Business News

Emaar Properties and Dubai World Trade Centre (DWTC) have announced a joint venture to develop Expo Living, a new residential community at Expo City Dubai.

DP World and SailGP have announced a global logistics partnership that will see the company oversee the transport and delivery of the sailing championship’s annual calendar of events.

Talabat Holding has officially announced the price range for its initial public offering (IPO) on the Dubai Financial Market (DFM), marking the start of the subscription period.

Dubai International (DXB) is set to break traffic records in 2024, following impressive growth in the first nine months of the year.

Etihad Airways has announced it will end its unilateral codeshare and bilateral frequent flyer partnership with Virgin Australia, effective June 1, 2025.

The world’s biggest asset manager, BlackRock, has obtained a commercial licence in Abu Dhabi, weeks after the company announced its plans to set up its regional headquarters in Saudi Arabia.

Global holiday home rental company Airbnb has urged Barcelona's mayor to rethink a widening crackdown on short-term rentals, arguing that it only benefits the hotel sector while failing to address overtourism and a housing crisis.

The 1 Billion Followers Summit, the first and world’s largest event of its kind, announced that its "1 Billion Pitches" competition has attracted 500 submissions from 40 countries.

The UAE's participation as a guest at the G20 Summit being held on November 18-19 in Rio de Janeiro, Brazil, is part of an exchange of shared visions with Brazil, supporting joint action to achieve future goals.

Apple has deleted one of US-funded Radio Free Europe/Radio Liberty's Russian-language news apps from the Russian App Store at the request of state communications regulator Roskomnadzor, the news outlet said on Friday.

Russia told Austria on Friday it will suspend gas deliveries via Ukraine on Saturday, in a development that signals a fast-approaching end of Moscow's last gas flows to Europe.

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and the UAE's Deputy Prime Minister and Defence Minister, met with the CEO of X, formerly known as Twitter, Linda Yccarino, to discuss the UAE’s strategic direction in digital transformation.

Etihad Airways has reported a strong performance for the first nine months of 2024, posting a profit after tax of AED 1.4 billion, a 66% increase from AED 814 million in the same period last year.

Lulu Retail Holdings PLC, commenced trading on the Abu Dhabi Securities Exchange (ADX) on Thursday following its Initial Public Offering and trading under the ticker 'LULU'.

Iranian bank cards can now be used in Russia, after the two countries linked their banking systems to evade sanction, state broadcaster IRINN reported.

Salik Company announced its financial results for the nine-month period ended on September 30, registering a net profit of AED 822.0 million after tax, up 2.4 per cent YoY.

Saudi Arabia announced Tuesday that it was replacing the CEO of its $500-billion futuristic mega-city NEOM. 

Iran has made plans to sustain its oil production and export and is ready for possible oil restrictions from a Trump administration in the US, Oil Minister Mohsen Paknejad said on Wednesday, according to the oil ministry's news website Shana. 

Boeing said on Tuesday it delivered 14 commercial jets in October, less than half of the 34 jets it handed over to customers during the same month in 2023, after a weeks-long strike halted most of its aircraft production.

Visa said on Tuesday it was rolling out a flexible payments feature in the UAE and US, as it looks to capitalize on the growing demand for a variety of transaction options.

Masdar, the UAE's leading clean energy company, and its partners have reached a major milestone in the development of a 1-gigawatt (GW) wind farm in Kazakhstan.

Oil and gas company Shell on Tuesday won its appeal against a landmark climate ruling in the Netherlands, which in 2021 ordered the oil and gas company to sharply reduce greenhouse gas emissions.

The Sharjah Chamber of Commerce and Industry, represented by the Sharjah Exports Development Centre, has launched a trade mission to Uganda and Kenya, running from November 11th to 14th.

Bitcoin soared to a record high above $82,000 on Monday on expectations that cryptocurrencies will boom in a favourable regulatory environment following the election of Donald Trump as US president and of pro-crypto candidates to Congress.

Talabat Holding plc, the on-demand food and grocery delivery service, has revealed its intention to proceed with an initial public offering (IPO) and list its shares on the Dubai Financial Market (DFM).

The Ministry of Economy has announced a notable growth in intellectual property (IP) registrations in the UAE during the first nine months of 2024, highlighting the success of national efforts to foster an innovation-friendly environment.

Dubai's GDP rose 3.3% in Q2 2024, to reach AED116 billion, and 3.2% in H1 2024, to touch AED231 billion, according to His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister of the UAE, Minister of Defence, and Chairman of the Executive Council.

AD Ports Group has signed four Memorandums of Understanding (MoUs) with the Government of Pakistan to explore upgrading the nation’s maritime, rail, airport, customs and logistics infrastructure.

ADNOC has awarded contracts valued at AED 720 million ($196.2 million) to 11 companies for local manufacturing of a wide range of product across the value chain. 

Emirates profit for the first half of 2024-25 hit a new record of AED 9.7 billion ($2.6 billion) before the newly implemented corporate tax, up 2 per cent compared to the same period last year.

China and Hong Kong stocks started lower on Thursday as investors priced in heightened tensions around security and trade in a second Donald Trump presidency, with losses contained by expectations from a key Chinese leadership meeting. 

