Sharjah Islamic Bank Q1 profit rises 19.4 percent
Sharjah Islamic Bank (SIB) reported a 19.4 percent rise in first-quarter net profit, supported by higher income from Islamic financing...
Business
Business
Saudi Arabia unveils ‘Colour Your Summer’ program, targeting 41 million visitors
Riyadh, Saudi Arabia -- Saudi Arabia's tourism sector is poised for an unprecedented summer season, with the official launch of...
- It brings together over 120 partners from across Saudi Arabia's tourism ecosystem, including both public and private sectors, to offer an unparalleled array of experiences.
- Major events include the highly anticipated Esports World Cup (EWC) in Riyadh from July to August, alongside dynamic Jeddah and Aseer Seasons.
Business
ADNOC Drilling secures $1.15bn contract
The contract for two jack-up rigs begins in the second quarter.
- The rigs are expected to commence operations around the end of 2Q 2025, delivering revenue in the second half of 2025 onwards.
- This award further de-risks and reaffirms ADNOC Drilling’s current 2025 and medium-term guidance, the company said.
Business
World’s longest diamond necklace set to break Guinness record at Sharjah show
Sharjah, UAE – Exhibitors at the 55th Watch and Jewelry Middle East Show, scheduled from May 28 to June 1,...
- The piece incorporates more than 600 lab-grown diamonds, precisely set in 18-karat rose gold, representing a fusion of luxury aesthetics and cutting-edge production techniques.
- The official Guinness assessment is set to take place on the first day of the 55th Watch and Jewelry Middle East Show.
Business
ADNOC’s listed companies post over $2.3 billion net profit in first quarter
Abu Dhabi, UAE -- ADNOC Group's publicly traded portfolio companies combined to deliver over $2.3 billion (AED8.4 billion) in first...
- ADNOC Distribution delivered first quarter net profit of $174 million (AEDAED639 million), up 16 percent year-on-year.
- Borouge reported strong Q1 2025 results with net profit of $281 million, driven by year-on-year increases of 10 percent for sales volumes and 7 percent for production volumes.
Business
Real estate transactions in five UAE emirates reach $65 billion in Q1
Abu Dhabi, UAE -- Real estate transactions across five emirates in the UAE surged to over AED 239 billion ($65...
- More than 94,719 sales, purchase, and mortgage deals were recorded from January through March in Abu Dhabi, Dubai, Sharjah, Ajman, and Ras Al Khaimah.
- Dubai accounted for the largest share, with AED 193 billion in real estate transactions, resulting from 58,039 transactions, a growth of 16.2% in value and 31.5% compared to 2024.
Business
Trump expands Apple tariff threat to all smartphones
Washington, United States -- US President Donald Trump on Friday threatened Apple and other smartphone manufacturers with a 25 percent...
- Trump initially said the tariff would apply only to Apple -- an unusual move to single out a specific company in trade policy.
- While Apple designs its products in the United States, most iPhone assembly occurs in China, which remains embroiled in a trade war with the United States.
Business
Anthropic’s Claude AI gets smarter — and mischievious
San Francisco, United States -- Anthropic launched its latest Claude generative artificial intelligence (GenAI) models on Thursday, claiming to set...
- "Claude Opus 4 is our most powerful model yet, and the best coding model in the world," Anthropic chief executive Dario Amodei said.
- Opus 4 and Sonnet 4 were described as "hybrid" models capable of quick responses as well as more thoughtful results that take a little time to get things right.
Business
Trump threatens Apple with a 25% tariff if iPhones aren’t made in US
Washington, United States -- US President Donald Trump on Friday threatened Apple with a 25 percent tariff if the iPhones...
- Trump's sweeping tariffs on major US trading partners have roiled global markets and upended international commerce.
- Trump's comments Friday echo statements he made last week while on a trip to Qatar, urging Apple to bring iPhone production to US shores.
Business
TOURISE 2025: Riyadh to host premier summit for sustainable tourism
Riyadh, Saudi Arabia -- Saudi Arabia's Minister of Tourism, Ahmed Al-Khateeb, has officially unveiled TOURISE, a groundbreaking global platform set...
- The inaugural TOURISE 2025 event will take place in Riyadh from November 11-13, bringing together public and private sector leaders, experts, and investors.
- Nominations will be accepted via an online portal, with winners announced at a dedicated ceremony during the platform.
Business
Trump administration refocuses US-China chip war on AI and Huawei
Beijing, China -- The United States has taken aim at China's Huawei over the cutting-edge chips powering artificial intelligence (AI),...
- The Trump administration is seeking to change the ways the US limits China's access to state-of-the-art semiconductors needed to develop AI.
- Chinese firms like Alibaba and Xiaomi have announced huge investments in AI in what experts say feeds into a national goal to cut reliance on foreign suppliers.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
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US AI firm Palantir announces joint venture in Dubai
Dubai, United Arab Emirates -- US software firm Palantir launched a joint venture with the Dubai government's investment arm on...
Business
Microsoft unveils $15.2 billion AI, cloud computing investments in UAE
The deal sent US chip-maker Nvidia shares up 2.6 percent, buoyed by hopes the AI juggernaut could see access for...
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Geostrategy
Death becomes a growing business in ageing, lonely South Korea
Busan, South Korea -- Rows of coffins line a university classroom in the South Korean port city of Busan, ready...
- Single-person households now account for around 42 percent of all homes in Asia's fourth-largest economy.
- A new profession has emerged reflecting that statistic: cleaners who are called in to tidy up homes after their occupants, most of whom lived alone, have died.
Business
High price of gold inspires new rush in California
El Dorado Hills, United States -- Matt James has collected gold nuggets for years from the hills and riverbeds of...
- Though the value has fluctuated, it has effectively doubled in the last two years, reaching an all-time high of more than $4,380 an ounce in October.
- The Gold Rush transformed California, known as the Golden State, and many towns in the Sierra Nevada are working to keep that moment in history alive.
Business
Deloitte unveils Middle East Center of Excellence for Oracle AI agents
Dubai, UAE - Deloitte Middle East has announced the launch of its Middle East Centre of Excellence for Oracle AI...
- The center offers a dedicated regional hub to develop and deploy Oracle AI Agents across public and private sectors
- It combines global expertise with local industry experience to advance agentic AI in the Middle East