Author: Forbes Middle-east

Abu Dhabi National Energy Company (TAQA) announced Tuesday that it has been unable to reach an agreement with the holding firm Criteria Caixa regarding a potential joint takeover bid for the Spanish utility firm Naturgy Energy Group….

Elon Musk was fact-checked on his own social media platform, X, on Tuesday after unleashing a firestorm of criticism and threats against Apple over the company’s plans to incorporate OpenAI’s popular chatbot ChatGPT into its devices, going as far as to threaten to ban the devices at his companies over alleged security fears….

The UK's unemployment rate unexpectedly surged to 4.4% in the three months to April, its highest level since September 2021, posing a challenge for Prime Minister Rishi Sunak ahead of the July 4 election….

European stocks and the Euro continued to decrease on Tuesday due to uncertainty in European politics. …

OPEC+ kept its crude oil demand forecast for 2024 unchanged from last month and predicted lower than expected use in the first quarter….

Saudi-listed ACWA Power said Tuesday that it plans to raise its capital by $1.9 billion (SAR 7.1 billion) through a rights issue….

Apple shares fell during premarket trading after the company debuted “Apple Intelligence” to great fanfare at its annual WWDC event….

Dubai's investments in Morocco have seen a significant rise in recent years, reaching $2.1 billion (AED 7.7 billion) between 2012 and the end of 2023, state-run Emirates News Agency (WAM) reported on Tuesday….

A Food and Drug Administration advisory panel unanimously voted Monday to recommend Eli Lilly’s Alzheimer’s drug donanemab for approval….

For those seeking a break from daily life's hustle and bustle and wanting to create unforgettable moments with family or friends, choosing travel destinations that offer privacy and seclusion can be the perfect option. …

Oil prices marginally decreased on Tuesday as traders awaited the outcome of the ongoing US Federal Reserve meeting as well as the release of inflation data….

Enersol, a JV set up by ADNOC Drilling Company and Alpha Dhabi Holding, announced its acquisition of an additional 42.2% equity stake in Gordon Technologies for $270 million….

Trump Media & Technology Group shares have slid nearly 20% following former President Donald Trump’s conviction in his hush money trial last month….

Singapore Airlines has decided to offer $10,000 in compensation to passengers who suffered minor injuries during severe turbulence on its flight last month. …

Apple revealed a large collection of new product features during its Worldwide Developers Conference on Monday, ranging from Vision Pro and iPhone improvements to new artificial intelligence features that could bring the company up to speed with an increasingly competitive AI market….

The Baltimore shipping channel has reopened for commercial activities over two months after an accident caused a cargo ship traversing the waters to hit an overhead bridge….

Yasser Zaghloul, Group CEO of the NMDC Group, has spearheaded considerable growth for the company since taking the helm in 2009. While the group builds new islands, he’s building a global plan….

Hours after Apple announced “Apple Intelligence”—its new generative artificial intelligence initiatives—billionaire Elon Musk blasted the announcement in a series of tweets….

Standard Chartered is leveraging its global network and comprehensive banking capabilities to meet the evolving needs of its clients in the Middle East…

Founded by Hatim Morbiwala and Murtaza Taskin, Growhub is disrupting the U.A.E.’s agriculture sector through technology, innovation, and a passion for plants….

Ignazio Cipriani, President of Mr. C Hotels & Residences, explains what distinguishes the exclusive residential development from the competition on Dubai’s ultra-luxury landscape….

Crude oil prices settled higher by about 3% Monday as analysts forecast a supply deficit in the later part of the year, and optimism strengthened over summer fuel demand prospects despite diminishing expectations that the US Federal Reserve would lower interest rates….

Amazon founder Jeff Bezos overtook French luxury goods tycoon Bernard Arnault as the second-wealthiest person in the world Monday morning after LVMH’s shares fell and Amazon's shares slightly increased—and the pair continued to flip-flop throughout the day for the title….

Apple rolled out details for its generative artificial intelligence initiatives—known as “Apple Intelligence”—for the first time Monday, laying out what could be the next big reason for iPhone users to upgrade their devices….

Global Wellness Day is an international awareness day celebrated on the second Saturday of June….

Kuwait’s Alafco has obtained the approval of the company’s board to delist from Boursa Kuwait at its latest extraordinary general assembly….

