New York, United States -- AI chip juggernaut Nvidia became the world's first $5 trillion company on Wednesday, as investors remain confident that artificial intelligence will deliver a new wave of innovation and growth. The California-based tech giant saw its share price rise by 4.91 percent to $210.90 at the...

A tech-savvy population sees cryptocurrencies a safe investment option as governments adopt progressive regulatory frameworks, offering innovation and investor protection.

Vast swathes of land across the desert region are seeing the sprouting of new special zones to entice big business to set up shop. But can the model work to power the GCC economy?

It expects operating profits to jump to US$4.89bn.

In December, the airline ordered 230 Airbus planes.

Tehran, Iran--The trade exchanges between Iran and Turkey in the first two months of 2024 reached $930 million, showing a one percent increase compared to the same month last year. According to the latest figures released by the Turkish Statistical Institute (TURKSTAT), Iran’s trade with the neighboring country stood at...

Manama, Bahrain--The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al Ijara, has been oversubscribed by 186%. Subscriptions worth $128.67 million were received for the $69.14 million issue, which carries maturity of 182 days. The expected return on the issue, which...

The World Bank said in its interim damage assessment, this is equivalent to 97 percent of the combined economic output of the West Bank and Gaza in 2022. The report, produced with the United Nations and the European Union, found structural damage affected "every sector of the economy."

It will cost US$100bn and will include an AI supercomputer.

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...

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...

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...

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

It comes amid a slowdown in the tech sector IPOs.

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 oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields. The deals have been labelled as Iran's "biggest oil contracts in the past decade" that are aimed to add 350,000 barrels per day to the Islamic republic's daily production.

British telecoms giant sold the business for US$8.7 billion.

It delivered some 9.2 million cars to customers in 2023.

Abu Dhabi, UAE--The UAE construction market size was $94 billion in 2023 and the market will achieve an AAGR of more than 3% during 2025-2028, according to a report released by GlobalData, a data analytics and consulting company, headquartered in London. The growth is attributed to the increase in investments...

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

The debut issue of the company is valued at US$300m.

Riyadh, Saudi Arabia--The biggest tech show in the Middle East, LEAP 2024, hosted by Saudi Arabia in Riyadh, is preparing for what organizers are terming as "record-breaking" final day with more announcement of investments expected to be made on the occasion. Abdullah Al-Swaha, Saudi minister of communications and information technology,...

The 50% cash dividend would be to the tune of US$2.12bn.

Abu Dhabi, UAE--The MENA region's commercial aircraft services market will more than double in value by 2042, according to Airbus’ latest Global Services Forecast (GSF). Growing to US$28 billion from US$12 billion, and registering a 4.4 percent average annual growth, the regional expansion will surpass the global average growth of...

The market value of its net assets crossed US$5.66bn.

The new projects are estimated to value US$26.14 billion.

Cairo, Egypt--Egypt has signed seven Memoranda of Understanding (MoUs) on Wednesday in green hydrogen and renewable energy with seven global developers with expected investments worth $41 billion over ten years, the Egyptian Government announced. Egyptian Minister of Planning and Economic Development Hala Al-Saeed said that the agreements represent a new...

The airline reported record revenue of US$32.49bn in 2023.

The buyout is part of its plan to boost media business.

The US aluminum producer will buy Alumina for US$2.2bn.

The profit jumped to US$41.40m in 2023.

The company's revenue spiked to US$22.1bn.

Dubai, UAE-- The food and beverage sector in Dubai has attracted new FDI worth $577 million from 2019 to 2023, which was made by 48 international companies from 23 countries, according to data from FDI Intelligence. The UAE’s food and beverage sector generated $16.4 billion in retail sales, including fresh...

Dubai, UAE-- In the month of May scores of airport developers, officials, and suppliers from around the world will troop into Dubai to participate in the world’s largest annual event dedicated to the airport industry. The 23rd edition of the three-day B2B event at the Dubai World Trade Centre (DWTC),...

It plans to hike investments in the country to US$5 billion.

Its sales jumped 6% to US$27.2bn in half-year results.

Shenzen, China--The total number of high-tech enterprises in south China's Guangdong Province has exceeded 75,000, local authorities have said. By the end of 2023, the province's estimated annual research and development (R&D) expenditure topped 460 billion yuan (about 64.8 billion U.S. dollars), boasting 1.35 million R&D personnel and more than...

Beijing, China--China maintained a basic balance in its international payments last year, with its current account surplus amounting to US$264.2 billion, the country's foreign exchange regulator said on Sunday. According to China Central Television, the State Administration of Foreign Exchange (SAFE) disclosed that the ratio of the current account surplus...

Doha, Qatar--The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at the Ministry of Justice in January amounted to $521 million. The data of the real estate analytical bulletin issued by the Ministry of Justice revealed that (362) real estate transactions were recorded...

Its gross profit jumped 3.1% to US$137.25m in 2023.

With this deal, the value of the firm has tripled in 10 months.

The British bank's net profit jumped to US$5.5bn in 2023.

The global pipe maker invested US$60m in the business.

Jeddah, UAE--The Arab Tourism Organization (ATO) has signed a partnership agreement with the International Strategic Management (ISM) company to achieve growth and innovation within the tourism sector in Arab countries. The agreement comes as an extension of the ATO’s efforts to develop and enhance the tourism industry in the Arab...

Its revenue jumped 41% to US$748 million in 2023.

The company's revenue for the year 2023 was US$3.05bn.

The fund has an existing portfolio valued at US$158m.

It posted an 8% jump in net profit to US$337m for last year.

From Saudi Arabia to the UAE and Qatar to Kuwait, governments across the region compete to jumpstart industrial sector but doubts remain whether it can be pulled off.

Form Saudi Arabia to the UAE, Qatar to Kuwait, governments of the region compete to jumpstart an industrial sector. But doubts remain whether it can be pulled off.