Author: Forbes Middle-east

Lunate Capital is set to launch the Chimera JPMorgan Global Sukuk Exchange-Traded Fund (ETF) on the Abu Dhabi Securities Exchange (ADX) on July 8….

Abu Dhabi National Oil Company (ADNOC) has started negotiations to acquire chemical maker Covestro for approximately $12.8 billion (€12 billion)….

The European Union's (EU) antitrust regulators on Monday found Apple to be in breach of the bloc's Digital Markets Act (DMA) as it prevented app developers from freely directing customers to alternative avenues for offers and content….

Sur province of Oman has been named the Arab Tourism Capital for 2024 by the Arab Tourism Organization….

Saudi Arabia's non-oil exports, including re-exports, leaped 12.4% year-on-year in April to $5.9 billion (SAR 22 billion)….

At least 16 people died on Monday and 6 others remained unaccounted for after a fire broke out at a lithium battery factory in Hwaseong, South Korea….

UAE-based Sharjah Islamic Bank (SIB) plans to offer a benchmark-sized US dollar-denominated five-year Sukuk, a bourse filing showed on Monday. …

Saudi-listed National Medical Care Company (Care) has agreed to acquire Riyadh-based Al Salam Health Medical Hospital from Saudi Medical Care Group for $11.7 million (SAR 44 million)….

China attracted capital investments worth $2.3 billion from sovereign wealth funds (SWFs) based in the Middle East in 2023….

The World Bank announced $700 million in support for Egypt as part of a 3-year, $6 billion program aimed at boosting economic growth….

Mumbai-based quick commerce company Zepto plans to double its warehouses—known as dark stores—across India to 700 stores by March 2025 after achieving a valuation of $3.6 billion from its latest fund raising announced on Friday. This is about 2.6 times the valuation it had in its previous financing round….

Oil prices declined in early Asian trading on Monday, marking a second consecutive session of losses….

“Inside Out 2,” which last weekend had the year’s best opening, continued to shatter records in its second weekend by reportedly grossing another $100 million, the best-ever second weekend performance for an animated film, which cemented its place as the top-grossing film of the year just 10 days after its release….

China has urged the European Union (EU) to cancel planned tariffs on its electric vehicles (EVs) before the July 4 deadline, Beijing's state-run Global Times reported Sunday, as trade talks between both sides get back on track. …

Ooredoo Group announced that it will become an NVIDIA Cloud Partner (NCP) to help enable the AI revolution in the region….

Facebook parent Meta has discussed integrating its generative AI model into Apple's recently announced AI system for iPhones….

Cocoa prices are still three times higher than last year due to a supply crisis that has persisted for the third year in a row, despite recently falling from a historic peak of more than $11,000 per ton in New York….

GenAI is transforming workplaces by streamlining processes. However, its impact goes beyond efficiency or profits; it’s reshaping the very essence of how we work….

The deal values the parent company for the NBA’s Nets and WNBA’s New York Liberty at roughly 14 times revenue, an extremely rich multiple for a non-control stake….

Venture capital firm The Engine Ventures aims to bolster investment in advanced technologies aimed at solving climate change, improving AI and solving health problems….

Germany's Economy Minister Robert Habeck reportedly said Saturday during a visit to China that the proposed European Union (EU) tariffs on Chinese exports are not a punishment….

China and France launched a satellite on Saturday to capture gamma-ray bursts that traveled billions of light years to reach Earth, according to government news agency Xinhua….

NASA said Friday that it will further delay the Boeing Starliner's return to Earth from the International Space Station (ISS) to allow more time to review technical issues….

The rankings and net worth of the world's 10 richest people have witnessed massive changes since Forbes created its World’s Billionaires list 2024 more than three months ago. The combined net worth of the 10 richest increased by $98.2 billion, hitting $1.644 trillion as of June 21, 2024, before the US market opens. Here are the top gainers and losers among the world's 10 richest in three months….

Wyc Grousbeck bought the Boston Celtics for $360 million in 2002 and just delivered the franchise’s second championship during his tenure—a league-record 18th title….

Shares in Sinolong New Materials soared on their trading debut at the Shenzhen Stock Exchange Thursday, minting mainland China’s latest billionaire….

Crude oil prices settled lower Friday on concerns that a strong US dollar could impact global oil demand growth, while markets remain cautious as the US Federal Reserve continues to maintain its stance of cutting interest rates just once this year….

Popular Spanish holiday destination Barcelona is seeking to ban apartment rentals to visiting tourists by 2028 in a bid to tame rising housing costs for residents….

