Gaza truce talks resume in Egypt, without Israel for now
Mediators from Qatar, Egypt and the United States have been waiting for Hamas to respond to a proposal that, according...
Business
Top U.S. stock indices drop for third consecutive day on Wednesday
The S&P 500 dropped for a fourth consecutive session on Wednesday, as Nvidia and other struggling technology names put downward...
Business
Toyota hikes annual profit forecast
The company plans a $13.9bn investment in a battery plant.
- Toyota said a weaker yen and cost-cutting efforts meant it now expects annual net profit of 3.95 trillion yen, from a previous estimate of 2.58 trillion yen
- Toyota on Tuesday said it now plans a $13.9 billion investment in a battery plant in North Carolina in US, expanding a previous commitment to spend $5.9 billion
Business
Saudi Arabia emerges as only bidder for 2034 World Cup
The Saudi bid comes one year after neighboring Qatar hosted the first World Cup in the Middle East, where the...
- The full bids for 2030 and 2034 will be evaluated by FIFA and put to a vote at two separate congress meetings
- The kingdom made the bid for the 2034 event known on October 4, as soon as the procedure had been launched
Business
Al Hilal ranks among world’s 50 wealthiest clubs
European clubs owned by Arabs continue to dominate the rankings, with Sheikh Mansour bin Zayed-owned Manchester City standing at the...
- Paris Saint-Germain, owned by Qatar Sports Investments, came in third with a market value of US$1.14 billion
- Newcastle United, owned by Public Investment Fund, is at 11th spot with a market value of $687.57 million
Opinion
US curbs on Iran’s oil exports may hit global portfolios
The US tightening sanctions on Iranian oil could have a negative impact on individual and institutional investment portfolios by disrupting...
- The potential US sanctions on Iran's crude oil exports, due to its support for Hamas, could directly impact global portfolios, especially those with energy sector assets.
- Potential restrictions on Iran will present both challenges and opportunities for energy stocks, possibly prompting central banks to raise rates amid inflation concerns.
Business
Investors eye gold as safe haven amid Gaza tensions
The ongoing Gaza conflict has driven gold prices over $2,000/oz, highlighting the deep connection between geopolitical tensions and global financial...
- The ongoing Gaza conflict has driven gold prices over $2,000/oz, highlighting the deep connection between geopolitical tensions and global financial market reactions.
- The 'political reversal' scenario for the present Middle East developments involves potential involvement of Lebanon and Syria, while the 'oil crisis' scenario involves Iran.
Business
Maaden posts net loss in Q3
Sales revenue was US$1.6 billion (SAR 6.22 billion) in Q3 2023.
- Maaden posted a net profit of US560 million (SAR 2.1 billion) in Q3 2022.
- Maaden posted net earnings of $183 million for the first nine months of 2023.
Business
NMDC, AD Ports Group ink MoU
The firms will continue to work closely on future global projects.
- The agreement is in line with the objectives of UAE’s national strategy for industry and advanced technology.
- The MoU will help the two firms to work together to strengthen the global maritime industry and support the economic growth of the UAE.
Business
BP rebounds with $4.9bn Q3 profit
The oil giant had posted a net loss of $2.2bn the previous year.
- However, underlying replacement cost profit excluding exceptional items more than halved to $3.3 billion.
- "This has been a solid quarter supported by strong underlying operational performance demonstrating our continued focus on delivery," said BP's official
Business
Dubai records realty deals worth $116 billion in nine months
Dubai, UAE -- Dubai recorded 116,116 real estate transactions worth AED 429.67 billion ($116.98 billion) during the first nine months...
- The transactions marked a 36.7 percent in value and 33.8 percent in the number of transactions compared to the same period in 2022.
- A total of 81,669 investors registered 109,186 real estate investments worth AED 278.7 billion, a growth of 50.3 percent in value.
Geostrategy
Bilateral trade in 2023 to overtake 2022 figures, says Canada’s envoy to UAE
ABU DHABI, UAE - Trade between the two countries is on an upswing with volumes this year expected to surpass...
- Trade between the UAE and Canada, worth US$4.1 billion in 2022, surpassed the 2021 figure of US$3.4 billion (AED12.7 billion).
- Bilateral trade to the tune of US$1.8 billion in H1 2023 (January to June) exceeded the US$1.7 billion worth of trade in H1 2022.
Gaza truce talks resume in Egypt, without Israel for now
Mediators from Qatar, Egypt and the United States have been waiting for Hamas to respond to a proposal that, according...
Business
Company News
Naver profit jumps 129% in Q4
Business
Latest News
Apple logs US$119.6bn in sales
Business
Consumer products sector grows amid rising prices
The consumer products sector enjoys tremendous growth, with retail sales value for the industry globally rising by close to 10...
Business
Construction in China-Saudi Arabia ethylene project begins
FUZHOU, CHINA - Construction of the main complex of a joint-investment ethylene project, which involves petrochemicals giant Saudi Basic Industries...
Business
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Business
KEZAD Group, Al Ghurair Group’s APT ink lease pact to set up manufacturing facility
ABU DHABI, UAE – Khalifa Economic Zones Abu Dhabi (KEZAD Group) and Al Ghurair Group subsidiary Automotive Precision Technology (APT)...
- The 30,000 square meters advanced manufacturing facility for APT in KEZAD will be located adjacent to Emirates Global Aluminum.
- The facility will be one of the largest manufacturers of aluminum in the world and will be operational by early 2025.
Business
Passenger traffic could exceed earlier figures, says Dubai Airports’ CEO
DUBAI, UAE – The airport here has "every chance" of breaking its record for passenger traffic this year after surpassing pre-pandemic...
- Dubai International, the world's busiest airport for international passengers for nearly a decade, hit 87 million visits in 2023.
- Dubai Airports' official forecast for 2024 stands at 88.8 million passengers, despite the Israel- Hamas war which began in October.
Business
SCC committee discusses issues related to Sharjah’s economy and tourism
SHARJAH, UAE - The Financial, Economic and Industrial Affairs Committee of Sharjah Consultative Council (SCC) held a meeting to discuss...
- The committee addressed the outcomes of its recent visit to Sharjah Commerce and Tourism Development Authority.
- The committee was briefed about the authority’s efforts to stimulate tourism by conducting events throughout the year.