Emirates’ first A350 takes flight
The airline operated the inaugural flight from Dubai to Edinburgh.
Business
NDMC arranges $2.5bn credit facility
The Shariah-compliant facility spans a tenure of three years.
Business
Business
ADQ buys stake in Plenary Group
The deal is aimed at expanding public and social infrastructure.
- ADQ will acquire a 49 percent stake in Plenary, including all shares currently owned by Canadian pension fund Caisse de dépôt et placement du Québec.
- Established in 2004, the Plenary has a portfolio of 21 assets under management valued at over US$25 billion across Australia and the Middle East.
Business
Israel pummels Gaza after US approves military aid
US-Israeli relations been strained by Israel's conduct of the war in Gaza and Israeli Prime Minister Benjamin Netanyahu's determination to...
- Media reports said Israel was planning to move civilians from Rafah to nearby Khan Yunis over a period of two to three weeks.
- Israeli assault has left much of Gaza's medical system in ruins, with medics struggling to treat both casualties of the war and people with pre-existing conditions.
Business
FPT and Nvidia to build AI factory
Nvidia had invested around $250 million in Vietnam.
- FPT said it has established a strategic partnership with Nvidia, which includes plans to build a $200-million-dollar AI factory using Nvidia's AI software and chips.
- Nvidia's singular role in the AI revolution has taken the world by storm, with its powerful GPU chips and software an integral ingredient in the creation of generative AI.
Geostrategy
Baby delivered from dying mother’s womb in Gaza ‘miracle’
At just seven months pregnant, her mother, Sabreen al-Sakani, reached the emergency unit in critical condition after she was fatally...
- "It's a miracle that she was still alive, despite her difficulties in breathing," said Sahib al-Shams, a surgeon and director of the Kuwaiti hospital in Rafah.
- "The mother died 10 minutes later," Shams said, adding that the baby's father and sister had been declared dead on arrival at the hospital.
Business
Qatar reveals program, speakers for Autonomous e-Mobility Forum
Doha, Qatar – The Autonomous e-Mobility (AEMOB) Forum, a groundbreaking initiative in the realm of sustainable transportation, announced its final...
- The event is slated to take place from April 30 to May 2, 2024, at the Qatar National Convention Centre (QNCC) in Doha.
- It has attracted significant sponsorship from over 20 prominent organizations. Notable sponsors include Mowasalat Company (Karwa).
Geostrategy
Water, oil and security on agenda as Erdogan visits Iraq
The Turkish leader met with Iraqi President Abdel Latif Rashid in Baghdad. He told Rashid that Turkey "had expectations of...
- The PKK (Kurdistan Workers Party), which has fought a decades-long insurgency against the Turkish state, has a presence in northern Iraq, as does the Turkish military.
- Also on the agenda is a $17 billion road and rail project known as the "Route of Development" which is expected to consolidate economic ties between the two neighbors.
Business
Dubai Chamber attracts MNCs valued at $82.84bn in 2023
Dubai, UAE -- Dubai Chamber of Digital Economy, one of the three chambers operating under the umbrella of Dubai Chambers,...
- Initiatives like 'Create Apps in Dubai' triple app developers, fostering innovation and entrepreneurship in the emirate.
- Through workshops and roadshows, Dubai Chamber engages globally, attracting digital companies to the emirate's burgeoning tech landscape.
Business
Swiss reserve hike hits UBS
The reserve requirement will increase from 2.5% to 4% from July 1.
- The move follows government plans unveiled earlier this month that would tighten rules for banks deemed too big to fail.
- UBS, Switzerland's biggest bank, acquired struggling rival Credit Suisse last year in a government-engineered deal aimed at preventing a financial crisis.
Business
Luxury goods boom in Gulf draws global investors
The region's luxury goods market was worth US$ 10.52 billion in 2023, with long-term growth expected, reaching US$ 13.70 billion...
- The region's luxury goods market was worth US$ 10.52 bin in 2023, with long-term growth expected
- The market size is predicted to reach US$13.70 billion by 2028, with a compound annual growth rate of 5.42%
Geostrategy
Erdogan urges Palestinian unity after meeting Hamas chief: office
Erdogan called on Palestinians to unite following the talks at the Dolmabahce palace, on the banks of the Bosphorus strait,...
- Erdogan said recent events should not allow Israel to "gain ground and that it is important to act in a way that keeps attention on Gaza".
- "Even if only I, Tayyip Erdogan, remain, I will continue as long as God gives me my life, to be the voice of the oppressed Palestinian people," the president said.
Emirates’ first A350 takes flight
The airline operated the inaugural flight from Dubai to Edinburgh.
Business
Company News
DAE 9M net profit $310m
Business
Latest News
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,...
Geostrategy
BP announces $7bn gas project
The project aims to unlock 3 trillion cu ft of gas resources in Indonesia.
Business
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
Geostrategy
Most Read
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.