DP World mobilizes $1 billion in working capital to boost trade flow
Dubai, UAE — DP World Trade Finance has mobilized more than US$1 billion in working capital to support businesses across...
Business
Aldar nets $953m in sales at Fahid
Geostrategy
Business
SAIB reports $139 million Q1 net profit
its assets increased by 20.08 percent to $43.65bn.
- The profit growth was driven by a 4.7% year-on-year (YoY) hike in the first-quarter net special commission income, mainly due to higher returns from financing and investment
- Its clients' deposits were valued at SAR 101.66 billion, which is 14.96 percent higher than SAR 88.43 billion a year ago.
Business
ATM 2025 to showcase 2,800 firms, 17 percent from Middle East
Dubai, UAE: The Arabian Travel Market, which will take place from Apr 28 to May 1 at the Dubai World...
- The event has achieved a near 12 percent year-on-year increase in exhibitor participation, making it the largest edition to date, now spanning 14 halls.
- The 32nd edition of ATM will focus on the theme: “Global Travel: Developing Tomorrow’s Tourism Through Enhanced Connectivity”.
Business
European carmakers on China charm offensive as sales droop
Shanghai, China -- Once blithely dominant in China, European automakers are now launching full-fledged charm offensives at consumers in the...
- At this week's Auto Shanghai, the largest global industry show of its kind, foreign firms pitched dozens of electric, high-tech models made "in China for China".
- Volkswagen, the largest foreign automaker operating in the country, announced that by 2027 it would release more than 20 new cars for the local market.
Business
Boeing says China not accepting planes over US tariffs
New York, United States -- Boeing's CEO confirmed Wednesday that China had stopped accepting new aircraft due to the US-China...
- President Trump's trade conflicts with China and other countries loom as a question mark for Boeing, a major US exporter, despite Wednesday's solid results.
- Boeing had planned to send around 50 aircraft to China in 2025, said Ortberg, who told the network that the company wouldn't "wait too long" to send the jets to other customers.
Business
Saudia to acquire 20 wide-body aircraft
10 of these being acquired for its flydaeal low-cost airline
- Saudia Group currently operates a fleet of 194 aircraft, serving commercial aviation, cargo operations, and logistics services.
- "The group is set for significant expansion, with 191 new aircraft scheduled for delivery in the coming years," the airline said.
Business
ADIB’s Q1 net profit $517 million
Q1 2025 net profit before tax increased 18% YoY.
- Net profit after tax for Q1 2025 was AED 1.7 billion, reflecting an 18 percent increase compared to Q1 2024.
- Revenue for Q1 2025 improved by 14 percent to AED 2.9 billion compared to AED 2.5 billion for Q1 2024.
Business
Emirates Islamic Q1 profit $394m
The bank's profit crossed AED 1bn mark for the first time.
- Total income rose 8 percent year-on-year to AED1.45 billion ($394 million) in Q1 2025.
- Operating profit increased by 5 percent compared to Q1 2024, while the net profit margin remained robust at 3.85 percent.
Economy
IMF cuts global growth outlook on impact of Trump tariffs
Washington, United States -- The International Monetary Fund on Tuesday slashed its forecast for global growth this year, citing the...
- The IMF projections see the global economy growing by 2.8 percent this year, 0.5 percentage points lower than the previous World Economic Outlook (WEO) forecast in January.
- The IMF expects China, the world's second-largest economy, to see growth slump to 4.0 percent this year, down from 5.0 percent in 2024.
Business
Boeing to sell some assets to Thoma Bravo
The $10.55 bn sale includes portions of digital aviation solutions business.
- The transaction includes Jeppesen, an 81-year-old aviation navigation company that Boeing acquired in 2000.
- Boeing chief executive Kelly Ortberg has described targeted divestitures as a way to improve the company's financial position after a series of losses.
Saudi Aramco, BYD form alliance to develop low-carbon automotive innovations amid EV growth
Saudi Aramco, the world's largest producer of oil, "is exploring a number of ways to potentially optimize transport efficiency, from...
- The Saudi oil giant is already a partner with Renault of France and the Chinese automaker Geely in a joint venture to produce thermal engines
- Saudi Arabia is working to diversify its economy, which is dependent on oil export revenue, and wants to set up 5,000 EV charging stations by 2030
DP World mobilizes $1 billion in working capital to boost trade flow
Dubai, UAE — DP World Trade Finance has mobilized more than US$1 billion in working capital to support businesses across...
Business
Company News
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Aldar nets $953m in sales at Fahid
Geostrategy
Meta spending big on AI talent but will it pay off?
New York, United States - Mark Zuckerberg and Meta are spending billions of dollars for top talent to make up...
Business
Trump metal tariffs wreak havoc on US factory
Belcamp, United States -- In the sweltering US summer, metal containers decorated with snowmen and sleighs are taking shape --...
Business
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Business
China’s Xiaomi receives almost 300,000 SUV pre-orders in minutes
Beijing, China -- Chinese electric vehicle maker Xiaomi received almost 300,000 pre-orders within an hour for its first sport utility...
- Xiaomi's Hong Kong-listed shares soared eight percent at one point before paring their gains but ending at a record high.
- The Beijing-based commercial tech giant made its first foray into car-making with its SU7 EV model last year, part of a broader industry push to boost domestic consumption.
Business
BBC launches US paid subscription to news website
London, United Kingdom - The BBC, Britain's public broadcaster that is struggling with strained finances, on Thursday launched a paid...
- For $49.99 a year, or $8.99 a month, users will have "unlimited access" to the BBC's news articles, feature stories and the BBC News television channel, a statement said
- The BBC, which broadcasts across television, radio and online, said in March that it faced "unprecedented" challenges to funding
Business
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...
- More than 21 million players connected to Grow a Garden at the same time on June 21, buying seeds to cultivate a little patch of virtual land, harvesting crops.
- That shattered the record held by the adrenalin-packed Fortnite, which attracted 15 million concurrent users (CCUs) during an event in late 2020.