Masdar, TotalEnergies $2.2bn venture to push renewable energy growth in Asia
Dubai, UAE -- Masdar and TotalEnergies have signed a binding agreement to establish a $2.2 billion 50/50 joint venture aimed...
Business
UAE real estate gains momentum on strong 2025 base as Mar sales surge
Dubai, UAE -- The UAE’s real estate sector extended its upward trajectory in March, with robust project launches, steady construction...
Business
Business
$37 billion private funding announced for new UK projects
Spanish energy company Iberdrola announced £7 billion of funding for offshore wind infrastructure while US tech giant Microsoft plans to...
- The UK government said the new investment would create 12,000 jobs "in our most innovative sectors, including tech, life sciences, renewables, housing and infrastructure
- Investments announced on Monday included £10 billion over the next four years from Australian fund IFM Investors "for large-scale infrastructure and energy transition projects"
Market Report
Stock markets on hold as investors await key US inflation data
Stock markets were mostly in wait-and-see mode as investors eyed the release this week of key US inflation data that...
- The Dow edged higher at the open, while the S&P 500 and Nasdaq drifted lower.
- With Wall Street seeing little action at the back of last week owing to the Thanksgiving break, traders had few catalysts to drive action.
Business
Beltone 9M net profit at $2.7m
In 9M, the firm's restructuring led to a turnaround.
- Operating revenue in 9M 2023 increased to US$30 million, a growth of 271 percent Year-on-Year.
- The NBFIs operating revenue recorded US$15 million in 9M2023, a growth of 680 percent YoY.
Business
EDB commits US$350m for renewable energy projects in developing countries
ABU DHABI, UAE - Emirates Development Bank (EDB) has committed US$350 million (AED 1.3 billion) to support the Energy Transition Accelerator...
- The ETAF platform is a global climate finance facility established by the International Renewable Energy Agency (IRENA).
- The announcement was made during the signing of a collaborative partnership agreement between EDB and IRENA.
Business
Chinese tourism bookings to Saudi surge 277% after mega promotional campaign
Shanghai, China -- In a bid to attract Chinese tourists, the Saudi Tourism Authority recently concluded its first, and the...
- Saudi Market Festival, a celebration of heritage, culture and nature, held at the iconic Bund Waterfront in Shanghai drew a crowd of over 80,000.
- The impact of the campaign has been substantial, with over 500 million Chinese reached, the Saudi Press Agency reported.
Business
JABEEN signs contracts with Retal, Abyatna
The firms will build primary and secondary infrastructure works.
- Under the contract, a total of 897 residential units will be built in the Jubail industrial city.
- The $319 million contract, which was awarded on Nov. 26, 2023, extends for 40 months, starting on the date of the land handover from JABEEN to Retal.
Business
Abu Dhabi hosts ‘Fortune Global Forum’ to debate challenges to global economy
Abu Dhabi, UAE-- The world's top heads of multinational companies, policy-makers, and investors will gather in Abu Dhabi today to...
- The event will explore the theme "New Era of Business" featuring conversations on major geopolitical, economic, and technological developments
- The forum, being held a few days before the start of COP28, will provide a platform for business leaders and CEOs to elaborate on their global footprints.
Business
Key contender Riyadh eyes Expo 2030 win tomorrow
Saudi Arabia -- competing against Busan, Korea, and Rome, Italy -- bids for Expo 2030 with a focus on innovation,...
- Saudi Arabia -- competing against Busan, Korea, and Rome, Italy -- bids for Expo 2030 with a focus on innovation, sustainability, and global unity.
- A successful bid could transform Saudi Arabia's tourism and business landscape, marking a significant milestone in its journey towards global prominence.
Business
DP World and IRENA sign agreement to cut emissions in maritime sector
Dubai, UAE--DP World and the International Renewable Energy Agency (IRENA) have signed a cooperation agreement to accelerate the use of...
- DP World chairman said that cooperation agreement will enable both the sides drive meaningful change and set new standards for a greener future
- IRENA director general said that the partnership is a ground-breaking step towards accelerating innovative renewables-based energy solutions
Business
Qatar’s North Field expansion fuels optimistic outlook
"Looking ahead, our focus is on the North Field Expansion and sustainability projects. We are collaborating with our contractors to...
- QatarEnergy's North Field Expansion Project to increase LNG production from 77 to 126 million tons per year.
- A 27-years partnership agreement has been signed with Sinopec for North Field South (NFS) expansion.
Masdar, TotalEnergies $2.2bn venture to push renewable energy growth in Asia
Dubai, UAE -- Masdar and TotalEnergies have signed a binding agreement to establish a $2.2 billion 50/50 joint venture aimed...
Business
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Samsung TV pioneer Han Jong-hee dies of heart attack at 63
Samsung Electronics co-CEO Han Jong-hee, credited with boosting the South Korean tech giant's television business on the global stage, died...
Business
Stock markets rise on fresh hopes for Trump’s tariff approach
Investor sentiment has been jolted in recent weeks by fears that the president's hardball policies could deal a painful blow...
Business
Does ‘vibe coding’ make everyone a programmer?
New York, United States -- Can a complete tech novice create a website using everyday language on ChatGPT? That's the...
Business
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Business
BYD surpasses Tesla with record revenue
The Chinese EV giant's net profit was $5.55 billion for 2024.
- The Shenzhen-based firm has emerged in recent years as the clear leader in China's highly competitive EV market, which is the largest in the world.
- BYD's publication of strong results comes after Tesla announced lower than expected profits for the fourth quarter of 2024 in late January.
Business
Al Ansari approves $85m dividend
This is approx 78% of the company's net profit after tax.
- Al Ansari Financial Services is preparing to finalize the acquisition of BFC Group Holding for AED 735 million, a move that will significantly expand its regional footprint.
- Post-acquisition, the company will emerge as the largest exchange company in Bahrain and the third largest in Kuwait.
Business
Perplexity eyes TikTok buy
TikTok faces a deadline to divest from its Chinese owner or be banned in the US.
- TikTok temporarily shut down in the United States and disappeared from app stores as the deadline for the law approached, to the dismay of millions of users.
- Trump suspended its implementation for two-and-a-half months after beginning his second term in January, seeking a solution with Beijing.