Ajman real estate transactions reach $2.94 billion in first half
Dubai, UAE -- Real estate transactions in Ajman totalled more than 10.8 billion dirhams ($2.94 billion) in the first half...
Business
DFDF backs MetaProp to boost PropTech investment
Dubai, UAE -- Dubai Future District Fund (DFDF) has committed capital to MetaProp Fund IV LP, making the New York-based...
Business
Business
ADNOC Drilling profit soars 29%
The company's revenue for the year 2023 was US$3.05bn.
- The company's EBITDA for 2023 shot up 20 percent to US$1.483 billion with industry-leading EBITDA margin of 49 percent
- It added 14 new drilling units in 2023, including four lease-to-own land rigs, making it one of the world’s largest fleets of 129 rigs
Business
Al Mal Capital REIT to launch rights issue
The fund has an existing portfolio valued at US$158m.
- Its CEO said the issue is a step in their journey to generate consistent and sustainable value for investors
- The fund has an existing portfolio valued at $158 million, primarily invested in educational assets in the UAE
Business
Energy transition led Saudi Arabia to halt oil expansion, says official
RIYADH, SAUDI ARABIA – The Kingdom's surprise decision to halt a planned expansion of its oil production capacity reflects ambitions to...
- Aramco announced on January 30 that the energy ministry had ordered it to maintain production capacity at 12 million barrels per day.
- Officials in the world's biggest crude exporter did not explain the move, leaving analysts to speculate that it reflected lack of confidence
Business
solutions by stc, Devoteam ink MoU
The aim is to foster avenues for collaboration in technology.
- The pact follows and builds upon the acquisition by solutions of a 40 percent stake in Devoteam Middle East.
- The collaboration also aims to combine the experience and resources of the parties for mutual benefit.
Business
UAE residents anticipate full electric and hybrid vehicle takeover in coming years: survey
Dubai, UAE - About 63% of respondents in the UAE plan to make EVs their primary mode of transport by...
- The survey also found that 73% respondents are confident that the UAE will have charging stations every few kilometers by 2028
- It also highlights a substantial wave of interest in EVs, with 26% of non-EV owners expressing interest in purchasing one in the next 12 months
Business
GPSSA issues circular on pensions, gratuity in UAE
ABU DHABI, UAE – The Emirates General Pension and Social Security Authority (GPSSA) has issued a circular to government and...
- The circular included limiting the procedure of deduction from the pension or end-of-service gratuity for the benefit of GPSSA's debt.
- In cases of unlawful disbursement, GPSSA has the right to deduct from other beneficiaries' shares, proportional to their entitlements.
Business
Several nations eager to join Charter of Cooperation, says OPEC Secretary-General
ABU DHABI, UAE - Secretary-General of the Organization of Petroleum Exporting Countries Haitham Al Ghais said that OPEC is in...
- The names of these countries will be announced after the completion of the ongoing consultations, the OPEC chief said.
- He said the Charter helps facilitate dialogue and exchange views regarding conditions in the global oil and energy markets.
Business
WEF24: AI-generated drugs promise cost reduction
AI is playing a critical role across the biomedical spectrum, from accelerating drug discovery to improving care delivery systems, says...
- AI is playing a critical role across the biomedical spectrum, from accelerating drug discovery to improving care delivery systems, says Dr Alex Zhavoronkov of Insilico Medicine.
- The latest technology enables end-to-end systems, and today, what we see is the true pinnacle of AI-powered drug discovery: the integration of AI and robotics, he adds
Business
Toyota’s Daihatsu resumes domestic production
It will make the Probox van and Mazda-branded Familia van.
- The Toyota-owned firm's factory in Kyoto resumed manufacturing of the Probox van and Mazda-branded Familia van, a Daihatsu spokesman told AFP
- Daihatsu will resume production of 10 other models on February 26, after the transport ministry confirmed they met safety regulations, it said last week
Business
Barwa Real Estate net profit up
It posted an 8% jump in net profit to US$337m for last year.
- The developer's earnings per share (EPS) amounted to QR0.316 for the year ended December 31, 2023 compared to an EPS of QR0.292 in 2022
- Its board of directors proposed the distribution of a cash dividend of 18 percent of the shares’ par value at the rate of QR0.18 per share
Ajman real estate transactions reach $2.94 billion in first half
Dubai, UAE -- Real estate transactions in Ajman totalled more than 10.8 billion dirhams ($2.94 billion) in the first half...
Business
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Dubai International Chamber attracts 31 MNCs to Dubai in H1
Dubai, UAE -- Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has announced...
Business
Larry Fink, André Hoffmann take interim helm at WEF, pledge renewed push for global cooperation
The World Economic Forum has named BlackRock CEO Larry Fink and Swiss entrepreneur André Hoffmann as interim co-chairs, with both...
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TAQA H1 net income $1bn
The group's revenue reached $7.73 billion.
- This growth was led by higher pass-through costs in the Transmission & Distribution (T&D) segment.
- The group reduced its gross debt position to AED61.7 billion, enabled by scheduled repayments and the maturity of a corporate bond.
Business
Musk clashes with Altman after accusing App Store of favoring OpenAI
San Francisco, United States -- Elon Musk has accused Apple of unfairly favoring ChatGPT on its App Store and threatened...
- OpenAI and xAI both released new versions of their AI assistants, ChatGPT and Grok, in the past week.
- App Store rankings listed ChatGPT as the top free iPhone app on Tuesday, with Grok in fifth place.
Business
Perplexity AI offers Google $34.5 bn for Chrome browser
San Francisco, United States -- Perplexity AI offered Google on Tuesday $34.5 billion for its popular Chrome web browser, which...
- The sum proposed in a letter of intent by Perplexity is nearly double the value of the startup, which was reportedly $18 billion in a recent funding round.
- Google is awaiting a US District Court judge's decision on how to address its illegal monopoly in online search.