China said Friday that its government and the European Union (EU) need to have proper dialogue and consultation in accordance with the World Trade Organization (WTO) rules to avoid an escalation of the trade friction….

Boeing is expected to avoid criminal prosecution after the Justice Department recently found it violated a $2.5 billion settlement shielding it from charges over two 737 Max 8 model crashes in 2018 and 2019 that killed a total of 346 people….

Amazon is reportedly considering charging customers up to $10 a month for a revamped, AI-enabled version of its currently free voice assistant Alexa, suggesting a major overhaul for the money-losing service is on the horizon as the retail giant fights to remain competitive in the generative AI race….

Shares for Zealand Pharma rose by over 17%, after the Danish biotech firm announced positive trial results for petrelintide, a new weight loss drug the company said could compete against Novo Nordisk’s Ozempic and Eli Lilly’s Mounjaro….

Home prices hit an all-time high in May, as the median home price across the nation jumped 5.8% from the year prior as sales dropped by 2.8%, the National Association of Realtors said Friday….

Huawei’s Harmony operating system is now running on over 900 million devices, continuing the company's campaign to reduce its reliance on foreign technology and challenge the dominance of Western mobile operating systems….

Morocco’s consumer price index (CPI) rose by 0.4% in May on an annual basis, driven by increases in the non-food products index, which offset the fall in the food products index, official data showed….

The past three years have been tough for PayPal, one of Silicon Valley’s oldest and largest fintech companies, a storied business that counts Elon Musk, Max Levchin, Peter Thiel and Reid Hoffman among its founders and early employees. …

Eurozone economic recovery slowed sharply in June, according to provisional PMI survey data, as demand weakened for the first time since February. …

Masayoshi Son, CEO of Japanese investment holding company SoftBank Group Corp, announced on Friday that the conglomerate plans to contribute to humanity's pursuit of artificial super intelligence….

Lionel Messi has reportedly become the most-capped player in the history of South America's Copa America football tournament, making his 35th appearance for Argentina….

DP World has completed an expansion project at the Port of Callao in Peru, increasing its South Terminal container handling capacity by 80% with a capital expenditure of $400 million….

Former President Donald Trump’s lawyers are pushing the judge who oversaw Trump’s civil fraud trial to recuse himself, claiming he improperly discussed the case with a lawyer before ordering Trump to pay over $450 million, the Trump team’s latest broadside against a judge—though the New York court system previously denied wrongdoing….

Japan has reportedly imposed trade curbs on Chinese companies under a new series of sanctions against individuals and entities supporting Russia in its war against Ukraine….

Abu Dhabi-based International Holding Company (IHC) is advancing a plan to repurchase up to $1.4 billion (AED 5 billion) of its shares to enhance shareholder value….

Scorching weather resulted in more than 125 heat-related deaths in Mexico since March, with thousands of cases of heat stroke, and electricity cuts due to power overload reported in the rest of North and Central America, stated a report published by World Weather Attribution Thursday….

Several medical spas and wellness centers are facing potential lawsuits from drugmaker Eli Lilly for allegedly selling compounded and counterfeit versions of ultra-popular weight loss and diabetes drugs Mounjaro and Zepbound, a problem also raised by Ozempic maker Novo Nordisk—and health organizations warn these products may pose serious side effects like infections….

Nvidia stock suffered a rare tumble Thursday, relinquishing the artificial intelligence motor’s briefly held title as the most valuable public company on the planet and exhibiting broader stock indexes’ sensitivity to price movements from Nvidia….

Former President Donald Trump’s net worth dropped about $475 million on Thursday as shares of Trump Media continue to slide, which has decreased the value of his stake in the social media company by more than $2 billion this month….

With the arrival of summer and the rise in temperatures, people head to the beaches to enjoy the sea and sun while taking a break from their daily routines….

Authorities in Kuwait warned of more power cuts in some parts of the country during the peak consumption period as intolerable heat drives increasing demand, highlighting consumers’ struggle with extreme weather….

In Saudi Arabia, breathtaking landscapes, meticulously preserved environments, and wildlife come together with stunning natural scenery that spans from towering mountains to expansive deserts and pristine beaches….

Shares of the newly minted most valuable company in the world, Nvidia, rallied yet again Thursday, as predictions run wild of just how high the exponential growth stock, which has accounted for a major chunk of the record-setting stock market milestones, can go….

Airport lounges are among the key amenities that elevate the travel experience, providing a tranquil and comfortable environment away from the hustle and bustle of the airport's public areas, where travelers can unwind and indulge in a range of premium services before boarding their flights….

