Yen plunges to 34-year low, mixed results for equity markets
Hong Kong, China - The yen plunged Wednesday to a 34-year low against the dollar after a top Bank of Japan...
Business
SeaWorld Yas Island, Abu Dhabi wins Guinness World Records
ABU DHABI, UAE – SeaWorld Yas Island - the region’s first Marine Life Theme Park here -, has won a...
Arts & Culture
Geostrategy
Over 113 Emirati projects in Ethiopia, trade exceeds $6bn, says UAE envoy
ADDIS ABABA, ETHIOPIA - UAE Ambassador to the Federal Democratic Republic of Ethiopia Mohammed Salem Al Rashidi said that the...
- Masdar signed a joint development agreement with the Ethiopian government in January 2023 in Abu Dhabi to develop two solar power plants.
- Ethiopia is a key investment partner for the UAE in East Africa, as it has a large and emerging consumer market of over 100 million people.
Economy
Oil prices inch up 1% on signs of slow US output, posts first loss in 8 weeks
Dubai, UAE--Oil prices jumped about 1% on Friday on signs of slowing U.S. output, but both crude benchmarks also ended...
- After industry data showed that the US oil and natural gas rig count fell for the sixth week in a row, both benchmarks pushed higher on Friday
- A worsening property crisis in China added to concerns about the country sluggish economic recovery as oil prices dropped about 2 percent from last week
Business
UAE’s investments in Ethiopia touch US$2.9bn as non-oil trade expands
Abu Dhabi, UAE-- As the UAE President Sheikh Mohamed bin Zayed visits Ethiopia to strengthen relations with the African country,...
- According to Dr. Thani bin Ahmed Al Zeyoudi, the investments encompass four key sectors: chemicals, food and beverages, aluminum and pharmaceuticals
- He said the country's re-exports to Ethiopia climbed 8.6 percent year-on-year to $553.3 million in 2022, continuing a strong upward trend since 2018
Business
Brazil star Neymar arrives in Saudi Arabia ahead of unveiling ceremony
Riyadh, Saudi Arabia--Neymar was greeted with much fanfare Friday as he arrived in Saudi Arabia where he joins a growing list...
- The football star who arrived in Riyadh with extra security will be unveiled as an Al-Hilal player on Saturday after six seasons with French champions Paris Saint-Germain
- Neymar follows Cristiano Ronaldo, Karim Benzema and Sadio Mane in swapping Europe for the Saudi Pro League, which has a hit-list of high-profile targets
Business
Dubai records $2.83bn billion in weekly real estate transactions
Dubai, UAE -- Real estate transactions valued at more than AED 10.4 billion ($2.83 billion) were recorded in Dubai during...
- Of the total 3,571 transactions,120 plots were that sold for AED1.2 billion and 2,782 apartments and villas were that went for AED6.86 billion.
- A total of 109 properties were granted between first-degree relatives worth AED438 million.
Business
India cricket board earns nearly $300 million from 2022 IPL
New Delhi, India -- India's cricket board banked nearly $300 million from last year's iteration of its Indian Premier League,...
- The Board of Control for Cricket in India (BCCI) is one of the richest governing bodies in global sport, owing largely to the runaway success of the flagship Twenty20 tournament.
- The IPL has made millionaires of its top players and generated billions from media rights since its inception in 2008.
Business
Chinese property giant Evergrande files for bankruptcy in US
Evergrande, once China's top property developer, was found in 2021 to be struggling with more than $300 billion in liabilities,...
- Several major developers have been hit in the unfolding drama as they fail to complete housing projects, triggering protests and mortgage boycotts from homebuyers.
- Evergrande has worked on an offshore debt restructuring agreement for months and unveiled a proposal earlier this year.
Business
China’s investment rises 23% in BRI countries in Jan-July 2023
BEIJING, CHINA - Between January and July 2023, Chinese enterprises made non-financial direct investments totaling US$13.69 billion (RMB95.34 billion) in...
- This growth amounts to approximately US$13.69 billion, constituting nearly 20 percent of the overall investment in January-July 2023.
- The value of newly signed contracts amounted to US$103 billion, indicating a marginal 0.6 percent year-on-year increase.
Business
Etihad Cargo flight lands in Hubei
Hubei's Ezhou Huahu Airport is world's fourth professional cargo airport.
- Etihad Cargo's Boeing 777-200 freighter arrived in Ezhou on Friday, making the carrier the first international airline to operate flights to the airport.
- Equipped with a 23,000sqm cargo terminal and a 700,000sqm freight transit center, the airport serves as a gateway for air trade between China and the rest of the world.
Elon Musk arrives in Japan for first visit since 2014
In 2014, the CEO of Tesla and SpaceX visited Japan for a ceremony marking his electric car-making company's full-scale entry...
- On Friday, Musk posted videos of what appeared to be an exhibition by prominent Japanese art collective teamLab
- Users on X posted comments asking why Musk was in Japan, with some speculating he had come to see musician Grimes
Yen plunges to 34-year low, mixed results for equity markets
Hong Kong, China - The yen plunged Wednesday to a 34-year low against the dollar after a top Bank of Japan...
Business
Company News
Latest News
Dragon Oil, Turkmennebit ink MoU
Business
UAE leads in cybersecurity for unmanned systems
"The digital transformation, which relies on artificial intelligence technologies, has touched all sectors and contributes to improving the quality of...
Business
Apple to make changes to App Store in Europe
iPhone users can download alternative app stores.
Geostrategy
Global Islamic finance market to touch US$4.9trn in 2025, says Malaysian official
Hong Kong-- The global Islamic finance market would touch US$4.9 trillion by 2025, according to Yazrin Syakhairi, Malaysian Trade Commissioner...
Business
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Business
UAE, Malaysia sign MoU to enhance ties in digital-infrastructure sector
Abu Dhabi, UAE-- The UAE and Malaysia have signed a memorandum of understanding (MoU) to boost investment cooperation in the...
- The agreement envisages setting up collaboration by developing bilateral relationships between public and private organisations
- The trade ties between the UAE and Malaysia have climbed up, with non-oil trade volume surpassing $2.22bn in H1 of 2023
Interview
WEF24: Investor confidence fuels sustainable growth
GFH Financial Group has made significant investments in healthcare, education, logistics, and private lending in Saudi Arabia and the UAE,...
- GFH Financial Group has made significant investments in healthcare, education, logistics, and private lending in Saudi Arabia and the UAE, its CEO tells TRENDS in Davos.
- To counter potential US recession and inflation, the group's strategy emphasizes investing in digital payments, mobile apps, and AI technologies for robust growth.
Market Report
UAE, KSA lead as tech and energy drive IPOs in GCC
The 2024 outlook for GCC IPO markets shows strong potential with diversified sector participation, bolstered by government support for both...
- The 2024 outlook for GCC IPO markets shows strong potential with diversified sector participation, bolstered by government support for both state-owned and private offerings.
- ADNOC Gas' large IPO underscores the region's market robustness, while the technology sector reclaims the lead in IPO proceeds, showcasing dynamic market strength.