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‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.
  • Asian stocks drop after Fed warning, oil dips with Mideast in focus

    Hong Kong, China - Asian stocks fell Thursday after the Federal Reserve warned Donald Trump's trade war would likely reignite US inflation and dampen economic growth, while oil prices edged down as investors awaited developments in the Israel-Iran conflict. While geopolitical tensions are the key focus for markets, traders were...
  • UAE, Mauritius conclude CEPA talks, set to boost trade

    The CEPA will cover trade in goods and services, investment facilitation amongst others. Once implemented, it will accelerate robust growth in non-oil bilateral trade between the UAE and Mauritius, which in H1 2023 stood at US$63.1 million, with opportunities strongest in chemicals, metals and petroleum products sectors.
  • UAE best performing economy in Arab region, says Arab Monetary Fund

    Abu Dhabi, UAE - The United Arab Emirates was named the most economically competitive nation in the Arab world, a report on Arab Economic Competitiveness Index released by the Arab Monetary Fund (AMF).UAE's sustained progress across crucial sectors, including its economy and investment environment are said to be the reasons...
  • UAE banking sector sees $71.87 billion in savings deposits until October 2023

    Dubai, UAE - Savings Deposits in the banking sector in the UAE, excluding interbank deposits, hit $71.87 billion by the end of October 2023, showing an annual increase of 7.8 percent, equivalent to about $5.17 billion, compared to approximately $66.59 billion in October 2022.The local currency, the dirham, accounted for...
  • Lebanon economy to plunge into recession due to Gaza war

    The impact of the conflict had reversed a slight recovery for Lebanon, which has battled a deep economic crisis for years, the Washington-based bank said in a report. "Prior to October 2023, economic growth was projected -- for the first time since 2018 -- to slightly expand in 2023," by...
  • UAE central bank raises 2024 economic growth forecast to 5.7%

    The bank stated in a report released today that the overall GDP for the country is expected to grow by 3.1 percent in 2023. The report anticipates a non-oil GDP growth of 5.9 percent in 2023 and 4.7 percent in the following year, while estimating the oil GDP growth at...
  • EU agrees on 150-million financial aid for Tunisia

    A joint statement said the funds amounting to around $164.3 million "aims to support the efforts undertaken by the Tunisian government to promote the recovery of the economy" through "the improvement of the management of public finances". Tunisia, which devotes a good part of its resources to repaying a crippling...
  • Qatar expects 11.4% revenue dip in 2024 budget on lower oil prices

    Finance Minister Ali bin Ahmed Al Kuwari attributed the decrease in revenues to the adoption of an average oil price of $60 per barrel for 2024 instead of $65 per barrel in 2023, based on the international institutions estimates for oil prices in 2024, and the conservative estimates for oil...
  • Malaysia bans Israeli-flagged ships over Gaza war

    Prime Minister Anwar Ibrahim in a statement said that ships bound for Israel will also be barred from loading cargo at any port in the largely Muslim Southeast Asian nation with immediate effect. He particularly targeted Israel's biggest shipping firm ZIM. Malaysia's cabinet authorised ZIM to dock its vessels at...
  • Arabian Travel Market ties up with ICCA, GBTA as business set to touch US$1.8trn

    Dubai, UAE--Arabian Travel Market (ATM) has entered into a partnership with the International Congress and Convention Association (ICCA) and the Global Business Travel Association (GBTA) for the upcoming edition of the event, which takes place from 6th to 9th May 2024 at the Dubai World Trade Centre.The global organisations have...
  • Google to pay US$700m to US consumers

    It is an antitrust settlement made public recently.
  • Aldar ties up with Yellow Door Energy

    They will supply solar power to 45 properties in the UAE.
  • UAE, South Korea look to deepen collaboration in water sector

    Dubai, UAE-- The UAE and South Korea Korea are looking to boost ties in the water sector and in this regard the Ministry of Energy and Infrastructure (MoEI) received a delegation from Korea’s Ministry of Environment to discuss the latest developments and share experiences in the sector.As part of the...
  • Maritime agencies report explosion off Yemen coast

