ChatGPT surpasses 1 billion monthly active users in May
Dubai, UAE -- OpenAI's ChatGPT surpassed 1 billion monthly active users in May, becoming the fastest application to reach the...
Business
Middle East conflict drags global air travel demand lower
Revenue passenger kilometers (RPK), the industry's measure of demand, declined 3.4% year-on-year, while available seat kilometers (ASK), a measure of...
Business
Business
Kings Aluminium starts building US$204m facility in KEZAD
Abu Dhabi, UAE-- Kings Aluminium Industries has begun constructing a state-of-the-art aluminium manufacturing and recycling facility in Khalifa Economic Zones...
- The aluminium factory spread across 100,000 square metres of land leased from KEZAD Group will source its raw material from Emirates Global Aluminium
- The facility will localise the manufacturing, utilise local raw materials, enhance environmental as well as sustainability aspects in the production process
Navigating the rising tide of cyber threats in GCC
"Critical infrastructure organizations are distinct from other enterprises; their downfall could bring entire sectors of the economy down with them....
- Rising cyber threats in the UAE and GCC are alarmingly high, with over 50,000 daily attacks causing significant financial and societal impacts.
- High-profile attacks in the region have included notable incidents such as Aramco's ICS breach and multiple attacks on UAE's infrastructure.
Market Report
Oil prices rise following Red Sea attacks
Oil prices shot up three percent as more companies suspended shipping through the Red Sea following attacks on vessels by...
- Yemen's Iran-backed Houthi rebels said on Monday that they had attacked two "Israeli-linked" vessels in the Red Sea..
- Ships must travel through the Red Sea to use the Suez Canal, a key transit route for cargo and oil..
Geostrategy
UAE issues federal decree on regulating electronic, digital media
ABU DHABI, UAE - The UAE Government has issued a federal decree which aims to regulate and organize media in...
- The decree aims to promote the UAE as a global media hub and establish an enabling environment for the growth and prosperity of the sector.
- The provisions of the decree apply to individuals, organizations, media outlets, and free zones dedicated to the media in the UAE.
Business
AviLease, SDH Wings Sign MoU
The MoU will expand SDH Wings' portfolio of aircraft.
- AviLease acquired a 10 percent share of SDH Wings as part of the recently completed acquisition of the aircraft leasing platform of Standard Chartered.
- AviLease and SDH Wings have already identified the first five new technology narrowbody aircraft from AviLease’s owned portfolio that are now under LOI.
Business
Japan’s Nippon to acquire US Steel
Nippon Steel will also assume the US firm's debt.
- Nippon Steel will acquire US Steel in an all-cash deal at $55 per share, a 40 percent premium above its closing price on December 15
- US Steel launched a strategic review in August after receiving several unsolicited offers for a partial or total takeover.
Business
Abu Dhabi fund CYVN invests $2.2bn in Nio
This follows an earlier investment of $738.5 million by CYVN in July.
- The investment for Nio, one of US-based Tesla's rivals in China, comes as the Shanghai-founded business remains largely loss-making.
- CYVN, an investment vehicle based in Abu Dhabi, had made an investment of $738.5 million by CYVN in July.
Geostrategy
Taiwan shipping giant Evergreen suspends Israel cargo services
Due to "escalation of war situation in recent days, Evergreen will temporary suspend Israel import and export service due to rising...
- Several of the world's largest shipping companies, including Maersk and Hapag-Lloyd, and energy giant BP have already suspended passage through the Red Sea.
- Yemeni rebels have said they were targeting vessels near the strait to pressure Israel over its devastating onslaught on Gaza.
Business
ACWA Power signs $800m agreement for South Africa renewable project
Dubai, UAE -- Saudi-listed renewable energy giant ACWA Power has signed a $800 million power purchase agreement for ACWA Power Project...
- The project will reach around 50% local content in procurement during the construction and create more than 1,000 construction jobs at peak.
- Commencement of operations is scheduled by Q2 2026, adding significant dispatchable capacity onto the grid.
Business
BCI’s subsidiary secures US$100m loan from SIDF
RIYADH, SAUDI ARABIA - Basic Chemical Industries Co.'s (BCI) subsidiary Chemical Marketing and Distribution Co. Ltd. secured a loan from the Saudi...
- The US$100 million loan has a duration of seven years and three months starting from October 8, 2025.
- BCI mortgaged all fixed assets of the project as guarantees for financing, in addition to a corporate guarantee.
ChatGPT surpasses 1 billion monthly active users in May
Dubai, UAE -- OpenAI's ChatGPT surpassed 1 billion monthly active users in May, becoming the fastest application to reach the...
Business
Company News
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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...
Business
‘Something new for the honey market’: Austria trials DNA testing to uncover fraud
Voels, Austria -- At a laboratory in Austria's mountainous Tyrol province, scientists are DNA testing about 100 honey samples a...
Business
Chinese firms extend EV range with petrol generators
The generator, known as a range extender, is connected to the cars' batteries and feeds them only when needed. Since...
Business
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Business
ATM 2025 to showcase 2,800 firms, 17 percent from Middle East
Dubai, UAE: The Arabian Travel Market, which will take place from Apr 28 to May 1 at the Dubai World...
- The event has achieved a near 12 percent year-on-year increase in exhibitor participation, making it the largest edition to date, now spanning 14 halls.
- The 32nd edition of ATM will focus on the theme: “Global Travel: Developing Tomorrow’s Tourism Through Enhanced Connectivity”.
Business
European carmakers on China charm offensive as sales droop
Shanghai, China -- Once blithely dominant in China, European automakers are now launching full-fledged charm offensives at consumers in the...
- At this week's Auto Shanghai, the largest global industry show of its kind, foreign firms pitched dozens of electric, high-tech models made "in China for China".
- Volkswagen, the largest foreign automaker operating in the country, announced that by 2027 it would release more than 20 new cars for the local market.
Business
Boeing says China not accepting planes over US tariffs
New York, United States -- Boeing's CEO confirmed Wednesday that China had stopped accepting new aircraft due to the US-China...
- President Trump's trade conflicts with China and other countries loom as a question mark for Boeing, a major US exporter, despite Wednesday's solid results.
- Boeing had planned to send around 50 aircraft to China in 2025, said Ortberg, who told the network that the company wouldn't "wait too long" to send the jets to other customers.