Abu Dhabi, UAE -- The launch of Gulf Cooperation Council's first UAE bond Exchange Traded Fund (ETF), which will list on the Abu Dhabi Securities Exchange (ADX), was announced Thursday by Lunate Capital Limited, an Abu Dhabi-based investment management firm licensed by the ADGM Financial Services Regulatory Authority (FSRA). The...

The company's revenue grew 6.6 percent to $18.25 billion.

The Group reported a 12% increase in EBITDA to $1.25 billion.

ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade and investment between the two nations.   The agreement was signed in the Hungarian capital Budapest by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and...

Its net profit for October-December rose to US$1.6bn.

The offer was oversubscribed 165 times for all tranches combined.

Prisa Media chief executive Carlos Nunez called the OpenAI alliance a "step toward the future of news" where technology and human expertise merge to serve readers. OpenAI had previously announced partnerships last year with The Associated Press and Axel Springer.

Abu Dhabi, UAE--ADNEC Group has announced the launch of the region's first Bitcoin MENA Conference 2024 set to take place on 9-10th December 2024 in the Abu Dhabi National Exhibition Centre (ADNEC Centre Abu Dhabi). Co-organised by Capital Events, the event management arm of ADNEC Group, and BTC Inc., the...

Senior European Union officials say the rules, first proposed in 2021, will protect citizens from the risks of a technology developing at breakneck speed, while also fostering innovation on the continent.

MIC will be an anchor investor in their second venture capital fund.

Riyadh, Saudi Arabia -- Saudi Arabia witnessed a surge in commercial registrations across various business sectors in the last quarter of 2023, with land transport of goods leading the way, the Kingdom's Ministry of Commerce said Wednesday. Land transport of goods witnessing a remarkable increase. By the end of Q4...

Doha, Qatar -- Women returning to the workforce following a career break have the potential to contribute nearly $385bn to the GDP across nine countries in the Middle East and North Africa (MENA) region, a study shows. This indicates a significant economic potential, provided that organizations can adopt supportive measures...

Inditex, the world's biggest fashion retailer, is owned by Zara.

The insurance provider had suffered a loss of $18.15m in 2022.

In 2024, it expects sales to grow at a "mid-single-digit rate".

It delivered some 9.2 million cars to customers in 2023.

Dubai, UAE--A study undertaken by Dubai Chamber of Commerce has revealed that Indian investors topped the list of nationalities of new non-UAE businesses joining the chamber last year. A total of 15,481 new Indian-owned companies became members in 2023, representing year-over-year (YoY) growth of 38 percent and underlining Dubai’s continuing...

Dubai, UAE--Total spending using international cards in the UAE witnessed a growth of more than 25% during the year 2023. J.K. Khalil, General Manager, MENA East, Mastercard, told Emirates News Agency (WAM) that digital payments continue to experience remarkable growth in the UAE, with more users and companies opting for...

Its net profit fell five percent to 13.1 billion kroner ($1.24bn).

DOHA, QATAR – The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at the Ministry of Justice in February in the country amounted to US$382 million (QR 1,391,961,588). The data of the real estate analytical bulletin issued by the Ministry of Justice revealed...

MOSCOW, RUSSIA – The Telegram is valued by potential investors at more than US$30 billion, the co-founder of the social network Pavel Durov said. The US$30 billion valuation was made by global technology funds in particular, Durov said in an interview with The Financial Times. “Generally speaking, we see value...

The company's fourth quarter revenue soared to $80.9 million.

Dubai, UAE -- Dubai hotels achieved a 3.4 percent year-on-year growth in occupancy levels, reaching 90.8 percent, according to preliminary data for February released by CoStar, a provider of global real estate information, analytics, and online marketplaces. Other key metrics also showed positive growth, with the average daily rate (ADR)...

The company's board had decided 15% cash dividend for H2 2023.

It will be its first foray into the electric vehicle sector.

Abu Dhabi, UAE--The technological and structural advancements in the UAE financial sector continues to enhance security, operational efficiency, accessibility of mobile banking applications, online banking and overall customer experience, according to the 4th Quarter Report of 2023 issued by the Central Bank of the UAE (CBUAE) on the Monetary, Banking...

It will settle a civil suit linked to the disguising of imported vans.

ABU DHABI, UAE – The Artificial Intelligence and Advanced Technology Council (AIATC) announced on Monday the creation of MGX, a technology investment company to enable the advancement and deployment of leading-edge technologies intended to improve the lives of current and future generations. Mubadala and G42 will serve as foundational partners...

DUBAI, UAE – Jebel Ali Free Zone (Jafza) is a major contributor to the growing trade between India and the UAE. There's been a significant increase in Indian businesses setting up there, with 28 percent more new companies in 2023 compared to the previous year. This resulted in over 190...

