Reading Dubai’s place on the UBS Bubble Index
The index scores the distance between current prices and their historic relationships with local rents, incomes and mortgage debt. A...
Analysis
Saudi Arabia mandates tougher money laundering risk assessments
Dubai, UAE -- Saudi Arabia has updated the executive regulations of its Anti-Money Laundering Law, introducing stricter disclosure requirements for...
Business
Business
UPS says will cut 12,000 jobs
The move comes as UPS seeks to "align" its resources.
- Three-quarters of the reductions are set to come in the first half, UPS CEO said.
- The decision comes after UPS reported Q4 2023 revenues of US$24.9 billion.
Arts & Culture
Over 70 percent of musicians fear AI, says French-German study
PARIS, FRANCE - More than two-thirds of musicians fear that artificial intelligence will make it impossible to make a living, according...
- The report found that 35 percent were already using AI in a "large number of areas related to music creation".
- The report added that estimated incomes would fall 27 percent by 2028, equivalent to some US$2.9 billion.
Business
Pfizer reports loss in Q4
The drugmaker's revenues fell 41 percent to $14.2 billion.
- The drugmaker lost $3.4 billion in the fourth quarter, compared with profits of $5.0 billion in the year-ago period
- Pfizer reiterated its 2024 revenue forecast of $58.5-$61.5 billion after 2023 revenues came in at $58.5 billion
Business
Oman and Etihad Rail Co, Al Jazeera Steel sign MoU for raw materials
Sohar, Oman -- Oman and Etihad Rail Company (OER), the developer and operator of the UAE-Oman Rail Network, and Al...
- Under the terms of the agreement, OER will leverage the UAE-Oman Rail Network to support Al Jazeera Steel in optimizing inbound and outbound logistics from its factories in Oman.
- Once fully operational, the UAE-Oman Rail Network will unlock efficiency in freight movement by reducing travel time between both countries.
Business
Ras Al Khaimah witnesses rise in issue of valid business licenses in 2023
RAS AL KHAIMAH, UAE - The economic growth of the Emirate continued to accelerate in 2023, with the Department of...
- The industrial sector in Ras Al Khaimah achieved a 5.3 percent annual growth rate in valid licence capital.
- Commercial licences experienced a 14.4 percent annual increase, bringing their total capital to $1.3 billion.
Business
Schneider Electric, Charge&Go ink pact
The aim is to develop EV charging facility in the UAE.
- Demand for electric vehicles in the UAE market has steadily increased over the past few years.
- The collaboration also aims to deliver on the demand for sustainable transportation in the UAE.
Business
25,647 new economic licenses issued in Abu Dhabi in 2023, says ADDED report
ABU DHABI, UAE - The Abu Dhabi's “Business Activity Report” for the year 2023, issued by the Abu Dhabi Department...
- 24,143 commercial sector licences were issued in 2023, comprising 94.1 percent of the total.
- Active licences in Abu Dhabi rose to 143,617, a growth of 10.9 percent compared to the year 2022.
Business
Robots save UAE’s finance ministry 39,000 working hours
Dubai, UAE -- UAE's Ministry of Finance has saved 39,000 hours of human labor by using bots, software applications that...
- The Ministry has just completed phase two of embedding robotic process automation (RPA) into many of its internal processes.
- By 2022, it had more than 50 bots working unattended, delivering great results, and it expects to save an additional 12,000 working hours in 2023.
Business
KEZAD to build new warehouses
It will invest US$169m to develop new capacity.
- The building of new warehousing was spurred by strong demand for such capacity in both free zone and domestic industrial areas
- The group since the third quarter of 2022 has thrown open more than 270,000 sq metres of additional warehousing space in Abu Dhabi
Business
Saudi Aramco halts plan to raise production capacity
Tuesday's announcement was not expected to have an immediate effect on production or exports. After a series of oil supply...
- Riyadh announced the planned production capacity increase in October 2021, the same month it pledged to achieve net zero carbon emissions by 2060
- That applies to emissions that are produced directly by Aramco's industrial sites, but not the CO2 produced when clients burn Saudi oil in their cars
Reading Dubai’s place on the UBS Bubble Index
The index scores the distance between current prices and their historic relationships with local rents, incomes and mortgage debt. A...
Analysis
Company News
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First foreign firm takes ownership of Saudi football club
The Harburg Group -- led by American Ben Harburg -- said it had "officially completed the 100 percent acquisition of...
Business
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Business
ADIB H1 pre-tax profit $1.08bn
Q2 pre-tax net profit increases by 14 percent.
- Total income for H1 2025 rose 11 percent to AED5.9 billion, up from AED5.3 billion in H1 2024.
- Non-funding income rose 15 percent year-on-year to AED2.3 billion in H1 2025, up from AED2 billion in the prior-year period.
Business
AstraZeneca to invest $50bn in US
Bulk of funds to go into a Virginia manufacturing center.
- "Today’s announcement underpins our belief in America’s innovation in biopharmaceuticals," the statement quoted CEO Pascal Soriot as saying.
- The company said it expects 50 percent of its revenue to come from the United States by 2030.
Business
Mawani adds FRS1 shipping service to Jeddah Islamic Port
Jeddah, Saudi Arabia -- The Saudi Ports Authority (Mawani) has added CStar Line's new Far East-Red Sea service (FRS1) to...
- The service connects the port to to five regional and international ports: Ningbo, Shanghai, and Nansha in China; Aqaba in Jordan; and Ain Sokhna in Egypt.
- This move is part of Mawani's efforts to improve the Kingdom's ranking in global performance indicators and support national export activity.