UAE property market draws global investors despite regional conflict
The UAE Property Investment Index, conducted by U.S.-based Penta Group, found that 56% of global property investors expressed serious interest...
Business
Business
Lab-grown diamonds robbing southern Africa of riches
Johannesburg, South Africa -- Botswana and southern African peers that built much of their prosperity on diamonds are scrambling for...
- Diamond-dependent Botswana is leading the way and launched a sovereign wealth fund this week to lay the "foundation for a more resilient and diversified future beyond diamonds".
- It is exploring other avenues too, like boosting luxury wildlife tourism, launching into the medicinal cannabis market and exploiting its abundant sunshine for solar power.
Business
Market value of camels at Crown Prince Festival reaches $66 million
Taif, Saudi Arabia -- The market value of the camels competing in the final rounds of the 2025 Crown Prince...
- The seventh edition of the festival, organized by Saudi Camel Sports, began on September 2 under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al Saud.
- The competition featured a total of 249 rounds, with prize money exceeding SAR50 million. The final four rounds, covering a distance of 24 kilometers, will be held on Friday.
Economy
Global oil supply hit record high in August: IEA
Paris, France -- Global oil supply hit a record high in August as OPEC+ and other countries ramped up production,...
- Eight key members of OPEC+ group, including Saudi Arabia and Russia, have been gradually increasing production since April after restricting output in recent years.
- Non-OPEC+ nations have also been raising their output, with the IEA saying production from the United States, Brazil, Canada, Guyana and Argentina was "at or near all-time highs".
Business
Robot dogs, flying cars: five takeaways from the Munich auto show
Companies including Germany's Holon and Estonia's Auve Tech displayed small self-driving buses, designed for routes where larger buses with drivers...
- Chinese brands showcased their efforts to create "flying cars", small electric aircraft powered by multiple rotors designed for short journeys.
- Austrian Wolfgang Podleiszek is working on a funky two-wheeled electric car that steers like a segway and needs the driver to lean into corners.
Business
Musk’s title of richest person challenged by Oracle’s Ellison
New York, United States - Billionaire Elon Musk is at risk of losing his title of world's wealthiest person to...
- Ellison, 81, amassed more than $100 billion in additional wealth Wednesday as Oracle shares skyrocketed after the nearly 50-year old company forecast massive revenue growth
- That rise lifted Ellison's overall wealth to about $406 billion compared with Musk's roughly $440 billion, according to a Forbes real-time billionaire's index
Business
Stock markets strike records despite geopolitical unrest
Gains for oil prices were relatively modest, while gas futures were unmoved after Israel's strikes Tuesday against Hamas in gas-rich...
- Wall Street had notched fresh highs Tuesday as markets digested weak US jobs data that added to expectations that the Fed will lower US interest rates at their next meeting.
- Tokyo's stock market ended at an all-time high, as did Seoul where traders were hopeful the government will not implement plans to lower the capital gains tax threshold for stocks.
Geostrategy
Europe hyperloop test hits new speed record in Dutch trial
The Hague, Netherlands -- A Dutch tech startup said Wednesday it had set a European speed record for its futuristic...
- Hardt Hyperloop said its vehicle had reached 85 kph at the 420 meter European Hyperloop Center test track in the Netherlands and had carried out a complex lane switching test.
- It said the lane switching maneuver -- essential for networked routes -- showed there were no technical barriers to operating at aircraft-like speeds.
Business
Stocks climb eyeing US rate cut, political turbulence
A steep downward revision to US job creation cemented expectations that the Federal Reserve would begin lowering its benchmark rate...
- US employment growth is likely to be revised down by 911,000 for the 12 months ending in March, official data showed.
- Investors are now looking to consumer inflation data coming Thursday, since a hot reading could keep the Fed from cutting further as it looks to curb price increases.
Business
Mistral cements AI lead in Europe with cash infusion
Paris, France -- France's Mistral on Tuesday cemented its position as Europe's top AI hope against far larger US and...
- The 1.7 billion euro ($2bn) cash infusion values Mistral at 11.7bn euros, double its heft last year but a fraction of the $183bn price tag placed on US firm Anthropic this month.
- ASML, a key producer of the machines that churn out the chips powering artificial intelligence models, was the lead investor.
Business
UK publisher of Daily Express, Mirror tabloids announces job cuts
London, United Kingdom - The British media group which owns the Daily Express and Daily Mirror tabloids on Monday announced...
- While 135 jobs would be created focusing on live news and video, 321 posts would be axed, the British news giant told AFP via email
- "The changes we are seeing in the landscape right now demand a wholesale change in how we operate and how we tell stories," said Higgerson
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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
UAE property market draws global investors despite regional conflict
The UAE Property Investment Index, conducted by U.S.-based Penta Group, found that 56% of global property investors expressed serious interest...
Business
Company News
Latest News
Empower distributes $701 million dividends since listing
Dubai, UAE -- Emirates Central Cooling Systems Corporation PJSC (Empower) said it has distributed AED2.575 billion in dividends to shareholders...
Business
Khalifa Education Award begins judging stage
Abu Dhabi, UAE — The General Secretariat of the Khalifa Award for Education, one of the institutions of the Zayed...
Geostrategy
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Business
e& revenue up 23%
Consolidated net profit reached $2.94 billion during 2025.
- The telecom group also reported continued growth in its subscriber base and digital service offerings across its operating markets.
- During the third quarter of 2025, the company reported consolidated revenue of AED53.5 billion for the first nine months of the year.
Business
Al Rajhi profit up 26%
Operating income for 2025 increased 22% to SAR 39 bn.
- The bank said net profit increased 26 percent year-on-year to SAR24.79 billion ($6.6 billion) in 2025.
- Profit for the fourth quarter alone reached SAR6.37 billion.
Business
Emirates NBD 2025 profit $8.5bn
Total income rises by 12 percent, operating profit up 13%.
- Following the announcement of the results, Emirates NBD’s board proposed an ordinary dividend of 100 fils per share for the year.
- The lender is one of the largest banking groups in the Middle East and is listed on the Dubai Financial Market.