Riyadh, Saudi Arabia -- Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF) rose to the fifth position among the world’s largest sovereign wealth funds (SWFs), after its net assets rose to $940.26 billion. PIF's assets rose by $163.6 billion, compared to $776.7 billion at the end of December 2023, according to the...

Dubai, UAE -- A total of 2,692 new companies joined Dubai Multi Commodities Centre (DMCC) last year, bringing the total number of companies in DMCC to over 24,000. In its 2023 Annual Report, DMCC said 2023 was its second-best year on record as companies continue to flock to its business...

The firm’s performance was fueled by strong growth.

Madinah, Saudi Arabia -- The United Nations Human Settlements Programme (UN-Habitat) has recognized Madinah for attaining Gold Level in the SDG Cities Global Initiative, becoming the first Saudi and Arab city, and the third internationally, to receive this recognition of achievement. Al-Madinah Region Development Authority said that the city was...

Bitcoin hit a fresh record above $72,000 on Monday as demand for the cryptocurrency picks up amid optimism that the Federal Reserve will cut interest rates this year. That comes after US authorities gave the green light this year to exchange-traded funds pegged to bitcoin's spot price, persuading some mainstream...

Athens, Greece-- The UAE and Greece have held talks in Athens on a wide range of economic and strategic issues to deepen the cooperation between the two countries. In this connection, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President, held several bilateral meetings...

Sheikh Mohammed bin Faisal will now lead the bank.

Riyadh, Saudi Arabia -- Saudi Arabia Railways (SAR) has signed a contract with the sea shipping company Maersk to increase the number of containers transported on SAR trains between King Abdulaziz Port in Dammam and Riyadh Dry Port. SAR CEO Bashar Khalid Al-Malik and Maersk Saudi Arabia CEO Mohammad Shihab...

NEW YORK, US – Bitcoin has captured the limelight in recent weeks as it surged to a new record high, yet another major cryptocurrency, Ether, has been enjoying its own meteoric rise. Launched in 2015, Ether, also known as Ethereum, is by far the second-largest digital currency in terms of total...

AMMAN, JORDAN – Data released by the Amman Stock Exchange reveals that non-Jordanian investors bought shares worth US$12.5 million (JD8.9 million) in February 2024, accounting for 8.7 percent of the month's total trading volume. Conversely, these investors offloaded shares valued at US$44.7 million (31.7 million dinars) during the same timeframe....

The deal will see the European Free Trade Association (EFTA) -- made up of non-European Union nations, including Iceland and Liechtenstein -- invest $100 billion over 15 years in India, the world's fifth largest economy, India's Trade Minister Piyush Goyal said.

Sharjah, UAE -- Sharjah witnessed real estate deals worth AED 3.1 billion ($844 million) in February 2023, according to the Real Estate Transactions and Mortgages Movement report issued by the Sharjah Real Estate Registration Department. The report said the results indicate that the real estate sector in Sharjah continues to...

The oil giant posted a 24.7% fall in net profit to US$121.25bn.

Beijing, China-- A greener globe requires a greener energy industry, which could definitely be represented by new quality productive forces such as green hydrogen, according to Baoshen Zhong, Chairman of LONGi Green Energy. China Economic Net quoted Zhong as saying, during the 2024 Two Sessions, that “Renewable energy, mainly photovoltaic...

The announcement came after the airline's record profits.

It will enable customers to access Dropbox's tools.

AMMAN, JORDAN - Amman Chamber of Industry (ACI) exports amounted to US$1.3 billion (JD926 million) during the last two months of 2024, compared to US$1.79 billion (JD1.272 billion) for the same period last year. According to statistical data obtained by Petra, exports of five sectors recorded an increase, while the...

ROME, ITALY – The European country's data protection watchdog - Italian Data Protection Authority - said on Friday it has launched an investigation into Sora, a new artificial intelligence (AI) tool made by US firm OpenAI. The Italian Data Protection Authority said it was concerned over "the possible implications for the...

BERLIN, GERMANY – Saudi Tourism Authority (STA) and Trip.com Group have announced a significant global partnership, which will drive greater inbound tourists to Saudi Arabia as part of its Vision 2030 program. The joint effort aims to bring over 350 thousand additional tourists to Saudi over the course of the...

The law issued by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum exempts the foreign banks licensed to operate in the Dubai International Financial Centre. Besides all foreign banks operating in Dubai, the law applies to special development zones and free zones.

Abu Dhabi, UAE – Sanadak, UAE's and MENA region's first legally established independent Ombudsman Unit catering to consumers of financial institutions and licensed insurance companies, started its operations Thursday. Sanadak's focus is on safeguarding consumers rights and resolving complaints that arise from dealings with financial institutions and licensed insurance companies....