CFI posts record first-half trading volume of $5.34 trillion
Dubai, UAE -- CFI Financial Group said it recorded its strongest first half on record, with trading volume reaching $5.34...
Business
UAE non-oil trade reaches record $527 billion in H1, says Al Zeyoudi
The milestone reflected the success of the UAE's strategy to build a diversified, competitive and open economy while strengthening its...
Economy
Geostrategy
Italy begins probe into OpenAI’s new video tool Sora
ROME, ITALY – The European country's data protection watchdog - Italian Data Protection Authority - said on Friday it has launched...
- The Italian Data Protection Authority said it was concerned over “the possible implications for the processing of personal data of users.”
- The watchdog said OpenAI -- which also makes chatbot ChatGPT and the image-generating DALL-E -- has 20 days to provide information.
Business
Saudi Tourism Authority, Trip.com Group sign global agreement
BERLIN, GERMANY – Saudi Tourism Authority (STA) and Trip.com Group have announced a significant global partnership, which will drive greater...
- The joint effort aims to bring over 350 thousand additional tourists to Saudi over the course of the agreement.
- The partnership is vital as it coincides with exceptional growth and transformation in the global tourism industry.
Business
ADCB approves cash dividends worth US$1.1bn
ABU DHABI, UAE – Abu Dhabi Commercial Bank (ADCB) has approved the Board of Directors proposal to distribute a cash...
- ADCB’s physical-cum-virtual 40th Annual General Assembly meeting approved the decision.
- The Board of Director’s proposal means distributing cash dividend of $0.15 (AED0.56) per share.
Business
Binghatti lists sukuk on Nasdaq Dubai
The debut issue of the company is valued at US$300m.
- The company's listing sets a new standard as the first real estate benchmark USD-denominated sukuk from MENA in 2024
- Nasdaq Dubai has maintained its position as a leading exchange for fixed income listings across the MENA region
Business
Burjeel Holdings net profit up
The company’s 2023 annual revenue rises to US$1.2 billion.
- The group continued to implement its geographic expansion strategy with the launch of the PhysioTherabia rehabilitation network in Saudi Arabia.
- It opened eight new centers in March 2024 in Riyadh, Jeddah, Dammam, Khobar, and Yanbu which significantly expanded its geographical reach.
Business
Saudi Arabia transfers 8% Aramco stake to PIF-owned firms
Saudi Arabia said it transferred an additional eight percent stake from oil giant Aramco to firms owned by the kingdom's...
- The transfer was "a continuation of Saudi Arabia's long-term initiatives to boost and diversify the national economy and expand investment opportunities".
- The move brings the state's ownership of Aramco shares to 82.19 percent.
Business
Nationwide offers to buy Virgin Money
Nationwide has offered US$3.7 billion for Virgin Money.
- Nationwide management believe the transaction will broaden and deepen its products and services faster than could be achieved organically.
- The deal remains subject to due diligence and approvals from Virgin Money shareholders as well as Nationwide's borrowers and depositors.
Business
Lufthansa profit spikes in 2023
Its net profit shot up to US$1.82bn as demand booms.
- The group reported a net profit of 1.67 billion euros ($1.82 billion), compared to 791 million euros in 2022
- The profit was slightly below an estimate of about 1.8 billion euros by analysts surveyed by financial data firm FactSet
Business
Saudi tech show LEAP 2024 to close on ‘record-breaking’ note
Riyadh, Saudi Arabia--The biggest tech show in the Middle East, LEAP 2024, hosted by Saudi Arabia in Riyadh, is preparing...
- The tech show featured hundreds of speakers, more than 600 startups, besides 170,000 participants from around 180 countries
- HONOR, Chinese consumer electronics brand, announced regional expansion plans with an investment of US$100 million
Gold, bitcoin pull back from records as US stock markets slip
On Wall Street, the Dow and the S&P 500 both finished 1.0 percent lower, while the tech-rich Nasdaq composite ended...
- Gold hit a new record of $2,140 an ounce in early trading, before giving up some of its gains to trade close to $2,128 at around 2130 GMT
- Among digital assets, bitcoin briefly hit a record high above $69,000 - beating a record of $68,991 struck in November 2021
CFI posts record first-half trading volume of $5.34 trillion
Dubai, UAE -- CFI Financial Group said it recorded its strongest first half on record, with trading volume reaching $5.34...
Business
Company News
Portugal’s Felix joins Ronaldo at Al Nassr in Saudi
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Elon Musk halfway to becoming world’s first trillionaire: report
Billionaire Elon Musk, the world's richest person, is nearly halfway to becoming the planet's first trillionaire, Forbes magazine reported Wednesday.
Business
Google infuses Gemini generative AI into home gadgets
Paris, France -- Google said Wednesday it was adding its Gemini generative AI assistant to its smart home devices, saying...
Business
Electronic Arts to be bought by PIF-led consortium for $55 bn
Washington, United States -- Video game giant Electronic Arts announced Monday it would be acquired by a consortium led by...
Business
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Business
Trump’s granddaughter launches clothing brand from White House
Washington, United States - US President Donald Trump's granddaughter has unveiled a clothing brand bearing her name, with promotional photos...
- Don Jr.'s daughter stood near the 79-year-old Republican on Friday wearing one of her brand's pullovers, as he answered reporters' questions outside the White House
- "This is Kai, by the way," he told the Washington press corps, introducing his 18-year-old granddaughter who had given a short speech at last year's Republican National Convention
Business
Turkish Airlines inks big Boeing deal after Erdogan visits US
Istanbul, Turkey -- Turkish Airlines announced on Friday a deal to buy up to 225 Boeing jets, one day after...
- Erdogan-Trump meet raised Ankara's hopes of seeing Washington lift sanctions that since 2020 have blocked it from buying American F-35 fighter jets.
- The measures were imposed in retaliation for Turkey's purchase of the Russian S-400 missile defense system.
Business
Bosch to cut 13,000 jobs
This is a blow to Germany's ailing car sector.
- The cuts, all of which will take place in Germany, represent about 10 percent of Bosch's total workforce in the country.
- Bosch said the layoffs were needed to help make annual savings of 2.5 billion euros ($2.9 billion) in the group's automotive unit.