Roblox’s Grow a Garden explodes online video game numbers
Paris, France -- A gardening game created by a teenager on online platform Roblox has attracted a record 21 million...
Business
Tesla expected to launch long-discussed robotaxi service, will use Model Y
New York, United States -- Tesla is expected to begin offering robotaxi service Sunday in Austin, an initial step that...
Business
Business
Hermes overtakes LVMH as world’s most valuable luxury group
Paris, France -- French group Hermes overtook LVMH as the world's most valuable luxury company on Tuesday after shares in...
- The market capitalization of Hermes reached 248.6 billion euros ($280.5 billion) at the close of trading in Paris, topping LVMH's 244.4 billion euros.
- LVMH shares sank 7.8 percent a day after the group owned by Europe's wealthiest man, Bernard Arnault, reported a two percent drop in first-quarter sales to 20.3 billion euros.
Travel and tourism sector contributes 11.4 percent to Gulf’s GDP
Muscat, Oman -- Travel and tourism sector's contribution to the Gulf's GDP by the end of 2024 reached approximately 11.4 percent,...
- The growth rate of the sector's contribution to the Gulf's GDP increased by approximately 31.9 percent compared to the figures recorded in 2019.
- Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf GCC-Stat said the sector's contribution to the global GDP in 2024 amounted to 2.2 percent.
Business
Ajman real estate transactions reach $560 million in March
Ajman, UAE -- Real estate transactions in Ajman reached AED 2.06 billion ($560 million) in March 2025, marking a significant...
- Omar bin Omair Al Muhairi, Director-General of the Ajman's Department of Land and Real Estate Regulation, said the emirate recorded 1,025 real estate transactions in March.
- Al Muhairi noted that Ajman's real estate market continues to show strong momentum, consistently achieving record figures.
Saudi Arabia’s space economy reaches $8.7 billion in 2024
Riyadh, Saudi Arabia -- The Communications, Space, and Technology Commission (CST) has said that the Saudi space economy reached $8.7...
- The Saudi space market is projected to reach $5.6 billion by 2035, supported by space technologies, while the global space market reached $176 billion in 2024.
- The size of the space market reached $1.9 billion, according to the KSA Space Market 2025 report. Saudi space economy is expected to reach $31.6 billion by 2035.
Business
US exempts several consumer electronics from Trump’s import tariffs
Washington, United States -- The Trump administration has exempted a raft of consumer electronics from its punishing import tariffs --...
- US Customs and Border Protection office said smartphones, laptops, memory chips and other products would be excluded from the global levies President Donald Trump rolled out a week
- The exemptions will benefit US tech companies like Nvidia and Dell, as well as Apple, which makes iPhones and other premium products in China.
Business
EU to probe use of personal data by X’s AI chatbot
Ireland's data protection watchdog, acting on behalf of the European Union, launched an inquiry Friday into the use of personal...
- The probe relates to the processing of personal data comprised in publicly-accessible posts posted on the 'X' social media platform Grok
- As X has its European headquarters in Ireland, the country's data protection commission is the lead regulator in Europe for the social platform
Business
Why investors rush to gold in uncertain economic times?
London, United Kingdom -- Why do investors flock to gold when economic times turn tough? As the precious metal reaches...
- On Friday it struck an all-time high of $3227.51 an ounce in trading, handing the commodity a gain of more than 20 percent since the start of the year.
- In 2024, global central banks together added more than 1,000 tons of gold to their reserves for the third year running, according to the World Gold Council.
Business
Tesla’s first Saudi showroom opens
The opening in Riyadh comes with Tesla sales dropping.
- Saudi Arabia is a key regional ally of Washington, and US President Donald Trump forged close ties during his first term with Crown Prince Mohammed bin Salman.
- However, demand for EVs is relatively low in Saudi Arabia, the world's largest oil exporter which enjoys bargain-basement fuel prices, with a liter costing just $0.62.
Geostrategy
European Union and UAE agree to launch trade deal negotiations
Emirati President Mohammed bin Zayed Al Nahyan "and I just decided to launch negotiations on an EU-UAE free trade agreement,"...
- Sheikh Zayed said that the CEPA would create new avenues for cooperation between the UAE and EU, increase trade and investment flows.
- The EU is the UAE’s second-largest trading partner, accounting for 8.3 percent of the UAE’s total non-oil trade, which hit $67.6 billion in 2024.
Business
Mubadala Energy enters US energy market
Acquires a 24.1% interest in US firm Kimmeridge’s SoTex
- Through SoTex, Kimmeridge is building America’s first integrated gas independent to deliver low-cost natural gas from wellhead to water.
- The deal bolsters Mubadala Energy's growth plans to invest across the gas value chain in key energy hubs around the world.
Roblox’s Grow a Garden explodes online video game numbers
Paris, France -- A gardening game created by a teenager on online platform Roblox has attracted a record 21 million...
Business
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Middle East tourism projected to reach $350 billion by 2030: ATM report
Dubai, UAE – The Middle East’s tourism sector is poised for unprecedented expansion, with a new report predicting a 50...
Business
Meta secures nuclear energy in 20-year Illinois plant deal
Washington, United States -- Facebook owner Meta announced Tuesday a 20-year nuclear energy agreement with US-based Constellation Energy to secure...
Business
Airlines less optimistic for 2025, facing ‘headwinds’: IATA
New Delhi, India -- Airlines on Monday revised down their traffic and profit forecasts for 2025, citing "headwinds" for the...
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Business
Oil under $65 a boon for consumers, but a burden on producers
London, United Kingdom -- US President Donald Trump's tariffs, his call to "drill baby drill" and especially a decision by...
- The fall in oil prices has contributed to a global slowdown for inflation, while also boosting growth in countries reliant on importing crude, such as much of Europe.
- Cheaper crude "increases the level of disposable income" consumers have to be spending on "discretionary items" such as leisure and tourism, experts say.
Business
The five biggest-selling gaming consoles
From the first video game consoles of the 1970s to the Nintendo Switch 2 due out on Thursday, hundreds of...
- Japanese tech and entertainment giant Sony sparked a global frenzy with the release of PlayStation 2 in 2000.
- The Nintendo Switch, released in 2017, had a tablet format allowing users to play on a large screen at home or on public transport, helping to turn it into a sensation.
Business
Silicon Valley VCs navigate uncertain AI future
The generative AI frenzy unleashed by ChatGPT in 2022 has propelled a handful of venture-backed companies to eye-watering valuations.
- Leading the pack is OpenAI, which raised $40 billion in its latest funding round at a $300 billion valuation -- unprecedented largesse in Silicon Valley's history.
- Other AI giants are following suit. Anthropic now commands a $61.5 billion valuation, while Elon Musk's xAI is reportedly in talks to raise $20 billion at a $120 billion price tag.