Lamki: ADNOC’s South Africa acquisition accelerates international growth strategy
Chief Executive Officer ADNOC Distribution Bader Saeed Al Lamki said South Africa was attractive because of its scale and regulatory...
Business
Dubai SME programme awards record $485 million in contracts in 2025
Dubai, UAE --Â Dubai's Emirati Supplier Programme facilitated a record AED1.78 billion ($485 million) in contracts for Emirati-owned small and medium-sized...
Business
Business
Iran agricultural, food exports hit US$4.8bn in 10 months
TEHRAN, IRAN – The country has exported more than 6.7 million tons of agricultural and food products worth US$4.8 billion...
- Of this amount, 4,944,481 tons worth $2,930,585,728 were dedicated to the export of agricultural products.
- While 1,133,710 tons worth US$931,961,158 were dedicated to the export of food products.
Geostrategy
Saudi Arabia’s air defense commander examines Russia’s S-350, S-400 systems
RIYADH, SAUDI ARABIA – The Commander of the Royal Saudi Air Defense Force Lieutenant-General Mazyad bin Suleiman Al-Amr has inspected...
- The Royal Saudi Air Defense Force Commander saw various radars from the Almaz-Antey air defense concern.
- The commander visited the stands of Russian defense industry companies and paid special attention to the air defense systems.
Business
Novartis to buy MorphoSys
The deal gives Novartis access to new blood cancer treatment.
- The all-cash deal will see Novartis offer 68 euros per share for the company, whose stock has soared in recent days amid speculation a deal was looming
- "With the planned acquisition of MorphoSys, we aim to further strengthen our leading pipeline and portfolio in oncology," said Shreeram Aradhye, Novartis' CMO.
Business
UBS to reward shareholders
Losses from costs of absorbing Credit Suisse narrow.
- The bank reported a net loss of $279 million in the final three months of 2023 -- far less than the nearly $500 million analysts had been bracing for
- The result followed a bigger, $785 million loss in the third quarter but for the full year, UBS bagged a net profit of $29 billion in 2023
Economy
QatarEnergy signs LNG deal with Petronet
QatarEnergy will supply 7.5m tons of LNG per year to Petronet.
- Qatar is one of the world's top LNG producers alongside the United States, Australia and Russia.
- The first deliveries of gas to India by QatarEnergy's LNG fleet are due from May 2028.
Business
Sharjah Chamber posts growth in membership in 2023
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has announced a series of significant achievements of the...
- The number of membership renewals in 2023 hit 55,087 across industrial, commercial and professional sectors.
- Free zone memberships stood at 1,795, while exports and re-exports were valued at approximately US$8.9 billion.
Business
Maqta acquires stake in Dubai Technologies
The majority stake was acquired for $7.6 million.
- The founder will retain a 40 percent stake in the company, and the existing leadership team will remain in management to deliver on the strategic growth plans.
- The company's FY2023 financial performance recorded revenues of AED70.5 million and EBITDA of AED8.4 million.
Business
BP posts US$15.2bn net annual profit
It will deliver US$1.75bn in buybacks for Q4 of last year.
- Its profit after tax surged to $15.2 billion last year from a net loss of $2.5 billion in 2022
- The bumper profit came after slumping into a loss the prior year on its exit from Russia
Business
Toyota expects to book profit of US$30bn
Its third-quarter net profit jumped to US$7 billion.
- The weak yen is also boosting earnings for the auto titan, which now expects to book a net profit of 4.5 trillion yen ($30 billion) this financial year
- Last week, Toyota announced record vehicle sales of 11.2m across its brands in 2023, maintaining its crown as the world's top-selling automaker
Business
WEF24: Understanding regional nuances key to success
Industries are increasingly investing in transformative technologies, including cybersecurity, sustainable solutions and AI, Sapthagiri Chapalapalli tells TRENDS in an interview.
- Industries are increasingly investing in transformative technologies, including cybersecurity, sustainable solutions and AI, Sapthagiri Chapalapalli tells TRENDS.
- Proactive approach in building reference architectures and industry-specific AI use cases positions TCS as a leader in designing tomorrow's technology, he adds.
Lamki: ADNOC’s South Africa acquisition accelerates international growth strategy
Chief Executive Officer ADNOC Distribution Bader Saeed Al Lamki said South Africa was attractive because of its scale and regulatory...
Business
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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...
Economy
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"...
Business
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Business
60 percent travelers in UAE trust AI to plan their trips: Report
Dubai, UAE -- Â Nearly 60 percent of travelers in the UAE trust Artificial Intelligence (AI) to plan every aspect of...
- A recent report by Tourism Economics on behalf of Arabian Travel Market says 21 percent using it before their most recent trip.
- The research also confirmed that travel firms are harnessing AI to enhance customer service and drive economic impact.
Business
Globalization must be inclusive, not extractive. Multinationals can lead by example
We’re witnessing a period of dramatic adjustment in international trade, as tariffs and geopolitical tensions disrupt or reorient supply chains....
- While globalization has driven global trade, imbalances threaten its future legitimacy
- Multinational corporations should champion localization strategies that prioritize wealth equity
Business
IHC H1 net profit $2.94 billion
The company posted 31% increase in revenue.
- The second quarter of 2025 delivered one of the Group’s strongest quarterly performances, with revenue rising 22.5 percent year-on-year to AED27.5 billion.
- Revenue growth was supported by solid contributions from core operating segments, it said.