Business
GCC asset management reaches $2.7 trillion as retail growth outpaces institutions
Boston Consulting Group says regional asset managers must strengthen distribution capabilities and technology adoption as industry competition intensifies globally.
- Retail assets outpaced institutional growth, highlighting accelerating demand despite institutional investors continuing to dominate regional assets under management.
- BCG says distribution capabilities, AI adoption and technology investment will increasingly determine competitive advantage for regional asset managers.
Business
OpenAI limits release of new model after US government request
Dubai, UAE -- ChatGPT developer OpenAI is restricting access to its latest artificial intelligence (AI) model at the request of...
- OpenAI launched a limited preview of its GPT-5.6 models after a request from the US government before wider release.
- The preview includes Sol, Terra and Luna models, initially available only to a small group of trusted partners.
Business
Sharjah Chamber registers 30,000 memberships in H1
Dubai, UAE -- The Sharjah Chamber of Commerce and Industry (SCCI) reported an impressive surge in registered memberships in the...
- Saudi Arabia ranked as Sharjah’s largest export destination, with the total export and re-export values surpassing AED1.5 billion, followed by Kuwait, Iraq, Qatar, and Ethiopia.
- SCCI reported 26,100 membership renewals across industrial, commercial, and professional sectors and 900 free zone memberships (new and renewed
Business
Saudi Arabia mandates tougher money laundering risk assessments
Dubai, UAE -- Saudi Arabia has updated the executive regulations of its Anti-Money Laundering Law, introducing stricter disclosure requirements for...
- Travellers must declare cash, gold, jewellery and precious items worth SAR40,000 or more when entering or leaving the kingdom.
- New rules establish Riyadh as headquarters of the General Directorate of Financial Intelligence, with authority to open nationwide branches.
Business
Nasdaq Dubai lists $500 million Arab Energy Fund sukuk
Dubai, UAE -- Nasdaq Dubai has listed a $500 million sukuk issued by The Arab Energy Fund (TAEF), adding to...
- The senior unsecured trust certificates, issued through APICORP Sukuk Limited under TAEF's Trust Certificate Issuance Programme, mature in 2031.
- The sukuk was priced at a spread of 70 basis points over the Secured Overnight Financing Rate (SOFR).
Business
SpaceX’s blockbuster IPO gives way to volatile trading as investors reassess valuation
Among the several factors that contributed to the volatility is the limited share float. Only around 4.2% of total shares...
- SpaceX shares trade around $157, above the $135 IPO price but well below the post-listing peak of about $226.
- The stock briefly became the world's fourth most valuable listed company, surpassing Amazon and Microsoft, before retreating.
Business
Global equities, gold may extend gains in H2 2026 despite market risks: Standard Chartered
UAE and Middle East investors remain supported by stable oil markets, easing geopolitical risk premiums and strong liquidity, the bank...
- Bank forecasts S&P 500 reaching 7,950 and gold rising to $5,100 by mid-2027.
- Global equities have gained more than 12% this year, supported by earnings and AI optimism.
Business
Saudi launches one-stop platform for summer travel offers and experiences
Dubai, UAE -- Saudi Arabia's tourism authority has launched a digital platform bringing together travel offers and tourism packages from...
- Platform combines accommodation, flights, events and entertainment offers.
- Packages available for Riyadh, Jeddah, Asir, Red Sea, Taif and Al-Baha.
Business
Saudi tourist spending rises to $22 billion in Q1 despite drop in foreign arrivals
Domestic travel helped sustain Saudi Arabia's tourism sector in the first quarter, with total visitor numbers rising to 37.2 million...
- International visitors generated SAR48 billion, nearly 60% of total tourism spending despite representing just one-fifth of travelers.
- More than 105,000 hotel rooms are scheduled for delivery by 2030 as Saudi Arabia expands tourism infrastructure.
Business
Gold prices fall 1 percent on Fed rate rise expectations, gold edges higher
Brent crude futures rose 24 cents, or 0.38%, to $78.15 a barrel by 0026 GMT, while U.S. West Texas Intermediate...
- The gains followed a selloff of more than 3% on Monday, when oil prices fell after signs of progress in negotiations between Washington and Tehran.
- Spot gold was down 1.1% at $4,142.61 an ounce as of 0414 GMT, while U.S. gold futures for August delivery fell 1% to $4,160.20.
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Company News
Bank of Sharjah profit up 39%
Business
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DIB H1 net profit $1bn
Business
Youth account for over 30 percent of EWEC workforce, utility says
Dubai, UAE -- Abu Dhabi's Emirates Water and Electricity Company (EWEC) said young professionals now make up more than 30...
Business
Sharjah real estate transactions rise 9.3 percent to AED29.5 billion in H1
Dubai, UAE -- Sharjah's real estate transactions rose 9.3 percent year on year to about AED29.5 billion ($8.03 billion) in...
Business
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Business
Ajman real estate transactions reach $2.94 billion in first half
Dubai, UAE -- Real estate transactions in Ajman totalled more than 10.8 billion dirhams ($2.94 billion) in the first half...
- The department recorded 6,815 real estate transactions during the January-June period, according to the Ajman Real Estate Index.
- Trading transactions accounted for 5,435 deals worth 7.64 billion dirhams, while 969 mortgage transactions totalled more than 1.88 billion dirhams.
Business
Turkey’s exports to EU rise 4.7 percent to $55 billion in first half
Dubai, UAE -- Turkey's exports to the European Union rose 4.7 percent in the first half of 2026 to $55...
- EU-bound shipments accounted for a significant share of Turkey's total exports, which increased 3.6 percent year-on-year to $136 billion during the January-June period.
- Germany remained Turkey's largest export destination, receiving goods worth $10.1 billion, followed by Italy at $6.8 billion and Spain at $5.6 billion.
Business
SIB H1 profit up 15.3%
Total operating income rises 20.5 percent.
- Total assets rose 4.7 percent to AED94.5 billion as Islamic financing portfolio expanded and customer deposits continued growing strongly.
- Non-performing financing ratio improved to 3.6 percent while shareholders' equity increased following a AED2.6 billion capital strengthening exercise.