things evolve daily, adaptation is essential, said Jabri.

    Our industry is increasingly focused on sustainability, and technology plays a pivotal role in enabling environmentally friendly practices, he added.

  • Stocks sink again as Trump holds firm on tariffs

    Trading floors across the globe were overcome by waves of further selling after last week's sharp losses, with Trump telling...

    Wall Street was wracked by volatile trading, bouncing into positive territory on hopes of a 90-day pause in tariffs, only to sink lower when those were dashed by the White House.

    Trillions of dollars have been wiped off combined stock market valuations in recent sessions. Bitcoin tumbled, while the dollar rebounded after sharp losses last week.

  • UAE tourism generates $12.24bn in hotel revenues in 2024: Minister

    Abu Dhabi, UAE --  Hotel revenues in the UAE reached approximately AED 45 billion ( $12.24 billion) in 2024, reflecting...

    Hotel occupancy rates also climbed to 78 percent last year, ranking among the highest both regionally and globally.

    The minister said that the number of hotel guests across the UAE reached approximately 30.8 million in 2024, reflecting a 9.5 percent growth.

  • Abu Dhabi’s non-oil foreign trade grows by 9% in 2024 to $83bn

    Abu Dhabi, UAE --  Abu Dhabi Customs reported a 9 percent increase in the emirate’s non-oil foreign trade in 2024,...

    Non-oil exports soared 16 percent in 2024, reaching AED 107.8 billion compared to AED 93 billion in 2023.

    Re-exports grew by 11 percent to exceed AED 58 billion, compared to AED 52.4 billion in 2023, while imports grew by 3 percent to AED 140.2 billion.