Global foreign direct investment dipped for the second straight year in 2023, as trade and geopolitical tensions weighed on a slowing world economy, according to a UN report….

The European Union (EU) and its member states pledged $804 million (€750 million) in funding for the African Vaccines Manufacturing Accelerator (AVMA) launched Thursday to support sustainable vaccine production in Africa….

The Bank of England (BoE) decided to keep its key interest rate steady at 5.25% at its latest monetary policy meeting on Thursday, despite achieving its target inflation rate in May….

UAE-based renewables giant Masdar has signed a deal with Greece's GEK Terna Group to acquire a 67% stake in its subsidiary Terna Energy….

The European Union (EU) has decided to introduce a new package of sanctions against Russia, targeting its liquefied natural gas (LNG) sector for the first time….

The European Union (EU) witnessed a 12% year-on-year fall in new battery-electric car sales in May, dragged down by a 30% plunge in demand from Germany, according to data from the European Automobile Manufacturers Association (ACEA) on Thursday….

Global fossil fuel consumption rebounded strongly, with the consumption of crude oil alone crossing the 100 million barrels per day (bpd) mark for the first time, largely on the back of China relaxing its zero-COVID lockdown policies….

US-based investment firm Carlyle Group is set to fully acquire British energy firm Energean Plc's exploration and production portfolio in Egypt, Italy, and Croatia for an enterprise value of up to $945 million….

German authorities have dropped an arrest warrant against Lebanon's former central bank chief Riad Salameh due to a position change, media reports showed, but are continuing their probe…

The People's Bank of China (PBOC) has decided to maintain its benchmark interest rates unchanged in line with market expectations at its latest monetary policy meeting….

The UAE is set to retain its position as the world’s top destination for the wealthy for the third year in a row, poised to attract 6,700 migrating millionaires by the end of the current year, according to a report by Henley & Partners….

Leading shipping industry groups called for urgent action on Wednesday to stop attacks on merchant ships navigating through the Red Sea following the sinking of a second ship, the Greek-owned Tutor coal carrier….

US technology behemoth Amazon said Wednesday that it will invest $10.8 billion (€10 billion) in Germany to meet the increasing demand for its cloud services and retail products in Europe's largest economy….

North Korean leader Kim Jong Un and Russian President Vladimir Putin inked a deal Wednesday agreeing to aid each other in the event of an attack on either country, signaling the growing closeness between the two leaders as their regimes battle a bevy of international sanctions….

A lawmaker accused Boeing executives during a Senate hearing Wednesday that it was placing profit over the safety of its customers. The planemaker was also accused of failing to protect whistleblowers, which CEO Dave Calhoun acknowledged….

At the Middle East Events Show (MEES) 2024, Buildup won the award for “Best Stand Design & Build” during the awards ceremony. …

Father's Day is an annual celebration to honor fathers in appreciation of their role in the family and society….

Chip stocks jumped in out-of-hours trading as chipmaking giant Nvidia continued Tuesday’s market rally that saw it dethrone Microsoft as the world’s most valuable public company and boost CEO Jensen Huang’s net worth….

US export policy chief Alan Estevez was reportedly heading to Japan after discussions with the Dutch government to urge allies to implement additional measures to restrict China's ability to produce advanced semiconductors….

The European Union (EU) is expected to warn nearly 10 governments, including France and Italy, for their excessive spending under new budget regulations. …

The first two companies to eclipse a $3 trillion market cap in the last two years, Apple and Microsoft, have been well-known names since the 1980s, but the third would likely have come as a shock to even the most astute investors a decade ago….

The UK's inflation edged down to 2% in May, down from 2.3% in the previous month, thanks to a decline in food prices, official data showed on Wednesday….

China's central bank chief Pan Gongsheng acknowledged that the economy still faces many challenges….

Nvidia chief executive Jensen Huang is now the 11th-richest person in the world after his net worth increased by more than $4 billion on Tuesday, scoring his highest ranking yet on Forbes’ real-time billionaire list, as the chip designer rode an artificial intelligence-driven surge to become the world’s most valuable public company….

Crude oil prices dipped after rising to a seven-week high Wednesday amid an unexpected rise in the US crude stockpiles and concerns over escalating conflicts….

The US budget deficit is expected to surge to $1.9 trillion in 2024, the Congressional Budget Office (CBO) said on Tuesday, largely driven by increased government spending….

