The five biggest-selling gaming consoles
From the first video game consoles of the 1970s to the Nintendo Switch 2 due out on Thursday, hundreds of...
Business
Musk to exit US government role after rare break with Trump
Washington, United States - Billionaire Elon Musk on Wednesday announced he was leaving his role in US government, intended to...
Business
Business
Huawei profit tops $12bn
The profits more than doubled compared to 2022.
- Huawei has been at the center of an intense standoff between China and the United States, with Washington warning its equipment could be used for espionage.
- Sanctions since 2019 have cut Huawei's access to US-made components and technologies, forcing it to diversify.
Business
Amanat FY 2023 revenue $195m
The company's revenue grew by 40 percent year-on-year.
- Amanat announced a proposed dividend of US$13 million for FY 2023, with additional interim dividends planned for 2024.
- The balance sheet reached US$158 million in cash at year-end, and low leverage provided significant capital for deployment.
Business
UAE earns first spot in Global Entrepreneurship Monitor 2024 report
Abu Dhabi, UAE-- The United Arab Emirates has been ranked first globally for the third consecutive year in the Global...
- The report said the UAE was the best place to start and conduct new business ventures, surpassing many advanced economies
- The report put Saudi Arabia on the third spot, Qatar at fifth, and Estonia South Korea, Switzerland, and China following them
Geostrategy
Japan to restart funding to UN Palestinian refugee agency
Tokyo, Japan--Japan is preparing to resume funding to the UN's crisis-hit Palestinian refugee agency (UNRWA), which coordinates nearly all aid...
- Japan like many other countries paused funding after Israel claimed that 12 of UNRWA's 13,000 Gaza employees were involved in the deadly October 7 Hamas attack
- The UN has launched both an internal and an independent investigation but has said Israel has not provided it with any evidence to support the claim against the workers
Economy
Arab Bank for Economic Development in Africa expects financing to touch US$2.5bn
Abu Dhabi, UAE--The Arab Bank for Economic Development in Africa (BADEA) expects the bank's annual financing to reach US$2.5 billion...
- The annual financing of the bank is witnessing a steady increase, rising from US$2 billion in 2022 to US$2.23 billion in 2023
- Nearly 30 percent of the bank's financing in the last 10 years was allocated to sustainable development projects in Africa
Opinion
UHNWIs drive Dubai’s luxury real estate growth
"The ultra-high-net-worth individuals (UHNWIs) have transformative impact on the real estate market. These individuals, with their discerning tastes and substantial...
- UHNWIs significantly contribute to the growth of Dubai's luxury property sector, driving demand and innovation.
- Sales of homes priced at $10 million or more in Dubai reached $7.6 billion in 2023, outperforming global cities.
Business
Embracer sells Borderlands
The sale is expected to be completed by June-end .
- The sale would reduce the company's net debt by around $300-327 million, the group said in a statement
- Gearbox will join a Take-Two line-up that includes the likes of "Grand Theft Auto" maker Rockstar Games and 2K
Market Report
US stocks open mixed ahead post fresh economic data
New York, US- Wall Street stocks saw a mixed start to Thursday, as traders digested the latest economic data ahead of...
- The broad-based S&P 500 Index was flat at 5,247.74, while the tech-heavy Nasdaq Composite Index retreated 0.2 percent to 16,363.03
- The Commerce Department made a surprise upward revision to fourth quarter GDP growth, to an annual rate of 3.4 percent
Business
Abu Dhabi Chamber sets up working group to support startups, SMEs
ABU DHABI, UAE – The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has formed a working group specifically for...
- This initiative aims to support and represent the interests of startups and SMEs in the region.
- The goal is to make Abu Dhabi the top choice for business in the Middle East and North Africa by 2025.
Business
TAQA, JERA sign pact with SATORP to develop plant in Saudi Arabia
ABU DHABI, UAE – Abu Dhabi National Energy Company (TAQA), together with JERA Co., Inc on Thursday announced that they...
- They will develop a greenfield industrial steam and electricity cogeneration plant for Amiral petrochemical complex.
- The Amiral petrochemical complex is expected to house one of the largest mixed-load steam crackers in the Arab Gulf region.
The five biggest-selling gaming consoles
From the first video game consoles of the 1970s to the Nintendo Switch 2 due out on Thursday, hundreds of...
Business
Company News
Perplexity eyes TikTok buy
Business
Latest News
Dar Alarkan 2024 profit up 32%
Business
OpenAI files counterclaims against Musk as feud deepens
San Francisco, United States -- Artificial intelligence giant OpenAI has filed counterclaims against multi-billionaire Elon Musk, accusing its former co-founder...
Business
47 global firms interested in developing 7th phase of Al Maktoum solar park
Dubai, UAE -- A total of 47 international companies have shown interest in developing the seventh phase of the Mohammed bin...
Business
After Instagram restrictions, Meta to introduce teen accounts for Facebook
Paris, France -- Meta on Tuesday announced that it was extending its teen accounts to its social network Facebook, after...
Geostrategy
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Interview
UAE’s steady economic rise fertile ground for growth of facilities management
A steady stream of development projects and year-round tourism in the country propel demand for tech-enabled facilities management, says Adnan...
- In a market like the UAE, or the GCC in general, where things evolve daily, adaptation is essential, said Jabri.
- Our industry is increasingly focused on sustainability, and technology plays a pivotal role in enabling environmentally friendly practices, he added.
Business
Stocks sink again as Trump holds firm on tariffs
Trading floors across the globe were overcome by waves of further selling after last week's sharp losses, with Trump telling...
- Wall Street was wracked by volatile trading, bouncing into positive territory on hopes of a 90-day pause in tariffs, only to sink lower when those were dashed by the White House.
- Trillions of dollars have been wiped off combined stock market valuations in recent sessions. Bitcoin tumbled, while the dollar rebounded after sharp losses last week.
Business
UAE tourism generates $12.24bn in hotel revenues in 2024: Minister
Abu Dhabi, UAE -- Hotel revenues in the UAE reached approximately AED 45 billion ( $12.24 billion) in 2024, reflecting...
- Hotel occupancy rates also climbed to 78 percent last year, ranking among the highest both regionally and globally.
- The minister said that the number of hotel guests across the UAE reached approximately 30.8 million in 2024, reflecting a 9.5 percent growth.