Russia to hold talks with US in Riyadh Monday: Kremlin
Donald Trump spoke to both Russia's Vladimir Putin and Ukraine's Volodymyr Zelensky this week and the US is also due...
Geostrategy
Israel blocks humanitarian aid to Gaza as ceasefire’s first phase ends, sparking global outrage
Truce mediators Egypt and Qatar accused Israel of blatantly violating the ceasefire deal by halting the aid, a move left trucks...
Geostrategy
Business
Saudi Arabia’s non-oil exports surge by nearly 23% in Sept 2024
Riyadh, Saudi Arabia -- Saudi Arabia's non-oil exports surged by 22.8 percent in September, according to a report by the...
- The September 2024 International Trade Report said national non-oil exports, excluding re-exports, rose by 11.6 percent.
- The report also indicated a 14.9 percent decline in merchandise exports in September 2024 compared to September 2023.
Geostrategy
Iran denies involvement as UAE arrests three people in rabbi killing case
"This murder was carried out in the UAE. The murder of an Israeli citizen and a Chabad emissary, is an...
- Kogan was a former Israeli army soldier, who served in Israel's Givati Brigade, which is infamous for carrying out violent attacks against Palestinians
- The UAE, which normalized relations with Israel in 2020 alongside other countries including Bahrain and Morocco, has confirmed the arrest of perpetrators
Geostrategy
Wealthy nations offer $250bn on climate but pressed for more
At the COP29 talks in Azerbaijan, developing nations are demanding a bigger commitment from historic polluters most responsible for warming,...
- The text also sets an ambitious overall target to raise at least $1.3 trillion per year by 2035 from not only developed countries but the private sector.
- But a red line for many climate-imperiled nations at COP29 had been securing a new commitment from developed nations well above their existing pledge of $100 billion a year.
Business
BP announces $7bn gas project
The project aims to unlock 3 trillion cu ft of gas resources in Indonesia.
- BP said in a statement the "major investment" highlights its "strong confidence in Indonesia's investment climate".
- The project involves the development of a new gas field, Ubadari, as well as enhanced gas recovery through carbon capture, ut and storage (CCUS) and onshore compression.
Geostrategy
ICC issues arrest warrants for Netanyahu, Gallant, Deif
The court said it had found "reasonable grounds" to believe Netanyahu and Gallant bore "criminal responsibility" for war crimes
- The ICC's move now theoretically limits the movement of Netanyahu
- A warrant had also been issued for Deif
Business
Adani Group tanks after US bribery charges
India's opposition leader demands Gautam Adani's arrest; Kenya scraps airport, power deals with the Group that has significant investments in...
- Adani, once the world's second-richest man, is a close ally of Prime Minister Narendra Modi and critics have long accused him of benefitting improperly from their relationship.
- The conglomerate saw $150 billion wiped from its market value in 2023 after a shock report by short-seller Hindenburg Research accused it of "brazen" corporate fraud.
Business
Lulu Retail Q3 profit $35m
For the nine-month period, net profit increased by 73.3%.
- In its first financial update since its record IPO on ADX, the company posted a revenue growth in Q3 2024, reaching $1.86 billion, up 6.1% YoY.
- The UAE saw strong revenue growth of 7.5% in Q3 2024, mainly driven by healthy LFL growth of 4.7% during the quarter.
Arts & Culture
Banana taped to a wall sells for $6.2 million
The provocative work of conceptual art by Italian artist Maurizio Cattelan debuted at the Art Basel show in Miami Beach...
- The sale featured seven potential buyers and smashed expectations, with the auction house issuing a guide price of $1-1.5 million before the bidding.
- As well as his banana work, Cattelan is also known for producing an 18-carat, fully functioning gold toilet called "America" that was offered to Donald Trump during his first term.
Geostrategy
Riyadh tripartite meet pledges to implement Beijing Agreement
Riyadh, Saudi Arabia -- The second meeting of the Saudi-Chinese-Iranian Joint Tripartite Committee to follow up on the Beijing Agreement...
- They also reaffirmed their continued endeavor to consolidate neighborly relations between their countries through adherence to the Charter of the United Nations.
- China has affirmed its readiness to continue to support and encourage the steps taken by Saudi Arabia and Iran to develop their relationship in various fields.
Geostrategy
US vetoes Gaza ceasefire call at UN
The resolution demanded "an immediate, unconditional and permanent ceasefire" in the war between Israel and the Palestinian group, along with...
- But the wording angered Israel, with a senior US official warning ahead of the vote that the resolution had "the potential only to buoy Hamas".
- Since the beginning of the conflict, the Security Council has struggled to speak with one voice, as the United States used its veto power several times.
Russia to hold talks with US in Riyadh Monday: Kremlin
Donald Trump spoke to both Russia's Vladimir Putin and Ukraine's Volodymyr Zelensky this week and the US is also due...
Geostrategy
Company News
Kamco Invest launches two funds
Business
Latest News
Emirates’ first A350 takes flight
The airline operated the inaugural flight from Dubai to Edinburgh.
Business
Winter rains, flooding and limited aid worsen Gaza tragedy: IOM
"Vulnerable people, including at least seven infants, have died from hypothermia, and these tragic deaths underscore the urgent need for...
Geostrategy
Oil extends gains on hopes of policy support for economic growth
Singapore - Oil prices extended gains on Friday after closing at their highest in more than two months in the...
Business
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Geostrategy
18 Palestinians killed in Israeli strikes on northern, southern Gaza
Palestinian news agency (WAFA) reported that eight Palestinians were killed, and others were injured in an airstrike by the Israeli...
- In Khan Younis, in southern Gaza Strip, six Palestinians were killed, and others were injured in an airstrike by the Israeli forces targeting a building in the city center.
- Moreover, three Palestinians, including a woman, were injured when Israeli aircraft bombed a school sheltering displaced people northwest of Nuseirat in central Gaza Strip.
Business
NDMC arranges $2.5bn credit facility
The Shariah-compliant facility spans a tenure of three years.
- It is aimed at financing the general budgetary needs and was secured with the participation of three regional and international financial institutions.
- The arrangement of these credit facilities aligns with the Kingdom's medium-term public debt strategy, aimed at diversifying funding channels.
Business
Dubai real estate market saw record transactions worth $142.1bn in 2024
Dubai, UAE -- Dubai’s real estate market recorded 180,900 transactions worth AED 522.1 ($142.1 billion) in 2024, a market report...
- The transaction volume surged by 51 percent to 119,800 in 2024, reflecting a substantial increase in buyer confidence and developer activity.
- There was also a steady appreciation in the average price per sq ft, which was up 10 percent to AED 1,600.