Still predicting "moderate GDP growth, US treasury secretary has affirmed that the country's banks may be more cautious in granting loans after recent turmoil in the sector, she said In an interview to be aired on Sunday. The dramatic collapse of Silicon Valley Bank and Signature Bank shook the financial...

ABU DHABI, UAE - Brazilian President Luiz Inacio Lula da Silva arrived here Saturday, following a two-day visit to China to strengthen economic and diplomatic ties. The UAE's energy and infrastructure minister, Suhail bin Mohammed al-Mazrouei, welcomed the Brazilian leader at Abu Dhabi airport, local media reported. Lula, who in January...

Abu Dhabi, UAE--Presight AI and the Ministry of Communication, Telecommunications and Digital Economy of the Republic of Senegal (MCTEN), have signed a Memorandum of Understanding (MoU) to accelerate digital transformation initiatives and economic benefits for the citizens of Senegal. Under the agreement, Presight will work closely with MCTEN to support...

Abu Dhabi, UAE--Credit facilities provided by national banks to the business and industrial sector rose 5.2 percent on a YoY basis to $9.61 billion by the end of last January, according to figures revealed by the Central Bank of the United Arab Emirates (CBUAE). The apex bank's figures showed that...

San Francisco, United States--Elon Musk has formed an X.AI artificial intelligence corporation based in the US state of Nevada, according to business documents that surfaced on Friday. Musk, who is already the boss of Twitter and Tesla, was listed as director of X.AI Corporation founded on March 9, a state business...

In the last 10 years, a motley of supposedly best-run companies in the Middle East have collapsed, disappearing into obscurity. TRENDS examines what went wrong.

JPMorgan Chase reported a rise in first-quarter profits alongside banking giants Citigroup and Wells Fargo. The first look at the sector - since the collapse of Silicon Valley Bank and two other banks - showed the industry is benefiting from the Federal Reserve's shift towards higher interest rates and from...

The bank will act as a strategic partner during listing of EIH.

The performance was driven by strong sales, especially in Asia.

Dubai, UAE -- Dubai's real estate market recorded real estate transactions worth AED1.1 billion ($299 million) on Friday, according to the data released by Dubai's Land Department. The transactions included 335 sales worth AED916.36 million on Friday, in addition to 61 mortgage deals totaling AED214.37 million, and four gift deals...

The US should continue tightening monetary policy to bring down inflation while assessing the impact of last month's financial turmoil on bank lending, a top Federal Reserve official said. "How much further will depend on incoming data on inflation, the real economy and the tightening credit conditions," Federal Reserve governor...

Equity markets rose, with Paris hitting a record-high, as investors reacted positively to easing inflation, recession concerns and some strong earnings. The dollar hit a year-low against the euro after official data this week showed high inflation slowing in the United States, fanning hopes the Federal Reserve would soon stop...

Paris, France - With flowing kaftans, fluid separates and glamorous maxi dresses, Western luxury fashion brands are increasingly targeting the monied Middle Eastern market with Ramadan capsule collections. "You're about to be the best-dressed person at every iftar and suhoor that you attend," declared Cosmopolitan Middle East magazine earlier this month...

Abu Dhabi, UAE - Egypt has over 3,000 Emirati companies operating in telecommunications, construction, smart cities, retail, oil and gas, ports, agriculture, hotels, and services. This was revealed by Jamal bin Saif Al Jarwan, Secretary-General of the UAE International Investors Council (UAEIIC). Giving further details, Al Jarwan said that the...

Awadh Seghayer Al Ketbi, Director-General of the DHA, said Dubai’s ability to provide high-quality patient-centered medical care has accelerated its growth as an Arab, regional and international healthcare destination.

Revenue grew 8.8% YoY, but fell 3.2% quarter-on-quarter.

Abu Dhabi, UAE - The UAE led the Arab region in terms of investments in Egypt, Jamal bin Saif Al Jarwan, Secretary-General of the UAE International Investors Council (UAEIIC) said. It totaled $28 billion at the end of the first quarter of 2023, compared to $20 billion during the same...

Countries must do more to avert the costly consequences of growing global trade fragmentation, and help avert a "second Cold War," the International Monetary Fund's managing director said. "I know what are the consequences of a Cold War: it is loss of talent and contribution to the world," Kristalina Georgieva...

The company had reported a 2.18 percent rise in profit for 2022.

ABU DHABI, UAE - ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics arm of ADNOC, announced on Thursday the deployment of five new-build Very Large Gas Carriers (VLGC). The gas carriers were built at Jiangnan Shipyard in Shanghai, China, and will be owned and operated by AW...

Berlin, Germany--Inflation in Germany eased to 7.4 percent in March, mainly thanks to government measures to bring down energy prices, final figures showed on Thursday. The data from federal statistics agency Destatis confirm a downward trend since annual inflation peaked at 10.4 percent in Europe's biggest economy in October -- revised...

It has sold more than US$7bn of its shares since early 2023.

Washington, United States--World Bank member countries have endorsed measures allowing a $50 billion lending boost over the next decade, its outgoing president David Malpass said Wednesday. The move, announced during the International Monetary Fund (IMF) and World Bank spring meetings in Washington, is part of an ongoing evolution of the development...

