Volatility grips oil market as nervous investors assess Venezuela
Having spiked in an initial reaction to the military operation to apprehend Nicolas Maduro in Caracas, oil prices quickly dropped...
Business
TSMC says started mass production of ‘most advanced’ 2nm chips
Taipei, Taiwan -- Taiwanese tech titan TSMC has started mass producing its cutting-edge 2-nanometre semiconductor chips, the company said in...
Business
FAB delivers strong results in 2024 with profit before tax of AED 19.9 billion, up 13% yoy
First Abu Dhabi Bank (FAB) has achieved solid results in 2024 with Group net profit reaching AED 17.1 billion, up...
- The performance marks consecutive years of sustained growth in scale and profitability
- FAB’s Board of Directors recommends a cash dividend of 75 fils per share
Economy
Saudi Arabia’s inflation rate 2 percent in Jan, rental prices main driver
Riyadh, Saudi Arabia -- Saudi Arabia's annual inflation rate in Jan 2025 reached 2 percent compared to January 2024, the...
- According to GASTAT, Saudi Arabia's inflation rate is considered the lowest among the G20 countries.
- CPI measures the prices paid by consumers for a fixed basket of goods and services consisting of 490 items.
Business
OpenAI board rejects Elon Musk-led $97.4 billion buyout offer
San Francisco, United States -- OpenAI's board chairman on Friday said it has unanimously rejected an Elon Musk-led offer to buy...
- Musk filed court documents saying he will withdraw the offer to buy OpenAI if its board returns the artificial intelligence pioneer to a non-profit "charity" model.
- OpenAI currently operates a hybrid structure, as a non-profit with a money-making subsidiary.
Business
AD Ports Group 2024 net profit $484m
The Group's revenue increased 48 percent year-on-year.
- Net profit attributable to owners grew 24 percent YoY to AED1.33 billion led by strong operating performance.
- Total assets grew by 15 percent YoY to AED63.70 billion in 2024 while total equity increased 15 percent YoY to AED27.83 billion.
Nissan, Honda shares surge after merger talks scrapped
Nissan and Honda shares surged in Tokyo Friday after the auto giants confirmed they scrapped merger talks and Nissan detailed...
- Nissan shares soared 8.17 percent to 449 yen in early trade before easing to 439.5 yen
- Honda shares rose 4.46 percent to 1,498 yen, before easing to 1.487 yen
Business
Stocks mostly rise, oil falls as Trump fans Ukraine peace hopes
London, United Kingdom -- Major stock markets mostly rallied and oil prices retreated Thursday on hopes for an end to the...
- London was a rare faller owing to sharp losses to share prices of big companies, including Unilever, Barclays and British American Tobacco.
- With Russia being a major producer of oil, crude futures fell heavily on easing supply concerns, while the dollar lost some of its safe-haven support.
Business
TAQA net income $1.93bn in 2024
The company's revenues increased 6.7 percent year-on-year.
- TAQA said the net income excludes one-off items (AED 10.8 billion) related to the acquisition of a 5 percent stake in ADNOC Gas.
- The company's revenues increased 6.7 percent year-on-year to AED55.2 billion, driven by sustained Transmission & Distribution (T&D) growth.
Business
ADNOC L&S 2024 net profit $756m
The company's revenue increased by 29 percent to $3.54 billion.
- EBITDA rose by 31 percent to $1.149 billion (AED 4.219 billion) in the same period, driven by robust performance across all business segments.
- The Company's Q4 revenue increased by 6 percent year-on-year (y-o-y) to $881 million (AED 3.237 billion).
Business
UAE to launch DeepSeek-inspired AI models: Faisal Al Bannai
Dubai, United Arab Emirates -- The United Arab Emirates is planning to launch new artificial intelligence models inspired by China's DeepSeek,...
- The UAE is betting big on the transformational technology as part of its push to diversify its economy away from fossil fuels.
- The UAE launched Falcon in 2023, a large language model that compared favorably with industry leaders including OpenAI's ChatGPT.
Business
ADNOC Distribution 2024 net profit down 7%
Minus UAE corporate tax, it would have grown by 2.4% to $725m
- The company achieved its highest-ever (EBITDA) of $1.05 billion (AED3.86 billion), an increase of 4.8 percent year-on-year.
- The company's Board of Directors has recommended a cash dividend of $350 million (AED1.285 billion) for H2 2024.
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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
Volatility grips oil market as nervous investors assess Venezuela
Having spiked in an initial reaction to the military operation to apprehend Nicolas Maduro in Caracas, oil prices quickly dropped...
Business
Company News
SEC H1 net profit $1.67bn
Business
Latest News
DEWA profit after tax $789m
Business
Tesla proposes package for Musk that could top $1 trillion
New York, United States -- Tesla unveiled on Friday a proposed compensation package for Elon Musk that could top $1...
Business
EU hits Google with $3.47 billion fine despite Trump threats
Brussels, Belgium -- The EU slapped Google with a massive 2.95 billion euro ($3.47 billion) antitrust fine for favoring its...
Business
Most Read
Science
Norway experiments with electric plane in real-life test
Oslo, Norway -- An electric plane took to the skies between the Norwegian airports Stavanger and Bergen on Thursday, simulating...
- The small aircraft -- an Alia built by US aircraft manufacturer Beta -- flew the 160 kilometers in a test run by the Norwegian affiliate of the transport company Bristow.
- The flight took 55 minutes and simulated a cargo flight route in southeastern Norway.
Business
Qatar ready to invest $21 bn in DR Congo: Kinshasa
Kinshasa, DR Congo -- Qatari investment firm Al Mansour Holding hopes to invest $21 billion in the Democratic Republic of...
- Group founder and royal family member Sheikh Mansour bin Jabor bin Jassim Al Thani visited the DRC capital Kinshasa on Tuesday as part of an African tour.
- The investment would be in various sectors, including agriculture, finance, mining, pharmaceuticals and hydrocarbons.
Business
Global bond selloff spreads to Japan, gold hits record high
Wall Street stocks opened mostly higher, with shares in Google parent-company Alphabet shooting up nearly seven percent after winning a...
- Yields on 30-year Japanese government bonds rose to an all-time high of 3.29 percent on Wednesday, while 20-year yields reached their highest since 1999.
- The selloff in Japanese debt mirrors widespread moves in the United States and Europe, with investors spooked over substantial piles of government debt globally.