ADNOC’s listed companies post over $2.3 billion net profit in first quarter
Abu Dhabi, UAE -- ADNOC Group's publicly traded portfolio companies combined to deliver over $2.3 billion (AED8.4 billion) in first...
Business
TOURISE 2025: Riyadh to host premier summit for sustainable tourism
Riyadh, Saudi Arabia -- Saudi Arabia's Minister of Tourism, Ahmed Al-Khateeb, has officially unveiled TOURISE, a groundbreaking global platform set...
Business
Economy
UAE positioned itself as key player in global value chain: Al Zeyoudi
Abu Dhabi, UAE-- Stating that the global reshuffling of economic gravity is providing an opportunity for the UAE, Dr. Thani...
- Al Zeyoudi said the UAE achieved a remarkable 17 percent growth in trade figures, reaching a total of $630 billion
- The minister affirmed his confidence in the UAE's ability to continue attracting investments and achieving strong trade growth in the coming year
Business
Sunreef Yachts partners with RAK Maritime City to build new facility
Ras al Khaimah, UAE-- Sunreef Yachts Middle East has signed a cooperation agreement with RAK Maritime City for the development...
- The new facility, developed on a 65,000 square metres land reserve, will incorporate the latest technologies in luxury yacht building
- The venture is part of Sunreef Yachts’ global expansion strategy designed to strengthen the company’s presence in the Middle East
Business
Despite hurdles, women entrepreneurs thrive in MENA tech sector
As the governments and private organizations in the region are taking measures to encourage and support women entrepreneurs in the...
- A UNESCO study found that 57 percent of Science, Technology, Engineering, and Mathematics graduates in Arab nations are women
- Another study revealed that 34 percent of the region's tech-focused start-ups have been founded by women
Economy
Iran announces discovery of large lithium deposit
TEHRAN, IRAN - Iran has announced the discovery of a large deposit of lithium, a key component of batteries for electric...
- This reserve is believed to hold "8.5 million tonnes" of lithium, according to a senior Iranian official.
- This white metal is an essential component of rechargeable batteries used in cell phones and other electronic devices.
Geostrategy
UAE, Italy enhance bilateral relations to Strategic Partnership level
ABU DHABI, UAE - The United Arab Emirates and Italy on Saturday announced the enhancement of their  bilateral relations to...
- A pact for cooperation on energy projects and sustainability initiatives between Abu Dhabi National Oil Company and the Italian energy group Eni was signed.
- The MoU aims to strengthen cooperation in the field of emissions reduction, new energy technologies and low-carbon solutions.
Business
ACWA Power logs 411m profit
The company's operating profit rose 13.5% to $696 million.
- The company’s fourth-quarter net profit after tax surged 94 percent to $175 million, compared to $90.40 million in Q4 2021
- ACWA Power last month signed an agreement for a new giga-scale green hydrogen project to expand its Indonesian portfolio
Business
Wall Street Journal’s report UAE considering leaving OPEC not true: sources
Dubai, UAE--A media report that the United Arab Emirates is considering leaving OPEC is "far from the truth," two sources...
- The WSJ reported that the UAE is having an internal debate about leaving the OPEC following differences with Saudi Arabia
- Oil fell as much as $2 a barrel after the WSJ story, with analysts citing concerns that this might impact the OPEC+ production cut deal
Business
‘Global luxury goods market surged 21% to $1.38trn in 2022’
It is estimated that 400 million people consume luxury products worldwide and that number will reach 500 million by 2030.
- It is estimated that 400 million people consume luxury products worldwide and that number will reach 500 million by 2030
- A study recently released by IMARC Group has revealed that the UAE luxury market will reach $ 5.2 billion by 2027
Business
Alpha Dhabi posts $2.88bn profit
The net profit exceeded the Group's target of AED10 billion.
- Revenues hit AED 40.0 billion, which represents an increase of 114 percent
- The growth was driven primarily by strong contributions from the new acquisitions
Business
Apple to produce iPhones in India
The proposed factory will be spread over 300 acres.
- "Apple phones to be built in the state soon," Karnataka state chief minister Basavaraj S Bommai tweeted on Friday
- "Apart from creating about 100,000 jobs, it will create a whole lot of opportunities for Karnataka," he added
ADNOC’s listed companies post over $2.3 billion net profit in first quarter
Abu Dhabi, UAE -- ADNOC Group's publicly traded portfolio companies combined to deliver over $2.3 billion (AED8.4 billion) in first...
Business
Company News
UAE approves Dubai Metro Blue Line project
Geostrategy
Latest News
Dubai records $2.74 billion in weeklong real estate transactions
Dubai, UAE -- The real estate and properties transactions valued at 10.1 billion ($2.74 billion) in total during the week...
Business
BRICS to launch bonds worth US$28bn in local currencies
Tehran, Iran-- BRICS is preparing to launch new bonds in global markets, which will be available in local currencies rather...
Business
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Business
Biggest fuel refinery plant of Africa begins production
Lagos, Nigeria - Africa's biggest diesel and aviation fuel refinery built by the continent's richest man has started production, the company...
- The 650,000 barrel-per-day Dangote refinery could be a game changer when fully operational by helping end Nigeria's reliance on fuel imports.
- The facility sits on 2,635 hectares (6,500 acres) of land at the Lekki Free Zone on the edge of Lagos city and cost an estimated $19 billion.
Business
DEWA records 12.5 million digital transactions in 2023
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) announced that its customers conducted around 12.5 million digital transactions in...
- DEWA offers digital services for electricity and water management, as well as innovative sustainability services.
- These include smart living initiative, features like consumption monitoring, comparison with high-efficiency homes.
US sanctions Hong Kong, UAE firms over Houthi support
The move comes hours after US and UK forces launched strikes against the Houthi rebels, seeking to halt their repeated...
- The two companies designated on Friday by the US Treasury Department were Hong Kong-based Cielo Maritime and UAE-based Global Tech Marine Services
- They were said to have shipped Iranian commodities on behalf of the network of Houthi financial facilitator Sa'id al-Jamal, said the Treasury