With remote or hybrid work now the norm and cyber-attacks continuing to escalate, businesses realize they must take a fundamentally different approach to security. But as with any significant shift in strategy, implementation can be challenging, and efforts can sometimes stall.

Jump in sales across all regions, including China.

Dubai, UAE -- The ongoing Taif rose season in Saudi Arabia, which starts at the beginning of March and last for 45 days, fills the city with fragrance and the bright-colored flowers attract rose lovers and perfume makers from the kingdom and abroad. The visitors take part in the activities...

Sharjah, UAE -- A total of 3,386 real estate deals worth AED1.7 billion ($462 million) were recorded in Sharjah in March 2023, according to the Mortgage Movement Report by Sharjah Real Estate Registration Department (SRERD). A total of 595 sales transactions representing 17.6 percent of the deals, while 319 mortgage...

The Big Beau project, located in California, comprises a 128-megawatt solar plant and a 40 MW/160 MWh battery energy storage system.

DUBAI, UAEI--Dubai saw remarkable growth in medical tourism in 2022 with 674,000 medical tourists spending $270 million in the year. According to a report issued by the Dubai Health Authority (DHA), 39% percent of the medical tourists who came to Dubai were from Asian countries, 22% from Europe and the...

The firm's net Q1 sales rose by 24.8 percent.

Musk has bought thousands of powerful, costly computing processors and hired AI engineering talent, Insider reported, while another tech-focused outlet, the Information, said the entrepreneur has floated the idea of starting a rival to ChatGPT. Meanwhile, Musk has slashed staff at Twitter as part of dramatic cost cutting since his...

The dividend for H2 of 2022 will be at AED 0.4 per share.

Washington, United States--The underlying drivers of historically-high global inflation could persist until 2025, the International Monetary Fund's chief economist told AFP on Tuesday. Prices around the world have surged since the rapid reopening of the global economy after the Covid-19 pandemic. Inflation was further fueled by Russia's invasion of Ukraine last...

It edged out its rival Airbus by just three aircraft.

In the wake of the fall of Silicon Valley Bank, the US Federal Reserve should be cautious in setting interest-rate policy. Chicago Fed president Austan Goolsbee said at a conference in Chicago that caution should be exercised until "we see how much work the headwinds are doing for us in...

Riyadh, Saudi Arabia - Saudi Arabia's Attribution and Liquidation Center (Infath) will hold 11 public auctions, both physical and online, between April 11 and April 30, 2023. This includes sale and liquidation of 136 various properties, ranging from residential, commercial, agricultural and industrial, located in 10 different regions in the...

Dubai, UAE – Spending on artificial intelligence in the Middle East and Africa (MEA) — including Israel — will reach $3 billion in 2023, according to the latest Worldwide Artificial Intelligence Spending Guide from International Data Corporation (IDC). While this will account for just 2 percent of the global total...

The net profit was down 78% compared to the previous quarter.

Major advertisers suspended Twitter activity after Musk took over.

Tesla employees "circulated recordings of Tesla customers in private and embarrassing situations, without their consent," courtesy of sophisticated camera systems built into the cars, a court filing contended. The suit accuses Tesla of negligence, fraud and privacy invasion.

Abu Dhabi, UAE-- The UAE and Malta have signed three memoranda of understanding in areas of maritime affairs, youth, and sports. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, received Ian Borg, Minister for Foreign and European Affairs and Trade of the Republic of Malta....

Struggling to recover from its pandemic-driven slump, China, the world's second largest economy, has reported that its consumer price inflation fell below one percent in March, a sign of weak demand. The country is targeting an average inflation rate of three percent for 2023, which is still far below the...

Most of the participants, in the poll from as far away as Egypt and Lebanon, picked up Dubai to celebrate the festival in, with Doha coming at a distant second.

Successful business leadership requires that we innovate and embrace change. This means a commitment to seek paths untrodden, embracing new technologies, willingness to take risks, experimenting with new ideas and strategies, and focusing on creating sustainable, long-term growth, he adds.

Abu Dhabi, UAE - Abu Dhabi Quality and Conformity Council (QCC) has made strides in developing the quality infrastructure of Abu Dhabi, enhancing the emirate's regional and international competitiveness in various key sectors, QCC annual report for 2022 said. QCC reported that achievements last year spanned preparing and implementing conformity...

BAGHDAD, IRAQ - The World Health Organization (WHO) affirmed it is likely to support Iraq in the localization of its pharmaceutical industry, local media reports say.WHO official Ahmed Zueiten, said, “I spoke with Prime Minister Muhammad Shia al-Sudani about the partnership between Iraq and global health.” He said, "The organization...

By the end of 2022, the UAE was expected to attract more than 4,000 high-net-worth individuals. Around 25 percent of GCC's millionaires are moving to the UAE.

The change in how Twitter refers to Washington-based National Public Radio happened quietly overnight Saturday and comes after the network complained that the term "state-affiliated" was disparaging and inaccurate. Twitter last week branded NPR in the same way as government-owned Chinese and Russian platforms.

Careem’s ride hailing business will remain fully owned by Uber and continue to be available with all other Careem services on the existing app for customers.

MoU will leverage core competencies of both the firms.