U.S. buyout firm KKR and Singtel have teamed up to invest an initial S$3 billion ($2.2 billion) in ST Telemedia Global Data Centres (STT GDC) in the largest digital infrastructure investment in Southeast Asia this year as the region accelerates adoption of artificial intelligence technology….

Chip designer and artificial intelligence juggernaut Nvidia narrowly topped Microsoft’s market capitalization Tuesday to become the world’s most valuable public company, less than two weeks after it surpassed Apple’s market cap following months of strong stock gains….

US retail sales rose 0.1% in May, weaker than expected, while data for the previous month was revised lower, Commerce Department’s Census Bureau reported Tuesday, suggesting that consumers are still battling high levels of inflation. …

Boeing allegedly hid faulty plane parts from federal regulators and then lost track of them, some of which may have been installed in new planes, according to a whistleblower complaint, the latest claims of manufacturing issues for the aerospace firm this year as its chief executive faces scrutiny over flight safety concerns….

NATO has confirmed it will invest in startups and venture capital companies that focus on deep tech, such as AI, robotics, and space technology, as part of its $1.1 billion innovation fund….

Led by AI scientist Raquel Urtasun, the Canadian tech company aims to begin operating driverless semis in Texas in 2025. Backers include Uber, Khosla Ventures, Nvidia, Volvo and Porsche….

Qatar’s Power International Holding will purchase Kazakhtelecom’s mobile telecommunications subsidiary Mobile Telecom Service (MTS) for $1.1 billion, with plans to expand the network, the Kazakh government said Tuesday….

The world’s largest companies Apple and Microsoft led the S&P 500 U.S. stock index to another record high, as Wall Street’s bullishness about the earnings prospects of big tech’s artificial intelligence push extends into summer….

American alternative investment firm Blackstone has agreed to buy Infocom, a Japanese digital comics provider, in a deal estimated at around $1.7 billion (275.8 billion yen), the company said in a statement Tuesday….

Goldman Sachs strategists upped their year-end forecast for the S&P 500 benchmark stock index to a Wall Street-leading level, the latest sign of the market’s exuberance as stocks rally to record highs….

Sulaiman Bin Abdulaziz Al Habib, founder and chairman of Dr. Sulaiman Al Habib Medical Services Group (HMG), holds the top position among individual investors on the Saudi Exchange. Al Habib's 40% stake in the company was worth $11.3 billion as of June 11, 2024….

MENA is witnessing a transformation in its approach to gender diversity and inclusion of women in the workplace. While there’s still a way to go, many companies are taking steps to create a more inclusive environment and diverse workforce….

The vibrant and bustling souks and markets of the Middle East have long attracted traders, shoppers, and visitors. With many of these community hubs still in existence today, the role of traditional markets in MENA’s economies continues to be vital….

The buzzy chip firm’s CEO Jensen Huang isn’t the only one scoring big, thanks to Nvidia’s soaring shares….

Oil prices rose on Monday following their best week since April, as traders weighed data from China and anticipated higher summer fuel demand….

A total of 265 individuals joined Forbes’ World’s Billionaires this year, with some enjoying a significant surge in their wealth status. These four businesses generated the highest number of new billionaires in 2024. All net worths are as of May 27, 2024….

Surgeon General Vivek Murthy called Monday for Congress to pass legislation mandating social media platforms feature a warning about the harm they pose to teens’ mental health, after the nation’s highest health official raised the alarm last year about the impact of social media on young people….

Swiss banking giant UBS AG said Monday it would repay $900 million to investors in Credit Suisse funds linked to the collapsed supply chain financing firm Greensill Capital….

China’s central bank has maintained its key interest rate unchanged for the tenth consecutive month in a cautious move to ease monetary policy in view of high liquidity and concerns about a weakening yuan….

It may seem counterintuitive, but the addition of anxiety, embarrassment, ennui, and envy seemed to be exactly what was needed at the box office as “Inside Out 2.”…

The National Weather Service has warned of severely high temperatures affecting parts of the Midwest and Northeast regions of the country throughout this week, in the region’s first heat wave of the year….

In the dynamic world of global finance, the Middle East is ripe with opportunities for leading global asset management and private equity firms, despite a recent setback in regional private equity deals, which declined 26% year-on-year to $11.6 billion in 2023, according to S&P Global Market Intelligence data. Here’s a look at some of the global giants expanding in this region….

Countries like the UAE and Saudi Arabia are eager to diversify their economy and pour billions into efforts to create their own semiconductors. Is the Middle East now a serious contender in the global chip wars? Here's what we know….

