German newspapers reported that the American sports equipment giant overcame their rival's home advantage with a bid of around 100 million euros ($108 million) a year. Adidas reportedly offered a final bid of between 60-65 million euros. The deal left the German Football Federation (DFB) defending themselves from accusations from...

BRUSSELS, BELGIUM – The EU will put more pressure on the most popular online platforms, like X and TikTok, to tackle the risk of election disinformation or face fines, an EU official said on Friday. The European Commission, the EU's executive arm, is expected to adopt new guidelines, likely on Tuesday,...

The Group's profit increased by 68% YoY to $13.52 million.

MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the Russian Foreign Intelligence Chief Sergey Naryshkin said. The Russian official made the statement in the documentary "Oil" on the premier online platform. “The ‘hegemon’ has lost a step. It is...

Doha, Qatar -- Qatar's Industrial Production index (IPI) in January 2024 reached 108.7 points, an increase of 4 percent compared to December 2023 and an increase of 5.5 percent compared to January 2023. The Planning and Statistics Authority has issued the press release of industrial production index for January 2024,...

Ankara, Turkey-- The Gulf Cooperation Council and Turkey have started off free trade negotiations to deepen their ties further. In this connection, Jasem Mohamed Albudaiwi, Secretary General of GCC, and Dr. Omer Bolat, Minister of Trade of Turkey, signed a joint statement to initiate negotiations between the GCC and Turkey....

Its net profit spiked to US$3.7 billion in 2023.

Brussels, Belgium - Business activity in the eurozone stabilized in March thanks largely to a "modest recovery" in the service sector, a closely watched survey showed on Thursday. The HCOB Flash eurozone purchasing managers' index (PMI) published by S&P Global stood at 49.9 in March, up from 49.2 in February. A figure...

The deliveries sped up 9.5 percent to 10,112 vehicles.

SEOUL, SOUTH KOREA – South Korean flag carrier Korean Air said on Thursday it will sign a US$13.7 billion deal with Airbus to purchase 33 A350 series aircraft to strengthen its long-term fleet operations. The move comes after the European Union approved the airline's takeover of smaller rival Asiana -- conditional...

EGA is to buy 100 percent of firm from Leichtmetall Holding.

The stakes were acquired in Vision Factory and Decovision.

MOSCOW, RUSSIA – Russia does not see the risk of trading oil at a loss due to the redistribution of energy flows to the East - growing local markets will be able to "absorb" its supply, Russian Foreign Minister Sergey Lavrov said. Lavrov said this in an interview for the...

Sharjah, UAE -- Sharjah Islamic Bank (SIB) and the Turkiye Wealth Fund (TWF) have signed a Shariah-compliant Murabaha facility worth $100 million, for a period of three years. This agreement, facilitated by Dogan Investment Bank, marks the first time the Turkish Sovereign Wealth fund has launched financing from an international...

ABU DHABI, UAE – Bayanat AI PLC and Al Yah Satellite Communications Company each issued a circular on Thursday calling for their General Assembly Meetings (GAMs) to be held simultaneously on April 25 2024. During the GAMs, respective shareholders of each entity will vote on the proposed merger of the...

Al Maryah gets first naming rights for Emarat fuel stations.

The four companies filed a rare joint amicus brief in a California court in charge of applying a ruling that Apple must allow companies to link to alternative payment options outside the app store for iPhone users. That ruling was stemmed from a 2020 lawsuit by video gaming giant Epic...

The gains have been helped by a weaker dollar and the gold's attraction as a safe haven as geopolitical tensions rise. Because bullion does not generate any interest, it benefits when central banks lower borrowing costs as its safe-haven status makes it more attractive to investors.

Riyadh, Saudi Arabia--The Saudi Industrial Production Index (IPI) recorded 103.3 points in January 2024, compared to 103 points in December 2023, marking a monthly growth of 0.3%, according to data from the General Authority for Statistics (GASTAT). The sub-index for mining and quarrying activity, which accounts for 61.4% of the...

It comes amid a slowdown in the tech sector IPOs.

The Central Bank of the UAE kept the Base Rate for the Overnight Deposit Facility (ODF) steady at 5.40%, aligning its monetary policy closely with that of the US Federal Reserve. In Qatar, the Central Bank has also decided to keep its deposit, lending, and repo rates unchanged at 5.75%,...

The funds, according to the King Salman Humanitarian Aid and Relief Centre (KSrelief), would support UNRWA's "humanitarian relief efforts in the Gaza Strip", where the Israel's war has raged for more than five months. The funding will provide food for more than 250,000 people and tents for 20,000 families.

The cash dividend of 15.5 fils per share was okayed at Tabreed's AGA.

Abu Dhabi, UAE -- Real estate deals worth AED 87.1 billion ($23.71 billion) were recorded in Abu Dhabi during 2023, according to the Abu Dhabi Real Estate Centre (ADREC), a dedicated affiliate of the Department of Municipalities and Transport (DMT). The value of buying and selling activities surged by 159.5...