The UAE and Australia have signed a Comprehensive Economic Partnership Agreement (CEPA), witnessed by H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs.

Lulu Retail Holdings PLC today announced the successful completion of the bookbuild and public subscription process for its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).

The Abu Dhabi National Oil Company (ADNOC) has awarded a AED3.38 billion engineering, procurement, and construction (EPC) contract to Jereh Oil & Gas Engineering Corporation to enhance its AI-powered well digitalisation programme.

At the Government Annual Meetings in Abu Dhabi, the UAE unveiled its ambitious new Foreign Direct Investment (FDI) strategy, aiming to significantly boost the country's investment landscape by 2031.

The total capital and reserves of banks operating in the UAE exceeded half a trillion dirhams at the end of last July, for the first time in their history, according to the latest statistics from the Central Bank of the UAE.

Emirates has resumed its direct service to Edinburgh, marking the airline's first flight to the Scottish capital since 2020.

Dubai Aerospace Enterprise (DAE) Ltd has signed lease agreements with Eastar Jet for three new Boeing 737-8 aircraft, which are scheduled for delivery in mid-2025 and the first quarter of 2026.

Boeing's US West Coast factory workers accepted a new contract offer on Monday, their union said, bringing an end to a seven-week strike that halted most jet production and deepened a financial crisis at the troubled planemaker.

Iran has approved a plan to increase oil production by 250,000 barrels per day, the oil ministry's news website Shana reported on Monday.

From November 26 to 29, Big 5 Global, alongside co-located events LiveableCitiesX, GeoWorld, and Future FM, will bring together 1,500 leaders from government and the private sector to shape the future of urban communities.

Lulu Retail Holdings PLC has announced an increase in its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).

His Highness Sheikh Mansour bin Zayed Al Nahyan, the UAE's Vice President, Deputy Prime Minister and Chairman of the Presidential Court, officially opened the 40th edition of the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC) on Monday.

Dubai Chambers has signed a Memorandum of Understanding (MoU) with DMCC (Dubai Multi Commodities Centre) aimed at enhancing Dubai’s position as a global destination for digital investments.

The UAE Minister of Industry and Advanced Technology, Dr. Sultan Ahmed Al Jaber says the energy sector needs an annual investment of $1.5 trillion to meet the increasing energy requirements driven by AI.

His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met with the Vice Chair and President of Microsoft, Brad Smith, on the sidelines of the ENACT Majlis. 

The International Monetary Fund (IMF) will begin its review of Egypt's loan programme on Tuesday, Egyptian Prime Minister Mostafa Madbouly said on Sunday at a press conference with IMF managing director Kristalina Georgieva.

The UAE, represented by the Ministry of Health and Prevention (MoHAP), took part in the G20 Health Ministers Meeting and G20 Joint Finance and Health Ministers meeting hosted by Brazil from October 29-31.

In line with directives from His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai and Chairman of the Dubai Media Council, to strengthen Dubai’s position as a global hub for media innovation, the Dubai Media Council met with TikTok to explore new partnership opportunities focused on media advancement and knowledge exchange.

The global energy community will gather in Abu Dhabi next week for ADIPEC 2024, the world’s largest energy event.

The UAE Ministry of Human Resources and Emiratisation (MoHRE) has called on private sector companies with 20 to 49 employees to expedite the hiring of at least one Emirati by the end of 2024.

The UAE's economic growth is projected to lead the GCC in 2025, primarily driven by the non-oil sector, according to the Director of the Middle East and Central Asia Department at the IMF, Dr. Jihad Azour.

The final bidding process for the privatisation of Pakistan International Airlines attracted just one bid of 10 billion Pakistani rupees ($36 million) for a 60% stake in the national flag carrier, the Privatisation Ministry said on Thursday.

Shell reported on Thursday third-quarter profits of $6 billion that exceeded forecasts by 12 per cent as higher liquefied natural gas (LNG) sales offset a sharp drop in oil refining and trading results.

The European Union has decided to increase tariffs on Chinese-built electric vehicles to as much as 45.3 per cent at the end of its highest profile trade investigation that has divided Europe and prompted retaliation from Beijing.

ADNOC Drilling Company recorded $1.026 billion (AED 3.77 billion) in revenue in Q3, marking a 32 per cent year-on-year. 

The Ministry of Energy and Infrastructure (MoEI) has announced a significant reduction in bureaucracy by eliminating over 745,000 government procedures across 21 services, resulting in a 75% decrease in service delivery time.

His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, participated in a networking event with the UAE-Singapore Business Council during his official visit to Singapore.

Expo 2020 Dubai has reaffirmed its commitment to gender equality and women’s empowerment.

Expo 2020 Dubai and the United Nations Global Compact are joining forces to hold a Sustainable Development Goals Business Forum.

More than 2,500 online travel agents, tour operators, hotel groups and airlines have signed on as Authorised Ticket Resellers (ATRs) for Expo 2020 Dubai.

A spectacular line-up of sights, sounds and tastes await visitors at Expo 2020 Dubai, through a series of specially curated itineraries.

Apple on Tuesday launched the iPhone 12 with faster 5G connectivity, which the company hopes will spur a wave of upgrades and keep its sales booming through the end of the year.