It was a middling year for media’s giants with box office gains offset by anemic ad revenue growth. Disney's centennial was overshadowed by movie flops….

Egyptian minister of finance said that Egypt released goods from customs worth $17 billion since April. …

Vacations are meant to be a break from the hustle and bustle of daily life – a time to relax and refresh one’s body, mind, and soul. That’s why holidaymakers from far and wide make the trip to Thailand’s Kamalaya Koh Samui Wellness Sanctuary & Holistic Spa. With its sparkling blue waters, lush greenery, and wellness facilities, it is the perfect place to unwind. …

Saudi Arabia's annual inflation rate remained steady at 1.6% in May, driven by higher housing rents. …

The Middle East’s space economy has tripled over the past decade to $25 billion in 2023 and could grow further to $75 billion by 2032. Here are some of the region’s most recent investments in space tourism….

These leaders from our list of the Middle East’s 100 Most Powerful Businesswomen 2024 have led their companies onto stock markets….

The investment was made by CP Croup’s convenience store arm, CP All, which operates 7-Eleven stores in Thailand. The deal marks CP All’s first investment in an overseas startup….

Princess of Wales Kate Middleton made her first public appearance on Saturday since she confirmed she is in the early stages of chemotherapy treatment for a cancer diagnosis in March….

US oil refining capacity increased by 1.5% in 2024 to 18.4 million barrels per day (bpd) from 18 million bpd in 2023, according to data published Friday by the US Energy Information Administration (EIA)….

Bahrain Financial Harbour is a financial and commercial center located in the heart of the capital, Manama. It stands as one of the most prominent modern features of economic prosperity and urban development in the region….

Disney’s and Pixar’s “Inside Out 2” has already grossed $13 million in Thursday previews on its way to a projected $80 million to $100 million domestic opening weekend, putting the Disney sequel on track to land the coveted title of biggest movie of 2024, so far….

Usman Riaz, director of 'The Glassworker,' reveals the makings of Pakistan's first-ever hand-drawn animated film, international recognition, and its strides in an emerging industry….

Despite challenging circumstances, many companies have managed to maintain strong performance across various sectors. These were the 5 most profitable companies in MENA in 2023….

Ayala Land, Megaworld, Robinsons Land and Vista Land are launching more luxury residential projects to tap into resilient demand from local and foreign buyers….

Abu Dhabi has partnered with energy solutions company Broaden Energy to establish the first hydrogen equipment manufacturing complex in the emirate with an estimated investment of $272.3 million (AED 1 billion)….

Saudi Arabia’s Public Investment Fund (PIF) and French private equity firm Ardian will acquire a 15% and 22.6% stake, respectively, in FDP TopCo, the holding company of Heathrow Airport, from Spain’s Ferrovial….

Princess of Wales Kate Middleton will attend her first public event—King Charles III’s birthday parade this weekend—since she confirmed she is in the early stages of chemotherapy treatment for a cancer diagnosis in March….

US import prices staged an unexpected drop in May driven primarily by lower prices for energy products, marking another sign of fading US inflation and boosting rate cut hopes….

Elon Musk on Thursday confirmed Tesla could start selling its humanoid Optimus robot by the end of next year and predicted it could drive the carmaker to a $25 trillion valuation, another ambitious claim from the billionaire that experts said might just be within the realm of possibility—though is highly unlikely to make the company any money in the near future….

France’s bonds and stocks plunged Friday as concerns deepened over political turmoil following a warning by Finance Minister Bruno Le Maire that the country’s economy could face a potential financial crisis if either the far right or left won the parliamentary election….

While the banking industry is still feeling reverberations from a string of bank failures last spring, 315 banks appear on Forbes’ Global 2000 list, up from 302 last year….

Qatar's foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus of $4.8 billion (QR 17.4 billion) in April, marking a 20.8% year-on-year decline and a marginal 1% fall compared to March….

Oil prices edged up on Friday, following the announcement by the Organization of Petroleum Exporting Countries (OPEC) this week, which maintained that global oil demand would grow solidly, on a relative basis, in 2024….

Card payment solution providers Visa and Mastercard are reportedly in a difficult spot as a New York judge indicated she might reject their proposed $30 billion antitrust settlement aimed at reducing credit and debit card fees for merchants….

Xtalpi’s IPO attracted cornerstone investors including firms controlled by Peter Lee, co-chairman of Hong Kong’s Henderson Land; and Chinese billionaire Gong Hongjia….

Ambuja Cement—backed by Indian ports-to-power billionaire Gautam Adani—agreed to buy Penna Cement Industries at an enterprise value of $1.2 billion….

