FAB delivers strong results in 2024 with profit before tax of AED 19.9 billion, up 13% yoy
First Abu Dhabi Bank (FAB) has achieved solid results in 2024 with Group net profit reaching AED 17.1 billion, up...
Stocks mostly rise, oil falls as Trump fans Ukraine peace hopes
London, United Kingdom -- Major stock markets mostly rallied and oil prices retreated Thursday on hopes for an end to the...
Business
Business
Trump Tower agreement announced in Jeddah following luxury hotel deal in Oman
A Trump Tower is coming to Saudi Arabia, a regional developer announced on Monday, Al Monitor reported.Dar Global and the...
- Former US President Trump reportedly spoke with Saudi Crown Prince Mohammed bin Salman last April
- The Trump Organization and Dar Global unveiled Trump International Oman, a luxury hotel and golf course at AIDA
Business
Boeing offered 737 MAX plea deal, lawyer of crash victims’ families says
Washington, United States - The US Justice Department is offering Boeing a plea deal that will allow it to avoid a...
- In May, the DOJ concluded that Boeing could be prosecuted for violating a previous DPA reached following the two fatal 737 MAX crashes in 2018 and 2019
- Under that three-year deal, Boeing agreed to pay $2.5 billion to settle fraud charges related to the certification of the 737 MAX
Business
Aramco, Sempra ink Port Arthur LNG royalties deal
Aramco's 25% participation in Port Arthur LNG Phase 2 aims to expand its gas portfolio and meet the world's growing...
- Port Arthur LNG is a natural gas liquefaction and export terminal in southeast Texas with direct access to the Gulf of Mexico
- Sempra Infrastructure is actively advancing infrastructure projects within the Port Arthur Energy Hub, addressing the rising demand for lower-carbon fuels
Business
UK’s richest family get jail terms for exploiting staff at Swiss villa
Geneva, Switzerland -A Swiss court handed jail sentences to four members of Britain's richest family on Friday, branding them "selfish" for...
- The Hindujas were acquitted of human trafficking, but convicted on other charges in a stunning verdict for the family, whose fortune is estimated at 37 billion pounds
- Prakash Hinduja and his wife Kamal Hinduja each got four years and six months, while their son Ajay and his wife Namrata received four-year terms
Oil and gas industry hops on generative AI bandwagon
In recent years the downstream industry, which includes refineries that process crude oil into gasoline, has increasingly relied on so-called...
- Long before the current craze surrounding generative AI, the energy sector employed traditional artificial intelligence through its use of data to identify oil and gas deposits
- The new AI programs can also be employed broadly in the workforce instead of being limited to programmers and data analysts, as has been the case with traditional AI
Business
Intel suspends expansion of factory plan in Israel
New York, United States - Intel is halting the expansion of a major factory project in Israel, which was going to...
- The chip giant in December said it was going to expand an ongoing $10 billion plan at the Kiryat Gat site, in the south of the country, currently under construction
- Solicited by AFP, Intel on Monday gave no reason for the pause for the next phase and made no link to the ongoing conflict with Hamas in Gaza
Business
Saudi Aramco says foreigners grab ‘majority’ of share offering
Riyadh, Saudi Arabia - Oil giant Saudi Aramco said Sunday that international investors had snatched up the bulk of shares sold...
- Aramco ended trading on Sunday at 28.60 Saudi riyals ($7.63) per share, after opening at 27.95 riyals, giving it a market capitalisation of around $1.85 trillion
- Aramco, the mostly state-owned jewel of the Saudi economy, announced on May 30 that it would sell 1.545 billion shares, or approximately 0.64 percent of its issued shares
Business
Chinese electric car company Nio to enter UAE this year
Chinese electric car company Nio plans to expand to the Middle East this year, CEO William Li said on an...
- Nio, which recently received funding from Middle East-based investors, saw record-high deliveries of 20,544 vehicles in May
- Rival BYD Â has also made the UAE its entry point to the Middle East
Business
JPMorgan to launch ‘Pay With Your Face’ Shopping
JPMorgan Chase is reportedly preparing to launch a biometric payments system for the masses, the Daily Hodl reported quoting the American...
- 28% of consumers have used facial recognition for an online purchase in the last 30 days
- Â 3 billion people will pay using biometrics by 2026, with global transactions hitting $5.765 trillion per year
Business
IATA urges Pakistan, Bangladesh to release blocked airline funds
The International Air Transport Association on Tuesday urged Pakistan and Bangladesh to remove barriers to airlines repatriating ticket revenues after...
- Pakistan and Bangladesh collectively owe $731 million in blocked airline funds
- Boeing, Airbus, face scrutiny over safety and manufacturing standards
FAB delivers strong results in 2024 with profit before tax of AED 19.9 billion, up 13% yoy
First Abu Dhabi Bank (FAB) has achieved solid results in 2024 with Group net profit reaching AED 17.1 billion, up...
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Davos25: Kyrgyzstan beckons with lax tax regime, says CEO of country’s tech hub
World Economic Forum
Wheels in motion for investors as two Gulf carriers plan 2025 IPOs Â
UAE's Etihad Airways and Saudi Arabia's Flynas are preparing to listing on local stock markets, the first IPO by Gulf...
‘Middle East is a promising area with a lot of initiatives going on in the UAE, Saudi Arabia’
Beyond AI, new technologies will leverage artificial intelligence to drive the next phase of the Fourth Industrial Revolution, Alphaeus Hanson,...
Economy
DeepSeek sparks AI stock selloff
Global investors dumped tech stocks following the emergence of a low-cost Chinese AI assistant startup DeepSeek that would threaten Nvidia....
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Hong Kong’s property distress hurting banks
Distressed property sales in Hong Kong are beginning to bite banks with average prices of office buildings, shopping malls and...
- Nearly 40 percent of the US$4.36 bn in Hong Kong commercial real estate transactions in 2024 suffered losses
- Rising office vacancies and softening rents threaten the quality of US$80 billion in commercial real estate loans at five major banks
Economy
Davos2025: 33 industrial clusters from 16 countries commit to economic growth, jobs creation and emissions cuts
The Transitioning Industrial Clusters initiative aims to improve collaboration and develop a shared vision among co-located companies and public institutions,...
- The initiative’s 33 members from 16 countries represent combined potential greenhouse gas emissions reductions comparable to the annual emissions of Saudi Arabia
- A new report highlights the critical role that industrial clusters play in accelerating the deployment of clean-energy infrastructure at scale worldwide
Business
Public-Private collaboration is crucial to tackling physical inactivity crisis: WFSGI CEO Emma Zwiebler
Emma Zwiebler, CEO of the World Federation of the Sporting Goods Industry (WFSGI), sat down exclusively with TRENDS at the...
- In many regions, over 80% of youth aren’t getting enough exercise, and it’s affecting their future health, says Zwiebler
- Technology and sedentary lifestyles are driving a worrying trend in inactivity, especially among youth, she adds