• UpLink launches initiatives to push circular carbon economy transition

    Riyadh, Saudi Arabia -- UpLink, the World Economic Forum community dedicated to supporting early-stage impact-focused entrepreneurs, has announced the launch of four initiatives aimed at accelerating the transition to a circular carbon economy, addressing the growing demand for clean energy minerals, rejuvenating vital ocean ecosystems, and leveraging quantum computing for...

  • UAE earns first spot in Global Entrepreneurship Monitor 2024 report

    Abu Dhabi, UAE-- The United Arab Emirates has been ranked first globally for the third consecutive year in the Global Entrepreneurship Monitor (GEM) report for the year 2023-2024. The country recorded a rate of 7.7, a record number in the history of the report. The UAE was recognised as the...

  • Arab Bank for Economic Development in Africa expects financing to touch US$2.5bn

    Abu Dhabi, UAE--The Arab Bank for Economic Development in Africa (BADEA) expects the bank's annual financing to reach US$2.5 billion by the end of 2024. According to its director general, Dr. Sidi Ould Tah, the annual financing of the bank is witnessing a steady increase, rising from US$2 billion in...

  • Embracer sells Borderlands

    The sale is expected to be completed by June-end .

  • US stocks open mixed ahead post fresh economic data

    New York, US- Wall Street stocks saw a mixed start to Thursday, as traders digested the latest economic data ahead of the Good Friday holiday. The Dow Jones Industrial Average advanced 0.2 percent to 39,829.51. The broad-based S&P 500 Index was flat at 5,247.74, while the tech-heavy Nasdaq Composite Index retreated...

  • Abu Dhabi Chamber sets up working group to support startups, SMEs

    ABU DHABI, UAE – The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has formed a working group specifically for startups and small and medium-sized enterprises (SMEs) here.   This initiative aims to support and represent the interests of these businesses in the region. The goal is to make Abu...

  • DEWA okays $844m dividend

    In 2023, DEWA's revenue exceeded $7.8 billion, its highest ever.

  • TAQA, JERA sign pact with SATORP to develop plant in Saudi Arabia 

    ABU DHABI, UAE – Abu Dhabi National Energy Company (TAQA), together with JERA Co., Inc on Thursday announced that they have entered into a power and steam purchase agreement with Saudi Aramco Total Refining and Petrochemical Company (SATORP), a joint venture company owned by Saudi Arabian Oil Company (Saudi Aramco)...

  • Emirates retains fourth most valuable airline brand status

    Dubai, UAE -- UAE carrier Emirates defended its title as the fourth most valuable airline brand, with a staggering 30 percent increase in brand value, reaching $6.6 billion, according to Brand Finance, a brand valuation consultancy. With global travel recovering after the peak of the COVID-19 pandemic, airline brands in the Middle East have...

  • UBS reports lower net profit in 2023

    The Swiss government pushed it to buy Credit Suisse last year.

  • China’s Xiaomi to enter EV market

    China's EV sector has grown rapidly in recent years.

  • Aramco CEO terms energy transition strategy a failure

    Speaking at the CERAWeek conference in Houston, Saudi Aramco Chief Executive Amin Nasser said that the current transition strategy is visibly failing on most fronts. adding that this is "hardly the future picture some have been painting." Fossil fuels accounted for 82% of global consumption last year.

  • Abu Dhabi Chamber and UAEIIC team up to boost investment

    Abu Dhabi, UAE--The Abu Dhabi Chamber of Commerce and Industry has signed an agreement with the UAE International Investors Council to collaborate in investment and futuristic economic sectors. According to the agreement, the Abu Dhabi Chamber and the Council will exert their best efforts to eliminate any obstacles that may...

  • Investcorp Capital names new CFO

    Rohit Nanda, the new CFO, will take up his new job next month.

  • ADIB closes $235m Sharia-compliant transaction to finance gas carriers

    Abu Dhabi, UAE -- Abu Dhabi Islamic Bank (ADIB) has closed a sharia compliant syndicated transaction totaling AED865 million ($235 million) for BGN and Al Seer Marine to finance new and energy-efficient gas carriers. This financing marks the second tranche of a larger syndication amounting to US$370 million, which will...

  • Yen plunges to 34-year low, mixed results for equity markets

    Hong Kong, China - The yen plunged Wednesday to a 34-year low against the dollar after a top Bank of Japan official indicated it would press ahead with a loose monetary policy, even after this month hiking interest rates for the first time since the global financial crisis. The fall raised...

