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‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.
  • TAQA net income $1.93bn in 2024

    The company's revenues increased 6.7 percent year-on-year.

    TAQA said the net income excludes one-off items (AED 10.8 billion) related to the acquisition of a 5 percent stake in ADNOC Gas.

    The company's revenues increased 6.7 percent year-on-year to AED55.2 billion, driven by sustained Transmission & Distribution (T&D) growth.

  • ADNOC L&S 2024 net profit $756m

    The company's revenue increased by 29 percent to $3.54 billion.

    EBITDA rose by 31 percent to $1.149 billion (AED 4.219 billion) in the same period, driven by robust performance across all business segments.

    The Company's Q4 revenue increased by 6 percent year-on-year (y-o-y) to $881 million (AED 3.237 billion).

  • UAE to launch DeepSeek-inspired AI models: Faisal Al Bannai

    Dubai, United Arab Emirates -- The United Arab Emirates is planning to launch new artificial intelligence models inspired by China's DeepSeek,...

    The UAE is betting big on the transformational technology as part of its push to diversify its economy away from fossil fuels.

    The UAE launched Falcon in 2023, a large language model that compared favorably with industry leaders including OpenAI's ChatGPT.

  • ADNOC Distribution 2024 net profit down 7%

    Minus UAE corporate tax, it would have grown by 2.4% to $725m

    The 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