Tesla proposes package for Musk that could top $1 trillion
New York, United States -- Tesla unveiled on Friday a proposed compensation package for Elon Musk that could top $1...Business
Global bond selloff spreads to Japan, gold hits record high
Wall Street stocks opened mostly higher, with shares in Google parent-company Alphabet shooting up nearly seven percent after winning a...Business Economy
DIFC records 25 percent rise in registered firms in H1 2025
Dubai, UAE -- Dubai International Financial Centre (DIFC), the leading global financial center in the Middle East, Africa and South...The total number of active registered companies reached 7,700, up from 6,153 in H1 2024 - a 25 percent year-on-year increase.
The number of professionals working in DIFC rose to 47,901, marking a significant 9 percent increase from 43,787 a year earlier.
European Union probes UAE oil giant’s purchase of Germany’s Covestro
Brussels, Belgium -- The European Commission on Monday announced an investigation into the takeover of German chemical firm Covestro by..."The commission has preliminary concerns that foreign subsidies granted by the UAE could distort the EU internal market," a statement by the bloc's executive arm said.
Plastics maker Covestro accepted a bid -- valuing the company at 12 billion euros ($14 billion) -- from the Abu Dhabi National Oil Company in October.
Urgent need for ‘global approach’ on AI regulation: UN tech chief
Geneva, Switzerland -- The world urgently needs to find a global approach on regulating artificial intelligence, the United Nations' top...Doreen Bogdan-Martin, head of the UN's International Telecommunications Union (ITU), said regulation was key as concerns rise over fast-moving technology.
Bogdan-Martin, the first woman to serve as ITU secretary-general in the organization's nearly 160-year history, also stressed the need to get more women into the digital space.
Eni profit falls due to dip in oil prices
Q2 net profit fell by 18% to $637 million.Revenues also declined in the second quarter by 14 percent year-on-year to 18.8 billion euros, the company said in a statement.
The oil giant also confirmed its production target of 1.7 million barrels of oil a day for the current year, despite a three percent decline in the second quarter.
Emirates NBD H1 profit $3.40bn
Total income rose by 12 percent in the same period.Lending increased by AED41 billion, or 8 percent, during the first half of 2025, fueled by very strong demand both in the UAE and across its growing international network.
Operating profit grew 9 percent as the strong loan and deposit growth momentum easily absorbed earlier interest rate cuts.
First foreign firm takes ownership of Saudi football club
The Harburg Group -- led by American Ben Harburg -- said it had "officially completed the 100 percent acquisition of...Last season, Al Kholood finished ninth out of the 18 teams in the Saudi Pro League.
The Harburg Group currently owns a 6.5 percent stake in Cadiz, a club in Spain's second division.
DP World mobilizes $1 billion in working capital to boost trade flow
Dubai, UAE — DP World Trade Finance has mobilized more than US$1 billion in working capital to support businesses across...This was achieved through a combination of DP World’s own lending operations and partnerships with over 32 global financial institutions.
DP World Trade Finance has enabled trade across Africa, the Americas, Asia, and Europe, supporting sectors such as agriculture, metals, automotive, and engineering.
ADIB H1 pre-tax profit $1.08bn
Q2 pre-tax net profit increases by 14 percent.Total income for H1 2025 rose 11 percent to AED5.9 billion, up from AED5.3 billion in H1 2024.
Non-funding income rose 15 percent year-on-year to AED2.3 billion in H1 2025, up from AED2 billion in the prior-year period.
AstraZeneca to invest $50bn in US
Bulk of funds to go into a Virginia manufacturing center."Today’s announcement underpins our belief in America’s innovation in biopharmaceuticals," the statement quoted CEO Pascal Soriot as saying.
The company said it expects 50 percent of its revenue to come from the United States by 2030.
Mawani adds FRS1 shipping service to Jeddah Islamic Port
Jeddah, Saudi Arabia -- The Saudi Ports Authority (Mawani) has added CStar Line's new Far East-Red Sea service (FRS1) to...The service connects the port to to five regional and international ports: Ningbo, Shanghai, and Nansha in China; Aqaba in Jordan; and Ain Sokhna in Egypt.
This move is part of Mawani's efforts to improve the Kingdom's ranking in global performance indicators and support national export activity.
