UAE central bank bars Bank Melli Iran branches from Iran transactions
The violations included non-compliance with requirements and obligations under UAE legislation relating to combating money laundering, the financing of terrorism...
Business
Maldives and Eagle Hills sign terms for $12 billion waterfront destination
The project, known as Maldives Waterfront and Marina, is planned as an integrated tourism and residential destination combining hotels and...
Business
Business
BYD Q3 profit down 33%
This was a 33% year-on-year decrease.
- The Shenzhen-based firm recorded revenue of 195 billion yuan over the same period, a slight decrease of 3 percent year-on-year.
- China's EV industry is world-leading but a cutthroat domestic market has weighed on companies' profitability.
Business
AI chip giant Nvidia becomes world’s first $5 trillion company
New York, United States -- AI chip juggernaut Nvidia became the world's first $5 trillion company on Wednesday, as investors...
- By way of comparison, the level was greater than the GDP of France or Germany or higher than that of Tesla, Meta (Facebook), and Netflix combined.
- Microsoft and Apple, the two other largest global market capitalizations, only just exceed $4 trillion in valuation each.
Business
Microsoft holds 27% of OpenAI in revamped partnership
San Francisco, United States - Microsoft and OpenAI announced Tuesday a sweeping overhaul of their landmark artificial intelligence (AI) partnership,...
- OpenAI has also committed to purchasing $250 billion in Azure cloud services from the tech giant, though Microsoft no longer holds first refusal rights as OpenAI's compute provider
- The partnership began in 2019 when Microsoft invested $1 billion in what was then a small AI research organization founded in 2015 by tech luminaries including Elon Musk
Business
Nvidia to take stake in Nokia
Nvidia share price soars 20%.
- It said it would issue more than 166 million new shares, for which Nvidia would pay $6.01 per share.
- Under the partnership, Nokia "intends to increase its presence in the AI and cloud market with data center aligned networking solutions."
Business
Amazon to cut 30,000 office jobs: media reports
Amazon will lay off tens of thousands of office workers as the e-commerce and tech giant trims costs amid ramped-up...
- The reduction will represent nearly 10 percent of the approximately 350,000 office jobs at Amazon but is reported not to affect the distribution and warehouse workforce
- Amazon chief executive Andy Jassy has lauded the potential of AI to streamline workplace operations, from engaging with customers online to making offices more efficient
Geostrategy
Nigeria refinery aims to be world’s biggest with expansion
Lagos, Nigeria -- Nigeria's Dangote oil refinery, already the largest in Africa, aims to become the biggest in the world...
- "We are more than doubling the barrels... to 1.4 million from 650,000," said Aliko Dangote, a Nigerian businessman who is Africa's richest person.
- The Dangote refinery has sparked monopoly fears as it becomes a powerful player itself.
Geostrategy
TotalEnergies approves restart of $20-bn Mozambique gas project
Paris, France -- France's TotalEnergies said Saturday the consortium it leads to build a $20-billion liquified natural gas project in...
- The Mozambique LNG project, the largest private investment in Africa's energy infrastructure, is expected to generate thousands of jobs.
- Work was frozen after militants launched a deadly attack on the site of the project near the Tanzanian border in March 2021, resulting in around 800 deaths.
Geostrategy
Saudi Arabia to host ATP Masters 1000 tennis event from 2028
Paris, France -- The ATP announced on Thursday the creation of a new Masters 1000 event which will take place...
- The new event will be played on hard courts and take place "at the start of the season" in a city yet to be determined, and will last "one week".
- The long-expected move marks the first ever expansion of the top-tier category of men's tennis since its creation in 1990.
Business
Property Finder invests in digital real estate investment platform Stake
Dubai, UAE -- Property Finder, the MENA region’s largest property platform, has announced its investment in Stake, a fast-growing digital...
- Stake enables users to invest in fractional property ownership and private real estate funds starting from as little as AED 500.
- Property Finder said the deal demonstrates its belief in Stake and its vision to reshape how the next generation engages with real estate as an asset class.
Business
Jane Birkin’s Hermes handbag up for auction in Abu Dhabi
Paris, France -- A Hermes handbag once belonging to Jane Birkin will be auctioned in Abu Dhabi on December 5,...
- Nicknamed the "Birkin Voyageur", the estimated value of the late actor's black leather bag hovers between $230,000 and $430,000.
- Gifted to Birkin by Hermes in 2003, it is one of four the celebrity owned after auctioning the original to raise money for an AIDS charity in 1994.
UAE central bank bars Bank Melli Iran branches from Iran transactions
The violations included non-compliance with requirements and obligations under UAE legislation relating to combating money laundering, the financing of terrorism...
Business
Company News
Bank of Sharjah profit up 39%
Business
Latest News
DIB H1 net profit $1bn
Business
Big Tech faces AI spending test as earnings season gathers pace
The Magnificent Seven’s 5.7% fall last week shows that investors are no longer rewarding headline beats alone, they want proof...
Analysis
UAE investors drive half of Sharjah property trade in first half
Dubai, UAE -- UAE investors accounted for more than half of Sharjah's real estate trading value in the first half...
Business
du deploys sovereign cloud platform for Dubai Taxi Company
Dubai, UAE -- UAE telecom operator du said on Monday it had completed the deployment of its National Hypercloud platform...
Business
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Business
EasyLease H1 profit $12.2m
Revenue rises on stronger operations.
- Fleet exceeded 50,000 mobility assets as logistics expansion and higher utilisation supported profitability across transport and warehousing operations nationwide.
- Etihad Rail shuttle operations contributed early gains through integrated first-mile and last-mile services linking Abu Dhabi passenger destinations efficiently.
Business
Dubai Chambers legal events draw 1,551 business representatives in H1
Dubai, UAE -- Dubai Chambers said it organized 15 legal events during the first half of 2026, attracting 1,551 representatives...
- Seminars and workshops cover employment law, taxation, contracts, intellectual property and UAE Civil Transactions Law developments for businesses.
- Dubai Chambers said the initiative aims to help companies keep pace with legislative changes, strengthen compliance, reduce legal and operational risks and enhance competitiveness.
Business
FAB profit edges higher
Income growth supports steady earnings.
- First Abu Dhabi Bank posts $2.92 billion first-half profit as operating income, lending and margins continue strengthening performance.
- AI deployment boosts productivity while sustainable financing reaches 79 percent of the bank's 2030 target during first half.