State-owned oil giant QatarEnergy announced plans Monday to build a salt production plant in Qatar's Um Al Houl area for an estimated cost of $274.4 million (QR 1 billion) as part of the company's TAWTEEN localization program….

Nvidia’s share price is at its lowest level since late 2022 after the company executed its previously announced stock split, a procedural move symbolic of the artificial intelligence sensation and semiconductor chip designer’s astonishing stock market run….

The Russian federal budget deficit for 2024 is estimated at $11 billion (RU 983 billion), equivalent to 0.5% of the projected gross domestic product (GDP), state-run news agency TASS reported Monday, citing the finance ministry….

Dubai-based real estate investment platform Stake has raised $14 million in a Series A funding round led by Middle East Venture Partners (MEVP)….

ADNOC disbursed $1.2 billion to investors to redeem its US dollar-denominated senior unsecured bonds issued by its subsidiary, ADNOC Distribution….

A panel of experts advising the Food and Drug Administration could recommend Eli Lilly’s experimental Alzheimer’s drug donanemab for FDA approval, a closely watched decision that could pave the way for the drug to become the second of its kind authorized in the U.S….

Egypt’s annual urban inflation rate receded to 28.1% year-on-year in May from 32.7% for the same period a year ago, official data showed on Monday, falling below analysts' expectations. …

Abu Dhabi satellite operator Yahsat has contracted Airbus to construct its new geostationary telecommunications satellites, Al Yah 4 (AY4) and Al Yah 5 (AY5), at a total cost of up to $1.1 billion (AED 3.9 billion)….

Oil prices edged up in early trade on Monday, supported by expectations of better fuel demand during the summer season in the US. …

The euro fell to its lowest value in a month against the US dollar on Monday in the wake of reports that France's President Emmanuel Macron called for a shock election after suffering a huge defeat in the European Union's (EU) parliamentary elections. …

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Progress is being made in discussions among officials from Iraq, the Kurdistan region, and representatives of international companies to resume oil exports via the pipeline to the Turkish port of Ceyhan, according to media reports on Sunday….

Billionaire Richard Branson-backed Virgin Galactic Holdings announced Saturday the completion of its flight with tourists on board, marking its second spaceflight of 2024 and 12th mission to date….

Saudi Arabia’s GDP tumbled by 1.7% year-on-year in the first quarter of 2024, owing to an 11.2% contraction in the oil sector….

Saudi Aramco's shares rose on Sunday, the first trading day following a secondary offering expected to raise at least $11.2 billion….

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Zepto helped pioneer quick commerce in India—now its cofounders aim to take market share from bigger rivals….

TMG Holding's sales increased to $2.6 billion (EGP 122 billion) in the first five months of 2024. …

FIA revealed new F1 regulations from 2026 onwards, including a redesigned power unit that features an even split between internal combustion engine and electric power. …

Climate-resilient irrigation more than doubles productivity compared to rain-fed agriculture, said the World in a recent report. …

Reaching billionaire status is impressive, but joining the $100 billion club is a whole new level of achievement. NVIDIA’s co-founder, president, and CEO, Jensen Huang, 61, made it to both milestones….

LiveKit provides the network infrastructure that startups like OpenAI and Character AI use to ensure AI models can interact with people across audio and visual formats….

Tesla reportedly argued in court papers Friday that the legal team that axed CEO Elon Musk's pay package deserves only a fraction of the $5.6 billion legal fee they requested….

Meme stock leader Keith Gill, also known as Roaring Kitty, made his return to YouTube after three years away from the platform with a livestream that generated more than 600,000 viewers and addressed his belief in video game retailer GameStop, which has experienced volatile stock swings since Gill’s return to social media last month….

US WTI crude prices rose as expectations strengthen that the US Federal Reserve would soon lower borrowing rates following a 25-basis-point rate cut implemented by the European Central Bank. Meanwhile, Brent prices dipped….

A group of Credit Suisse bondholders in the US filed a lawsuit against Switzerland, seeking full compensation over the country's decision to write down the failed bank’s Additional Tier 1 (AT1) debt, which has nullified their investments. …

The National Democratic Alliance (NDA), led by former Indian Prime Minister Narendra Modi, reportedly presented a formal claim to formulate a government Friday after the country’s six-week election period concluded last week….

The number of people internally displaced by war and violence in Sudan could soon exceed 10 million, the UN migration agency warned Friday, as the world’s worst humanitarian crisis continues to escalate….

