Airlines less optimistic for 2025, facing ‘headwinds’: IATA
New Delhi, India -- Airlines on Monday revised down their traffic and profit forecasts for 2025, citing "headwinds" for the...
Business
Saudi Pro League announces long-term partnership with Maaden
Riyadh, Saudi Arabia - The Saudi Pro League (SPL) and Saudi Arabian Mining Company (Maaden) have agreed a long-term strategic...
Business
Business
Emaar Properties to pay dividend
It will dole out cash dividends to the tune of US$601m.
- The company, in a disclosure to Dubai Financial market, said the proposed profits represent 25 percent of the capital, at 25 fils per share
- Its net profit almost doubled in 2022 as sales hit a record of $9.5 billion on the back of strong demand from real estate buyers
UBS in talks to acquire embattled Credit Suisse: report
The Swiss National Bank (SNB) and financial markets watchdog FINMA told their US and British counterparts their "plan A" to...
- Credit Suisse came under pressure this week as the failure of two US regional lenders rocked the sector
- The idea of a takeover by UBS was also floated this week by analysts at JP Morgan, calling it "the most likely" scenario
Business
Major Abu Dhabi Securities Exchange deals total $4bn since start of 2023
Abu Dhabi, UAE - The Abu Dhabi Securities Exchange (ADX) has reported the execution of 10 significant deals with a...
- The deals were carried out through 321.14 million shares of three listed companies
- Five major deals were signed by Al Alamiya Holding, the largest share among the three
Business
Abu Dhabi-Japan Economic Council reviews growth in bilateral trade and investments
TOKYO, JAPAN - The ninth session of the Abu Dhabi-Japan Economic Council (ADJEC) here has reaffirmed its commitment to further...
- In 2022, the bilateral trade between the UAE and Japan rose 57.5 percent to exceed US$54 billion.
- UAE exports to Japan grew 69.7 percent to US$45.9 billion compared to US$27 billion in 2021.
Geostrategy
UAE, Georgia sign Comprehensive Economic Partnership Agreement
The UAE and Georgia signed a joint statement confirming the successful conclusion of negotiations towards the UAE-Georgia Comprehensive Economic Partnership...
- Comprehensive Economic Partnership Agreement (CEPA) signing took place in Georgia’s capital Tblisi during a UAE delegation's visit to the country.
- The free trade agreement or CEPA will lay the foundation for deeper, stronger and more integrated economic relations between the UAE and Georgia.
Business
Abu Dhabi to host world’s largest autonomous racing league from 2024
Abu Dhabi, UAE -- The United Arab Emirates capital, Abu Dhabi, will host the world's largest autonomous racing league, with...
- The first autonomous car race will take place at Yas Marina Circuit in the last quarter of 2024 as the first in a series of autonomous vehicle races.
- The league will feature the Dallara-built Super Formula cars, the usage of which has been enabled by Japan Racing Promotion (JRP).
Business
Presight IPO oversubscribed
The G24 data analytics firm received $496 million in its offering.
- Presight offered 1.35 billion shares, equivalent to 24.24% of its paid-up capital.
- The company is expected to begin trading on the Abu Dhabi Exchange on Mar 27, 2023.
Business
Dubai records weeklong real estate transactions worth $2.72 billion
Dubai, UAE -- A total of 3,903 real estate transactions worth AED 10 billion ($2.72 billion) were conducted during the...
- A total of 208 plots were sold for AED 1.12 billion, while 2,906 apartment and villa sales totaled AED 6.25 billion.
- The top three transactions were three lands in Al Jadaf sold for AED 38.5 million, AED 38.5 million, and AED 37 million respectively.
Economy
OECD raises global growth forecast as inflation eases, recovery ‘fragile’
The OECD raised its global economic growth forecast as inflation eases and China emerges from Covid restrictions, but warned of...
- Organization for Economic Co-operation and Development says rate increases are still needed to fight inflation.
- OECD cited uncertainty over the course of the war in Ukraine, the risk of renewed pressure on energy markets.
Business
NBF approves dividend for 2022
The profit of 6% of paid-up capital will be paid as bonus shares.
- The bank’s shareholders also approved the Chairman’s and Directors’ Reports, and the Internal Shari’ah Supervision Committee Report for NBF Islamic.
- The shareholders confirmed the appointment and remuneration of the bank’s external auditors, PricewaterhouseCoopers (PwC) for 2023.
Airlines less optimistic for 2025, facing ‘headwinds’: IATA
New Delhi, India -- Airlines on Monday revised down their traffic and profit forecasts for 2025, citing "headwinds" for the...
Business
Company News
Eve Air Mobility, flynas ink MoU
Business
Latest News
Gold extends slide after Fed dampens March rate cut hope
Dubai, UAE - Gold prices extended losses on Wednesday as the US dollar strengthened after comments from a Federal Reserve...
Economy
Mawani reports rise in container handling
The growth aligns with the aims of national logistics strategy.
Business
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Business
Google to slash ‘few hundred’ jobs
The internet giant will cut jobs from its global ad team.
- The jobs will be cut by the company amid a push to use artificial intelligence for efficiency and creativity
- The company made no mention of generative AI, which is disrupting many sectors including advertising.
Geostrategy
WTO hopes to finalize fishing agreement
GENEVA, SWITZERLAND - The head of the World Trade Organization's fisheries talks voiced optimism  on Tuesday about striking an agreement on...
- The 164 WTO members kicked off a month of negotiations this week at the global trade body's headquarters in Geneva.
- The draft text is intended to help members reach agreement on a so-called "clean text" for submission to ministers in Abu Dhabi.
Geostrategy
Shell halts Red Sea shipments over attack fears, say report
WASHINGTON, US - British oil giant Shell has paused transit through the key Red Sea shipping route indefinitely, over fears of...
- The worries of escalation grew after United States and United Kingdom strikes on scores of sites in rebel-held Yemen.
- The Houthis have been targeting what they deemed Israeli-linked vessels, but after the strikes, they declared US and British interests "legitimate targets."