UAE tops Arab Digital Economy Index 2026
The UAE topped the Arab Digital Economy Index 2026, with the assessment highlighting regional gains in infrastructure, digital government and...
Business
Space42, Viasat sign binding agreement to co-found ‘Equatys’
Space42 and Viasat will each initially contribute $400 million, while Space42 is expected to provide an additional $200 million in...
Business
Business
Airbus, Leonardo and Thales reported moving towards European space firm
Rome, Italy -- European aerospace firms Airbus, Leonardo and Thales could seal an accord this year to set up a...
- The three firms want to set up a satellite production entity to rival Elon Musk's SpaceX and growing low-cost competition from China and other countries.
- Roberto Cingolani, head of Italy's Leonardo aerospace and defense giant, said in June that an accord could be taken by July, but the deadlines have been pushed back.
Business
Lab-grown diamonds robbing southern Africa of riches
Johannesburg, South Africa -- Botswana and southern African peers that built much of their prosperity on diamonds are scrambling for...
- Diamond-dependent Botswana is leading the way and launched a sovereign wealth fund this week to lay the "foundation for a more resilient and diversified future beyond diamonds".
- It is exploring other avenues too, like boosting luxury wildlife tourism, launching into the medicinal cannabis market and exploiting its abundant sunshine for solar power.
Business
Market value of camels at Crown Prince Festival reaches $66 million
Taif, Saudi Arabia -- The market value of the camels competing in the final rounds of the 2025 Crown Prince...
- The seventh edition of the festival, organized by Saudi Camel Sports, began on September 2 under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al Saud.
- The competition featured a total of 249 rounds, with prize money exceeding SAR50 million. The final four rounds, covering a distance of 24 kilometers, will be held on Friday.
Economy
Global oil supply hit record high in August: IEA
Paris, France -- Global oil supply hit a record high in August as OPEC+ and other countries ramped up production,...
- Eight key members of OPEC+ group, including Saudi Arabia and Russia, have been gradually increasing production since April after restricting output in recent years.
- Non-OPEC+ nations have also been raising their output, with the IEA saying production from the United States, Brazil, Canada, Guyana and Argentina was "at or near all-time highs".
Business
Robot dogs, flying cars: five takeaways from the Munich auto show
Companies including Germany's Holon and Estonia's Auve Tech displayed small self-driving buses, designed for routes where larger buses with drivers...
- Chinese brands showcased their efforts to create "flying cars", small electric aircraft powered by multiple rotors designed for short journeys.
- Austrian Wolfgang Podleiszek is working on a funky two-wheeled electric car that steers like a segway and needs the driver to lean into corners.
Business
Musk’s title of richest person challenged by Oracle’s Ellison
New York, United States - Billionaire Elon Musk is at risk of losing his title of world's wealthiest person to...
- Ellison, 81, amassed more than $100 billion in additional wealth Wednesday as Oracle shares skyrocketed after the nearly 50-year old company forecast massive revenue growth
- That rise lifted Ellison's overall wealth to about $406 billion compared with Musk's roughly $440 billion, according to a Forbes real-time billionaire's index
Business
Stock markets strike records despite geopolitical unrest
Gains for oil prices were relatively modest, while gas futures were unmoved after Israel's strikes Tuesday against Hamas in gas-rich...
- Wall Street had notched fresh highs Tuesday as markets digested weak US jobs data that added to expectations that the Fed will lower US interest rates at their next meeting.
- Tokyo's stock market ended at an all-time high, as did Seoul where traders were hopeful the government will not implement plans to lower the capital gains tax threshold for stocks.
Geostrategy
Europe hyperloop test hits new speed record in Dutch trial
The Hague, Netherlands -- A Dutch tech startup said Wednesday it had set a European speed record for its futuristic...
- Hardt Hyperloop said its vehicle had reached 85 kph at the 420 meter European Hyperloop Center test track in the Netherlands and had carried out a complex lane switching test.
- It said the lane switching maneuver -- essential for networked routes -- showed there were no technical barriers to operating at aircraft-like speeds.
Business
Stocks climb eyeing US rate cut, political turbulence
A steep downward revision to US job creation cemented expectations that the Federal Reserve would begin lowering its benchmark rate...
- US employment growth is likely to be revised down by 911,000 for the 12 months ending in March, official data showed.
- Investors are now looking to consumer inflation data coming Thursday, since a hot reading could keep the Fed from cutting further as it looks to curb price increases.
Business
Mistral cements AI lead in Europe with cash infusion
Paris, France -- France's Mistral on Tuesday cemented its position as Europe's top AI hope against far larger US and...
- The 1.7 billion euro ($2bn) cash infusion values Mistral at 11.7bn euros, double its heft last year but a fraction of the $183bn price tag placed on US firm Anthropic this month.
- ASML, a key producer of the machines that churn out the chips powering artificial intelligence models, was the lead investor.
UAE tops Arab Digital Economy Index 2026
The UAE topped the Arab Digital Economy Index 2026, with the assessment highlighting regional gains in infrastructure, digital government and...
Business
Company News
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UAE non-oil trade reaches record $527 billion in H1, says Al Zeyoudi
The milestone reflected the success of the UAE's strategy to build a diversified, competitive and open economy while strengthening its...
Economy
Abu Dhabi real estate transactions more than double in H1
Data released by the Abu Dhabi Real Estate Centre (ADREC) showed total real estate transactions reached $31.9 billion in the...
Business
Saudi Ports Authority signs $266.6 million logistics agreements
Dubai, UAE -- Saudi Ports Authority (Mawani) signed seven agreements worth 1 billion riyals ($266.6 million) to establish logistics centres...
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Business
EDGE to acquire 100% stake in Brazilian firm AKAER
Dubai, UAE -- UAE defense and advanced technology group EDGE has agreed to acquire a 100 percent stake in Brazilian...
- EDGE said the acquisition would accelerate industrialization timelines for key unmanned aerial vehicle (UAV) programs.
- Founded in 1992 and headquartered in São José dos Campos, AKAER has delivered more than 10 million engineering hours across military and commercial aerospace programs.
Business
Bank of Sharjah profit up 39%
Bank's total assets grow 10% to $14.4 billion.
- Net interest income climbed 45 percent to AED465 million ($126.6 million), supported by growth across the bank's core businesses.
- The lender said its total capital ratio strengthened by 463 basis points to 18.7 percent, while its cost-to-income ratio remained at 29%, reflecting continued cost discipline.
Business
flydubai doubles daily Bangkok flights amid strong demand
Dubai, UAE -- Dubai-based carrier flydubai will introduce a second daily flight to Bangkok from July 18, doubling its daily...
- The carrier said the expanded schedule would provide passengers with greater flexibility and strengthen Dubai's position as a global aviation hub.
- The airline has also recently launched services to Benghazi in Libya and plans to begin flights to Aleppo in Syria on July 20 and Pokhara in Nepal on Sept. 23.