UAE non-oil trade reaches record $527 billion in H1, says Al Zeyoudi
The milestone reflected the success of the UAE's strategy to build a diversified, competitive and open economy while strengthening its...
Economy
Business
Abu Dhabi residential sector achieves record growth in 2023, says report
ABU DHABI, UAE - Abu Dhabi’s residential sector has witnessed one of the best years on record, where a total...
- The increase in demand for residences has been driven by several positive initiatives and announcements by the government.
- Off-plan transactions accounted for approximately 84 percent of all villa and townhouse transactions.
British Airways profit soars six-fold
The company said it was 92% booked for the first quarter of 2024.
- Profit after taxation jumped to 2.7 billion euros ($2.9 billion) in 2023 from 431 million euros in 2022, the airline conglomerate said in a results statement
- The company also issued a rosy outlook rooted in "robust" demand, adding that it was 92-percent booked for the first quarter of 2024 and 62-percent booked for the first half
Electronic Arts announces job cuts
The company is cutting about 5 percent of its workforce.
- The company behind hits including soccer game "FC24" is also "sunsetting" some titles and stopping development of others it thinks will not be successful
- The annual report Electronic Arts last year indicated it had 13,400 employees, meaning about 670 positions are being eliminated
Business
Egypt signs several MoUs with global developers in renewable energy
Cairo, Egypt--Egypt has signed seven Memoranda of Understanding (MoUs) on Wednesday in green hydrogen and renewable energy with seven global...
- The agreements to set up geen hydrogen projects represent a new step or the Sovereign Fund of Egypt in its partnerships with global companies
- The green projects are expected bring in investments of $12bn for the pilot phase and $29bn for the first phase, for a total of $40bn over 10 years
Business
Air France-KLM posts profit
The airline reported record revenue of US$32.49bn in 2023.
- The airline also posted revenue of $32.49bn, while adding that it had returned to positive equity for the first time since 2019
- The airline alongwith subsidiary Transavia transported a total of 93.6 million passengers last year, up 10.3 million on 2022
Business
Singapore’s Petrozo Energy setting up Sharjah base to target Middle East
Sharjah, UAE – Petrozo Energy, a leading Singapore-based oil and gas company, has announced a plan to establish a new...
- Petrozo operates a global network with offices across Indonesia, India, Thailand, the UAE, Hong Kong, Bangladesh, the USA and other countries
- The company is renowned for its extensive portfolio, producing a variety of products including fuel oils, petrochemicals, bitumin and naphtha
Business
QDB signs MoU with Global Ventures
The collaboration is expected to boost private sector in Qatar.
- The two agreements align with the bank's initiatives to bolster the private sector and create investment opportunities
- The collaboration will enhance the provision of training programs and field training to equip investors and fund managers
Business
Reliance, Disney announce giant India media merger
The statement said Disney will hold 36.8 percent, Reliance will hold a 16.3 percent stake, and Viacom18 another 46.8 percent....
- India's entertainment market is already one of the world's biggest, with the merger expected to further shake up the multi-billion-dollar industry
- Reliance, an oil-to-telecom conglomerate led by billionaire tycoon Mukesh Ambani, will invest $1.4 billion into the new company
Business
Saudi real estate sees new era of growth, innovation
The Kingdom's property sector is driven by a projected $3 trillion GDP by 2030 and evolving consumer preferences towards homes...
- The Kingdom's property sector is driven by a projected $3 trillion GDP by 2030 and evolving consumer preferences towards homes equipped for remote work and wellness.
- Amid evolving market needs, there's a rising demand for flexible workspaces and experiential retail and hospitality spaces, coupled with demand for commercial office space.
Business
Meta chief discusses AI risks with Japan PM during Asia tour
The 39-year-old mixed business with pleasure while in Japan, going skiing with his family and learning about sword-making from a...
- Meta chief Mark Zuckerberg is on a mini-tour of Asia that includes stops in Japan, India and South Korea, where he travelled on Tuesday night
- He and Kishida met and discussed a broad range of topics including the status of AI's technological advancement and the risk surrounding generative AI
UAE non-oil trade reaches record $527 billion in H1, says Al Zeyoudi
The milestone reflected the success of the UAE's strategy to build a diversified, competitive and open economy while strengthening its...
Economy
Company News
TSMC Q2 profit up 60%
Business
ADNOC shifts OMV stake to XRG
Business
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SIB H1 net profit $189m
Business
US says ‘framework’ deal with China on TikTok ownership
Donald Trump said -- without directly naming the social media giant -- that a deal was reached with a "certain...
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...
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...
Business
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Business
Market value of camels at Crown Prince Festival reaches $66 million
Taif, Saudi Arabia -- The market value of the camels competing in the final rounds of the 2025 Crown Prince...
- The seventh edition of the festival, organized by Saudi Camel Sports, began on September 2 under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al Saud.
- The competition featured a total of 249 rounds, with prize money exceeding SAR50 million. The final four rounds, covering a distance of 24 kilometers, will be held on Friday.
Economy
Global oil supply hit record high in August: IEA
Paris, France -- Global oil supply hit a record high in August as OPEC+ and other countries ramped up production,...
- Eight key members of OPEC+ group, including Saudi Arabia and Russia, have been gradually increasing production since April after restricting output in recent years.
- Non-OPEC+ nations have also been raising their output, with the IEA saying production from the United States, Brazil, Canada, Guyana and Argentina was "at or near all-time highs".
Business
Robot dogs, flying cars: five takeaways from the Munich auto show
Companies including Germany's Holon and Estonia's Auve Tech displayed small self-driving buses, designed for routes where larger buses with drivers...
- Chinese brands showcased their efforts to create "flying cars", small electric aircraft powered by multiple rotors designed for short journeys.
- Austrian Wolfgang Podleiszek is working on a funky two-wheeled electric car that steers like a segway and needs the driver to lean into corners.