Awqaf Dubai investment portfolio market value rises to $402 million
Dubai, UAE -- Dubai's Endowment and Minors' Trust Foundation (Awqaf Dubai) said on Monday the market value of its securities...
Business
Business
UAE records more than 25% growth in international card spending in 2023
Dubai, UAE--Total spending using international cards in the UAE witnessed a growth of more than 25% during the year 2023....
- Transactions via cards and digital payment solutions in the Middle East and North Africa surged by 20% in value and over 50% in volume
- A study found that Middle Eastern consumers are increasingly prioritising sustainability, with 9 out of 10 adults willing to take action
Business
Parkin to give more shares to retail investors in its IPO
Dubai, UAE - Parkin Company on Tuesday announced an increase in the number of shares offered in the UAE Retail...
- The UAE Retail Offer has been increased to 89,964,000 ordinary shares from 74,970,000 ordinary shares
- Parkin is expected to commence trading on the DFM on March 21, 2024, under the symbol “PARKIN”
Business
Lego net profit falls
Its net profit fell five percent to 13.1 billion kroner ($1.24bn).
- The Danish toy giant's overall sales inched up by two percent to 65.9 billion kroner ($9.6 billion).
- Sales made directly to consumers through Lego's physical and online stores rose by four percent.
Business
Qatar real estate trading volume amounts to US$382m in February 2024
DOHA, QATAR – The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at...
- The data of the real estate analytical bulletin revealed that 350 real estate transactions were recorded during the month.
- The real estate transactions value index recorded a decline of 27 percent. The traded area index recorded a decrease of 18 percent.
Business
Potential investors value Telegram at $30bn, says co-founder Pavel Durov
MOSCOW, RUSSIA – The Telegram is valued by potential investors at more than US$30 billion, the co-founder of the social...
- The US$30 billion valuation was made by global technology funds in particular, Durov said.
- The Telegram will consider the sale of a portion of shares to its standing users, the businessman added.
Business
UAE, NeoNautica collaborate to develop Blue Pass platform
DUBAI, UAE – The Ministry of Energy and Infrastructure has signed a collaboration agreement with NeoNautica, a company specialized in...
- This will help enhance the competitiveness of the national maritime sector, promote its attractiveness to international investors.
- This strategic expansion aims to position the UAE as the premier logistical partner for global trade and further consolidate its leadership in the lindustry.
Business
Microsoft to train Philippine women in AI
It will partner with local schools to provide the training.
- In a statement, Philippine Trade Undersecretary Rafaelita Aldaba said the training could "help to bolster cybersecurity and trust in tech adoption"
- Microsoft said it would roll out an AI-powered reading progress tool for around 27 million Philippine students, in partnership with Philippine education department
Business
Xiaomi announces release date for EV
It will be its first foray into the electric vehicle sector.
- The Beijing-based firm announced in 2021 its planned foray into the electric vehicle sector
- The announcement was accompanied by a photo of the new vehicle, first unveiled in December
Economy
UAE construction market soars to $94bn in 2023
Abu Dhabi, UAE--The UAE construction market size was $94 billion in 2023 and the market will achieve an AAGR of...
- According to a report, the growth is attributed to the increase in investments in transport and renewable energy infrastructure
- The report added that residential construction captured the highest share of the UAE's construction market last year
Business
Supply chain challenges hit Ramadan retail rush
Logistical adaptations, strategic planning, and forecasting essential for addressing the unique demands of increased consumption during Ramadan, says Aramex's Tarek...
- Logistical adaptations, strategic planning, and forecasting essential for addressing the unique demands of increased consumption during Ramadan, says Aramex's Tarek Abi Yaghi.
- A shift towards late-night deliveries reflects changing consumer preferences, highlighting the crucial role of transparency and integrity in maintaining strong client relations.
Company News
IHC H1 net profit $2.94 billion
Business
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GITEX25: G42 to host fireside chat with OpenAI CEO Sam Altman
Abu Dhabi, UAE – G42, the Abu Dhabi-based technology group, Wednesday announced its participation at GITEX Global 2025 with the...
Business
WTO hikes 2025 trade growth outlook but tariffs to bite in 2026
The WTO raised its forecast for trade volume growth in 2025 to 2.4 percent -- up from 0.9 percent in...
Economy
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Business
Tech leaders unite to propel future-critical sectors at GITEX GLOBAL 2025
Dubai, UAE: With capabilities of AI advancing every year, its potential to address challenges once thought unsolvable is rapidly expanding,...
- The event brings together the world’s most advanced AI and tech enterprises and leaders from 180 countries, from 13-17 Oct at Dubai World Trade Centre.
- Expand North Star celebrates its 10th edition from 12-15 October at Dubai Harbour.
Business
OpenAI signs multi-billion dollar chip deal with AMD
New York, United States -- OpenAI signed a multi-year partnership Monday with chipmaker Advanced Micro Devices as the ChatGPT-maker continues...
- The companies announced the plan to develop AI data centers that the chipmaker said would bring in tens of billions of dollars in new revenue over the next five years.
- AMD's share price surged 35 percent when markets opened on news of the agreement that would see the company deliver six gigawatts worth of chips to the ChatGPT-maker.
Opinion
What the world can learn from the Middle East’s wellness vision
Across the region, countries are aligning national visions with real investment in health, longevity, and quality of life.
- The UAE’s wellness economy surged by 58 percent, reaching $34.1 billion—the largest in the MENA region and one of the fastest-growing markets globally.
- The Middle East is showing the world what’s possible when wellness is built into the foundation, not bolted on after the fact.