Almarai plans more than $4 billion investment through 2031
Saudi food producer Almarai plans to invest more than $4 billion through 2031, expanding manufacturing capacity, entering new product categories...
Business
MENA sovereign investors reach $6.1 trillion in assets
Mubadala led regional sovereign investors with $26.2 billion in investments, followed by the Public Investment Fund (PIF), Abu Dhabi Investment...
Business
Business
AI market could need $6 trillion annual revenue by 2031, report says
Much of the value is expected to come from new innovation beyond employee productivity, Bain & Company said in its...
- Hardware and semiconductor market capitalization grew 24% from 2020 to 2026, compared with 6% for software.
- Bain says AI has compressed cyberattacks to 18 hours, requiring changes across code, agent discovery, detection and governance.
Business
Aldar, Arada sign $4bn Abu Dhabi development partnership
Dubai, UAE -- Aldar and Arada have agreed a strategic partnership covering development opportunities on Yas Island and at Seih...
- Aldar and Arada will jointly develop a 1.5 million square metre mixed-use community at Seih Sdeirah on Abu Dhabi’s border.
- Arada acquired three Yas Island plots exceeding 27,500 square metres, marking its first development projects in Abu Dhabi.
Business
OpenAI halts GPT-6.1 Astra release over safety concerns
The decision comes before OpenAI’s annual developer conference, where the company is expected to face scrutiny over AI safety.
- Researchers linked to OpenAI previously investigated agents communicating independently before hundreds subsequently attacked software startup Hugging Face.
- The decision comes amid wider calls within the AI industry for greater caution in developing frontier models.
Business
Masar signs $82m land deal
Agreements signed with Abdulmohsin Al Rossais & Sons Group.
- The two boulevard-facing plots are located in Zone 2 of Masar Destination and cover a combined 4,947 square metres.
- Al-Inma Second Development Co. Ltd. is the SPV for Al-Inma Makkah Development Fund II, wholly owned by Masar.
DEWA completes $2.70 billion refinancing for Noor Energy 1
Dubai, UAE -- Dubai Electricity and Water Authority (DEWA) has completed a $2.70 billion refinancing of Noor Energy 1, the...
- DEWA says refinancing was completed ahead of target, generating savings while strengthening Noor Energy 1’s financial structure over its lifecycle.
- The 950-megawatt project combines concentrated solar power, parabolic trough and photovoltaic technologies with 15 hours of thermal storage capacity.
Business
Sharjah Islamic Bank raises $500 million through five-year Sukuk
Sharjah Islamic Bank (SIB) has issued $500 million of five-year Sukuk, attracting orders worth $1.3 billion, or 2.6 times the...
- The five-year Sukuk attracted orders worth $1.3 billion, equivalent to 2.6 times the issue size, amid strong investor demand.
- SIB priced the issuance at 5.85% final yield, representing a 105-basis-point spread over five-year U.S. Treasuries.
Business
UAE central bank bars Bank Melli Iran branches from Iran transactions
The violations included non-compliance with requirements and obligations under UAE legislation relating to combating money laundering, the financing of terrorism...
- The prohibition covers trade finance and fund transfers involving all Bank Melli Iran branches operating in the UAE.
- The CBUAE said it would continue to strengthen its supervisory framework and take measures to safeguard the soundness and integrity of the UAE financial system.
Business
SoftBank raises $11.1 billion through bonds for OpenAI
SoftBank Group has issued dollar- and euro-denominated bonds worth a combined $11.1 billion as it seeks funding to support its...
- An offering document showed on Thursday that SoftBank issued $1 billion of 3.5-year senior dollar notes, $4.5 billion of 5.5-year notes and $4.5 billion of 7.5-year notes.
- SoftBank also issued two €500 million tranches with maturities of four and six years, yielding 7.125% and 8%, respectively.
Business
Emerson to build new automation solutions service center in Qatar
Emerson, a global automation solutions company, said on Wednesday it plans to build a new solutions service center in Qatar's...
- The facility will include region's first certified in-country flow calibration lab, along with other automation technologies.
- The 3,500-square-meter facility adds to Emerson's existing manufacturing, service and distribution locations in Saudi Arabia and the United Arab Emirates.
Business
UAE sets 5.06 percent profit rate for retail T-Sukuk
The UAE Ministry of Finance set a 5.06% annual profit rate for its second five-year Sovereign Retail T-Sukuk issuance. Subscriptions...
- Subscriptions run through September 28, with allocation September 29 and issuance, refunds and settlement scheduled for September 30.
- The sukuk will trade on Nasdaq Dubai from October 1, extending retail investors' access to secondary-market liquidity.
Almarai plans more than $4 billion investment through 2031
Saudi food producer Almarai plans to invest more than $4 billion through 2031, expanding manufacturing capacity, entering new product categories...
Business
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Oman sees hospitality industry revenue fall 3.5%
The National Centre for Statistics and Information says domestic guest have supported the Oman's hotels.
Proof of Covid-19 vaccination, PCR test needed to enter Expo Dubai
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Cyberattack hits hundreds of US businesses
A US IT company urges customers to shut down their servers after the attack UN Security Council members recently warned...
Saudi Arabia to generate $150 billion in investments from its new transport policy
The government would provide thirty-five percent of the investments The rest of it, sixty-five percent, will come from the private...
OpenAI halts GPT-6.1 Astra release over safety concerns
The decision comes before OpenAI’s annual developer conference, where the company is expected to face scrutiny over AI safety.
Business
DEWA completes $2.70 billion refinancing for Noor Energy 1
Dubai, UAE -- Dubai Electricity and Water Authority (DEWA) has completed a $2.70 billion refinancing of Noor Energy 1, the...
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Business
UAE central bank bars Bank Melli Iran branches from Iran transactions
The violations included non-compliance with requirements and obligations under UAE legislation relating to combating money laundering, the financing of terrorism...
- The prohibition covers trade finance and fund transfers involving all Bank Melli Iran branches operating in the UAE.
- The CBUAE said it would continue to strengthen its supervisory framework and take measures to safeguard the soundness and integrity of the UAE financial system.
Business
SoftBank raises $11.1 billion through bonds for OpenAI
SoftBank Group has issued dollar- and euro-denominated bonds worth a combined $11.1 billion as it seeks funding to support its...
- An offering document showed on Thursday that SoftBank issued $1 billion of 3.5-year senior dollar notes, $4.5 billion of 5.5-year notes and $4.5 billion of 7.5-year notes.
- SoftBank also issued two €500 million tranches with maturities of four and six years, yielding 7.125% and 8%, respectively.
Business
Emerson to build new automation solutions service center in Qatar
Emerson, a global automation solutions company, said on Wednesday it plans to build a new solutions service center in Qatar's...
- The facility will include region's first certified in-country flow calibration lab, along with other automation technologies.
- The 3,500-square-meter facility adds to Emerson's existing manufacturing, service and distribution locations in Saudi Arabia and the United Arab Emirates.