SpaceX IPO valuation raises concerns over investor demand
SpaceX’s planned initial public offering at a valuation of at least $1.8 trillion is emerging as a major test of...
Business
UAE executives face growing accountability over AI strategies
A new Dataiku study shows UAE CEOs increasingly view AI performance, governance and accountability as defining measures of leadership success.
Business
Business
Emirates NBD H1 profit $3.40bn
Total income rose by 12 percent in the same period.
- Lending increased by AED41 billion, or 8 percent, during the first half of 2025, fueled by very strong demand both in the UAE and across its growing international network.
- Operating profit grew 9 percent as the strong loan and deposit growth momentum easily absorbed earlier interest rate cuts.
Business
First foreign firm takes ownership of Saudi football club
The Harburg Group -- led by American Ben Harburg -- said it had "officially completed the 100 percent acquisition of...
- Last season, Al Kholood finished ninth out of the 18 teams in the Saudi Pro League.
- The Harburg Group currently owns a 6.5 percent stake in Cadiz, a club in Spain's second division.
Business
DP World mobilizes $1 billion in working capital to boost trade flow
Dubai, UAE — DP World Trade Finance has mobilized more than US$1 billion in working capital to support businesses across...
- This was achieved through a combination of DP World’s own lending operations and partnerships with over 32 global financial institutions.
- DP World Trade Finance has enabled trade across Africa, the Americas, Asia, and Europe, supporting sectors such as agriculture, metals, automotive, and engineering.
Business
ADIB H1 pre-tax profit $1.08bn
Q2 pre-tax net profit increases by 14 percent.
- Total income for H1 2025 rose 11 percent to AED5.9 billion, up from AED5.3 billion in H1 2024.
- Non-funding income rose 15 percent year-on-year to AED2.3 billion in H1 2025, up from AED2 billion in the prior-year period.
Business
AstraZeneca to invest $50bn in US
Bulk of funds to go into a Virginia manufacturing center.
- "Today’s announcement underpins our belief in America’s innovation in biopharmaceuticals," the statement quoted CEO Pascal Soriot as saying.
- The company said it expects 50 percent of its revenue to come from the United States by 2030.
Business
Mawani adds FRS1 shipping service to Jeddah Islamic Port
Jeddah, Saudi Arabia -- The Saudi Ports Authority (Mawani) has added CStar Line's new Far East-Red Sea service (FRS1) to...
- The service connects the port to to five regional and international ports: Ningbo, Shanghai, and Nansha in China; Aqaba in Jordan; and Ain Sokhna in Egypt.
- This move is part of Mawani's efforts to improve the Kingdom's ranking in global performance indicators and support national export activity.
Business
Dubai real estate transactions exceed $117.34 billion in first half of 2025
The number of new investors in the market reached 59,075, with investments totaling $42.74 billion, a 22 percent increase in...
- According to data issued by the Dubai Land Department, the number of real estate transactions reached 125,538, up from 99,947 during the same period in 2024, an increase of 26%.
- Women played a pivotal role in driving market activity, investing AED73.2 billion during this period with 34,792 transactions made by 30,487 female investors.
Business
UAB net profit up by 50% for H1
Total assets increase by 11 percent.
- Total income rose by 24 percent YoY to AED 374 million.
- The increase in net profit reflects significant growth in total assets—up 11 percent from December 2024—and the Bank’s disciplined approach to risk management.
Business
Ajman’s real estate sector deals up 37% in H1 to hit $3.37bn
Ajman, UAE -- The real estate sector in the Emirate of Ajman recorded real estate transactions worth AED 12.4 billion...
- Sheikh Abdulaziz bin Humaid Al Nuaimi, Chairman of the Department of Land and Real Estate Regulation in Ajman, stated the sector plays a pivotal role in the emirate's growth.
- He said the H1 results indicated a rising demand for properties and confirm the emirate’s attractiveness to investors and its strong competitive edge.
Geostrategy
G20 nations agree central bank independence ‘crucial’
The statement came after months of escalating attacks by US President Donald Trump on Federal Reserve boss Jerome Powell. The...
- This week he suggested he could be dismissed for "fraud" over his handling of a renovation project at the Federal Reserve headquarters.
- The G20 is made up of 19 nations and two regional organizations and its members account for more than 80 percent of the world's economic output.
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SpaceX IPO valuation raises concerns over investor demand
SpaceX’s planned initial public offering at a valuation of at least $1.8 trillion is emerging as a major test of...
Business
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‘Tuna King’ pays record $3.2 mn for bluefin at Tokyo auction
Tokyo, Japan -- A Japanese sushi entrepreneur paid a record $3.2 million for a giant bluefin tuna Monday at an...
Business
Norway closes in on objective of 100 percent electric car sales
Oslo, Norway -- Norway came close to its objective of selling only zero-emission cars in 2025, with electric vehicles accounting...
Geostrategy
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Business
TSMC says started mass production of ‘most advanced’ 2nm chips
Taipei, Taiwan -- Taiwanese tech titan TSMC has started mass producing its cutting-edge 2-nanometre semiconductor chips, the company said in...
- TSMC is the world's largest contract maker of chips, used in everything from smartphones to missiles, and counts Nvidia and Apple among its clients.
- The chips will be the "most advanced technology in the semiconductor industry in terms of both density and energy efficiency", the company said.
Business
Meta buys China-founded AI agent Manus
Singapore, Singapore -- Facebook owner Meta has agreed to acquire Manus, an artificial intelligence agent created by a company founded...
- However, analysts warned the deal could fall foul of regulators at a time of fierce technological rivalry between Washington and Beijing.
- Exceeding the capabilities of AI chatbots like ChatGPT, AI agents can autonomously perform complex tasks for users, and are seen as having huge potential.
Business
Emirates mining company challenges Guinea license withdrawal
Dakar, Senegal -- Mining company Axis International said Monday it was seeking World Bank arbitration against Guinea for withdrawing its...
- Guinea, which has been run by a junta since a coup in 2021, has cancelled dozens of licences for international and domestic companies mining bauxite, gold, iron ore or diamonds.
- had operated Guinea's second-biggest bauxite mine with estimated reserves of more than 800 million tons since 2010.