Dubai to award $15bn of Al Maktoum Airport projects by end-2026
Dubai, UAE -- Dubai plans to award strategic contracts worth more than AED55 billion ($15 billion) for the expansion of...
Business
Dubai Islamic Bank prices $1 billion AT1 sukuk after strong demand
Dubai, UAE -- Dubai Islamic Bank (DIB) has priced a $1 billion Additional Tier 1 (AT1) perpetual sukuk after attracting...
Business
Business
Infosys lowers revenue forecasts
Its net profit fell 7.29% Y-o-Y in the three months to December.
- It reported a decline in profit for the October-December quarter, and revised its revenue growth guidance to 1.5-2.0 percent in constant currency terms
- A big employer of India's engineering graduates, the company upset markets last quarter after it said it would halt campus hiring in an effort to cut costs
Business
OYO New Year Eve bookings up 64%
Oman emerges top performer in the GCC region.
- Saudi Arabia with 59 percent and United Arab Emirates with 31 percent growth were the other top performers.
- Siniya Island Resorts, a luxurious property in Dubai, was one of the most preferred destinations for new year celebrations.
Business
Qatar records $222m in realty deals: Registration department
Doha, Qatar -- The volume of real estate trading in sales contracts at the Department of Real Estate Registration at...
- Total sales contracts for residential units in the Real Estate Bulletin for the same period were QR 19.38 million.
- Real estate properties traded for sale has included vacant lands, houses, residential buildings and commercial buildings.
Business
ACWA Power-led consortium signs deal for wind energy project
Cairo, Egypt -- The Egyptian government signed an agreement yesterday with a consortium led by the Saudi company ACWA Power...
- This wind energy production project in the Middle East in Egypt will be the largest in the Middle East.
- With investments reaching up to $1.5 billion, the project will be established in the Gulf of Suez and Jebel El-Zeit regions, boasting a capacity of 1.1 gigawatts.
Business
EU court’s adviser says $2.6bn fine on Google be upheld
Google suffered a legal blow at the European Court of Justice when the body's adviser recommended that a US$2.6 billion...
- The opinion will feed into a legal battle Google has been waging to overturn the fine the European Commission hit it with in 2017.
- The commission determined that Google abused its dominant position by favoring its own Google Shopping service.
Business
Borouge signs supply agreement
The two-year agreement is worth AED 160 million ($43.56 million).
- Under the two-year agreement, Borouge will provide advanced infrastructure solutions to NAFFCO for various infrastructure projects across the region.
- The Guggenheim Museum, the Riyadh city project, Mohamed bin Zayed City and the Yas Island Development Project are some of the projects.
Business
FAB issues first Sukuk globally in 2024
ABU DHABI, UAE - First Abu Dhabi Bank (FAB) has issued a five-year US$800 million Sukuk at US Treasury +85bps,...
- The allocation sees 76 percent directed towards dedicated Islamic investors and 38 percent towards international counterparts.
- The 1.9x oversubscribed order book represented high-quality investors, including international fund managers, supranational and banks.
Houthi attacks idle Suez Canal, deepen Egypt’s economic woes
The man-made waterway - which officially opened in 1869 - is crucial for Egypt, earning it $9.4 billion in transit...
- IMF figures show 35 percent less cargo was transported through the Suez Canal in the first week of 2024 compared with the same period last year
- Analysts say the financial impact will become painful if Houthi attacks keep throttling traffic through the main maritime artery connecting Europe and Asia
Amazon cuts hundreds of jobs
The cull will reach 27,000 positions across the company.
- Amazon said it was slashing hundreds of staff in its entertainment division, targeting both movie streaming service Prime Video and Amazon MGM Studio
- The cull comes as part of Amazon's biggest ever job cutting plan launched last year, which it said will reach 27,000 positions across the company
Business
UAE, Saudi Arabia lift up Arab stock markets, post US$493bn in gains in 2023
Abu Dhabi, UAE-- Stock markets across the Middle East posted record highs in 2023, with combined gains of $493 billion,...
- ADX's market capitalization surged to US$803.4 billion and DFM's value jumped to $187.2 billion
- Saudi Arabia's stock exchange posted $368.2bn in gains, sendings it market capitalization up to $3trn
Dubai to award $15bn of Al Maktoum Airport projects by end-2026
Dubai, UAE -- Dubai plans to award strategic contracts worth more than AED55 billion ($15 billion) for the expansion of...
Business
Company News
Dar Alarkan 2024 profit up 32%
Business
Latest News
Borouge proposes share buyback
Business
Trump touts ‘done’ deal with Beijing on rare earths, Chinese students
Trump said on his Truth Social platform that China would supply rare earth minerals and magnets -- vital elements for...
Business
Sharjah’s real estate sector records $1.49bn in transactions during May
Sharjah, UAE --Â Sharjah's real-estate market during May 2025 recorded a total of 8,415 transactions worth AED 5.5 billion. Â Of...
Business
A hospitality trailblazer talks resilience in a shifting global landscape
Duncan O’Rourke, CEO, Premium, Midscale, and Economy Division for Middle East, Africa and Asia Pacific at Accor, spells out the...
Interview
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Science
IBM claims ‘real world’ edge in quantum computing race
San Francisco, United States -- Technology veteran IBM on Tuesday laid out a plan to have a "practical" quantum computer...
- Current quantum computers are still experimental and face significant challenges, including high error rates.
- Companies like IBM, Google, and others are working to build more stable and scalable quantum systems.
Business
Qualcomm to Alphawave for $2.4 bn
The deal makes Alphawave the latest tech company to depart London.
- Last week, UK fintech Wise, specializing in international money transfers, said it plans to shift its primary listing from London to New York.
- For California-based Qualcomm, the acquisition will help boost its AI infrastructure amid soaring demand for the technology.
Geostrategy
Leaders warn race for minerals could turn seabed into ‘wild west’
Growing anxiety over Trump's unilateral push to fast-track deep-sea mining in international waters shot to the surface at the opening...
- The number of countries opposed to seabed mining rose to 36 on Monday, according to a tally kept by the Deep Sea Conservation Coalition, an umbrella group of NGOs.
- Trump was not among the roughly 60 heads of state and government in Nice but his specter loomed large as leaders defended the global multilateralism he has spurned.