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
EMEA megadeals surge as AI reshapes global dealmaking strategy: Report
The report warns that companies now face a new challenge: pursuing large acquisitions while simultaneously funding and executing AI transformations.
Business
Business
Dubai Land Department records $172bn in realty deals in 2023
Dubai, UAE -- The Dubai Land Department (DLD) records an all-time high of 1.6 million transactions worth AED 634 billion...
- Real estate investments' value grew by 55 percent during the same period, reaching approximately AED 412 billion.
- There were 157,798 investments attributed to 113,655 owners, including 71,002 new investors, indicating a 20 percent increase.
Business
ADNOC Distribution posts record EBITDA
The EDITDA of $1bn benefited from OPEX saving of $28m.
- The company said it successfully delivered on the five-year target it communicated to the market during its first Capital Markets Day in May 2019.
- The company recommended a dividend of $350 million for the second half of 2023.
Business
Gaza solidarity boycott hits global food chains
As customers in the Middle East shun international restaurants, local businesses report they have benefited from the boycott.
- Starbucks sales grew at their slowest pace in a year, and profits fell short of Wall Street estimates as a spending slowdown took its toll.
- McDonald's shares declined for the second day after the company failed to achieve targeted sales for the first time since 2020 due to the war in the Middle East.
Business
Equinor reports 59% fall in net profit
Its earnings were US$36.2bn, half of what is was in 2022.
- The company's net profit slumped 59 percent last year to $11.9bn, dragged down by a decline in energy prices
- Anders Opedal, the company CEO, said that in 2023 the group "continued to contribute to energy security in Europe"
Business
TotalEnergies reports record annual profit
Net profit came in at $21.4 bn, an increase of 4% over 2022.
- Net profit came in at $21.4 billion, an increase of four percent over 2022, with the the energy giant proposing a 7.1 percent increase in its annual dividend
- After adjusting for non-recurring items, net profit stood at $23.2 billion, a fall of 36 percent from 2022 when the company withdrew from Russia
Business
Qatar and Egypt discuss ways to boost economic, trade ties
Doha, Qatar-- Qatar and Egypt are looking to boost trade and economic ties between the two countries, besides exploring ways...
- The Qatar Chamber first vice-chairman said Egypt offers abundant opportunities, which are attractive to Qatari investors
- The Egyptian official said that his country has brought in a host of reforms relating to investment for foreign investors
Business
ADNOC Drilling to expand fleet
The company aims to reach 142 operational rigs this year.
- The company's CEO said that it was looking to support ADNOC's 5 million-barrels-per-day-capacity target
- It has assembled one of the largest multi-disciplined fleets in the world, backed by the latest innovations
Business
‘Bond market acts as a mirror to economic realities’
"(US Federal Reserve Chair Jerome) Powell's focus on verifying inflation's trajectory is in line with the central bank's dual mandate...
- Bond market's selling pressure illustrates its role in reflecting economic realities, says Nigel Green
- A 27 basis points surge in 10-year yields marks notable market movement since June 2022, he adds.
Business
Innovation, expansion spur Gulf retail after pandemic
GCC retail sector evolves dynamically, blending innovation with tradition to woo investment, says Khalifa Bin Braik of Majid Al Futtaim...
- GCC retail sector evolves dynamically, blending innovation with tradition to woo investment, says Khalifa Bin Braik of Majid Al Futtaim Asset Management.
- Investing in the GCC retail market offers strategic benefits like a prime location, wealthy population, and luxury demand, bolstered by government support.
Business
Saudi more than doubles tourism target by 2030, says minister
Riyadh, Saudi Arabia - Saudi Arabia drew 27 million foreign tourists in 2023 and has more than doubled its goal for...
- "We have reached 100 million tourists this year, 77 million from home, 27 million from abroad, over 100 million," Tourism Minister Ahmed Al Khateeb said.
- Saudi hopes 150 million tourists by 2030, up from an earlier goal of 100 million, with 70 million of those coming from abroad, up from an earlier goal of 30 million.
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
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Walking sharks, bombing crocodiles: Italian Brainrot memes only kids know
Shouty, crude and often nonsensical Italian voiceovers feature in many of the clips made by people in various countries that...
Arts & Culture
Accumulating bitcoin a risky digital rush by companies?
London, United Kingdom - US President Donald Trump's media group and Tesla, the electric carmaker owned by tech billionaire Elon...
Business
OpenAI releases ChatGPT-5 as AI race accelerates
San Francisco, United States -- OpenAI released a keenly awaited new generation of its hallmark ChatGPTÂ on Thursday, touting "significant" advancements...
Business
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Economy
Trump announces 100% chip tariff, pressuring Asian producers
The US president unveiled the levy at the White House on Wednesday ahead of the imposition of sweeping tariffs on...
- shares in Taiwan's TSMC -- world's largest contract maker of chips -- soared nearly 5% after the government said the company will not be affected.
- Trump has previously accused Taiwan of having stolen the US chip industry, and earlier this year, TSMC unveiled a plan to invest an extra $100 billion in the United States.
Business
Electric ‘air taxis’ could debut in Japan from 2027
Tokyo, Japan -- Airline ANA said Thursday that, together with a US start-up, it hopes to have electric "air taxis"...
- ANA and California-based Joby Aviation said they will establish a joint venture with a view to deploying more than 100 of the five-seater aircraft.
- The project primarily envisages trips between Narita and Haneda airports and Tokyo, although the routes can diversify in the future.
Business
Apple to invest additional $100 bn in US: White House
Washington, United States -- Apple will invest an additional $100 billion in the United States, taking its total pledge to...
- In February, Apple said it would spend more than $500 billion in the United States and hire 20,000 people, with Trump quickly taking credit for the decision.
- Trump, who has pushed US companies to shift manufacturing home by slapping tariffs on trading partners, claimed that his administration was to thank for the investment.