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Economy

ADNOC Distribution 2025 dividend $700m

The company had reported EBITDA of $1.17 bn in 2025.

Empower okays $119.1m H2 2025 dividend

The dividend is equivalent to 43.75% of paid-up capital.

Alujain widens 2025 loss

The increase in loss is due to impairment charges, weaker prices.

Masar 2025 net profit $262m

Higher land plot sales boost revenue and operating income.

Tasnee’s 2025 losses deepen

The petrochemicals' company's revenue also fell 17.7 percent.

China manufacturing contracts for fourth straight month

While some sectors have largely regained their strength -- including tourism and the auto industry -- others are struggling, particularly...

Economy

Asia-Pacific markets mixed, dollar down Monday as Fed readies to acknowledge cuts

Asia-Pacific markets were mixed on Monday after a week that saw a broad rally in stocks, as investors awaited a...

Economy
Business

Two convictions in FIFA corruption scandal overturned by US judge

Miami, United States--Two convictions in the FIFA corruption case have been overturned by a US federal judge citing a recent Supreme...
  • The investigation, including raids on FIFA officials in Zurich, resulted in a series of arrests and trails and subsequent charges, convictions and guilty pleas
  • In a ruling on Friday, US district Judge Pamela Chen said a May Supreme Court decision meant that the convictions for wire fraud could not stand
Business

Tech’s carbon footprint: can AI revolutionize responsibly?

The planet's 8,000 or so data centers are the foundation of our online existence, and will grow ever further with...
  • In 2019, researchers trained several large language models, and found that training a single AI model can emit the CO2 emission equivalent of five cars over their lifetimes.
  • Between 2010 and 2018, global data center energy use rose by only 6 percent, despite a 550 percent increase in workloads and computing instances, according to the IEA.
Business

DEWA presses into service seven 132 KV transmission substations in H1

Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has pressed into service seven new 132 transmission substations in the first half...
  • DEWA's MD and CEO, Saeed Mohammed Al Tayer, said that the total cost of electricity transmission network projects under construction exceeds $1.14bn
  • Al Tayer further revealed that the total number of transmission substations across Dubai reached 368 stations by the end of the first half of 2023
Economy

Oil prices climb to highest level in seven months on supply fears

Dubai, UAE--Oil prices rose to their highest in over half a year and snapped a two-week losing streak, buoyed by...
  • Russia's Deputy Prime Minister Alexander Novak said on Thursday that his country has agreed with OPEC+ to cut oil exports next month
  • The International Energy Agency and OPEC are relying on China, the world's largest oil importer, to shore up oil demand over the rest of 2023
Economy

Iran and Syria sign agreement to build rail connection via Iraq

Tehran, Iran-- Iran and Syria have signed an agreement to connect the rail network between the two countries through Iraq.Mehrdad...
  • Iran's minister of roads and urban development made the announcement at the inauguration ceremony of the construction of the Shalamcheh-Basra railway
  • The minister said that in the wake of the signing of the agreement with Syria, a trilateral agreement between Iran, Iraq, and Syria will be put on the agenda
Geostrategy

Iraq-Iran rail link to facilitate travel, tourism and medical treatments

Iraq's prime minister inaugurated construction work on what is slated to become the first railway line connecting the country to...
  • The project had been under discussion for years before an agreement was reached in 2021.
  • The Iraqi PM thanked Iran for planned demining operations at the border to clear the way for the train line.
Business

Iraqi Trade Center to be launched at ACC’s headquarters in Jordan

AMMAN, JORDAN - Amman Chamber of Commerce (ACC) and the Iraqi Embassy here agreed to open Iraqi Trade Center at...
  • The center's inauguration will allow Jordanian and foreign businesspeople to view investment opportunities offered by the Iraqi government.
  • The center will provide Jordanian companies with the opportunity to learn about Iraqi industries and agricultural products.
Business

Leather, knitwear industries contribute 2.4% to GDP, says JCI

AMMAN, JORDAN - Representative of the leather industries and knitting sector at Jordan Chamber of Industry (JCI), Ehab Qadri, said...
  • The sector's exports achieved a "remarkable" growth during the past year by nearly 21 percent, reaching $2.3 billion, compared to 2021.
  • The sector, as per data from Social Security Corporation, employs around 76, 000 workers, constituting 27 percent of the total workforce.
Economy

China’s industrial sector posts robust growth in 2023

Beijing, China--China has reported robust progress in its industrial development this year, marked by significant milestones in several sectors, according...
  • The country took a big leap in renewable energy, unveiling the world's premier 16-megawatt offshore wind turbine, showcasing its deep-sea wind power construction proficiency
  • Its entrepreneur confidence index and prosperity index for strategic emerging industries posted robust growth, strengthening the positive trajectory of China's economic landscape
Economy

Iran reports 15% surge in gasoline output

Tehran, Iran - Iran has reported a 15% surge in its gasoline output this year compared to last year. The...
  • The Persian Gulf Star Oil Refinery is supplying 4 million liters per day of gasoline derivatives to other refineries to help meet the rising demand
  • Iran's daily average demand for gasoline exceeds 120 million liters, and on peak travel days, consumption reaches nearly 150 million liters

China manufacturing contracts for fourth straight month

While some sectors have largely regained their strength -- including tourism and the auto industry -- others are struggling, particularly...
Economy

Company News

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UAE achieves a milestone in economic diversification

“This is a genuine milestone for our nation. The expansion of foreign trade is a pillar of the UAE’s economic...
Economy

Saudi holdings of US Treasuries surge to $131.9b in December 2023

ABU DHABI, UAE - Saudi Arabia’s holdings of US Treasuries reached US$131.9 billion in December 2023, up $3.8 billion month-on-month,...
Economy

KSA seeks to lead global sustainability drive with Alat

Led by Saudi Crown Prince Mohammed bin Salman, Alat is poised to revolutionize the tech sector, aiming for carbon neutrality...
Economy

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Business

35 Jordanian companies to participate in Gulfood 2024 in Dubai

AMMAN, JORDAN – A total of 35 Jordanian companies are taking part in Gulfood 2024, the world's largest annual food...
  • The Jordan Exporters Association is coordinating the country's participation in the event.
  • JEA is coordinating local participation in the exhibition for the 20th consecutive time.

WTO chief insists global trade body still counts

WTO members' trade ministers have their biennial meeting in Abu Dhabi from February 26-29, at which they could put the...
  • World Trade Organization is hoping for results from its 13th ministerial meeting in Abu Dhabi, particularly on fishing, agriculture and electronic commerce
  • WTO chief said the meeting to be tough due to the "economic and political headwinds", from Ukraine war, the attacks in the Red Sea and economic difficulties in Europe and China
Economy

Saudi Arabia ranks 1st in international tourist arrivals growth in 2023

Riyadh, Saudi Arabia - Saudi Arabia topped the UN Tourism’s ranking for the growth of international tourist arrivals in 2023...
  • The kingdom recorded a remarkable tourism recovery rate of 156% in international tourist arrivals in 2023 compared to 2019, the report revealed
  • Saudi Arabia set a record in international tourist receipts, with total spending exceeding SAR 100 billion ($27 billion) for the first three quarters of 2023