  • Empower okays S115.7m dividend

    The company has already disbursed dividends for H1 2023

  • Lapita sees surge in leisure and wedding bookings in 2023

    Dubai, UAE--Lapita, Dubai Parks and Resorts, has reported a surge in demand, bookings from across leisure and corporate segment last year, With its convenient location between Dubai and Abu Dhabi, expansive outdoor spaces, word-class facilities that include seven meeting rooms, and the Tamure Ballroom able to accommodate up to 700...

  • Hyundai to invest $50bn in South Korea

    The automaker will make a bigger push to produce EVs.

  • Waha to pay cash dividend of 10 fils

    The firm also okays 1.5 fils per share special dividend.

  • Qatar looks to boost tourism sector by streamlining regulations

    Doha, Qatar-- Qatar is looking to develop "plans and strategies" to streamline procedures and regulations in order to solve solve all obstacles facing the sector and align its development with the state's overall progress. This was stated by Chairman of Qatar Tourism Saad bin Ali bin Saad Al Kharji at...

  • UAE bolsters air cargo industry with launch of ‘CARDS’ data platform

    Abu Dhabi, UAE--The General Civil Aviation Authority (GCAA) has launched the Cargo Data Reporting System (CARDS), which provides a range of technical services to government entities, national airlines, ground handling agents and express service providers. CARDS is the first platform of its kind to provide an analytical view of air...

  • Middle East to receive millions of Chinese tourists lost in Covid pandemic

    Dubai, UAE-- Outbound travel from China is estimated to almost double this year, compared with 2023 and will only be 22% below its peak pre-pandemic numbers of 155 million tourists in 2019, who spent over $250 billion overseas, according to Oxford Economics Full recovery is expected to materialise in 2025,...

  • BYD posts record 2023 profit

    The Shenzhen-based firm is now moving quickly overseas.

  • SeaWorld Yas Island, Abu Dhabi wins Guinness World Records

    ABU DHABI, UAE – SeaWorld Yas Island - the region’s first Marine Life Theme Park here -, has won a coveted place in the Guinness World Records as the “Largest Indoor Marine-Life Theme Park” in the world. The certificate was presented to Mohamed Abdalla Al Zaabi, Group CEO of Miral,...

  • Spain grabs 3% Telefonica stake after concerns over Saudi deal

    Madrid, Spain - Spain's government has acquired a three-percent stake in telecoms giant Telefonica following concerns over a Saudi firm taking a piece of a company that Madrid considers strategically important. Spanish state-owned holding company SEPI said in a filing with the stock market regulator late Monday that the move was...

  • Mubadala invests in Avanse

    Avanse is education-focused non-banking financial company.

  • Atlantis Dubai first Eastern Hemisphere Certified Autism Center resort

    Dubai, UAE -- Atlantis Dubai becomes the first resort destination in the Eastern Hemisphere to gain the Certified Autism Center (CAC) designation by both Atlantis, The Palm and Atlantis The Royal, following the successful certification of Atlantis Aquaventure in 2023. The CAC designation, awarded by the International Board of Credentialing...

  • Arabian Travel Market’s sold-out Travel Tech area grows 56% YoY

    Dubai, UAE -- More than 100 of the world’s leading travel technology companies will be exhibiting at Arabian Travel Market (ATM) 2024, which will take place at Dubai World Trade Centre (DWTC) in the UAE from May 6-9. ATM 2024’s sold-out Travel Tech space will be 56 percent bigger than...

  • Olympics tech firm Atos posts huge loss

    The company posted a net loss of US$3.7 billion for 2023.

  • Jordan oil imports decline in January, boosting trade balance

    Amman, Jordan--Jordan's import bill for crude oil, derivatives, and mineral oils saw a notable decline in January this year, according to data released by the Department of Statistics on Tuesday. The figures revealed a decrease in the value of oil imports to the Kingdom, totaling $361 million for January, compared...

  • Regulated dollar transactions on the rise in Iraq, says central bank

    With dollars dominating the country's economy, Baghdad has imposed a series of restrictions on the use of American greenbacks domestically. At the end of 2022 the country's bankings sector also adopted the international financial messaging system known as SWIFT as part of the reforms, to help tackle money laundering and...