Private markets are booming thanks to the popularity of alternatives among wealthy retail investors and ‘higher-for-longer’ interest rates. Once feared, buyout firms like KKR, Apollo and Blackstone have gone mainstream, as they climb higher on the Global 2000….

The US Transportation Department (USDOT) announced it fined Emirates $1.8 million for operating flights carrying JetBlue Airways’ designator code in prohibited regions….

Former President Donald Trump vowed to cut income taxes and roll back business regulations while speaking to members of the powerful Business Roundtable lobbying group’s annual meeting—continuing his bold overtures to the business community as he campaigns for a second term, according to multiple reports….

Grammy-winning producer Swizz Beatz is breaking new ground by entering the world of camel racing with his Saudi team at the Al Ula Cup. Here's how this hip-hop legend blends his love for music, art, & the Middle East in a thrilling new venture….

GameStop’s annual shareholder meeting Thursday was postponed because of technical difficulties with the livestream, which the hosting company said was overwhelmed by the number of people trying to access the meeting, amid increased craze for the video game retailer after meme stock trader Keith Gill returned to social media….

The Bank of Japan (BoJ) announced Friday its decision to reduce its purchase of Japanese government and corporate bonds, aiming to allow long-term interest rates to develop more freely in financial markets….

It’s not just Nvidia: Another Silicon Valley semiconductor giant is enjoying a monstrous stock market rally, knocking on the door of the exclusive club of trillion-dollar companies, as investors can’t get enough of artificial intelligence-heavy companies….

The UAE economy is projected to grow by 3.9% in 2024, driven by a recovery across various sectors, against a 3.6% rise in the previous year….

Alison Grinnell, CEO of Ras Al Khaimah Hospitality Holding, is putting the small northern emirate on the map for tourists and residents. While up against fierce competition from its neighbors, RAK is making itself known….

Tesla shareholders voted to approve billionaire CEO Elon Musk’s roughly $50 billion pay package at the company’s annual shareholder meeting Thursday, as the electric vehicle maker still seeks to appeal a Delaware judge’s decision to void the record-setting deal earlier this year, which for now still holds up the package….

The Organization of Petroleum Exporting Countries (OPEC) said Thursday that it does not anticipate a peak in oil demand in its long-term forecast amid projections that demand will reach 116 million barrels per day (bpd) by 2045….

Boeing is inspecting a quality issue with undelivered 787 Dreamliner aircraft, after finding hundreds of fasteners were incorrectly installed, the company said Thursday—the latest manufacturing issue for the aerospace firm as it faces increased scrutiny from regulators over safety concerns….

Investment firm Edmond de Rothschild announced it will open an office in Saudi Arabia this year and establish a platform that would provide debt finance for infrastructure projects in the country, according to a statement released Thursday….

The UK has imposed new sanctions on Russian entities, including the Moscow Exchange and the so-called 'Ghost Fleet' comprising ships used to circumvent Western sanctions….

The American Petroleum Institute (API) filed a lawsuit on Thursday in the DC Circuit Court of Appeals against the Biden Administration's Environmental Protection Agency (EPA), seeking to challenge its EV mandate….

Palm Jumeirah in Dubai is one of the world's leading luxury tourism destinations, where refinement and innovation combine to deliver one-of-a-kind stay experiences….

Tesla CEO Elon Musk claimed Wednesday shareholders approved to have his stricken $50 billion pay package reinstated, a development that, if true, could open a new and uncertain legal chapter for the billionaire that could shape his personal fortune, Tesla’s future, and the future of other companies he is involved with….

US producer prices unexpectedly declined 0.2% in May amid lower costs of energy and goods, official data showed….

China, including Hong Kong, occupies 324 spots in the 2024 Forbes Global 2000 ranking of the world’s top publicly traded companies unveiled Thursday. …

Shares of Tesla rallied Thursday to their highest level since late April as the automaker’s billionaire CEO Elon Musk said shareholders approved his controversial $50 billion compensation package, easing some investor concerns about the mercurial Musk leaving Tesla in the dust….

Canada-based Brookfield Asset Management seeks to raise $5 billion for a UAE-backed fund focused on directing capital into clean energy and transition assets in emerging economies. …

Tesla is likely to raise the prices of its Model 3 cars in Europe in response to the new tariffs planned by the European Commission on electric vehicles (EVs) made in China….

Saudi Aramco has agreed to purchase 1.2 million tons per year of liquefied natural gas from US energy firm NextDecade on a free on board basis for 20 years….