    Dubai, UAE - A "possible explosion" struck a key shipping lane off Yemen on Monday, two maritime agencies said, the latest incident in the vital waterway threatened by Houthi rebel attacks.The British military’s United Kingdom Maritime Trade Operations issued a warning of a potential explosion striking near a vessel passing through the...
  • Saudi EVIQ unveils R&D facility

    It will be used to test a range of EV chargers and software.
  • Russia’s Gazprom sets new daily record for gas supplies to China

    Moscow, Russia--Gazprom has set a new record for daily gas supplies to China via the Power of Siberia pipeline on December 16, the company said in a statement."On December 16, China’s application for the supply of Russian gas through the Power of Siberia gas pipeline once again exceeded the daily...
  • Nissan to export EVs globally

    It would sell China-developed EVs all over the world.
  • GCC media outlets think outside the box to stay afloat

    Reeling from a calamitous drop in advertisement revenues and public trust, news media organizations are reworking strategies to create "niche" content.
  • UAE ranks first in Middle East, 4th globally as remote work destination

    Dubai, UAE -- The UAE has ranked first in the Middle East and fourth globally as a leading destination for remote work, according to a new ranking by VisaGuide.World.The VisaGuide.World website specialises in monitoring and evaluating the effectiveness of visa systems.The website also measures countries' progress in providing a conducive...
  • Plan to end e-vehicle subsidies sparks anger in Germany

    BERLIN, GERMANY -  The German government on Sunday faced a backlash after abruptly ending an electric car subsidy scheme in a blow to the already struggling automotive industry.The scheme is one of the casualties of a budget crisis caused by a shock constitutional court ruling in November that upended the government's...
  • Italy, UK leaders unite on migration, agree Tunisia deal

    At their meeting, Sunak and Meloni agreed to fund a project to help repatriations of migrants in Tunisia, the departure country for many migrants trying to reach Europe. They "committed to co-fund a project to promote and assist the voluntary return of migrants from Tunisia to their countries of origin",...
  • Qatar records 6 percent drop in Industrial Production Index in October

    Doha, Qatar-- Qatar has recorded a 9.3 percent drop in the Industrial Production index (IPI) in the month of October 2023 to 93.1 points, compared to the previous month (September 2023), and decreased by 6.0 percent, when compared to the corresponding month in 2022, according to the Planning and Statistics...
  • Qatar Airways and Asian Football Confederation sign partnership deal

    Doha, Qatar--Qatar Airways Group and the Asian Football Confederation (AFC) have signed a global partnership set to transform the fan experience at Asian football competitions in the coming years.In a statement today, Qatar Airways said that the partnership will run from 2023 to 2029 in time for the AFC Asian...
  • Kuwait emir Sheikh Al-Sabah dead at 86, says royal court

    "With great sadness and sorrow, we mourn... the death of Sheikh Nawaf al-Ahmad Al-Sabah, Emir of the State of Kuwait," said a statement aired on Kuwaiti state television. In November, Sheikh Nawaf was admitted to the hospital "due to an emergency health problem", according to the official KUNA news agency.
  • Volunteers offer help to Arab-Israeli farmers amid Gaza war

    Baqa al-Gharbiya, Israel--In Baqa al-Gharbiya, an hour's drive from Haifa, city folk have temporarily traded pens for boots to aid farmers in Israel facing a labour shortage exacerbated by the Gaza war.Whether teachers or lawyers, Arab or Jew, they have come together during their leisure time to lend a helping hand...
  • Qatar receives more than 3-million tourists in 2023

    Doha, Qatar-- Qatar received more than three million tourists from around the world during the ongoing year, making the oil-rich country a great tourist destination.According to chairman of Qatar Tourism, Saad bin Ali Al Kharji, Qatar has become a distinctive tourist destination, which is particularly evident as Qatar holds a...
  • ADQ and Azerbaijan’s AIH set up joint-investment platform

    Abu Dhabi, UAE--ADQ, an Abu Dhabi-based investment and holding company, and Azerbaijan Investment Holding (AIH), a strategic sovereign wealth fund located in Baku, have announced the formation of a joint venture with the aim of investing in sectors of mutual priority and interest, such as agriculture, technology, pharmaceuticals and energy...
  • Eurozone business activity continues downward trend in December