  • OPEC chief calls for more investments in oil industry to meet energy demand

    Abu Dhabi, UAE--The Organisation of the Petroleum Exporting Countries (OPEC) has called for increased investments in the oil industry to meet global energy demands and sustain economic growth. According to its secretary general, Haitham Al Ghais, these investments are crucial for ensuring reliable energy supplies for current and future generations....

  • Geopolitical tensions boost oil, weigh on equities

    Geopolitical tensions sent oil prices climbing and weighed on equities as investors also continued to worry about prospects for interest rate cuts amid stubbornly-high inflation. "Heightened tensions between Ukraine and Russia have brought a halt to the rally in equity markets seen last week," said Russ Mould, investment director at...

  • Aramco CEO highlights collaboration with Beijing at forum in China

    AL-DHAHRAN, SAUDI ARABIA – Aramco President and CEO Amin Nasser outlined the potential for stronger collaboration with Chinese partners in his speech on Monday at the China Development Forum in Beijing. Nasser underscored the possibility of fostering broader economic globalization by strengthening ties with Chinese partners and identified specific areas...

  • ADNIC approves cash dividend of $69m

    The company had posted its highest-ever net profit of $109.1m for 2023.

  • RSG, Hyundai Motor ink pact

    The two firms will explore opportunities in various areas.

  • Mubadala acquires KELIX bio

    KELIX bio is a specialty pharmaceutical business.

  • ESA, SAP ink agreement

    ESA will consolidate operations under a single ERP solution

  • Nissan to shrink EV production costs

    The automaker will slash production costs by 30 percent.

  • Women’s perspectives: Key to problem-solving

    As the Director of Admissions and Operations for Georgetown University's Executive MBA Dubai Program, Lara Dajani champions empowering women and bridging cultures.

  • SCCI and Thailand look to boost economic cooperation

    Sharjah, UAE--The Sharjah Chamber of Commerce and Industry and Thailand have explored ways to boost trade and economic cooperation. In this connection, the SCCI has engaged in high-level discussions with a Thai diplomatic delegation, exploring avenues for enhancing economic cooperation and boosting the trade exchange volume between the two countries....

  • UAE’s overseas investments surpass $2.5trn mark

    Dubai, UAE - The UAE's total assets abroad, encompassing both governmental and private investments, have reached $2.5 trillion as of early 2024. Jamal Bin Saif Al Jarwan, chief of the UAE International Investors Council, said that UAE investments abroad are performing well despite global economic fluctuations. The UAE secured the top...

  • World’s only Dragon Ball theme park launched in Saudi Arabia’s Qiddiya City

    RIYADH, SAUDI ARABIA – The Board of Directors of the Qiddiya Investment Company (QIC) revealed on Sunday the launch of Dragon Ball theme park. The park will set new standards in the entertainment industry, offering anime fans, families.   Nestled within Qiddiya City, just 40 minutes from Riyadh, this never-seen-before...

  • Boubyan Bank okays 8% cash dividend

    The Bank's general assembly also approved 6% in bonus shares.

  • Petro Rabigh net loss up 320% in 2023

    The company narrowed losses to $367 million in Q4.

  • IOTA Foundation launches US$10m investment fund at Investopia 2024

    ABU DHABI, UAE – Minister of Economy and Chairman of Investopia Abdullah bin Touq Al Marri attended the unveiling of a new investment fund valued at US$10 million by the IOTA Ecosystem DLT Foundation during Investopia 2024. The fund's primary goal is to promote the development of TradeTech solutions and...

  • CATRION 2023 profit up 10%

    The company said that net profit, however, dropped 35% in Q4.

  • EU imports US$120.5bn worth of energy products in Q4 2023

    BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products amounting to a total of 187.9 million tonnes. Compared with the same period in 2022, imports decreased both in value (-34.2 percent) and in net mass (-11.7 percent), according to...

  • Passenger air traffic has reached pre-pandemic levels, says ICAO

    MONTREAL, CANADA – In the first quarter of 2024, the International Civil Aviation Organization (ICAO) projected that passenger air traffic levels will be around 2 percent higher than in 2019, with airlines expected to sustain their operating profitability seen in 2023. Demand this year is forecast to be around 3...

  • OPEC Fund provides US$50m loan to support agriculture in quake-hit Türkiye

    VIENNA, AUSTRIA – The OPEC Fund for International Development (OPEC Fund) is extending a US$50 million loan to Türkiye to support the agricultural and food production sectors, prioritizing 11 cities hit by the devastating earthquakes of February 2023. The Development and Investment Bank of Türkiye (TKYB) will on-lend the funds...