The labor market grew at a faster pace than anticipated in May, according to the Labor Department’s monthly jobs report released Friday morning, unwelcome news for investors who had hoped for a weak report to support hopes for a lowering of U.S. interest rates….

Shares in GameStop, AMC Entertainment and other meme stocks were on a rollercoaster during premarket trading Friday after “Roaring Kitty,” the finance influencer credited with kickstarting the original meme stock craze, scheduled his first livestream in years….

The world food price index of the Food and Agricultural Organization (FAO) edged up by 0.9% in May compared to the previous month, amid an increase in the prices of cereal and dairy products that outweighed declines in sugar and vegetable oil prices…

Oman reduced its public debt to $37.7 billion (OMR 14.5 billion) from $39.7 billion (OMR 15.3 billion) by the end of 2023 after repaying $1.8 billion (OMR 700 million) towards its maturing international sukuk bonds….

WhatsApp has introduced new features including an AI-powered ad-targeting program and an AI-automated system for businesses to respond to frequently posed and common queries from potential customers….

Comfort-first footwear brands such as Birkenstock, Hoka, Crocs and On Running reported record-breaking first-quarter sales, as a shift in consumer preferences and strategic marketing tactics have transformed these once “ugly” shoes into fashion statements….

Saudi oil giant Aramco is expected to raise more than $11.2 billion (SAR 42.01 billion) from its secondary offering, after pricing shares towards the lower end of a price range….

The International Monetary Fund (IMF) has reached a staff-level agreement with Egypt on the economic policies required to complete the third review of its reform program under the Extended Fund Facility (EFF)….

Boeing’s Starliner capsule—crewed by two astronauts—docked at the International Space Station on Thursday, after NASA and the aerospace firm said helium leaks were detected on the spacecraft during its flight, a crucial moment after years of delays caused by technical issues….

China's exports reportedly surged at a faster pace of 7.6% year-on-year in May for the second consecutive month, signaling better orders for Chinese goods from overseas markets. …

European planemaker Airbus said on Thursday its aircraft deliveries fell 16% to 53 in May from the same month last year, taking its total to 256 so far this year….

Tesla CEO Elon Musk overtook LVMH chief Bernard Arnault to become the world’s richest person Thursday, doing so after briefly losing the title to Arnault overnight, when LVMH shares jumped in morning trading in Europe….

Shares of Riyadh-based water treatment firm Miahona shot up about 30% in its trading debut on the Saudi Exchange Tadawul after raising $148.01 million (SAR555.19 million) through an initial public offering….

Dubai and London-based fintech startup Elevate has secured $5 million in a pre-series A funding round to offer USD accounts insured by the Federal Deposit Insurance Corporation (FDIC) for freelance workers in emerging markets….

The island of Mauritius is one of the most attractive tourist destinations in the world, thanks to its white sandy beaches, crystal clear blue waters, diverse culture, and stunning landscapes….

Shares of video game retailer-turned-social media phenomena GameStop soared Thursday after Keith Gill, the unofficial commander of the meme stock movement, scheduled his first public appearance since he ignited the GameStop rally with his multimillion-dollar bet on the stock….

A man in Mexico died after contracting a strain of bird flu—H5N2—that has never been seen in humans before, and is separate from the strain that is ravaging U.S. dairy cattle, raising questions about the potential risks of another form of avian influenza reaching humans….

Abu Dhabi authorities launched the Unified Economic License initiative to streamline business setup across free zones, boosting the emirate’s competitiveness as a business-friendly destination for investors and entrepreneurs….

Mubadala-backed restaurant operator Zamp has agreed to purchase the rights to operate the Starbucks brand in Brazil for $22.8 million (120 million Brazilian reals)….

OPEC+ ministers announced Thursday that they could still tweak or reverse the oil output deal agreed Sunday, if needed to support commodity markets. The agreement calls for the gradual phase-out of voluntary output cuts from October onwards, a decision that has compounded fears of oversupply amid weakening global oil demand….

SpaceX launched its Starship rocket Thursday, marking the spacecraft’s first successful reentry into Earth’s atmosphere after three previous attempts, as the Elon Musk-owned aerospace firm pushes to use reusable rockets for more frequent space travel….