    BRUSSELS, BELGIUM - Business activity in the eurozone slumped at a faster rate in December, weighed down by a deeper downturn in France, a key survey said on Friday.The HCOB Flash Eurozone purchasing managers' index (PMI) published by S&P Global fell to 47 in December from 47.6 in November. A figure below 50...
  • Mawani gets 79.01 points in UNCTAD’s Liner Shipping Connectivity Index for Q4 2023

    RIYADH, SAUDI ARABIA – The Saudi Ports Authority (Mawani) attained its highest improvement in the UNCTAD's Liner Shipping Connectivity Index (LSCI) for Q4 2023, securing a remarkable score of 79.01 points.This aligns with the objectives of the National Transport and Logistics Strategy (NTLS).This achievement adds to the recent major records,...
  • Saudi Arabia’s inflation rises to 1.7 percent in November: GASTAT

    Riyadh, Saudi Arabia -- Saudi Arabia’s inflation rose to 1.7 percent in November compared with the previous month, according to recent data by the General Authority for Statistics (GASTAT).The cost-of-living index for November rose to 110.06 points, according to the base year 2018, from 108.25 points in the same month a year...
  • Arab Union for International Exhibitions & Conferences approves 2024 plan

    Sharjah, UAE--The board of directors of the Arab Union for International Exhibitions Conferences (AUIEC), operating under the Council of Arab Economic Unity of the League of Arab States, has approved its budget and the Union's action plan for 2024.The plan, endorsed during the second periodic meeting for 2023 held virtually...
  • Somalia to get US$4.5bn in debt relief from creditors: IMF

    The IMF said the debt relief will facilitate access to additional financial resources that will help it strengthen economy, reduce poverty, and promote job creation. Somalia is one of the poorest in the world, struggling to recover from decades of civil war, and with 70% of its population living on...
  • Saudi, Iran top diplomats discuss bilateral ties, Gaza ceasefire

    Tehran, Iran-- Saudi Arabia and Iran's foreign ministers have stressed the need for an immediate ceasefire in Gaza and sending humanitarian aid into the besieged enclave.Iran's Foreign Minister Hossein Amir-Abdollahian and his Saudi counterpart Faisal bin Farhan discussed bilateral relations between Iran and Saudi Arabia and the latest developments in...
  • ADX signs MoU with SZSE

    The agreement will bolster cross-border ETF cooperation.
  • GCC media outlets think outside the box to stay afloat

    Reeling from a calamitous drop in advertisement revenues and public trust, news media organizations are reworking strategies to create "niche" content.
  • Nasdaq Dubai lists Philippines ‘ROP Sukuk Trust’ worth US$1bn

    Dubai, UAE--Nasdaq Dubai has welcomed the first Sukuk listing by the Republic of the Philippines, "ROP Sukuk Trust", underscoring the exchange's reputation as the preferred choice for sovereign issuances.The Republic of the Philippines has chosen Nasdaq Dubai to list its maiden sukuk worth US$1 billion of Trust Certificates due in...
  • Expo City Dubai and Japan’s UMI sign MoU to support startups

    Dubai, UAE--Expo City Dubai and Universal Materials Incubator (UMI), a Japanese venture capital firm, have teamed up to identify and support groundbreaking startups, particularly those in the technology and sustainability sectors, establishing an incubation and accelerator programme that will nurture innovators and provide mentorship, resources and workspace.The two parties formalised...
  • Digitalization has high environmental costs, says UNCTAD meet

    DUBAI, UAE - With global attention on the COP28 climate summit, UNCTAD’s eWeek 2023 highlighted digitalization’s potential to accelerate climate action and its environmental costs. Data-driven technologies like the Internet of Things, robotics and artificial intelligence (AI) can enhance climate change monitoring, optimize energy use and production processes, and promote...
  • Global trade likely to decline in 2023 due to changing trade patterns, geopolitics

