Saudi public investment funds assets rise 20 percent in Q1 to $61 billion
Dubai, UAE -- Assets of Saudi Arabia's public investment funds rose 20 percent year-on-year to SAR231.7 billion ($61.8 billion) in...
Business
EDGE to acquire 100% stake in Brazilian firm AKAER
Dubai, UAE -- UAE defense and advanced technology group EDGE has agreed to acquire a 100 percent stake in Brazilian...
Business
Business
Elon Musk files lawsuit against OpenAI over mission ‘betrayal’
Paris, France - Elon Musk has launched a legal case against OpenAI, the AI firm he helped to set up in...
- The tycoon, who left OpenAI in 2018, argued in documents filed in a San Francisco court late on Thursday that the firm was always intended as a non-profit entity
- But he said recent boardroom changes meant OpenAI was now effectively a subsidiary of software giant Microsoft, arguing that this was breach of contract
Science
Energy-related global CO2 emissions hit record levels in 2023, says IEA
PARIS, FRANCE – Energy-related carbon dioxide emissions rose to a record level in 2023, but the growth slowed from previous years...
- CO2 emissions from energy rose by 1.1 percent in 2023, increasing by 410 million tonnes to a record 37.4 billion tonnes.
- Without the drought and water shortfalls, global carbon emissions from power generation alone would have fallen last year.
Business
Gold hovers near a month high on slowing US inflation
ABU DHABI, UAE- Gold prices hovered near a month high on Friday after data suggested easing US price pressures, while...
- Gold rose after data suggested easing US price pressures.
- Traders awaited remarks from US Federal Reserve officials.
UAE real estate sector transforms with cross-border payments revolution
Dubai, UAE - Leading financial institutions are spearheading a transformative wave in the UAE real estate sector through the introduction...
- The initiative is poised to enhance accessibility and efficiency for global investors seeking to engage in property investment within the UAE
- Traditionally, the investing in UAE real estate from overseas has been encumbered by complexities associated with cross-border transactions
Business
Emaar unveils new projects
The new projects are estimated to value US$26.14 billion.
- The first development valued at $15 billion is poised to set a new standard in premium high-end living
- The second valued at $11.16bn is designed to house wellness facilities, a new standard in luxury hospitality
Business
ADNOC buys 25% stake in OMV
The OMV is headquartered and listed in Vienna, Austria.
- The transaction accelerates delivery of ADNOC’s global chemicals growth strategy, and reinforces its status as a responsible, long-term partner and growth-oriented investor
- Österreichische Beteiligungs AG (ÖBAG), an Austrian independent holding company, now owns 31.5 percent, with the remaining share capital in free float
Digital transfers reshape MENA’s financial landscape
The region sees a robust future for digital cross-border transfers in the Middle East, marked by innovation and a strong...
- The region sees a robust future for digital cross-border transfers in the Middle East, marked by innovation and a strong commitment to financial inclusion, says a report.
- COVID-19 expanded the diaspora's role in digital payments, boosting prepaid services and accelerating the shift from cash to digital via cryptocurrencies and blockchain.
Geostrategy
WTO ministers struggle to forge deals as talks go into overtime
ABU DHABI, UAE – World trade ministers were locked in disagreement Thursday on fisheries subsidies, agriculture and digital customs duties as...
- The meeting opened with disagreements between the body's 164 member states on key issues that dominated the agenda of the talks.
- They include fisheries subsidies, agriculture and a moratorium on customs duties for digital transactions.
Business
Major stock markets trade mixed as US inflation data awaited
London, United Kingdom - Major stock markets traded mixed Thursday before the release of US inflation data that could present a...
- Shares in Air France-KLM slumped nine percent after annual profit fell short of expectations as it fell into a final-quarter loss
- Yen jumped on rising expectations of a hike to Japanese interest rates, as other central banks look to reduce borrowing costs
Business
QFC signs two MoUs
MoUs with BFB, Partior were inked during Web Summit 2024.
- The MoU with Bahrain FinTech Bay establishes comprehensive frameworks for cooperation in joint research projects.
- Under the MoU, each entity shall provide support, assistance and resources to start-ups from the QFC and BFB.
Saudi public investment funds assets rise 20 percent in Q1 to $61 billion
Dubai, UAE -- Assets of Saudi Arabia's public investment funds rose 20 percent year-on-year to SAR231.7 billion ($61.8 billion) in...
Business
Company News
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TSMC Q2 profit up 60%
Business
ADNOC shifts OMV stake to XRG
Business
Stocks rise on $5 billion Nvidia-Intel deal, Fed rate cut
Nvidia announced a $5 billion investment in struggling US rival to jointly develop chips for PCs and data centers. The...
Business
Trump says US, China ‘have a deal’ on TikTok
"We have a deal on TikTok, I've reached a deal with China, I'm going to speak to President Xi (Jinping)...
Business
Elon Musk buys $1 billion in Tesla shares, stock prices go up 6%
New York, United States - CEO Elon Musk bought about $1 billion worth of shares in Tesla, according to a...
Business
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Business
Sharjah records 361 percent growth in capital investment in H1
Sharjah, UAE -- The Sharjah FDI Office (Invest in Sharjah) has announced an exceptional increase in foreign direct investment during...
- In this time period the emirate recorded 74 FDI projects, a 57 percent surge from the 47 projects in the same period last year.
- February 2025 saw the highest volume of FDI activity in terms of both project count and capital investment.
Business
Airbus, Leonardo and Thales reported moving towards European space firm
Rome, Italy -- European aerospace firms Airbus, Leonardo and Thales could seal an accord this year to set up a...
- The three firms want to set up a satellite production entity to rival Elon Musk's SpaceX and growing low-cost competition from China and other countries.
- Roberto Cingolani, head of Italy's Leonardo aerospace and defense giant, said in June that an accord could be taken by July, but the deadlines have been pushed back.
Business
Lab-grown diamonds robbing southern Africa of riches
Johannesburg, South Africa -- Botswana and southern African peers that built much of their prosperity on diamonds are scrambling for...
- Diamond-dependent Botswana is leading the way and launched a sovereign wealth fund this week to lay the "foundation for a more resilient and diversified future beyond diamonds".
- It is exploring other avenues too, like boosting luxury wildlife tourism, launching into the medicinal cannabis market and exploiting its abundant sunshine for solar power.