The House of Lili Blanc's Autumn-Winter 2024 ready-to-wear collection, Midnight Muse, created by designer Sabrina Mouhieddine, delves into the themes of ambition, stardom, and women's empowerment. …

LVMH has appointed Frederic Arnault, the 29-year-old son of Chairman and CEO Bernard Arnault, as the new managing director of the family-holding company Financiere Agache, adding to his roles in the luxury group….

Afternoon tea is a British tradition that originated in the 19th century, introduced by Anna Maria, Duchess of Bedford….

China's Sinopec International Petroleum Services Corporation has signed a $1.4 billion (CNY 7.96 billion) deal to construct gas pipelines for the master gas system (MGS) of Saudi Aramco, a bourse filing showed Thursday….

The European Central Bank on Thursday lowered three key interest rates by 25 basis points despite lingering inflationary pressures in the 20-member-country eurozone….

Budget airline Ryanair lost a legal battle questioning a $10.9 billion (€10 billion) Spanish financial aid program granted to pandemic-stricken businessess, a statement showed on Thursday. …

Bernard Arnault, the French billionaire and CEO of luxury conglomerate LVMH, overtook Elon Musk to become the world’s richest person on Thursday after shares in his company surged nearly 1.5% in morning trading in Europe….

Technology giant Meta Platforms has been hit with complaints, filed by the Vienna-based digital privacy advocacy group, the European Center for Digital Rights, over a new update in its privacy policy set to take effect on June 26….

The FTC is reportedly probing Microsoft’s recent deal with artificial intelligence startup Inflection AI to examine if the tech giant deliberately structured it in a manner that would avoid an antitrust review….

Saudi Arabia’s Public Investment Fund (PIF) has priced its inaugural sterling bond offering of $831.3 million (£650 million) under its existing euro medium-term note program, a statement showed on Wednesday, part of a strategy to diversify its funding sources…

Alef Education Holding, an Abu Dhabi-based educational technology (edtech) firm, on Thursday fixed its initial public offering (IPO) price at $0.37 (AED 1.35), the upper range of the offer price, for raising as much as $510 million (AED 1.89 billion)….

Vanguard International Semiconductor and NXP Semiconductors will build a $7.8 billion chip wafer factory in Singapore, adding to the advanced manufacturing facilities under development in the Lion City….

Global spending on clean energy technologies and infrastructure is projected to reach $2 trillion in 2024, nearly double the amount allocated to fossil fuels….

Oil prices rose on Thursday as optimism about a US interest rate cut in September gained strength….

The UAE government reported revenues of $18.03 billion (AED 66.2 billion) and expenditures of $15.8 billion (AED 58.2 billion) in 2023….

Chip designer Nvidia surpassed Apple’s market capitalization Wednesday for the first time ever, becoming the 2nd most valuable company in the world after a year of white-hot stock gains charged by an artificial intelligence craze….

Two of the three major stock indexes notched all-time highs Wednesday on the back of yet another surge from companies tightly linked to artificial intelligence ecstasy….

UAE’s Etihad Airways signed a joint venture (JV) with China Eastern Airlines to strengthen their strategic partnership by coordinating flights and sharing revenues on particular routes….

There is an 80% likelihood that global temperatures will temporarily exceed the 1.5°C mark in at least one of the next five years. This already-high chance is increasing with time, a report warned….

Trafigura settled a lawsuit filed by a firm owned by the Reuben brothers for $8.4 million after selling them nickel cargo that was part of a high-profile fraud….

Nvidia stock traded at nearly $1,200 Wednesday, but don't be alarmed if your brokerage account suddenly shows a near $100 share price for Nvidia soon….

The National Basketball Association (NBA) is nearing media rights agreements with Comcast's NBC, Disney's ESPN, and Amazon, which are expected to generate approximately $76 billion in media revenue over the next 11 years, The Wall Street Journal reported on Wednesday…

Fintech firm Valu unveiled Wednesday its payment program Ulter, Egypt’s first high-end payment solution with the highest credit limit in the country that also offers flexible repayment plans with no down payment….

Apple notched its highest share price this year thanks to Wall Street fanfare about the Silicon Valley titan’s artificial intelligence potential ahead of its Worldwide Developers Conference next week, as investors eagerly await what some paint as the next major event to drive slumping iPhone sales….

Boeing’s Starliner spacecraft launched Wednesday morning, sending a pair of NASA astronauts to the International Space Station, a milestone for the aerospace firm amid competition with SpaceX and years of delays….