Abu Dhabi real estate transactions more than double in H1
Data released by the Abu Dhabi Real Estate Centre (ADREC) showed total real estate transactions reached $31.9 billion in the...
Business
flydubai doubles daily Bangkok flights amid strong demand
Dubai, UAE -- Dubai-based carrier flydubai will introduce a second daily flight to Bangkok from July 18, doubling its daily...
Business
Business
Meta buys China-founded AI agent Manus
Singapore, Singapore -- Facebook owner Meta has agreed to acquire Manus, an artificial intelligence agent created by a company founded...
- However, analysts warned the deal could fall foul of regulators at a time of fierce technological rivalry between Washington and Beijing.
- Exceeding the capabilities of AI chatbots like ChatGPT, AI agents can autonomously perform complex tasks for users, and are seen as having huge potential.
Business
Emirates mining company challenges Guinea license withdrawal
Dakar, Senegal -- Mining company Axis International said Monday it was seeking World Bank arbitration against Guinea for withdrawing its...
- Guinea, which has been run by a junta since a coup in 2021, has cancelled dozens of licences for international and domestic companies mining bauxite, gold, iron ore or diamonds.
- had operated Guinea's second-biggest bauxite mine with estimated reserves of more than 800 million tons since 2010.
Business
Nvidia expands AI empire with Groq talent grab
San Francisco, United States -- Nvidia has hired the leadership of a promising AI chip startup, a statement said Wednesday,...
- Under the agreement, Groq founder Jonathan Ross and president Sunny Madra, along with other team members, will join Nvidia to help develop and scale the Groq's technology.
- Nvidia's domination of the AI training chip market has made it the world's biggest company by market valuation.
Business
Why metal prices are soaring to record highs
London, United Kingdom -- Precious and industrial metals are surging to record highs as the year ends, driven by economic...
- Gold has climbed more than 70 percent this year and passed $4,500 an ounce for the first time on Wednesday.
- A weak dollar is also boosting industrial metals, since commodities priced in dollars become cheaper for buyers when the currency falls.
Business
Kuwait signs $4.1 billion deal with China to build port
Kuwait City, Kuwait -- Kuwait has signed a deal worth $4.1 billion with China to complete the construction of a...
- Prime Minister Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah project would "enhance Kuwait's share in the regional and international trade and global supply chain".
- Chinese acting charge d'affaires Liu Xiang said the deal "constitutes participation in the 'belt and road' initiative".
Business
Tech stocks lead Wall Street higher, gold hits fresh record
Tech firms also led the rally in Asia, with South Korea's Samsung Electronics, Taiwan's TSMC and Japan's Renesas among the...
- Gold, which benefits from expectations of lower US interest rates, hit a fresh record of $4,442.19, while silver also struck a new peak.
- The precious metals, which are go-to assets in times of crisis, also benefited from geopolitical worries as Washington steps up its oil blockade against Venezuela.
Business
Billionaire Ellison offers personal guarantee for son’s Warner Bros bid
Washington, United States -- Oracle tech tycoon Larry Ellison is offering a $40.4 billion personal guarantee to back Paramount's hostile...
- Netflix shocked the industry December 5 by announcing it had sealed an agreement to buy the film and television studio and HBO Max streaming business for nearly $83bn.
- Three days later, Paramount launched an all-cash tender offer valuing the entertainment giant at $108.4 billion.
Business
Warner Bros rejects Paramount bid, sticks with Netflix, says terms of Netflix merger were better
Warner Bros. Discovery on Wednesday rejected a hostile takeover bid by Paramount launched last week to trump plans by streaming...
- Paramount -- whose CEO is David Ellison -- launched an all-cash tender offer valuing the entertainment giant at $108.4 billion
- Warner Bros described the Paramount offer as risky, saying it was backed up by "an unknown and opaque revocable trust"
Business
Famed Jerusalem stone still sells despite West Bank economic woes
Sair, Palestinian Territories - Despite the catastrophic state of the Palestinian economy, Faraj al-Atrash, operator of a quarry in the...
- The war in Gaza, triggered by Hamas's October 2023 attack on Israel, dealt a severe blow to a Palestinian economy that was already in poor shape
- Israel, which has occupied the West Bank since 1967, has recently set up hundreds of new checkpoints across the territory, paralysing commercial transport
Business
Netflix boss promises Warner Bros films would still be seen in cinemas
Netflix will continue to distribute Warner Bros. films in cinemas if its takeover bid for the storied studio is successful,...
- "We're going to continue to operate Warner Bros. studios independently and release the movies traditionally in cinema," chief executive Ted Sarandos said
- In early December, Netflix announced that it had reached an agreement with Warner Bros. Discovery (WBD) to acquire most of the group for $83 billion
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Abu Dhabi real estate transactions more than double in H1
Data released by the Abu Dhabi Real Estate Centre (ADREC) showed total real estate transactions reached $31.9 billion in the...
Business
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China’s LNG ambitions take shape
Business
Bain identifies four priorities for sovereign wealth funds as assets approach $30 trillion
State-backed investors are expanding beyond traditional investment models, increasing exposure to alternatives, AI and direct deals while balancing returns with...
Economy
Saudi Arabia cuts US Treasury holdings by $9.5 billion in April
Dubai, UAE -- Saudi Arabia reduced its holdings of U.S. Treasury securities by $9.5 billion in April to $140.1 billion,...
Business
Saudi tourist arrivals rise to 122.6 million in 2025, spending hits $81 billion
The growth was driven primarily by domestic travel, which reached 93.3 million tourists, up 8.3% from 2024, while inbound visitor...
Business
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Business
Abu Dhabi climbs global startup rankings on AI and tech growth
The emirate was ranked in the #41-50 category globally, improving from the #51-60 range a year earlier and marking one...
- The report highlighted the role of Hub71 in supporting founders and technology companies as Abu Dhabi seeks to strengthen its position as a global innovation hub.
- The report, unveiled at the VivaTech conference in Paris, analyzed data from more than 5.5 million companies across over 350 entrepreneurial ecosystems worldwide.
Business
Gold extends winning streak as oil and dollar weaken
The U.S. Dollar Index fell to 99.53, giving back part of the gains it had recently recorded on safe-haven demand....
- Other precious metals also moved higher. Spot silver gained 0.3% to $70.38 an ounce, platinum rose 0.5% to $1,812.80, and palladium added 0.3% to $1,355.65.
- Brent crude futures fell 16 cents, or 0.2%, to $78.80 a barrel by 0340 GMT, while U.S. West Texas Intermediate crude slipped 25 cents, or 0.3%, to $75.80 a barrel.
Business
Saudi Arabia’s residential market weakens in Q1 despite price gains
The slowdown was most pronounced in Riyadh, where transaction volumes and values dropped 82% from a year earlier. Activity also...
- Residential transaction volumes fell 50% year-on-year to 29,490 deals during the quarter, while the value of transactions declined 57% to SAR22 billion ($5.9 billion).
- Riyadh Grade A office occupancy held at 97%, supported by limited supply of high-quality workspace.