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
OpenAI limits release of new model after US government request
Dubai, UAE --Â ChatGPT developer OpenAI is restricting access to its latest artificial intelligence (AI) model at the request of...
Business
Geostrategy
US to sell drones worth $4bn to India to bolster its defenses against China
The United States approved a $4 billion sale of state-of-the-art drones to India, offering a new edge to the growing...
- Indian officials had discussed the drones during a state visit by Prime Minister Narendra Modi last year.
- After months of discussion, the State Department said it had informed Congress of the sale..
Business
Number of millionaires in BRICS likely to rise by 85 percent in 10 years, says report
DUBAI, UAE - The total investable wealth currently held in the BRICS bloc amounts to US$45 trillion and its millionaire...
- There are currently 1.6 million individuals with investable assets of over US$1 million in the leading emerging economies.
- The UAE’s millionaire population has shot up since 2013, by 77 percent, and is now home to 116,500 millionaires
Business
OPEC+ panel reaffirms cartel’s current output reduction strategy
In an effort to shore up prices, the OPEC+ oil alliance of 23 nations has implemented supply cuts of more...
- In a statement following a meeting via videoconference, the Joint Ministerial Monitoring Committee (JMMC) of OPEC+ stopped short of making any recommendations on its output policy.
- However, the panel said it "reviewed the crude oil production data for the months of November and December 2023", noting the "high conformity" among participating nations.
Business
ADU inks MoU with Italy-Czech Republic Chamber of Commerce
ABU DHABI, UAE - Abu Dhabi University (ADU) has signed a Memorandum of Understanding with the Italy-Czech Republic Chamber of...
- The pact seeks to promote the exchange of faculty, researchers, and staff members between ADU and European universities.
- The agreement will help establish a research centre for entrepreneurship studies and start-ups in both Italy and the UAE.
Business
Spain urges WTO meet in UAE to address de-globalization
ABU DHABI, UAE - Madrid wants the upcoming 13th Ministerial Conference (MC13) of the World Trade Organization (WTO) here next...
- The ministerial meeting (MC13) will convene representatives of 164 nations and trading blocs.
- MC13 will seek key reforms to the global trading system, including expanding WTO membership .
Business
FDI inflows into Saudi Arabia fall 14.4 percent in third quarter: GASTAT
Riyadh, Saudi Arabia -- Foreign Direct Investment inflows into Saudi Arabia hit SAR 17 billion in the third quarter of...
- The total FDI outflows reached SAR 5 billion, a decrease of 22.5 percent compared to the Q2 of the same year.
- Total FDI in Saudi Arabia reached SAR762 billion at the end of 2022, compared to SAR659 billion in 2021.
Business
Abu Dhabi records real estate deals worth $1.36 billion in Jan
Abu Dhabi, UAE -- Real estate transactions in the Emirate of Abu Dhabi amounted to over AED 5 billion ($1.36...
- The value of real estate mortgages in the emirate reached about AED2.6 billion through 635 mortgage deals.
- Mohamed bin Zayed City topped the list with a value of AED16.6 million for "Prestige Tower", followed by Saadiyat Island with AED12.7 million for "Mamsha Al Saadiyat".
Business
Shell annual profit drops to US$19.4bn
Its revenue dived almost a fifth percent to US$316.6 billion.
- Revenue of the British energy major dived almost a fifth percent to $316.6 billion, Shell will nevertheless return $3.5 billion to shareholders
- "Shell delivered another quarter of strong performance, concluding a year in which we made good progress," said chief executive
Shares in India’s Paytm dive 20%
Banking arm asked to stop accepting fresh deposits.
- Paytm collapsed 20 percent at the open of trade in Mumbai before a trading halt, the day after the RBI reported "persistent non-compliances" at Paytm Payments Bank
- RBI said it would not be able to accept new deposits, offer fund transfers or help facilitate credit transactions from March, although customers will be able to withdraw cash
Business
Borouge full-year net profit $1bn
The firm posted third consecutive rise in quarterly earnings.
- Borouge management intends to distribute 15.9 fils per share in dividends for the full year 2024, equating to a 6.6 percent current dividend yield.
- Fourth quarter revenue reached $1.5 billion, unchanged quarter-on-quarter and declining 6 percent on a year-on-year basis on weaker global demand.
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
Company News
Qatar Airways annual profit $2bn
Business
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Masdar issues $1bn bond
Business
Thousands of carpets sunbathe at Turkish resort
From June-Sept, in harvested fields cleared of stubble, merchants bring their cargo to age in the sun, tempering the bright...
Arts & Culture
Dubai International Airport logs record 46 million travelers in first half
Dubai, United Arab Emirates -- Dubai International Airport welcomed a record 46 million passengers in the first half of this...
Business
Most Read
Business
Palantir, the AI giant that preaches US dominance
Palo Alto, United States - Palantir, an American data analysis and artificial intelligence company, has emerged as Silicon Valley's latest...
- The company's reach spans the global economy, with banks, hospitals, the US government, and the Israeli military among its ever-expanding client roster
- "We want and need this country to be the strongest, most important country in the world," Alex Karp, Palantir's CEO, recently declared at a client conference in Palo Alto
Business
DIFC records 25 percent rise in registered firms in H1 2025
Dubai, UAE --Â Dubai International Financial Centre (DIFC), the leading global financial center in the Middle East, Africa and South...
- The total number of active registered companies reached 7,700, up from 6,153 in H1 2024 - a 25 percent year-on-year increase.
- The number of professionals working in DIFC rose to 47,901, marking a significant 9 percent increase from 43,787 a year earlier.
Business
European Union probes UAE oil giant’s purchase of Germany’s Covestro
Brussels, Belgium -- The European Commission on Monday announced an investigation into the takeover of German chemical firm Covestro by...
- "The commission has preliminary concerns that foreign subsidies granted by the UAE could distort the EU internal market," a statement by the bloc's executive arm said.
- Plastics maker Covestro accepted a bid -- valuing the company at 12 billion euros ($14 billion) -- from the Abu Dhabi National Oil Company in October.