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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Equinor signs $27 bn gas deal

The 10-year contract was signed with Centrica.
  • Natural gas accounts for 38% of UK's total energy supply, according to the IEA, making it the top fuel source, and the nation depends heavily on imports.
  • Russia's invasion of Ukraine and Western sanctions roiled energy markets, sparking a rise in prices that British consumers are still struggling with.

Israel arms exports to UAE, Bahrain, Morocco rise sharply after 2023

Sales to countries considered part of the Abraham Accords -- the United Arab Emirates, Bahrain and Morocco who signed groundbreaking...
  • Israel's defense ministry said that its arms exports hit an all-time high of more than $14.7 billion in 2024, despite international criticism of ongoing Gaza onslaught.
  • A majority -- 56.8 percent -- of the deals signed were "mega-deals" valued at at least $100 million each, the ministry said, adding that "operational achievements" in the Gaza war.

New WEF report reveals how tech convergence will reshape industries

Geneva, Switzerland – The World Economic Forum today released a new report examining how emerging technology combinations are reshaping industries...
  • AI is a key enabler, making many emerging tech synergies commercially viable across industries.
  • Digital twins, enhanced by AI and sensors, are expanding efficiency in sectors from aerospace to healthcare.

Middle East tourism projected to reach $350 billion by 2030: ATM report

Dubai, UAE – The Middle East’s tourism sector is poised for unprecedented expansion, with a new report predicting a 50...
  • Inbound travel from outside the region is set to grow by 13 percent annually up to 2030, while outbound business travel will surge at 9 percent per year.
  • China ranks third by value in leisure spending, expected to increase by 130 percent by 2030.

Meta secures nuclear energy in 20-year Illinois plant deal

Washington, United States -- Facebook owner Meta announced Tuesday a 20-year nuclear energy agreement with US-based Constellation Energy to secure...
  • The investment marks big tech's latest move to meet surging electricity demand from AI, with Microsoft, Google and Amazon also turning to nuclear power as an energy source.
  • Under the deal, Meta's unspecified investment will replace state government subsidies to keep the Clinton Clean Energy Center operating beginning in 2027.

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...
  • The International Air Transport Association (IATA) estimates fewer than five billion air journeys will take place this year, compared with the previously forecast 5.22 billion.
  • Commercial aviation revenues are expected to remain below the $1 trillion forecast in the previous December projections, with IATA now reporting $979 billion.

Indian airline IndiGo orders 30 Airbus A350 widebody planes

New Delhi, India -- Indian airline IndiGo said on Sunday it had signed an order for 30 more Airbus A350-900s,...
  • The low-cost carrier, India's biggest by market share, is positioning itself as a significant player in the long-haul market.
  • The A350 planes, with ranges of up to 15,000 kilometers (9,300 miles), will allow it to expand its network further.

Oil under $65 a boon for consumers, but a burden on producers

London, United Kingdom -- US President Donald Trump's tariffs, his call to "drill baby drill" and especially a decision by...
  • The fall in oil prices has contributed to a global slowdown for inflation, while also boosting growth in countries reliant on importing crude, such as much of Europe.
  • Cheaper crude "increases the level of disposable income" consumers have to be spending on "discretionary items" such as leisure and tourism, experts say.

The five biggest-selling gaming consoles

From the first video game consoles of the 1970s to the Nintendo Switch 2 due out on Thursday, hundreds of...
  • Japanese tech and entertainment giant Sony sparked a global frenzy with the release of PlayStation 2 in 2000.
  • The Nintendo Switch, released in 2017, had a tablet format allowing users to play on a large screen at home or on public transport, helping to turn it into a sensation.

Silicon Valley VCs navigate uncertain AI future

The generative AI frenzy unleashed by ChatGPT in 2022 has propelled a handful of venture-backed companies to eye-watering valuations.
  • Leading the pack is OpenAI, which raised $40 billion in its latest funding round at a $300 billion valuation -- unprecedented largesse in Silicon Valley's history.
  • Other AI giants are following suit. Anthropic now commands a $61.5 billion valuation, while Elon Musk's xAI is reportedly in talks to raise $20 billion at a $120 billion price tag.

Mawani adds FRS1 shipping service to Jeddah Islamic Port

Jeddah, Saudi Arabia -- The Saudi Ports Authority (Mawani) has added  CStar Line's new Far East-Red Sea service (FRS1) to...

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Dubai Islamic Bank completes $1bn sovereign financing Pakistan

Dubai, UAE -- Dubai Islamic Bank (DIB) has announced the successful completion of a landmark US$1 billion syndicated term-finance facility...

Algeria’s Sonatrach and Italy’s ENI sign $1.35 billion deal

Algiers, Algeria - Algeria's state-run hydrocarbon company Sonatrach and the Italian energy company Eni on Monday signed a production sharing...

Saudi chocolate industry booms with over 3,500 commercial records

Riyadh, Saudi Arabia -- On the World Chocolate Day, Saudi Arabia's Ministry of Commerce announced that the total number of...

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AI robots pluck weeds in California fields, make up for shortage of laborers

Los Banos, United States -- Oblivious to the punishing midday heat, a wheeled robot powered by the sun and infused...
  • As farms across the US face a shortage of laborers and weeds grow resistant to herbicides, startup Aigen says its robotic solution -- named Element -- can save farmers money.
  • Element the robot resembles a large table on wheels, solar panels on top. Metal arms equipped with small blades reach down to hoe between crop plants.

‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.
  • The strong interest in Wadeem is testament to individual and investor confidence in our capabilities, said Bill O’Regan, Group CEO of Modon Holding.
  • The launch reinforces Hudayriyat’s position among Abu Dhabi’s most desirable residential destinations, said Ibrahim Al Maghribi, CEO of Modon Real Estate.

Japan plans ‘world first’ deep-sea mineral extraction from Jan

Tokyo, Japan -- Japan will from January attempt to extract rare earth minerals from the ocean floor in the deepest...
  • Earlier this week the country pledged to work with the United States, India and Australia to ensure a stable supply of critical minerals.
  • Rare earths -- 17 metals difficult to extract from the Earth's crust -- are used in everything from electric vehicles to hard drives, wind turbines and missiles.