With JPMorgan leading the list, the United States has widened its lead as home to the world's biggest companies according to Forbes’ annual Global 2000 ranking. Strong U.S. markets should be thanked….

Gold prices fell after the US Federal Reserve maintained its rates, with a projection of merely one rate cut in 2024, against earlier expectations of rate cuts three times this year….

UAE-based geographic data and analytics provider Bayanat AI PLC and British autonomous vehicle technology company Oxa have signed a strategic partnership deal aimed at advancing autonomous vehicle technology in the UAE and beyond….

The combined investment of UAE banks surged to a record high of $180.9 billion (AED 664.4 billion) by the end of March 2024….

German wholesale prices dipped by 0.7% year-on-year in May, thanks to a decline in prices of chemical products, official data showed Thursday….

BYD, the Chinese electric vehicle maker led by billionaire Wang Chuanfu, can manage the European Union’s additional tariffs on EVs from China, analysts say—and may grab market share from more severely affected rivals….

Oil prices slipped on Thursday due to concerns about a potential delay in US Federal Reserve interest rate cuts till December, coupled with reports indicating robust US crude oil and fuel inventories. …

The US Justice Department has set a deadline for Boeing to respond to a claim that the planemaker violated a 2021 agreement that prevented criminal charges related to the 737 MAX crashes….

X began hiding likes from users’ public-facing profiles Wednesday, a day after owner Elon Musk confirmed the social media platform formerly known as Twitter will start automatically hiding users’ likes, saying it’s “important to allow people to like posts without getting attacked for doing so!”…

Tesla CEO Elon Musk said Wednesday night the company’s shareholders have voted to reinstate his massive 2018 compensation deal worth around $50 billion, months after it was invalidated by a Delaware judge….

Billionaire Richard Branson-backed Virgin Galactic Holdings Inc. announced a 1-for-20 reverse stock split on Wednesday to meet the minimum share price requirements for continued listing on the New York Stock Exchange. …

Thamer Al Muhid, Group CEO and Managing Director of Saudi Chemical Company Holding is leading a major restructuring as part of the firm’s strategic transformation strategy. With progress underway to boost production and localization, aligning with Vision 2030 is a top priority….

The number of forcibly displaced people across the globe rose to 120 million by May 2024, the United Nations said Thursday, due to the global community's “failure to resolve long-standing crises.”…

Sony Pictures announced Wednesday it purchased dine-in movie theater chain Alamo Drafthouse for an undisclosed amount, more than three years after Alamo filed for bankruptcy during the thick of the COVID-19 pandemic, which crushed theatrical revenue and delayed scores of major movies….

Lack of detail and accuracy in the baseline for the calculations of carbon credits raises concerns regarding its efficiency, according to a study….

The central banks of the UAE and Qatar decided Wednesday to keep their interest rates unchanged after the US Federal Reserve maintained its rates as the recent inflation data indicated an easing of price pressures in May….

The Federal Reserve expects to lower interest rates just one time this year, it indicated Wednesday after choosing to keep rates steady, down from the three cuts it forecasted in January but still offering a glimmer of hope for those expecting a Fed pivot soon….

From its beginnings as a uniform for workers, to its transformation into a symbol of youth rebellion in American culture, and then into an essential staple in international fashion, denim has retained its unique appeal over the decades….

Apple finally joined the great AI arms race this week after months of lagging behind big tech rivals like Google, Microsoft and Meta, unveiling a series of products juiced with artificial intelligence that it has pitched as a more secure, privacy-focused alternative to how its competitors process requests in the cloud….

Apple is again the biggest public company on the planet, ascending to the position it lost to Microsoft in January thanks to Apple stock’s meteoric rise following Monday’s event laying out the iPhone maker’s generative artificial intelligence strategy….

ADNOC has awarded on a $5.5 billion (AED20.2 billion) engineering, procurement, and construction contract to build its major LNG plant in the industrial city of Ruwais….

AD Ports Group signed agreements with the Red Sea Ports Authority (RSPA) to develop, operate, and manage three cruise terminals. …

Ghana, the world’s second-biggest cocoa producer, is reportedly seeking to delay the delivery of as much as 350,000 tons of cocoa beans amid a supply crisis exacerbated by poor crops in the current season….

Hospital operator NMC Healthcare announced it will review strategic alternatives for its shareholders, including looking into a possible initial public offering and the sale of the business, among other options….

