Dubai economic zones post highest-ever trade performance in 2025
Dubai, UAE -- Dubai's integrated economic zones recorded their strongest-ever trade performance in 2025, with total trade rising 46% year-on-year...
Business
UAE property market draws global investors despite regional conflict
The UAE Property Investment Index, conducted by U.S.-based Penta Group, found that 56% of global property investors expressed serious interest...
Business
Business
BYD Q3 profit down 33%
This was a 33% year-on-year decrease.
- The Shenzhen-based firm recorded revenue of 195 billion yuan over the same period, a slight decrease of 3 percent year-on-year.
- China's EV industry is world-leading but a cutthroat domestic market has weighed on companies' profitability.
Business
AI chip giant Nvidia becomes world’s first $5 trillion company
New York, United States -- AI chip juggernaut Nvidia became the world's first $5 trillion company on Wednesday, as investors...
- By way of comparison, the level was greater than the GDP of France or Germany or higher than that of Tesla, Meta (Facebook), and Netflix combined.
- Microsoft and Apple, the two other largest global market capitalizations, only just exceed $4 trillion in valuation each.
Business
Microsoft holds 27% of OpenAI in revamped partnership
San Francisco, United States - Microsoft and OpenAI announced Tuesday a sweeping overhaul of their landmark artificial intelligence (AI) partnership,...
- OpenAI has also committed to purchasing $250 billion in Azure cloud services from the tech giant, though Microsoft no longer holds first refusal rights as OpenAI's compute provider
- The partnership began in 2019 when Microsoft invested $1 billion in what was then a small AI research organization founded in 2015 by tech luminaries including Elon Musk
Business
Nvidia to take stake in Nokia
Nvidia share price soars 20%.
- It said it would issue more than 166 million new shares, for which Nvidia would pay $6.01 per share.
- Under the partnership, Nokia "intends to increase its presence in the AI and cloud market with data center aligned networking solutions."
Business
Amazon to cut 30,000 office jobs: media reports
Amazon will lay off tens of thousands of office workers as the e-commerce and tech giant trims costs amid ramped-up...
- The reduction will represent nearly 10 percent of the approximately 350,000 office jobs at Amazon but is reported not to affect the distribution and warehouse workforce
- Amazon chief executive Andy Jassy has lauded the potential of AI to streamline workplace operations, from engaging with customers online to making offices more efficient
Geostrategy
Nigeria refinery aims to be world’s biggest with expansion
Lagos, Nigeria -- Nigeria's Dangote oil refinery, already the largest in Africa, aims to become the biggest in the world...
- "We are more than doubling the barrels... to 1.4 million from 650,000," said Aliko Dangote, a Nigerian businessman who is Africa's richest person.
- The Dangote refinery has sparked monopoly fears as it becomes a powerful player itself.
Geostrategy
TotalEnergies approves restart of $20-bn Mozambique gas project
Paris, France -- France's TotalEnergies said Saturday the consortium it leads to build a $20-billion liquified natural gas project in...
- The Mozambique LNG project, the largest private investment in Africa's energy infrastructure, is expected to generate thousands of jobs.
- Work was frozen after militants launched a deadly attack on the site of the project near the Tanzanian border in March 2021, resulting in around 800 deaths.
Geostrategy
Saudi Arabia to host ATP Masters 1000 tennis event from 2028
Paris, France -- The ATP announced on Thursday the creation of a new Masters 1000 event which will take place...
- The new event will be played on hard courts and take place "at the start of the season" in a city yet to be determined, and will last "one week".
- The long-expected move marks the first ever expansion of the top-tier category of men's tennis since its creation in 1990.
Business
Property Finder invests in digital real estate investment platform Stake
Dubai, UAE -- Property Finder, the MENA region’s largest property platform, has announced its investment in Stake, a fast-growing digital...
- Stake enables users to invest in fractional property ownership and private real estate funds starting from as little as AED 500.
- Property Finder said the deal demonstrates its belief in Stake and its vision to reshape how the next generation engages with real estate as an asset class.
Business
Jane Birkin’s Hermes handbag up for auction in Abu Dhabi
Paris, France -- A Hermes handbag once belonging to Jane Birkin will be auctioned in Abu Dhabi on December 5,...
- Nicknamed the "Birkin Voyageur", the estimated value of the late actor's black leather bag hovers between $230,000 and $430,000.
- Gifted to Birkin by Hermes in 2003, it is one of four the celebrity owned after auctioning the original to raise money for an AIDS charity in 1994.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Dubai economic zones post highest-ever trade performance in 2025
Dubai, UAE -- Dubai's integrated economic zones recorded their strongest-ever trade performance in 2025, with total trade rising 46% year-on-year...
Business
Company News
Alujain widens 2025 loss
Business
Latest News
Masar 2025 net profit $262m
Business
Tasnee’s 2025 losses deepen
Business
DP World 2025 revenue $24.4bn
Business
AD Ports records $564 million 2025 net profit
The company said revenue grew 20 percent year-on-year to $5.65 billion, while net profit increased 16 percent, supported by strong...
UAE real estate gains momentum on strong 2025 base as Mar sales surge
Dubai, UAE -- The UAE’s real estate sector extended its upward trajectory in March, with robust project launches, steady construction...
Business
Emaar Development to pay $1.1 billion dividend
The dividend represents 100 percent of its share capital. The company reported record property sales of approximately $19.4 billion in...
Business
Most Read
Business
Dubai Chambers partners with DP World and Customs to boost logistics resilience
Dubai, UAE — Dubai Chambers, in collaboration with Dubai Customs and DP World, convened a meeting with around 100 private...
- Dubai brings public and private sectors together to address logistics disruptions and ensure smoother trade flows.
- Industry leaders explore practical solutions to enhance efficiency and adapt to evolving global supply chain pressures.
Business
IHC shareholders approve share buyback of up to $1.36 billion
The proposed buyback represents about 0.6% of the company’s total shares. The board of directors has been authorized to take...
- The repurchase will be carried out in coordination with the Securities and Commodities Authority and the Abu Dhabi Securities Exchange (ADX).
- IHC did not provide further details on the timing of the repurchase in the latest disclosure, but the move comes as the conglomerate seeks to enhance shareholder value.
Business
Alujain widens 2025 loss
The increase in loss is due to impairment charges, weaker prices.
- Excluding the impairment, the company would have reported a net profit of SAR 17 million for the year.
- Earnings per share fell to SAR 12.05 per share in 2025, compared with a loss of SAR 0.73 per share in 2024.