business

Abu Dhabi’s NMDC Energy starts trading on ADX following 31.3 times IPO oversubscription

The offering comprised 1.15 billion shares of the company, 23 percent of total capital, priced at AED 2.8 each

AI to contribute $100 billion to UAE’s GDP by 2030

The UAE is solidifying its status as a leading player in the global AI landscape, says Astra Tech founder

Abu Dhabi’s Hub71 welcomes 21 startups with $134.9 million in funding

Seven startups will join Hub71+ ClimateTech, gaining tailored resources for their sustainability missions

Oil prices surge amid hurricane Francine concerns, yet demand worries temper gains

Brent crude futures for November rose by 40 cents, or 0.6 percent, reaching $71.01 per barrel

Egypt’s annual inflation rate stands at 25.6 percent in August 2024, says CAPMAS

The general CPI rose to 231.1 points in August 2024, reflecting a monthly inflation rate of 1.9 percent  

Saudi Industrial Production Index rises 1.6 percent in July 2024

The manufacturing sub-index rose by 4.6 percent year-on-year

Saudi Aramco signs MoUs to collaborate on advanced AI, supercomputing solutions 

Aramco has also launched initiatives to enhance advanced digital solutions in its operations 

Qatar, Armenia formalize agreement to strengthen labor sector cooperation

This agreement aims to attract skilled workers, boost their local presence 

OPEC highlights UAE’s robust non-oil sector driven by consumer and business recovery

The report indicates that Dubai attracted 10.62 million international visitors from January to July 

UAE’s DMCC launches AI Centre to propel global AI solutions

The AI Centre will be part of a newly integrated hub that also includes the DMCC Crypto Centre and DMCC Gaming Centre

DIEZ net profit rises 18 percent in H1 2024, further supporting Dubai’s non-oil economy

The total number of DIEZ-registered companies saw a 4 percent rise during the first half of 2024

Abu Dhabi Crown Prince wraps up visit to India, reinforces bilateral bonds

Sheikh Khaled emphasized the robust historical, social, and economic connections that the two nations share

Oil prices rebound as tropical storm Francine raises concerns over supply disruptions amidst mixed demand signals

Brent crude futures increased by 39 cents, or 0.6 percent, reaching $69.58 a barrel

Crypto fraud losses surge to over $5.6 billion in 2023, 45 percent increase from 2022: Report

Scammers have increasingly taken advantage of the swift and irreversible characteristics of digital asset transactions, says FBI

Dubai South grants $40.83 million construction contract for ‘South Living’ project

The project is set for completion by Q1 2027, with 209 units, including studios and 1- to 3-bedroom apartments 

Abu Dhabi’s AI sector booms with 41.3 percent surge in new companies in H1 2024

Registered AI companies in the emirate grew at a compound annual growth rate of 67 percent between 2021 and 2023

Abu Dhabi’s ADQ launches Q Mobility to improve transportation services in Abu Dhabi

The initiative focuses on sustainable and integrated solutions to support the Emirate's growth 

Oman Central Bank issues treasury bills worth $77.93 million

The bills have a maturity period of 28 days amounted to OMR300,000, with an average acceptable price of OMR99.650 

Saudi Arabia’s Citizen Account deposits $906.2 million into 10.8 eligible beneficiaries’ accounts in September

Deposits will continue until today end of day, and beneficiaries can check their amounts in the program's app

QatarEnergy to build 6 new QC-Max LNG vessels at China’s Hudong-Zhonghua Shipyard

The QC-Max vessels are the largest LNG carriers, each with a 271,000 cubic meter capacity 

Kuwait Central Bank issues bonds, tawarruq worth $792 million

On August 19, KCB announced a similar allocation of bonds and tawarruq for three months at the same value and return rate 

Dubai’s dnata secures multi-year ground handling agreement with EasyJet at Zurich Airport

dnata will provide a full range of safe and reliable passenger, ramp, and baggage services for the low-cost airline