Oil steadies while gold and bitcoin extend weekly losses
Oil markets were supported by expectations that ongoing talks between the United States and Iran could help secure energy flows...
Business
Dubai RTA digital revenue climbs 20.6 percent in 2025
Dubai, UAE -- Dubai's Roads and Transport Authority (RTA) generated AED5.3 billion ($1.44 billion) in revenue through digital channels in...
Business
Business
London’s transport shifts gears with TfL’s cargo bike action plan
London, United Kingdom - On a busy north London street, plumber Ben Hume-Wright zipped through the heavy rush-hour traffic to his...
- Transport for London (TfL), the local government body responsible for most of the British capital's transport network, launched its first "Cargo Bike Action Plan" earlier this year
- The use of cargo bikes also increased during lockdown and encouraging their use chimes with Mayor Sadiq Khan's aim of a carbon net-zero city by 2030
Business
ADIB, Aldar close $272m financing deal
Aldar's total ESG financing facilities reach $1.30 billion.
- Aldar intends to utilize the proceeds to finance sustainable projects such as green buildings, property upgrades to enhance energy efficiency.
- The company also intends to use the proceeds to finance sustainable water management, pollution control measures and renewable energy sources.
Business
ADNOC signs LNG delivery agreement
The 15-year agreement was inked wit ENN LNG (Singapore).
- The LNG will primarily be sourced from ADNOC’s low-carbon Ruwais LNG project, currently being developed in Al Ruwais Industrial City, Abu Dhabi.
- The Ruwais LNG project is set to be the first LNG export facility in the Middle East and North Africa (MENA) region to run on clean power.
Business
Saudi fund assets dip slightly in Q3 but subscribers surge
Riyadh, Saudi Arabia -- The total value of assets held by public and private investment funds in Saudi Arabia decreased...
- Public funds focus on local money markets, while private funds favor equity and real estate.
- The value of assets held by equity and real estate funds made up 84 percent of the private funds’ total assets.
Business
Arabian Travel Market ties up with ICCA, GBTA as business set to touch US$1.8trn
Dubai, UAE--Arabian Travel Market (ATM) has entered into a partnership with the International Congress and Convention Association (ICCA) and the...
- ICCA and GBTA have been appointed as ‘Knowledge Partners’ for the regional trade show to be held at the Dubai World Trade Center
- through its partnerships with the two noted global entities, ATM looks to deliver even more value and innovation to its attendees and exhibitors
Business
Google to pay US$700m to US consumers
It is an antitrust settlement made public recently.
- In 2021, many US states had come together to file a lawsuit accusing Google of abusing its power regarding consumer access to apps
- Google as part of the settlement will make changes to its Google Play app store to reduce competition barriers for developers
Geostrategy
US pushes naval coalition as Yemen rebels vow to attack more ships
The United States pushed to build up a multinational naval task force to protect a key global shipping lane from...
- US Defense Secretary Lloyd Austin condemned the "unprecedented" spate of attacks in waters leading to the Suez Canal.
- The Canal is a chokepoint for about 10 percent of global trade, that have forced many shipping companies to divert their vessels.
Business
Hyundai to sell Russian plant
Sales of Hyundai cars have tumbled in Russia.
- The war in Ukraine has sparked an exodus of foreign companies from Russia, including many major car manufacturers.
- Sanctions by the European Union, the United States and others have made it increasingly difficult to do business with Russia.
Business
DIFC Innovation Hub 2023 graduates raise $600 million in funding
Dubai, UAE -- More than 200 start-ups graduating from the programs of DIFC Innovation Hub in 2023 have collectively raised...
- In 2023, the program also saw a record-breaking number of participants with over 700 applicants for a single cohort, out of which 19 start-ups graduated.
- DIFC Innovation Hub is home to the first and largest financial technology accelerator in the Middle East, Africa and South Asia (MEASA) region.
Business
Bayanat, Yahsat to merge          Â
It will benefit from revenue synergies, economies of scale.
- The merger will create an AI-powered space technology champion in the MENA region with an implied market capitalization of over US$4 billion.
- The combined entity will be vertically integrated and optimally positioned to capture regional, global opportunities in geospatial and mobility solutions.
Oil steadies while gold and bitcoin extend weekly losses
Oil markets were supported by expectations that ongoing talks between the United States and Iran could help secure energy flows...
Business
Company News
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Aramco, unit and Sinopec ink $4bn deal
The two companies will establish a joint venture company.
Business
Amazon set for launch of its first batch of Starlink-rival satellites
Washington, United States -- After delaying an earlier attempt due to bad weather, Amazon is preparing to launch its first...
Etihad unveils new A321LR aircraft
A321LR features First Suite - a private, enclosed space with a sliding door.
Business
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Business
stc Group Q1 net profit up 11.05%
The Group reported a revenue of $5.12 billion.
- The group distributed SAR0.55 per share for the first quarter of 2025, in accordance with the dividends distribution policy approved by the General Assembly.
- Gross profit rose by 5.01 percent to SAR 9.098 million, operating profit increased by 2.02 percent to SAR 3.584 billion, and EBITDA grew by 5.25 percent to SAR 6.120 billion.Â
Business
Screens, drones, massages: Shanghai flaunts the future of cars
Shanghai, China -- At the huge Auto Shanghai industry show this week, the chatter was less about powerful engines and...
- Chinese consumers place more value on interior comfort compared to other markets, according to European carmakers.
- Visitors at Auto Shanghai queued to sit in luxurious minivans with chrome radiator grilles and reclining rear seats.
Business
Trump trade war pushes firms to consider stockpiling
Even if they don't all acknowledge it so openly, firms in many different sectors are stockpiling their products in the United...
- Whether it's the luxury, electronics or pharmaceutical sectors, US President Donald Trump's unpredictability complicates the calculations of firms.
- Some companies didn't wait for Trump's April 2 announcement of massive "reciprocal" trade tariffs: they had already begun shipping more of their goods to the United States.