Future-proofing hospitality asset value needs financial rigor with emotional intelligence
The GCC’s luxury hospitality sector has become a global benchmark, yet behind every polished facade lies an increasingly complex financial...
Opinion
Hermes overtakes LVMH as world’s most valuable luxury group
Paris, France -- French group Hermes overtook LVMH as the world's most valuable luxury company on Tuesday after shares in...
Business
After missing out on Messi, Saudis give Benzema gala welcome
Fireworks and flame-throwers greeted Benzema, wearing their black and yellow kit with the number nine, at Al-Ittihad's 60,000-seater stadium in...
- Karim Benzema joins Portugal idol Cristiano Ronaldo as the latest superstar to join the Saudi Pro League, which has a hit-list of high-profile targets
- Banners welcoming Benzema adorned the city, and according to press reports, 60,000 tickets at the symbolic price of nine riyals ($2.50) sold out within five hours
Ruby gemstone sells for record $34.8 million
The 55.22-carat gemstone named Estrela de Fura was already the largest ruby ever to go under the hammer. It was...
- Offered at a starting price of $21 million, it sold for $30 million plus fees and commissions to an anonymous telephone buyer
- The previous record belonged to a 25.59-carat Burmese ruby, which sold for a total price of $30.33 million by Sotheby's in Geneva in 2015
Business
Al-Futtaim leads $15m start-up funding
The firm led the funding in River, which manufactures electric two-wheelers.
- River is a Bengaluru-based company that was founded in 2020. The company has developed a range of electric two-wheelers, including scooters and motorcycles.
- The investment from Al-Futtaim Automotive will be used to help River scale up its manufacturing and distribution operations.
Not my vision of the future: Meta’s Zuckerberg on Apple Vision Pro
A new-generation Quest 3 with improved performance and slimmed design will be available later this year at a starting price...
- Zuckerberg's comments came during the first all-hands gathering at its Silicon Valley campus since the pandemic, and just days after Apple unveiled Vision Pro mixed reality headset
- Meta makes Quest virtual reality headsets and has invested heavily in Zuckerberg's belief that internet life will one day play out in virtual worlds referred to as the metaverse
Economy
UAE Fund Transfer System processes $1.06 trn in Q1 2023
Abu Dhabi, UAE - The gross value of interbank fund transfers through UAE Fund Transfer System (UAEFTS) rose to more...
- Statistics showed that bank transfers and customer transfers conducted in the period under review stood at $674.32 billion and $329.90 billion respectively
- Statistics also noted that March was the busiest month with dirham-denominated transfers standing at $397.82 billion
Business
UAE, fintech lead as venture funding surges in MENA
At $445 million, startups in the region witnessed a robust 153 percent year-on-year growth in venture funding despite a 7...
- At $445 million, startups in the region witnessed a robust 153 percent year-on-year growth in venture funding despite a 7 percent drop in deal volume, says a latest report
- Securing $422 million in 14 deals, the UAE led regional funding, while Saudi Arabia, boosted by Flat6labs Riyadh's seven new startups, led with 15 deals.
Business
Swiss Parliament to examine UBS’ Credit Suisse takeover
Switzerland's parliament will probe the government-orchestrated takeover of the stricken Credit Suisse bank by larger rival UBS. A parliamentary commission...
- The commission will examine "the legality, opportunity and effectiveness of the activities" of the Swiss authorities in the takeover.
- The commission will be composed of 14 lawmakers - seven from each house of parliament - with all major parties represented.
Business
Dubai International Chamber launches International Partners Network
DUBAI, UAE - Dubai International Chamber (DIC), one of the three chambers operating under Dubai Chambers, has launched the International...
- The International Partners Network will be focused on updating stakeholders on the chamber's attraction and expansion plans.
- The network supports the Chamber's strategic objectives of attracting 100 SMEs, 30 MNCs, expand100 Dubai-based companies by end of 2024.
Business
UAE, Peru sign air services agreement to promote bilateral trade
Lima, Peru - The UAE and Peru signed an air services agreement for cooperation between the two countries and promote...
- UAE investments in Peru over the last five years exceeded US$700 million, while intra-trade reached US$4.4 billion in the same period.
- UAE official said the deal will contribute to the growth of trade exchange in a manner that supports development in both the countries.
Business
Saudi Arabia to import 1.5 million head of cattle this Hajj season
Riyadh, Saudi Arabia -- Saudi Arabia's livestock imports during the current Hijri year increased by 40 percent compared to the...
- Since the beginning of this month, a total of 700,000 imported head of livestock have been cleared by the ministry at Jeddah Islamic Port.
- The ministry said it expects half a million more head to arrive in the coming days, in preparation for this year's Hajj season.
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Future-proofing hospitality asset value needs financial rigor with emotional intelligence
The GCC’s luxury hospitality sector has become a global benchmark, yet behind every polished facade lies an increasingly complex financial...
Opinion
Company News
Latest News
Saudi Arabia leads GCC in project awards this year
The 2024 outlook for the MENA region's project market is exceptional, with an anticipated surpassing of $270 billion in value,...
Business
Norway’s sovereign wealth fund posts record US$213bn profit
Oslo, Norway - Norway's sovereign wealth fund, the world's biggest, said Tuesday it raked in a record profit of 2.2 trillion...
Business
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Arts & Culture
Over 70 percent of musicians fear AI, says French-German study
PARIS, FRANCE - More than two-thirds of musicians fear that artificial intelligence will make it impossible to make a living, according...
- The report found that 35 percent were already using AI in a "large number of areas related to music creation".
- The report added that estimated incomes would fall 27 percent by 2028, equivalent to some US$2.9 billion.
Business
Pfizer reports loss in Q4
The drugmaker's revenues fell 41 percent to $14.2 billion.
- The drugmaker lost $3.4 billion in the fourth quarter, compared with profits of $5.0 billion in the year-ago period
- Pfizer reiterated its 2024 revenue forecast of $58.5-$61.5 billion after 2023 revenues came in at $58.5 billion
Business
Oman and Etihad Rail Co, Al Jazeera Steel sign MoU for raw materials
Sohar, Oman -- Oman and Etihad Rail Company (OER), the developer and operator of the UAE-Oman Rail Network, and Al...
- Under the terms of the agreement, OER will leverage the UAE-Oman Rail Network to support Al Jazeera Steel in optimizing inbound and outbound logistics from its factories in Oman.
- Once fully operational, the UAE-Oman Rail Network will unlock efficiency in freight movement by reducing travel time between both countries.