Nasdaq Dubai lists $500 million Arab Energy Fund sukuk
Dubai, UAE -- Nasdaq Dubai has listed a $500 million sukuk issued by The Arab Energy Fund (TAEF), adding to...
Business
Gold prices fall 1 percent on Fed rate rise expectations, gold edges higher
Brent crude futures rose 24 cents, or 0.38%, to $78.15 a barrel by 0026 GMT, while U.S. West Texas Intermediate...
Business
Business
Innovations, investment spur UAE lab equipment surge
Driven by a growing population, the prevalence of chronic diseases, and significant government investments, the UAE's laboratory equipment market is...
- Driven by a growing population, the prevalence of chronic diseases, and significant government investments, the UAE's laboratory equipment market is set to hit $1.5b by 2027.
- Technological innovations in diagnostics play a key role in this dynamic landscape, setting the UAE's healthcare sector on a path of transformative growth, say a latest report.
Business
UAE MoD ink deals worth $517m in first two days of UMEX and SimTEX 2024
ABU DHABI, UAE - On the second day of the sixth edition of UMEX and SimTEX 2024, the accumulated value...
- The second day of the event witnessed announcement of five deals signed by the Tawazun Council.
- The total number of local contracts on the second day of UMEX and SimTEX 2024 reached five contracts.
Business
Hub71-backed ABHI to set up global headquarters in Abu Dhabi
DUBAI, UAE - With support from the Abu Dhabi Investment Office (ADIO), Hub71-backed ABHI, an embedded finance platform founded in...
- ABHI is working with Abu Dhabi Investment Office as it scales up its operations to capture growth opportunities in emerging markets.
- ADIO provides a range of support to the FinTech company, including incentives and connections to the Abu Dhabi ecosystem.
Business
Milrem and UAE sign world’s biggest defense robotics order
Abu Dhabi, UAE - EDGE Group entity Milrem Robotics signs a contract to supply 20 tracked robotic combat vehicles (RCVs)...
- Milrem will supply 20 tracked robotic combat vehicles (RCVs) and 40 THeMIS unmanned ground vehicles (UGVs) to UAE Ministry of Defense.
- Milrem Robotics will also provide comprehensive training and supervision to ensure the relevant personnel.
Business
Dubai wins right to host 349 business event in 2023
DUBAI, UAE - Dubai consolidated its status as a central hub for international business events in 2023, with the city...
- Driven by Dubai Business Events, the wins reflected a robust 49 percent increase in successful bids compared to 2022.
- DBE brought a citywide offering to the global market that resonated with the core needs of the business events industry.
Business
ADNOC Drilling begins use of hybrid rigs
The rigs use high-capacity battery to reduce emissions.
- In 2023, the company acquired 16 such rigs for a combined $327 million investment.
- The remaining 14 newbuild rigs are expected to join ADNOC Drilling’s operational fleet progressively throughout the year.
Business
Saudi Arabia’s real estate deals fall 11 percent in 2023: Ministry
Riyadh, Saudi Arabia -- The value of Saudi Arabia's real estate transactions fell year-on-year by 11 percent to nearly SAR...
- The number of real estate transactions reached around 172,070 by the end of 2023, while the total number of sold property reached 177,500.
- Meanwhile, transactions value increased in the remaining five months, led by July at 65 percent.
Business
ASML profit soars to US$8.5bn
It has shrugged off geopolitical tensions to post high profits.
- Its CEO Peter Wennink said in a statement that the semiconductor industry continues to work through the bottom of the cycle
- It is one of the top manufacturers of equipment to make state-of-the-art semiconductor chips, which power mobile phones and cars
Business
Global halal market set to hit $7.7 trillion by 2025
Makkah, Saudi Arabia — Global halal market is projected to reach an estimated $7.7 trillion by 2025. Leading the expansion...
- In education and health sectors, recent economic reports foresee the halal economy market doubling from $2.30 trillion in 2020 to $4.96 trillion in 2030
- The Public Investment Fund in Saudi Arabia, a frontrunner in the global halal industry, took the initiative in 2022 to establish a company specializing in the development of halal
Business
Gulf Warehousing Company profit down
Its net profit fell 10.24% to US$59.07 million in 2023.
- Its earnings per share (EPS) decreased to QR 0.37 in 2023 compared to EPS of QR 0.41 in the previous year, the company said
- Its board of directors ratified the distribution of dividends of QR 0.11 at a rate of 11 percent per share for the year 2023
Nasdaq Dubai lists $500 million Arab Energy Fund sukuk
Dubai, UAE -- Nasdaq Dubai has listed a $500 million sukuk issued by The Arab Energy Fund (TAEF), adding to...
Business
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Low-cost carrier Wizz Air to stop Abu Dhabi operations
Budapest, Hungary -- Hungarian low-cost airline Wizz Air said Monday that it would end its Abu Dhabi operations, which have...
Business
Syria signs $800 mn port deal with DP World to develop Tartus port
Damascus, Syria -- Syria signed a $800 million deal with UAE-based company DP World on Sunday to develop the port...
Business
The $10 mn bag: Original Birkin smashes records at Paris auction
Paris, France -- The first-ever Birkin bag designed by French luxury brand Hermes for celebrity Jane Birkin sold for 8.58...
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Economy
Demand for crude will continue to expand through 2050, says OPEC
In its latest annual report on the outlook for oil demand, OPEC sees global oil demand rising by 18.6 percent...
- That rising demand will be "driven by expanding economic growth, rising populations, increasing urbanization, and the new energy-intensive industries like AI.
- The IEAÂ said last month that it expects global oil demand begin to decline in 2030, driven by the rise of electric cars and the shift away from crude to produce power.
Business
Cricket’s Indian Premier League value surges to $18.5 bn: report
New Delhi, India -- The Indian Premier League's business value has been estimated at $18.5 billion with reigning champions Royal...
- The world's richest cricket tournament generated an estimated $11 billion a year for the Indian economy in 2020.
- Since it launched in 2008 it has inspired a range of other franchise-based leagues in India in sports as diverse as boxing, badminton, poker and kabaddi.
Geostrategy
Investments rise in data, AI, outpacing physical assets: UN
Geneva, Switzerland - The purchase of physical assets was eclipsed last year by a surge in investment in intangible items...
- Intangible investment across 27 high- and middle-income economies grew about three percent in real terms last year, reaching $7.6 trillion, up from $7.4 trillion a year earlier.
- In 2024, the United States led in absolute levels of intangible asset purchases, investing nearly double what runners-up France, Germany, Japan and Britain pumped into such assets.