Emaar Development to pay $1.1 billion dividend
The dividend represents 100 percent of its share capital. The company reported record property sales of approximately $19.4 billion in...
Business
Business
Yalla 9M revenue at $237.9m
The results underscore the firm’s robust financial performance.
- The company's net margin remained exceptionally high at 41.4 percent, highlighting its strong monetization capabilities.
- Yalla's average monthly active users experienced significant growth, surging by 13.6 percent to 35.1 million in Q3 2023.
Business
UAE defense conglomerate EDGE signed nearly $2bn in deals
Dubai, UAE -- UAE defense conglomerate EDGE Group has inked deals worth at least $1.8 billion during the Dubai Airshow,...
- A $1.1 billion deal with UAE Ministry of Defense for aircraft munitions was the biggest of the deals.
- The EDGE Group is only four years old, but now consists of more than 25 subsidiaries.
Business
DTC sets IPO offer price range
Final offer price will be fixed through a book-building process
- The company announced that the offer price range had been set between US$0.49 (AED1.80) and US$0.5 (AED1.85) per share.
- This implies a market capitalization at the time of listing of between US$1.2 billion (AED4.5 billion) and US$1.25 billion (AED4.6 billion).
Business
SAMA, Central Bank of China sign $7bn currency swap agreement
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has signed a three-year currency swap agreement with the Central Bank...
- he agreement is part of the financial cooperation between the two central banks, which works to strengthen collaborations based on mutual interests.
- Currency swaps are agreements between two parties to exchange a certain amount of one currency for another and then reverse the exchange at a later date.
Economy
US regulator files charges against Kraken crypto exchange
The action against Kraken by the financial markets regulator will likely pour cold water on the hopes of many firms...
- The proceedings against Kraken began on Monday in federal court in San Francisco, targeting Payward and Payward Ventures, the two legal entities behind the exchange
- Kraken's business model is "rife with conflicts of interest that placed investors’ funds at risk," Director of the SEC’s Division of Enforcement, Gurbir Grewal, said in a statement
Geostrategy
With X’s Musk under fire, Biden joins rival Threads
The White House confirmed it had launched Threads accounts for the president, First Lady Jill Biden, Vice President Kamala Harris,...
- Meta launched Threads in July, in a bid to depose Musk's X, as the go-to platform for celebrities
- Biden's debut comes after his spokesman slammed Musk for the "promotion" of an anti-Semitic conspiracy theory
Business
ADNOC and Santos sign agreement to build joint platform for net-zero goals
Abu Dhabi, UAE--ADNOC and Santos have signed a strategic collaboration agreement (SCA) to build a joint global-carbon-management platform that could...
- The agreement will allow companies to advance critical carbon capture and storage (CCS) technologies required to speed up the decarbonisation
- They will look to ramp up the carbon management technologies of the future in order to safely transport, capture and store carbon, helping markets to decarbonise
Economy
UAE a key player in global financial landscape: NYSE vice-chairman
Abu Dhabi, UAE--The UAE has solidified its stature as a key player in the global financial landscape, through launching economic...
- He believes the UAE’s financial markets have significant potential and flexibility, combined with its continuous commitment to innovation and development
- He said the UAE's commitment to developing its financial infrastructure and attracting foreign investments makes it a significant market in the MENA region
Business
L&T energy hydrocarbon unit clinches mega deal in the Middle East
New Delhi, India - The L&T Energy Hydrocarbon (LTEH), hydrocarbon business unit of Larsen & Toubro (L&T), said on Monday...
- The scope of work comprises engineering, procurement, construction and installation of a new large offshore platform
- In October also, LTEH secured a major contract worth over Rs 15,000 crore ($20 billion) from a Middle Eastern client
OpenAI staff threaten mass exodus to join ex-CEO Altman
In a fast-moving sequence of events, Altman, who was ousted by the board on Friday, has now been hired by...
- In a letter released to media, the vast majority of OpenAI's 770-strong staff suggested they would follow Altman unless the board responsible for his departure resigned
- A key Artificial Intelligence executive at Microsoft confirmed that they all were welcome from OpenAI if the board that removed Altman doesn't resign
Emaar Development to pay $1.1 billion dividend
The dividend represents 100 percent of its share capital. The company reported record property sales of approximately $19.4 billion in...
Business
Company News
RAKBANK, DP World sign pact
Business
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Nvidia showcases AI chips as it shrugs off DeepSeek
San Francisco, United States - Nvidia chief Jensen Huang is expected to showcase cutting-edge chips for artificial intelligence (AI) and...
Business
Borouge proposes share buyback
The company had posted a 24% YoY increase in net profit to $1.24bn.
Business
China’s Baidu releases new, free AI model to compete with DeepSeek
Baidu announced in a WeChat post that its latest X1 reasoning model -- which the company claims performs similarly to...
Business
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Economy
Gold tops $3,000 for first time on Trump tariff threats
Gold surpassed $3,000 for the first time Friday as US President Donald Trump's trade wars boost the safe-haven asset, while...
- Gold, a safe haven in times of uncertainty, rose as much as $3,004 an ounce before paring back gains later in the day to trade under $3,000
- Trump said he would not row back on the metals duties, nor plans for sweeping tariffs on countries worldwide due to kick on April 2
Business
DAE to acquire 17 aircraft for $1 bn
This portfolio comprises 100 percent next-generation aircraft
- Eighty percent of the aircraft are manufactured by Airbus, and 20 percent are manufactured by Boeing.
- These aircraft are expected to reduce DAE’s weighted average passenger fleet age to 6.9 years.
Interview
Electric, hybrid and aerial to entirely transform city life: IIT Madras expert
Easier commutes with faster, quieter, and eco-friendly vehicles would reduce travel times significantly and reduce stress for urban residents, says...
- Large and hugely populous Asian countries like India have abundant sunlight, making solar power a natural fit for supporting EV adoption.
- The ePlane Company’s air taxis will revolutionize urban transport by offering faster and more efficient ways to move within cities.