This brings the total amount of dividend for 2023 to $162m.

Of all the tech giants, Microsoft has moved the fastest into adopting generative AI, integrating its powers into a whole range of products, most notably through its Copilot chatbot. With the hire, Microsoft is expanding its already leading position in the AI frenzy, accumulating investments and partnerships well beyond its deal...

Abu Dhabi, UAE:  A total of 70.81 percent of companies anticipate expanding their workforce in Abu Dhabi Global Market during 2024, with 29.93 percent expecting significant increases and 40.88 percent planning moderate growth in staffing, a study said. According to the study by ADGM, the international financial center (IFC) of...

It breached an agreement on terms for paying media firms.

Brussels, Belgium-- The Gulf Cooperation Council (GCC) and the European Union have held talks in Brussels in order to enhance relations between the two blocs. In this connection, Jasem Mohamed Albudaiwi, Secretary-General of the Gulf Cooperation Council (GCC), today held a discussion session with members of the European Union (EU)...

The collaboration will bolster accessibility to ADX IPOs.

Washington, United States - The US Federal Reserve began two days of discussions on Tuesday at which policymakers are expected to hold firm on interest rates, and continue discussions about when to start cutting them. The meeting got under way in Washington at 9am local time (1300 GMT) on Tuesday, the...

South Africa's top diplomat accused Israel of setting a precedent for leaders to defy the top UN court, as she again alleged a campaign of starvation in Gaza. South Africa has hauled Israel before the International Court of Justice to allege genocide in the war triggered by the October 7...

Masdar to buy 50 percent stake in Terra-Gen from ECP.

The $2.4bn deal is its latest expansion into cancer treatments.

ACWA was the sole financial advisor to Al Dur Phase II IWPP project company.

ABU DHABI, UAE – The United Arab Emirates has solidified its position as a leading regional and global player in foreign direct investment, said Jamal Bin Saif Al Jarwan, Secretary-General of the UAE International Investors Council (UAEIIC). He estimates the total value of Emirati investments abroad, encompassing both government and...

Abu Dhabi, UAE -- The assets of Islamic banks operating in the UAE exceeded AED 700 billion ($190 billion) for the first time in history at the end of 2023, according to the latest statistics from the Central Bank of the UAE (CBUAE). The statistics showed that the assets of...

Widespread internet and smartphone use is the key driver of online shopping growth, with nearly two-thirds of the UAE's population expected to engage in online shopping by 2024.

The company also announced other AI developments.

BEIJING, CHINA – Chinese regulators will ban the chairman of property giant Evergrande from the securities market for life on grounds of financial fraud, a subsidiary of the company said on Monday. Heavily indebted Evergrande has become a potent symbol of the years-long crisis in China's property market, a crucial pillar...

DUBAI, UAE – Chairman of the Dubai Supreme Council of Energy Sheikh Ahmed bin Saeed Al Maktoum chaired the 81st meeting of DSCE, which was held virtually. The Council reviewed updates of the demand side management strategy for 2030 and 2050, which set well-studied goals to reduce water and electricity...

The firm said the total dividend for 2023 will be S120 million.

Hong Kong, China - Asian markets mostly rose Monday following US gains and ahead of a Chinese legislative session where Beijing's annual growth target and other key policies will be announced. Japan's benchmark Nikkei 225 index surpassed the 40,000 mark for the first time, with analysts predicting it could advance even...

In 2023, the firm demonstrated strong financial results.

Abu Dhabi, UAE -- A three-bedroom penthouse at Nobu Residences on Saadiyat Island was sold for a record AED137 million ($37.30 million) by real estate developer Aldar. Aldar said the sale represents the highest price per square meter achieved in the emirate, at more than AED96,000 per sqm. The record...

The company has been licensed for fintech services by the CBUAE.

RIYADH, SAUDI ARABIA – VASI Shipping Pte Ltd has introduced a new shipping service IMS at King Abdulaziz Port in Dammam, connecting the Kingdom to Southeast Asia and India, Saudi Ports Authority (Mawani) announced. This service aims to enhance its strategic partnerships with major international shipping lines, support the maritime...

ADNOC will supply 1 million mtpa of LNG to SEFE Singapore.

Dubai, UAE -- Nearly 50 percent of the Multinational Corporations (MNCs) that opened businesses in Dubai during 2023 are based in Asia and Australia, according to the Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers. The Chamber said in a statement that growing...

Lyon, France--Vatel Hotel and Tourism Business School Bahrain signed a memorandum of understanding (MoU) with EKLYA School of Business in France to launch a student exchange programme between Bahrain and France aimed at bolstering academic and cultural ties between the two countries. This initiative affirms the joint commitment to strengthen...