Business and economics news in UAE and around the world.
Litecoin (LTC), a prominent alternative cryptocurrency, has recently witnessed a significant surge, marking its position as one of the top performers in the cryptocurrency market. After trading at lows around $78 on March 20, Litecoin experienced a dramatic upswing, breaking past the $100 barrier to achieve its highest level since early July 2023. On Friday, …
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BNB, a notable cryptocurrency in the digital market, has witnessed a remarkable surge of 12% in value over the week leading up to March 29, reaching an almost two-week high of $620. This increase has brought it closer in valuation to its main competitor, Ether, which experienced a 5% gain during the same period. However, …
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Huawei Technologies Co., a leading name in the networking and electronics sector, has continued its impressive streak of robust quarterly profit growth, gaining ground against industry giants such as Apple Inc. and Alibaba Group Holding Ltd. The Chinese firm reported a substantial net profit of approximately 13.9 billion yuan ($1.9 billion) for the December quarter, …
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In a significant turn of events that’s impacting Eid shopping plans, gold prices have surged to a new all-time high, crossing the $2,232 mark per ounce. This spike in prices is casting a shadow over the enthusiasm of shoppers in the UAE looking to purchase jewellery for the upcoming Eid festivities. As of 7 am, …
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Dubai’s economy is demonstrating remarkable resilience and recovery, buoyed significantly by its thriving tourism sector. A new report released on Thursday by Cavendish Maxwell underscores the city’s exceptional rebound. In 2023, Dubai welcomed a record-breaking 17.15 million overnight visitors, surpassing its previous peak of 16.73 million in 2019 and 14.36 million in 2022. Furthermore, the …
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Abu Dhabi’s renowned power and water company, Taqa, has achieved a significant milestone by securing a deal for a new project in Saudi Arabia. In a joint venture with Jera Co., Japan’s leading power generation company, Taqa will construct a greenfield industrial steam and electricity cogeneration plant in Jubail, located in Saudi Arabia’s Eastern Province. …
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Tesla Inc., the trailblazing electric vehicle (EV) maker, has recently experienced a tumultuous period in the stock market, with its shares showing only a flicker of recovery after a steep decline this year. As the company prepares to release its first-quarter delivery numbers, investors are bracing for potentially underwhelming results, signaling a challenging phase for …
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In a groundbreaking advancement, the United Arab Emirates is making strides in artificial intelligence (AI) and robotics research, catalyzing growth and sustainable transformation in key sectors such as energy, agriculture, and aviation. This progress is being spearheaded by the Mohamed Bin Zayed University of Artificial Intelligence (MBZUAI) in Abu Dhabi, a leader in nurturing future …
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Renault, the esteemed French automaker, has announced plans to sell approximately 2.5 percent of its stake in Nissan, a move poised to generate as much as 362 million euros ($392 million). This announcement, made on Wednesday, marks a significant step in Renault’s strategy to reshape its longstanding partnership with the Japanese car manufacturer. This upcoming …
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Flydubai, the renowned Dubai-based airline, has today announced an expansion in its flight network with the introduction of services to two new destinations in Saudi Arabia. This strategic move includes resuming flights to Al Jouf and initiating operations to Red Sea International, marking a significant step in the carrier’s growth within the Gulf Cooperation Council …
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In a landmark case underscoring the volatility of the cryptocurrency market, Sam Bankman-Fried, the once-celebrated founder of the now-defunct FTX cryptocurrency exchange, has been sentenced to 25 years in prison. The sentence was handed down by US District Judge Lewis Kaplan in a Manhattan court on Thursday, following Bankman-Fried’s conviction on seven counts of fraud …
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In a pivotal move reflecting strong financial performance, Dubai Electricity and Water Authority (Dewa) has announced the approval of a massive Dh3.1 billion dividend payment by its shareholders. This decision was reached at Dewa’s general assembly, held on Thursday, with the dividend set for distribution on April 8, 2024. The assembly, led by Dewa’s Chairman …
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Adnoc Distribution, a key player in the global energy sector, has recently confirmed a new five-year dividend policy, ensuring robust returns for its shareholders. This strategic move, along with the appointment of new board members, was approved by shareholders and aligns with the company’s commitment to a forward-thinking growth strategy, heavily underpinned by artificial intelligence …
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In the ever-evolving world of cryptocurrency, a new trend has emerged with US spot Bitcoin Exchange-Traded Funds (ETFs) experiencing a dramatic surge in demand. This Tuesday marked a pivotal moment as the demand for these ETFs outstripped the daily new supply of Bitcoin created by miners by a staggering 614%. This data, revealed by Gayatri …
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Fly Jinnah, Pakistan’s burgeoning low-cost airline, has taken another significant step in its expansion by inaugurating its second international route. This new service, linking Lahore in Pakistan with Sharjah in the United Arab Emirates, commenced operations yesterday, adding a new chapter to the airline’s growing network. This development comes shortly after Fly Jinnah initiated its …
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