SpaceX’s blockbuster IPO gives way to volatile trading as investors reassess valuation
Among the several factors that contributed to the volatility is the limited share float. Only around 4.2% of total shares...
Business
Abu Dhabi new business licenses rise 21% in first quarter, ADRA says
New economic licences issued in Abu Dhabi rose 21% in the first quarter of 2026 from a year earlier, reflecting...
Business
Business
ADIB records 45% jump in net profit
Its revenue climbed 36 percent to US$2.53 billion in 2023.
- The bank in a statement said that Its net profit for Q4 2023 jumped to $408 million, an increase of 29 percent as against Q4 of 2022
- The Abu Dhabi-based bank said that its revenue for 2023 improved by 36 percent to $2.53 billion compared to $1.85 billion last year
Business
Mocktail mania in Saudi, where dry January lasts all year
Riyadh, Saudi Arabia - The concept was controversial: a pop-up bar offering bellinis and spritzes that, while non-alcoholic, were served in...
- Saudis say the trend is consistent with a broader push by Crown Prince Mohammed bin Salman to transform his oil-dependent nation into a foreigner-friendly business
- King Abdulaziz enacted Saudi Arabia's alcohol ban in the early 1950s, not long after an incident in which one of his sons got drunk and, in a rage, shot dead a British diplomat
Business
Dubai Customs records 30.4m transactions in 2023, posting 17.5% growth
Dubai, UAE--Dubai Customs has successfully processed more than 30.4 million customs transactions during the entire year of 2023. This set...
- The figures for 2023 have set a new record for the highest number of customs transactions by Dubai Customs, showcasing a 17.5% growth
- The new accomplishment has resulted from the ongoing success of the Comprehensive Economic Partnership Agreements program
Business
European Union probes Lufthansa’s proposed ITA Airways stake
The European Commission said it had "preliminary concerns that the transaction may reduce competition in the market for passenger air...
- Lufthansa, one of Europe's biggest carriers, last year agreed to pay 325 million euros ($350 million) for a 41 percent stake in ITA
- The deal provided the German company various options to increase its stake or acquire ITA Airways outright at a later date
Business
P&G posts mixed quarterly results
Earnings per share dropped 12 percent to $1.40.
- The company behind Bounty paper towels, Gillette razors and Tide detergent saw its revenue rise three percent from a year ago to $21.4 billion in the quarter ending in December
- This was slightly lower than expected, and analysts are eyeing the performance of P&G and other consumer companies on whether they can keep prices up even as inflation cools
Business
Zee’s shares fall after merger fails
Disagreement over who would lead the new entity led to merger's failure.
- The initial 30 percent plunge saw Zee lose as much as 55 billion rupees ($661 million) in market value.
- "Considering that Zee still has six billion rupees cash on books... we see no bankruptcy risks," an expert said.
Business
Masdar, 3 firms sign agreement
They will establish e-methane supply chain from UAE-Japan.
- Masdar tweeted that this partnership will contribute to both nations’ shared goal of achieving carbon neutrality by 2050.
- E-methane is synthetic methane produced from carbon dioxide (CO2) and green hydrogen.
Business
Dubai real estate market records $925 million in daylong transactions
Dubai, UAE -- Dubai's real estate market recorded 510 sales transactions worth AED1.36 billion on Tuesday, in addition to 210...
- The sales included 446 villas and apartments worth AED949.04 million, and 64 land plots worth AED411.67 million.
- On Monday, emirate recorded 715 sales transactions worth AED2.28 billion, in addition to 201 mortgage deals of AED993.9 million.
Business
Estithmar sets up issuance program
The Group said the program is valued at $933 million.
- The Program is expected to be admitted to the London Stock Exchanges International Securities Market.
- It has been rated (qaBBB) with a stable outlook at the national scale rating by Capital Intelligence Ratings Ltd (CI).
Business
India’s stock market edges out Hong Kong to become world’s fourth largest
New Delhi, UAE--India's stock market has edged out Hong Kong to become the world's fourth-largest, a milestone that underscores growing...
- According to data compiled by Bloomberg, the value of shares listed on Indian exchanges hit $4.3trn on Monday, higher than Hong Kong's $4.29trn
- Hong Kong's benchmark Hang Seng index, which includes shares of many influential Chinese companies, ended last year 14 percent lower
SpaceX’s blockbuster IPO gives way to volatile trading as investors reassess valuation
Among the several factors that contributed to the volatility is the limited share float. Only around 4.2% of total shares...
Business
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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...
Economy
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...
Business
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Business
Nvidia tops $4 trillion as US stocks shrug off latest tariffs
After Congress gave Trump a big win last week with his fiscal package, the Republican's aggressive trade posture has returned...
- But stocks pushed higher nonetheless, with Nvidia jumping 2.5 percent to top $4 trillion in market capitalization on investor bullishness over Artificial Intelligence (AI) growth.
- Briefing.com analyst Patrick O'Hare said investors are not "overly concerned" about Trump's latest tariff threats.
Geostrategy
Trump says ‘no extensions’ to Aug 1 tariff deadline
While Trump imposed a sweeping 10 percent tariff on goods from almost all trading partners in April, higher rates customized...
- On Monday night, Trump had told reporters at a dinner that the August 1 deadline was "firm, but not 100 percent firm."
- Pressed on whether the letters were his final offer, Trump replied: "I would say final -- but if they call with a different offer, and I like it, then we'll do it."
Geostrategy
Dubai Islamic Bank completes $1bn sovereign financing Pakistan
Dubai, UAE -- Dubai Islamic Bank (DIB) has announced the successful completion of a landmark US$1 billion syndicated term-finance facility...
- The five-year facility is an innovative transaction, partially guaranteed by a Policy-Based Guarantee (PBG) from the Asian Development Bank (ADB).
- DIB acted as the Sole Islamic Global Coordinator and alongside Standard Chartered also served as the Joint Mandated Lead Arranger and Bookrunner.