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...
Business
Ras Al Khaimah tourism sector contributes 5 percent to GDP: Official
Ras Al Khaimah: Ras Al Khaimah seeks to welcome 3.5 million tourists annually by 2030, says Raki Philipps, CEO of Ras...
Business
Geostrategy
UAE minister calls for using digital tech in building peace
New York, USA - Omar Sultan AlOlama, UAE's Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications,...
- The UAE minister said it is important to address hate speech, racism, intolerance and other forms of extremism.
- He said issues like climate change, extremism, health emergencies could be solved by boosting peacebuilding architecture.
Business
Ajman witnesses 13 percent first quarter growth in new licenses
Ajman, UAE -- The emirate of Ajman has issued a total of 1,483 business licenses during the first quarter of...
- Import and export, retail perfumes, general trade, and wholesale trade of women's ready-made clothing are among the newest commercial licenses issued in Ajman during this period.
- Renewal of licenses grew by 3 percent and process of issuing permits by 9 percent year on year.
Business
$14m plot of land among $2.83bn weekly realty deals in Dubai
Dubai, UAE -- A total of 3,050 real estate transactions worth AED10.4 billion ($2.83 billion) were recorded in Dubai during...
- The DLD report showed that 189 plots were sold for AED1.19 billion, 2,239 apartments and villas were sold for AED5.11 billion.
- Al Hebiah Fifth recorded the most transactions for this week by 63 sales transactions worth AED188.2 million.
Geostrategy
Iran expels four Azerbaijan diplomats in tit-for-tat move
Tehran, Iran -- Iran has expelled four Azerbaijani diplomats, state media reported Friday, saying the move was "in response" to...
- Azerbaijan's foreign ministry last month said it had notified the Iranian ambassador that "four employees of the Iranian embassy were declared personae non gratae" with 48 hours.
- Baku accused the embassy staff of carrying out activities "incompatible with diplomatic status" but did not elaborate.
Business
Empower Q1 revenue up 6%
The company posted a 5.7 percent year-on-year growth in net profit.
- For the last twelve months (Apr 2022 to Mar 2023), the company's consolidated revenue was AED 2.82 billion, compared to AED 2.53 billion (Apr 21 to Mar 22).
- The company attributed the first quarter growth to a rise in demand for its services across various regions of Dubai.
Business
ADX New York roadshow attracts major institutional investors
Dubai, UAE – A roadshow led by the Abu Dhabi Securities Exchange (ADX) in collaboration with JP Morgan in New...
- The two-day show attracted major institutional investors in the US and welcomed senior representatives from the Exchange and JP Morgan.
- The event attracted more than 60 CEOs, CFOs, in addition to senior management from institutional investors from across the US.
Geostrategy
Artificial Intelligence dangers: White House summons tech giants
Vice President Kamala Harris and other administration officials will discuss ways to ensure consumers benefit from AI while being protected...
- The lack of rules has given Silicon Valley freedom to put out new products rapidly -- and stoked fears that AI technologies will wreak havoc before the government can catch up.
- A range of experts in March urged a pause in the development of powerful AI systems to allow time to make sure they are safe.
Business
UAE and Lithuania Chambers agree to set up Business Council
Sharjah, UAE -- The UAE Federation of Chambers of Commerce and Industry (FCCI) and its Lithuanian counterpart have signed an...
- The two sides also agreed to strengthen economic relations and increase investment flow between the two countries.
- The newly formed council will strengthen mutual trade relations by organizing visits and offering support to Emirati and Lithuanian companies.
Business
Major energy companies in West earn $40 billion in Q1 net profits
The surging profits prompted outcry from critics as Britons face a cost-of-living crisis, which has topped the agenda for Thursday's...
- France's TotalEnergies saw net profit advance 12 percent to $5.6 billion in the first quarter. ExxonMobil posted a record Q1 profit $11.4bn, while Chevron earned $6.6bn.
- Falling costs and a better performance at its chemicals division saw Shell's profit surge 22 percent to $8.7bn from a year earlier.
Business
SABIC Q1 profit down 90%
The company expects Q2 margins to remain under pressure.
- The company said in a statement that its revenue for the first quarter reached SAR 39.69 billion ($10.58 billion), a decrease of 8 percent compared to the previous quarter.
- The Shareek program will play a key role in the company's next growth phase, said CEO Abdulrahman Al-Fageeh.
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...
Business
Company News
Latest News
Travellers rush to leave Lebanon amid spiking tensions
Several airlines including Lufthansa and Air France have delayed or suspended flights to Lebanon, and countries have issued urgent calls...
Geostrategy
Thousands bid farewell to Ismail Haniyeh in Qatari capital
Haniyeh was laid to rest in Lusail, north of the capital Doha, following funeral prayers at the Gulf emirate's largest mosque...
Geostrategy
Iran, allies ready Israel response as funerals held for Haniyeh, Shukr
Hezbollah chief Hassan Nasrallah, addressing the funeral of the Lebanese group's top military commander, said Israel and "those who are...
Geostrategy
Most Read
Geostrategy
UNSC to hold emergency meeting over Hamas chief’s killing
The meeting has been requested by Iran and supported by representatives of Russia, China and Algeria, said a spokesman for...
- Iran's UN envoy Amir Saeid Iravani called on members to "condemn unequivocally and strongly the acts of aggression and terrorist attacks" by Israel.
- He also urged council members to take "immediate action to ensure accountability for these violations of international law," including potential sanctions.
Arts & Culture
World Rally Championship to add Saudi Arabia race to calendar
Paris, France -- World Rally Championship announced Wednesday that it will add races in Saudi Arabia, the Canary Islands and Paraguay...
- Rally Saudi Arabia will end the season on November 27-30 with the event in the Spanish archipelago on April 24-27 and the race in South America on August 28-31.
- It also added the Canary Islands and Paraguay to its calendar next year. Rallys in Croatia, Poland and Latvia are no longer on the circuit.
Business
Day after UAE-Chile CEPA, Dubai Chambers and Pro-Chile sign MoU
Under the MoU, both parties will coordinate events aimed at strengthening ties between exporting companies from Dubai and Chile and...
- The CEPA is projected to increase non-oil bilateral to $750 million by 2030, more than doubling the US$306 million shared in 2023.
- Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, said the CEPA is expected to come into effect within the next six months.