UAE consumers embrace AI shopping but remain wary of autonomous purchases
Visa's latest Stay Secure study also highlighted the rapid rise of social commerce, with 69% of UAE consumers reporting purchases...
Business
Dubai economic zones post highest-ever trade performance in 2025
Dubai, UAE -- Dubai's integrated economic zones recorded their strongest-ever trade performance in 2025, with total trade rising 46% year-on-year...
Business
Business
PGA works to extend ‘active and productive’ Saudi merger talks
An update on the PGA Tour website regarding talks said the memo, which reportedly was obtained by The Golf Channel...
- The update to players in a memo from Monahan came hours ahead of the year-end deadline to approve a framework agreement merging the PGA Tour, DP World Tour and PIF
- Tour commissioner Jay Monahan said the PGA Tour had made "meaningful progress" in separate negotiations to have Strategic Sports Group (SSG) become a tour minority investor
Business
Iran-Azerbaijan trade registers 46 percent jump in 2022
Tehran, Iran-- Trade between Iran and Azerbaijan has registered a 46 percent jump in 2022, according to the deputy prime...
- The deputy PM was speaking at the inauguration ceremony of the new Astara-Astara border bridge
- He said the two countries would see significant growth in the transit sector in the coming years
Business
Visitors flock to Sheikh Zayed Festival, boosting exhibitors’ sales
Abu Dhabi, UAE--Sheikh Zayed Festival is witnessing a large public turnout from citizens, residents and tourists from all over the...
- The Heritage Village saw a huge crowd of visitors buying products made by Emirati families, boosting the businesses and industries
- Visitors can avail discounts on a wide range of products across all pavilions and sections, in addition to having new food experiences
Business
UAE announces reduction in fuel prices for January
ABU DHABI, UAE - The prices of petrol and diesel are set to decrease in the country in January following...
- This change reflects a continuous trend observed in the fuel prices over the past few months.
- September and October witnessing increases and November and December seeing reductions.
YEARBOOK 2023
From climate action to global aid: Inside UAE’s remarkable year
Abu Dhabi, UAE -- The UAE is bidding farewell to 2023, dubbed the ‘Year of Sustainability'. From hosting the relatively...
- UAE launched ALTÉRRA, the world’s largest private investment climate action vehicle, aimed at raising and mobilizing an additional $250bn for climate action.
- Despite global headwinds, CBUAE projects 3.3 percent year-on-year growth projected for the UAE economy in 2024.
Business
45 percent of Saudi employees work over 40 hours per week
Riyadh, Saudi Arabia -- Nearly 45.8 percent of employees in Saudi Arabia work more than 40 hours per week and...
- Figures also show that 46.6 percent of employees have received training on health and safety procedures, and 48.7 percent have health and safety departments in their workplace.
- Data also shows that 7.8 percent of employees deal directly or indirectly with chemicals, medical waste, radioactive materials or toxic gases.
Business
Bank takes over Amiantit subsidiary
The bank will absolve Amiantit of all its financial obligations.
- The debt being cleared constitutes approximately 50 percent of the total liabilities that Amiantit owes to various banks.
- Preliminary estimates suggest the company will recognize profits worth US$128 million as a result of this settlement.
Geostrategy
Maersk halts ships’ transit via Red Sea strait for 48 hours
COPENHAGEN, DENMARK - Shipping giant Maersk said on Sunday it was suspending the passage of vessels through a key Red Sea...
- The Maersk Hangzhou, a Singapore-flagged, Denmark-owned container vessel reported being struck by a missile while transiting the Bab al-Mandab Strait.
- It appeared to be undamaged in that attack and "was able to continue its transit north", said Maersk, one of the world's largest shipping companies.
Business
Saudi AZM gets independent director
Omar bin Fahd Al-Sunaidi's term will extend until Jun 2026.
- The decision was made at the firm’s Fourth Ordinary General Assembly meeting.
- The assembly concluded with the appointment of PricewaterhouseCoopers (PwC) as the auditor for the Company's 2024 fiscal year.
Business
13 million merchandise tons shipped via special corridor, says Ukraine
The corridor was created in August to link Ukraine's ports to the Bosphorus Straits, several weeks after Moscow refused to...
- Ukraine, on the Black Sea, has pushed Russia's much larger navy away from its coasts, allowing the resumption of grain exports
- Russia had threatened to target ships arriving and leaving Ukrainian ports, and has attacked port and grain storage facilities
UAE consumers embrace AI shopping but remain wary of autonomous purchases
Visa's latest Stay Secure study also highlighted the rapid rise of social commerce, with 69% of UAE consumers reporting purchases...
Business
Company News
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DAE net profit up 36.2%
Business
Trump administration refocuses US-China chip war on AI and Huawei
Beijing, China -- The United States has taken aim at China's Huawei over the cutting-edge chips powering artificial intelligence (AI),...
Business
Xiaomi launches new advanced in-house mobile chip
Beijing, China -- Tech giant Xiaomi unveiled a new advanced in-house mobile chip on Thursday, a significant milestone for the...
Business
May 2025 Islamic Treasury Sukuk auction attracts bids worth $1.88bn
Abu Dhabi, UAE -- The Ministry of Finance (MoF), in its capacity as the issuer and in collaboration with the...
Business
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Business
Turkey says increasing energy exports to war-torn Syria
Damascus, Syria -- Turkish Energy Minister Alparslan Bayraktar said Thursday in Damascus that his country would ramp up energy exports...
- Syria's Islamist authorities, who toppled Bashar al-Assad in December, are seeking to rebuild the country's infrastructure and economy after almost 14 years of civil war.
- The conflict badly damaged Syria's power infrastructure, leading to cuts that can last for more than 20 hours a day.
Business
Cyberattack to cost UK retailer Marks & Spencer $404 million
London, United Kingdom -- British clothes-to-food retailer Marks and Spencer on Wednesday said a cyberattack affecting its online service is...
- Marks last week revealed that some personal data of its customers had been stolen in a cyberattack that has crippled its online services for weeks.
- The news came as Marks on Wednesday reported operating profit before adjusting items of  £985 million for its financial year to the end of March.
Geostrategy
Oil prices jump on report of Israel prepping Iran strike
Both main crude contracts jumped around one percent after CNN reported multiple US officials as saying the government had received...
- There are fears that such a sharp escalation could tip the Middle East into a war, with tensions already high over Israel's strikes on Gaza.
- While safe haven gold pushed higher, the news from CNN appeared to be having little detrimental effect on Asian equities, with most extending the previous day's rally.