Oil slides, stocks rise as Iran-Israel ceasefire holds
The main international and US oil contracts briefly bounced off their lows as Israel and Iran accused each other of...
Geostrategy
MENA Brief | June 19: GCC central banks hold interest rates steady, Diriyah House launched in London
As most currencies in the region are pegged to the US dollar, monetary policy follows the decisions taken in Washington,...
Geostrategy
Business
Goldwind 2024 revenue up 12.5%
The clean energy giant posted $7.8bn in revenue for 2024.
- Net profit last year also saw growth, rising nearly 40 percent percent to 1.9 billion yuan.
- China now dominates the global wind sector in terms of total installed capacity, aided over the years by generous strategic subsidies from Beijing.
Interview
A dirham and a dream: Matthews Southwest’s Jay French on future of UAE real estate
From an institutional investor-based viewpoint, it is becoming of interest more now than it ever has been. And that's a...
- From a trading location, it's always had a great history. Now it's just multiplying and multiplying and multiplying and building success on success, he said.
- the Future was a really bold statement by the Prime Minister's office to show locally and regionally as well as globally the world, what it stood for, French said.
Business
Automakers lead market losses after Trump tariffs on imported vehicles
Wall Street's main indexes opened in the red, with General Motors sinking more than nine percent in early trading while...
- Among European auto firms, Volkswagen shed 2.4 percent, Porsche was down around 3.5 percent, Mercedes lost four percent and BMW fell 2.7 percent.
- In Mumbai, India's Tata Motors, which exports Jaguar Land Rovers to the United States, lost more than five percent.
Business
Emaar to pay $2.39bn dividend
The company had posted $19bn in property sales for 2024.
- Emaar’s revenue backlog from property sales exceeded AED110 billion (US$30 billion), supporting future revenue generation.
- Total revenue for 2024 reached AED35.5 billion ($9.6 billion), marking a 33 percent year-over-year increase.
Business
Aramco acquires stake in BHIG
The 50% equity interest in BHIG is Aramco-APQ joint venture.
- The agreement brings together experts in their respective fields to provide the Jubail Industrial City area with hydrogen, including lower-carbon hydrogen, at scale.
- BHIG is expected to commence commercial operations to produce blue hydrogen in coordination with Aramco's carbon capture and storage (CCS) activities in Jubail.
Business
ADNOC L&S okays $273m dividend
The final dividend of $136.5m will be paid on April 3.
- ADNOC L&S delivered exceptional financial growth, driven by strong market demand, strategic acquisitions, and operational efficiency, the company said.
- Revenue increased 29 percent year-on-year to over $3.5 billion (AED13 billion), while net profit rose 22 percent to $756 million (AED2.7 billion).
Business
Samsung TV pioneer Han Jong-hee dies of heart attack at 63
Samsung Electronics co-CEO Han Jong-hee, credited with boosting the South Korean tech giant's television business on the global stage, died...
- Han joined Samsung in 1988 and was seen as having played a key role in getting its high-end TV sets noticed worldwide
- Samsung Electronics is the flagship subsidiary of South Korean giant Samsung group, by far the largest of the family-controlled conglomerates
Business
Stock markets rise on fresh hopes for Trump’s tariff approach
Investor sentiment has been jolted in recent weeks by fears that the president's hardball policies could deal a painful blow...
- Gold held at around $3,030 an ounce (28.3 grammes), having hit a series of records last week to a peak of more than $3,057 owing to a surge in demand for safe havens.
- Asian markets fluctuated through the day, with Tokyo falling while Hong Kong and Shanghai rose.
Business
Does ‘vibe coding’ make everyone a programmer?
New York, United States -- Can a complete tech novice create a website using everyday language on ChatGPT? That's the...
- The ChatGPT and Claude interfaces can write an entire program line by line on demand, as can Gemini, which launched its dedicated version, Gemini Canvas.
- Other generative AI platforms specifically dedicated to coding have also made their mark in recent months, from Cursor to Loveable, or Bolt, Replit and Windsurf.
Business
ADNOC Gas to pay $3.41bn dividend
It includes $1.7 billion scheduled for distribution in Q2 2025.
- It reported a record adjusted net income of $5 billion, up 13 percent year-on-year, and strong EBITDA growth of 14 percent year-on-year to $8.65 billion.
- ADNOC Gas' full-year 2024 results demonstrate the success of its disciplined strategy, unveiled in November 2024, the company said.
Oil slides, stocks rise as Iran-Israel ceasefire holds
The main international and US oil contracts briefly bounced off their lows as Israel and Iran accused each other of...
Geostrategy
Company News
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Syria inks $7 bn energy deal with Qatari, Turkish, US firms
The agreement was sealed at the presidential palace in Damascus in the presence of interim President Ahmed al-Sharaa and US...
Business
Cross-border deals fuel M&A surge in MENA region in Q1 2025
Dubai, UAE -- The Middle East and North Africa (MENA) region has kicked off 2025 with a remarkable surge in...
Business
Musk to exit US government role after rare break with Trump
Washington, United States - Billionaire Elon Musk on Wednesday announced he was leaving his role in US government, intended to...
Business
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Business
Saudi Arabia unveils ‘Colour Your Summer’ program, targeting 41 million visitors
Riyadh, Saudi Arabia -- Saudi Arabia's tourism sector is poised for an unprecedented summer season, with the official launch of...
- It brings together over 120 partners from across Saudi Arabia's tourism ecosystem, including both public and private sectors, to offer an unparalleled array of experiences.
- Major events include the highly anticipated Esports World Cup (EWC) in Riyadh from July to August, alongside dynamic Jeddah and Aseer Seasons.
Business
ADNOC Drilling secures $1.15bn contract
The contract for two jack-up rigs begins in the second quarter.
- The rigs are expected to commence operations around the end of 2Q 2025, delivering revenue in the second half of 2025 onwards.
- This award further de-risks and reaffirms ADNOC Drilling’s current 2025 and medium-term guidance, the company said.
Business
World’s longest diamond necklace set to break Guinness record at Sharjah show
Sharjah, UAE – Exhibitors at the 55th Watch and Jewelry Middle East Show, scheduled from May 28 to June 1,...
- The piece incorporates more than 600 lab-grown diamonds, precisely set in 18-karat rose gold, representing a fusion of luxury aesthetics and cutting-edge production techniques.
- The official Guinness assessment is set to take place on the first day of the 55th Watch and Jewelry Middle East Show.