Borouge 2024 net profit $1.24bn
The company said it will maintain a $1.3bn dividend for 2025.
Business
Abu Dhabi records $2.88 billion in real estate transactions in January
Abu Dhabi, UAE -- Abu Dhabi’s real estate market recorded AED10.6 billion in transactions in January, totaling 2,514 property deals....
Business
Economy
Sharjah Chamber suggests measures for strengthening PPPs
The Sharjah Chamber of Commerce and Industry (SCCI) has recommended several measures to strengthen the emirate’s public-private partnerships (PPPs).
- The Cabinet to issue a federal law regulating partnerships between the federal authorities and the private sector in the UAE.
- In its meeting SCCI board of directors has ordered arrangements to be put in place to encourage public-private sector partnerships.
Business
Walaa to merge with SABB
The firm won the shareholders' approval for the merger.
- Walaa Insurance also received its shareholders’ approval to raise its share capital to $227 million, out of which 24 percent will go to SABB Takaful's shareholders
- The merger will be conducted through a share swap where Walaa will issue 0.6 shares against each share issued by SABB Takaful
Business
Qatar deepens partnership with Iberdrola Innovation
Qatar science and Technology Park (QSTP) has deepened its partnership with Iberdrola Innovation Middle East by signing an agreement to...
- The agreement was signed by QSTP Executive Director Yosouf Al Salehi and Managing Director of Iberdrola Innovation Middle East Santiago Banales
- Iberdrola aims to define the digital utility by developing innovative digital solutions for renewable energy integration, smart grids, and energy efficiency and conservation
Business
Crypto founder, wanted by South Korea, says “not on the run”
Four days after a South Korean court issued an arrest warrant for him, the founder of the failed cryptocurrency platform...
- The collapse of Terraform Labs earlier this year wiped out about $40 billion of investors' money
- South Korean prosecutors have also issued arrest warrants for five other people who were not named linked to stablecoin TerraUSD and its sister token Luna
Business
US team explores ways to boost economic ties with UAE
The delegation, led by Governor Spencer J. Cox, included over sixty prominent Utah government officials, business executives, and community leaders,...
- The meeting was organized by the US-UAE Business Council, the State of Utah Governor's Office of Economic Opportunity and the World Trade Center Utah
- The American delegation discussed strengthening relations with the UAE and opportunities for future cooperation with nearly 100 businessmen and women from both sides
Opinion
Attacks using Log4j exploit, Botnets are on the rise
While attacks using the Log4j exploit vulnerability can be effective for state actors focused on specific politically targeted websites, the...
- Some of the most notable services affected by the vulnerability include Cloudflare, iCloud, Minecraft: Java Edition, Steam, Tencent QQ, and Twitter.
- Given that there are still millions of unpatched sites using out of date Log4j code, it’s fertile ground for hackers.
Analysis
Gulf construction market builds on KSA-UAE rivalry
As Saudi Arabia is all set to become the largest construction site in the world, the competition between Dubai and...
- As Saudi Arabia is all set to become the largest construction site in the world, the competition between Dubai and Riyadh to attract investments will intensify further
- Over the last seven years, $1.1 trillion worth of real estate projects have been announced in Saudi Arabia, says a recent research by Knight Frank
Business
Jebel Ali Free Zone propels automotive markets growth
Jebel Ali Free Zone (Jafza), facilitated over 1.2 million metric tonnes (MT) from Dubai’s total volume of around 4.8 million...
- Jebel Ali Free Zone (Jafza) logistics infrastructure and global trade network have connected African, Asian and Middle Eastern traders to consumers globally.
- With companies from 70 countries and a workforce of nearly 8,000, Jafza’s infrastructure and trade volumes are an attraction for industry giants.
Geostrategy
Saudi Arabia, Oman ministers discuss industrial cooperation
Oman Minister of Commerce along with a delegation met Saudi Arabia Minister of Industry where the two discussed industrial cooperation...
- The two sides deliberated on Saudi Arabia's experience in managing and operating industrial cities.
- The two sides discussed Made in Saudi program and the financing aspects.
Geostrategy
France sends latest nuclear shipment to Japan
Two ships carrying reprocessed nuclear fuel destined for Japan set sail Saturday morning from northern France, an AFP photographer said,...
- MOX fuel is a mixture of reprocessed plutonium and uranium.
- Environmental activists have denounced the practice of transporting such highly radioactive materials, calling it irresponsible.
Borouge 2024 net profit $1.24bn
The company said it will maintain a $1.3bn dividend for 2025.
Business
Company News
Latest News
MODON inks $133 m pact
Business
Northvolt says it develops new sodium-ion battery
Stockholm, Sweden - Battery group Northvolt said on Tuesday it had developed a new sodium-ion battery, a technology using less critical...
Business
Tax havens only half the story, says OECD
Paris, France - Tax havens are blamed for lower public revenues elsewhere as they lure away multinational firms but a study...
Economy
Indonesia unveils plan to bring $20bn energy investment from West
Jakarta, Indonesia - Indonesia on Tuesday launched an investment plan to attract $20 billion pledged by Western nations in a renewable...
Business
Most Read
Business
Sustainable aviation fuel production lags behind demand: IATA official
Dubai, UAE -- The current production of sustainable aviation fuel (SAF) represents less than 1 percent of the sector's demand,...
- The current production of sustainable aviation fuel (SAF) represents less than 1 percent of the sector's demand.
- Al-Eisawi also noted that global travel has recovered more than 97 percent of pre-pandemic levels, exceeding 100 percent in the Middle East region.
Business
MBC Group IPO plea okayed
The conglomerate intends to sell 33.25 million shares.
- The number of shares represent 10 percent of the capital of the Saudi media conglomerate.
- The company's prospectus will be published ahead of the planned share sale, the market regulator said in a statement.
Business
Yalla 9M revenue at $237.9m
The results underscore the firm’s robust financial performance.
- The company's net margin remained exceptionally high at 41.4 percent, highlighting its strong monetization capabilities.
- Yalla's average monthly active users experienced significant growth, surging by 13.6 percent to 35.1 million in Q3 2023.