An institutional Tesla shareholder has filed a lawsuit against CEO Elon Musk, accusing him of making billions of dollars through the sale of company stock using insider information. …

Inflation fell to its lightest level since April 2021 last month, according to the government’s core inflation metric released, a welcome development for investors and prospective borrowers yearning for lower interest rates….

Presumptive 2024 Republican nominee Donald Trump said he wants all remaining bitcoin to be mined in the United States, weaponizing cryptocurrency as a fresh line of attack against President Joe Biden….

The European Commission informed car manufacturers that it plans to impose extra tariffs as high as 38.1% on Chinese electric vehicles (EVs) starting next month, which is expected to provoke potential retaliatory measures from China….

The International Energy Agency (IEA) anticipates a significant oil surplus by the end of this decade, driven by slowing demand growth and increasing supply….

Shares of Alef Education Holding plunged more than 12% in its trading debut on the Abu Dhabi bourse on Wednesday after the educational technology (edtech) firm raised $515 million (AED 1.89 billion) in a heavily oversubscribed initial public offering (IPO) earlier this month….

German energy company Uniper said Wednesday that a tribunal has awarded it more than $14 billion (€13 billion) in damages from Russia's state-owned energy firm Gazprom for failing to deliver gas since mid-2022….

Omorfia, a subsidiary of Abu Dhabi-based investment holding firm Multiply Group, has fully acquired The Grooming Company Holding (TGCH)….

The UK's economic growth came to a standstill in April, according to preliminary figures on Wednesday, due to significant declines in industrial and construction output….

To date, automotive giant General Motors has already lost over $8 billion on self-driving technology that led to a tragic incident in San Francisco. Now, it’s plowing more money into Cruise while it conducts a “strategic review.”…

Paramount Global shares slid nearly 8% shortly before market close Tuesday after National Amusements, the media conglomerate’s parent company, scrapped merger discussions with Skydance Media, according to multiple outlets, bringing an end to a tedious, months-long negotiation process….

Oil prices edged up in early trade on Wednesday, supported by indications of better demand after US oil inventories data showed a higher-than-expected decline last week….

UAE-based technology firm Polynome Group has announced its plans to launch a $100 million fund, which will support artificial intelligence (AI) startups in the country starting in the first quarter of 2025….

Arada Developments has completed the issuance of a $400 million sukuk, its second public financing deal, which has been listed on the London Stock Exchange and the Nasdaq Dubai. …

Aziz Aluthman Fakhroo, Group CEO of the Ooredoo Group, has been leading a new strategy for the Qatar-headquartered telecom since taking the helm in November 2020. Now, he’s cornering key areas for future growth, including telecom towers, data centers, & fintech….

Tesla CEO Elon Musk withdrew a lawsuit against OpenAI accusing it of breaching its fiduciary duty and founding mission, the latest development in ongoing tensions between the world’s wealthiest person and the artificial intelligence company….

X owner Elon Musk confirmed Tuesday that the social media platform formerly known as Twitter will start automatically hiding users’ likes, saying it’s “important to allow people to like posts without getting attacked for doing so!”…

The issue of endangered animals is one of the most prominent environmental concerns that requires global attention….

Saudi oil giant Aramco has successfully completed its secondary share offering, raising $11.23 billion (SAR 42.1 billion) in gross proceeds for the government….

The ranking of “The Best 50 Restaurants in the World” is an annual ranking of restaurants prepared and published by the culinary magazine “Restaurant”. This ranking was launched in 2002 and is considered one of the most prominent rankings in the global culinary industry. …

German carrier Deutsche Lufthansa AG is unlikely to offer further concessions to EU antitrust regulators scrutinising its bid for a 41% stake in Italy's state-owned ITA Airways, Reuters reported on Tuesday, citing three people with direct knowledge of the matter….

The Italian subsidiary of LVMH that makes Dior bags has been implicated in an investigation into labor exploitation practices for outsourcing work to Chinese-owned firms that allegedly mistreat workers….

The World Bank upgraded Tuesday its global growth outlook for 2024 to 2.6%, up 0.2 percentage points from its last update in January and unchanged from 2023….

The European Investment Bank (EIB) announced Tuesday grants and loans worth $482 million (EUR 450 million) to support Tunisia's small and medium-sized businesses and infrastructure projects….

Apple shares soared to an all-time high Tuesday, scoring their biggest daily percentage gain since late 2022 as Wall Street embraced the iPhone maker’s long-awaited announcement of its generative artificial intelligence plans with open arms….

Australian energy group Woodside has achieved the first oil from the Sangomar field offshore Senegal, marking the delivery of the African country's first offshore oil project….