ADNOC Okays $6.2bn Umm Shaif project to expand UAE supply
Dubai, UAE -- Abu Dhabi National Oil Company (ADNOC) has approved a final investment decision (FID) worth $6.2 billion to...
Business
Abu Dhabi real estate transactions more than double in H1
Data released by the Abu Dhabi Real Estate Centre (ADREC) showed total real estate transactions reached $31.9 billion in the...
Business
Business
Trailblazing women transform finance in Arab world
Extraordinary Arab women are breaking barriers and setting new precedents in the traditionally male-dominated sectors of banking, finance, and investments.
- Extraordinary Arab women are breaking barriers and setting new precedents in the traditionally male-dominated sectors of banking, finance, and investments.
- The leadership of these daring females not only drives economic growth but also inspires a new generation of women to pursue careers in finance in the region.
Business
Toyota to invest US$2.2bn in Brazil
The automaker will beef up production of hybrid vehicles.
- The automaker will make two "flex hybrid" models in Brazil -- using either petrol or ethanol as well as batteries -- creating around 2,000 jobs
- Japan's automakers, in spite of the boom in electric cars, have relied on hybrid vehicles that combine internal combustion engines and batteries
OpenAI denies Musk’s ‘betrayal accusations, plans legal dismissal
OpenAI captured the public imagination in late 2022 with the release of its chatbot ChatGPT, which can generate poems and...
- Musk launched a legal case against OpenAI last week, arguing in documents filed in a San Francisco court that the firm was always intended as a nonprofit entity
- The Tesla Boss was one of the co-founders of OpenAI in 2015 along with Sam Altman but left the organization in 2018 and is now one of its most vocal critics
Business
FAB shareholders approve dividend
The 50% cash dividend would be to the tune of US$2.12bn.
- The annual meeting commended the bank's three consecutive years of accelerated business momentum, and its strong platform for future growth
- The bank's CEO said that FAB achieved a record net profit of $4.46bn and $7.56bn in revenue in 2023, fueled by growth across all core businesses
Business
Over 105m people visit Dubai Mall in 2023
DUBAI, UAE – Dubai Mall welcomed a record 105 million visitors in 2023, a jump of over 19 percent on...
- Figures also showed a staggering 20 million people visited the mall in the first two months of this year alone.
- The mall's events and promotions in 2023 and the beginning of 2024 were a key driver of its foot traffic.
Business
Asian markets mostly down as China sets 5 percent growth goal
Hong Kong, China - Asian markets largely fell on Tuesday after China set an ambitious five percent annual growth target and...
- Tokyo finished flat, a day after Japan's benchmark Nikkei index hit a record high, closing above 40,000 points for the first time.
- Sydney, Seoul, Mumbai, Jakarta, Bangkok, Singapore, Manila and Kuala Lumpur were down, while Taipei and Wellington were up.
Geostrategy
Tesla stops production at German plant after suspected arson attack
Michael Stuebgen, interior minister for Brandenburg state, said that "if initial findings are confirmed, this is a perfidious attack on...
- Emergency services were called to reports of a burning electricity pylon southeast of Berlin in the early hours, in the area the factory is located
- But it knocked out power to the Tesla factory, as well as surrounding villages, and police have launched an investigation into suspected arson
Business
TECOM 2023 net profit $299m
Revenue in 2023 grew by 10 percent YoY to $599 million.
- The approved cash dividend payment is in line with the dividend policy set out in the IPO prospectus
- TECOM Group committed to paying a dividend amount of $217 million per annum through September 2025.
Food dispatch app Uber Eats launches robot deliveries in Tokyo
Uber Eats' boxy robots have square headlights for eyes and three wheels on each side to navigate kerbs as they...
- Starting Wednesday, robot deliveries will be offered in a small area of the city by the US-based food app, which hopes to eventually roll out the service more widely in Japan
- Japan changed traffic laws last year to allow delivery robots on public streets and other companies including Panasonic are also trialing cute new machines to transport goods
Business
ADNOC partners with Viola Communications
They will utilize outdoor media-leasing spaces for advertising.
- Viola will set up and operate outdoor media advertising solutions on ADNOC assets in strategic locations across the capital
- The company's diverse assets are expected to boost the local business ecosystem and introduce innovative revenue streams
ADNOC Okays $6.2bn Umm Shaif project to expand UAE supply
Dubai, UAE -- Abu Dhabi National Oil Company (ADNOC) has approved a final investment decision (FID) worth $6.2 billion to...
Business
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Emirates NBD H1 profit $3.40bn
Business
ADIB H1 pre-tax profit $1.08bn
Business
Transforming your hotel into a sector leader in sustainability
The hospitality industry sits at the crossroads of experience and responsibility. As utilities, energy, and resource costs rise, and as...
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...
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...
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Business
UAE raises $299 million in Islamic Treasury Sukuk auction
Abu Dhabi, UAE — The UAE Ministry of Finance (MoF), in collaboration with the Central Bank of the UAE, has...
- The auction underscores growing demand for UAE’s dirham-denominated sukuk, reflecting robust investor confidence in its credit and economic outlook.
- With tight spreads over US Treasuries, the sukuk issuance demonstrates competitive pricing while advancing the UAE’s local debt market development.
Business
Aldar ups stake in Aldar Estates
Acquires Modon Holding’s 17.45% stake
- Aldar Estates has become the region’s largest integrated real estate services company with over AED3 billion worth of active contracts.
- The platform manages more than 155,000 residential units, which is a 15 percent increase in the past two years.
Business
The next chapter in branded residences: A deep dive with top experts
Experts predict continued growth, with developers increasingly seeking partnerships for brand prestige, service excellence, and higher premiums.
- Branded residences have grown by a staggering 180 percent globally over the past decade, reaching a total of 1,746 schemes, with 779 completed projects and 967 in the pipeline.
- Hotel brands account for 79 percent of the sector globally, whereof approximately two-thirds are positioned within the luxury segment.