    DUBAI, UAE - The outlook for 2024 remains “highly uncertain and generally pessimistic,” UNCTAD says in the Global Trade Update, citing factors like ongoing geopolitical tensions, escalating debt and widespread economic fragility.Other elements weighing on trade include lower demand in developed countries, less trade in East Asia, an uptick in...
  • El Salvador to issue bitcoin bonds in first quarter of 2024

    With bitcoin, Bukele sought to make it easier, and cheaper, for Salvadorans to receive remittances and to provide financial services access to the 70 percent of people with no bank account. But a poll conducted in May by the Central American University found that 71 percent believed the cryptocurrency "has...
  • ADX and Abu Dhabi Housing Authority sign agreement to boost data exchange

    Abu Dhabi, UAE--The Abu Dhabi Securities Exchange (ADX) and the Abu Dhabi Housing Authority signed a service level agreement to enhance cooperation between the two organizations across different areas, including digital connectivity and data exchange.The primary objective of this collaboration is to elevate service excellence and improve the overall customer...
  • Silal and MBZUAI sign MoU

    The agreement will bring AI innovation to food production.
  • PM issues law forming Dubai Investment Fund to oversee government investments

    DUBAI, UAE – Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has issued Law No. (25) of 2023 establishing the Dubai Investment Fund as an independent public entity operating on a commercial basis.The law also endows the Fund with the financial and administrative independence...
  • PIF sets up agri and ecotourism firm Dan Company

    RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) announced on Monday the establishment of Dan Company, specializing in agritourism and ecotourism, according to a PIF press release.The company plans to develop unique tourism projects around cities across Saudi Arabia with attractive natural and farmed landscapes, the release said.It added...
  • Russia, Saudi say sovereign Palestine state vital for regional peace

    RIYADH, SAUDI ARABIA – Russia and Saudi Arabia expressed concern on the present situation in Gaza and said that a two-state solution is the only way to ensure peace in the region. The two countries issued a joint statement at the conclusion of Russian President Vladimir Putin’s visit to Saudi...
  • Oman’s revenues drop by 17 percent in nine months of 2023

    Muscat, Oman -- Oman's revenues for the nine-month period of 2023 declined 17 percent to 9.8 billion riyals ($25.45 billion), compared to 11.86 billion riyals for the same period in 2022.The financial performance bulletin issued by the Omani Ministry of Finance today indicated that the net oil revenues until the...
  • UAE green bonds and sukuk issuances touch US$4.20bn

    According to Mohamed Ali Al Shorafa, Chairman of the SCA Board, the issuance of green bonds and Sukuk is one of the transformational projects in supporting the UAE efforts to make it the new economic hub for the next ten years, and regulating the issuance of these green bonds was...
  • ITFC looks to ramp up green financing to 30% of its portfolio

    Dubai, UAE-- The International Islamic Trade Finance Corporation (ITFC) is looking to ramp up its sustainable and green financing to nearly 30% of its total financing portfolio.This was stated by Hani Salem Sonbol, CEO of the ITFC, affiliated with the Islamic Development Bank Group.Speaking to the Emirates News Agency (WAM)...
  • Doha Forum debates advantages in Gulf-Europe green ties

    Doha, Qatar-- Oil and gas producers in the Middle East are assessing "challenges and opportunities" available for their economies to grow while depending on hydrocarbon by working to enhance cooperation in the rapid transitions in the European energy field.The eagerness to make a transition toward clean energy and strike an...
  • COP28 focused on achieving balanced package in negotiations: Majid Al Suwaidi

    Dubai, UAE-- The COP28 Presidency is focused on achieving a balanced package in the negotiations, according to Ambassador Majid Al Suwaidi, COP28 Director-General and Special Representative, noting that they hosted a stocktaking plenary to outline progress made at the technical level and hear feedback on building areas of convergence.During a...
  • Faster hydrogen production needed for energy transition: WTO

    Abu Dhabi, UAE-- In order to speed up the energy transition there must be a fast increase in the production of green hydrogen, according to a joint report by the International Renewable Energy Agency (IRENA) and World Trade Organisation (WTO).The report published on December 9 provides insights into global hydrogen...