China’s smaller manufacturers look to catch the automation wave
Yancheng, China -- In a light-filled workshop in eastern China, a robotic arm moved a partially assembled autonomous vehicle as workers...
Geostrategy
Divided US Fed set for contentious interest rate meeting
When the Fed last met in October, Chair Jerome Powell asserted that another rate cut in December was "not a...
Economy
Science
SpaceX mega rocket lost in final phase of third test flight
The sleek mega rocket is vital to NASA's plans for landing astronauts on the Moon later this decade -- and...
- Starship's third launch test in its fully stacked configuration was its most ambitious yet and the company said it was able to meet many of its objectives.
- These included opening and closing Starship's payload door to test its ability to deliver satellites and other cargo into space.
Business
Gulf Cooperation Council’s first UAE Bond ETF launched by Lunate Capital
Abu Dhabi, UAE -- The launch of Gulf Cooperation Council's first UAE bond Exchange Traded Fund (ETF), which will list...
- The Chimera JP Morgan UAE Bond UCITS ETF will track the performance of the JP Morgan MECI UAE Investment Grade Custom Index.
- The ETF will hold Investment Grade sovereign, quasi-sovereign and corporate bond issues with at least $500 million in face amount outstanding.
Business
Majid Al Futtaim net profit is $735m
The Group reported a 12% increase in EBITDA to $1.25 billion.
- MAF – Properties recorded a 20 percent YoY increase in revenue to AED 6.9 billion and 21 percent increase in EBITDA to AED 3.6 billion.
- The Group's net debt increased to AED 15 billion, primarily due to investments in working capital.
Business
ADNOC Drilling to pay $358m dividend
This brings the total dividend for 2023 to $717 million.
- The dividend will be paid on or around 3rd April 2024 to all record shareholders as of 21st March 2024.
- ADNOC Drilling said the annual distribution is expected to grow by at least 5 percent per annum on a dividend per-share basis over the next three years (2024-2026).
Business
Parkin record-breaking IPO raises $428m
The offer was oversubscribed 165 times for all tranches combined.
- Dubai Investment Fund (selling shareholder) had announced 749 million shares, or 24.99% of Parkin's total issued share capital, for the IPO.
- Parkin is expected to commence trading on the DFM on 21st March 2024. At listing, the company will have a market capitalization of AED 6.30 billion ($1.72 billion).
Saudi families utilize henna art to encourage kids in fasting
Arar, Saudi Arabia -- In a unique and creative initiative, families in Saudi Arabia's Northern Borders Region are using henna body...
- The practice involves drawing intricate henna patterns on the hands of young girls, often featuring symbols related to Ramadan and fasting
- These designs serve as a visual reminder for the children to refrain from eating and drinking during daylight hours
Geostrategy
‘Multilateral approach needed to address Gaza crisis’
The 'Amalthea' initiative, recently announced by Cyprus, is crucial for the efforts to launch the maritime corridor and the UAE...
- A concerted international effort is underway to open humanitarian corridors to Gaza, with a focus on a maritime corridor for urgent aid delivery.
- The 'Amalthea' initiative, aiming to safely ship aid from Cyprus to Gaza by sea, marks a critical step in international efforts to alleviate the crisis.
Geostrategy
Despite post-Covid development rebound, rich-poor gap widens: UN
The rebound follows two years of decline, when, in 2021 and 2022, the global Human Development Index fell twice in...
- The 2023 estimate shows metrics in every category -- life expectancy, education and standard of living -- are projected to exceed their pre-2019 values.
- "What we're seeing is that the poorest and most vulnerable segments of our society are being left behind," head of the UNDP Achim Steiner said.
Business
Mubadala to anchor US-based Blue Opal’s second venture capital fund
MIC will be an anchor investor in their second venture capital fund.
- Blue Opal Capital recently launched a Fund-of-Fund platform that focuses on identifying and investing in exceptional entrepreneurial venture capitalists.
- Blue Opal Capital invests in emerging venture capital funds and co-investment opportunities that maximize investment returns for their partners.
Business
Land transport of goods leads Saudi commercial registrations in Q4
Riyadh, Saudi Arabia -- Saudi Arabia witnessed a surge in commercial registrations across various business sectors in the last quarter...
- The resorts activity saw a significant 51 percent annual increase, reaching 3.37 million records by Q4 2023.
- Boutique hotels witnessed a surge of 74.4 percent, with commercial records reaching 1.91 million by Q4 2023.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
China’s smaller manufacturers look to catch the automation wave
Yancheng, China -- In a light-filled workshop in eastern China, a robotic arm moved a partially assembled autonomous vehicle as workers...
Geostrategy
Company News
Latest News
Salik 9M net profit $223m
Business
TikTok under fire: Espionage claims, election influence campaigns and controversies
The platform faces accusations of espionage in the United States, while the European Union has launched an investigation into claims...
Geostrategy
World’s rarest coffees to be auctioned for first time in Dubai
Dubai, UAE -- Coffee aficionados and industry leaders will converge in Dubai this February at World of Coffee (WOC) Dubai...
Business
Most Read
Nations step up outreach to Syria’s post-Assad rulers
Governments worldwide are stepping up efforts to engage with Syria's new interim rulers, just over a week after Islamist-led rebels...
- Diplomats have urged an inclusive new administration focused on nation-building and justice
- The interim government insists they will protect the rights of all Syrians, and the rule of law
Geostrategy
Key Libya oil refinery halts operations after clashes: state firm
Tripoli, Libya -- A key oil refinery in western Libya suspended operations after armed clashes erupted early on Sunday, causing fires...
- The Zawiya refinery, built in 1974, is Libya's second largest with a refining capacity of more than 120,000 barrels per day (bpd).
- It is the only refinery supplying the local market with fuel products. Zawiya city is the third largest in Libya's Tripolitania region, after the capital and Misrata.
Business
US Federal Reserve expected to cut rates in last meeting of Biden era
Washington, United States -- The US Federal Reserve is widely expected to announce a quarter point cut to its key lending...
- The Fed is also tipped to signal a slower path of cuts going forward amid uncertainty over the impact of President-elect Donald Trump's economic proposals.
- Trump has vowed to tackle the high cost of living, a top concern of voters who sent him back to the White House in November's election.