ADNOC Drilling secures $1.15bn contract
The contract for two jack-up rigs begins in the second quarter.
Business
Anthropic’s Claude AI gets smarter — and mischievious
San Francisco, United States -- Anthropic launched its latest Claude generative artificial intelligence (GenAI) models on Thursday, claiming to set...
Business
Business
Nissan, Honda in tie-up for EVs
The alliance will take on China's dominant EV makers.
- The MoU could include cooperation on a common EV powertrain and joint procurement of batteries and other components
- The firms announced a joint news conference at 3:30 pm (0630 GMT) in Tokyo without giving further details at this point in time
Business
Dubai receives 1.77m international tourists in January this year
Dubai, UAE--Dubai welcomed 1.77 million international tourists in January 2024, an increase of 21% compared to 1.47 million visitors in...
- Tourists from Western Europe ranked first with 327,000 visiting the emirate in January
- Some 311,000 travelers from the GCC countries visited Dubai in the same month
Business
Sweden’s gaming group Embracer divests Russian assets
Stockholm, Sweden - Swedish gaming group Embracer, which owns the Borderlands franchise and the Tomb Raider license, announced on Thursday that...
- Beacon Interactive, which is controlled by Saber Interactive co-founder Matthew Karch, will pay $247 million for the unit, according to Embracer.
- Embracer said the divested assets included "38 ongoing game development projects," amounting to a book value of 2.3 billion kronor ($225 million).
Economy
Saudi inflation rises to 1.8% in February
RIYADH, SAUDI ARABIA – Saudi Arabia’s inflation accelerated to 1.8 percent in February compared to January 2024, according to data by the General...
- The cost-of-living index for February rose to 110.64 points, according to the base year 2018, from 108.67 points in the same month a year earlier.
- Inflation is measured by the percentage change in the cost of living between the current period and the corresponding period of the previous year.
Geostrategy
Former US treasury secretary says preparing buyout of TikTok
Washington, US - Former US Treasury Secretary Steven Mnuchin on Thursday said he is putting together a team of investors to...
- Mnuchin, former US Treasury Secretary, said that TikTok was "a great business and I’m going to put together a group to buy" the embattled app.
- "This should be owned by US businesses. There’s no way that the Chinese would ever let a US company own something like this in China," Mnuchin said.
Business
Ajman records real estate transactions worth US$195m in February
AJMAN, UAE – Director-General of Ajman’s Department of Land and Real Estate Regulation Eng. Omar bin Omair Al Muhairi said...
- A total of 129 real estate valuation transactions took place in the emirate in February.
- There was a rise of 44.7 percent in commercial property value in February compared to January.
Business
AstraZeneca to buy Amolyt for $1bn
It will pay $800 million upfront for the Lyon-based company.
- The London-listed group added that the transaction would bolster its rare diseases division Alexion.
- AstraZeneca's share price was up 0.1 percent in early morning London trading following the news.
Geostrategy
Brighter US economic outlook fuels global oil demand growth forecast
Rising fuel needs of ships rerouted away from the Red Sea also to increase demand, the International Energy Agency said....
- The IEA said world oil demand growth is now forecast to increase by 1.3 million barrels per day (bpd) this year, 110,000 bpd higher than in its previous monthly market report.
- Global demand is also driven by the "comparatively buoyant economy" of the US where oil consumption is gaining momentum on rising petrochemical operations, it said.
Business
DP World 2023 profit is $1.5bn
The company's revenue grew 6.6 percent to $18.25 billion.
- DP World logged a 13 percent decarbonization in Scope 1 and Scope 2 carbon emissions.
- The cash generated from the company's operating activities rose to $4.5 billion in 2023.
Geostrategy
UAE, Hungary ink pact to enhance trade, investment ties
ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade...
- The UAE-Hungary economic cooperation agreement aims to deepen bilateral ties between the two nations and drive growth.
- The agreement between the two countries also aims to boost non-oil trade, which has seen a significant increase in recent years.
ADNOC Drilling secures $1.15bn contract
The contract for two jack-up rigs begins in the second quarter.
Business
Company News
stc net profit for 2024 $6.58bn
Business
Latest News
Stock markets rise on fresh hopes for Trump’s tariff approach
Investor sentiment has been jolted in recent weeks by fears that the president's hardball policies could deal a painful blow...
Business
Does ‘vibe coding’ make everyone a programmer?
New York, United States -- Can a complete tech novice create a website using everyday language on ChatGPT? That's the...
Business
ADNOC Gas to pay $3.41bn dividend
It includes $1.7 billion scheduled for distribution in Q2 2025.
Business
Most Read
Business
Al Ansari approves $85m dividend
This is approx 78% of the company's net profit after tax.
- Al Ansari Financial Services is preparing to finalize the acquisition of BFC Group Holding for AED 735 million, a move that will significantly expand its regional footprint.
- Post-acquisition, the company will emerge as the largest exchange company in Bahrain and the third largest in Kuwait.
Business
Perplexity eyes TikTok buy
TikTok faces a deadline to divest from its Chinese owner or be banned in the US.
- TikTok temporarily shut down in the United States and disappeared from app stores as the deadline for the law approached, to the dismay of millions of users.
- Trump suspended its implementation for two-and-a-half months after beginning his second term in January, seeking a solution with Beijing.
Business
Trump awards next-generation F-47 fighter jet contract to Boeing
US President Donald Trump announced Friday that Boeing has been awarded a major contract for the Air Force's high-tech next-generation...
- The contract is aimed at continuing the development of the replacement for the F-22 stealth warplane
- The announcement is a boon for Boeing, which faced a difficult last year in which it struggled with a lengthy labor strike and safety problems