Category: Economy

World’s richest man Elon Musk got a good deal less rich Wednesday as the share price of his electric vehicle company Tesla spiraled, causing a broader stock market drought that tanked the net worths of several other billionaires associated with the companies….

Saudi Arabia’s Diriyah Company has signed a joint venture construction contract to develop four luxury hotels and the Royal Diriyah Equestrian and Polo Club worth $2.13 billion (SAR8 billion) as part of the Wadi Safar project near Riyadh, the developer said Wednesday….

OPEC Secretariat said it received compensation plans from Iraq, Kazakhstan, and Russia for their overproduced volumes in the first half of 2024. …

Doha-based Commercial Bank has concluded a three-year $500 million (QAR 1.8 billion) Syndicated Term Loan Facility….

Private sector activity in the UK expanded at a faster rate in July after a pre-election lull in June, supported by the sharpest growth in new businesses in 15 months alongside a strengthening of overall business confidence after a dip in June. …

Stock indexes slid after several massive companies reported earnings which failed to impress investors, as questions over whether fundamentals can support the stock market’s record prices come into the forefront….

UAE-based Reportage Properties has joined hands with Turkiye’s Mesa Holding and Azerbaijan’s Sabah Investment Group to establish RMS Capital Management to execute large-scale projects across the world….

The Commercial Bank of Dubai (CBD) reported Wednesday a 30.2% increase in net profit year on year to $394.8 million (AED1.45 billion) in the first half of the year, boosted by strong overall revenues and customer business activity….

Tesla shares fell during premarket trading after the electric carmaker reported lackluster second-quarter earnings the day before, a sign investors’ patience with CEO Elon Musk is wearing thin as the company invests heavily in AI and other long-term initiatives while its core auto business struggles….

Elon Musk launched a poll on Wednesday asking users whether EV Maker Tesla should invest $5 billion in his artificial intelligence startup xAI. …

Kuwait recorded a budget deficit of $5.2 billion (KWD 1.6 billion) for the 2023-24 fiscal year ending March 31, against a surplus of $20.9 billion (KWD 6.4 billion) in the previous fiscal year….

A historic all-time high in global climate was set on July 22, surpassing the previous day's record to become the hottest day ever, according to preliminary data from the European Union's (EU) Copernicus Climate Change Service (C3S)….

Türkiye's central bank has returned a $5 billion deposit to Saudi Arabia as part of a broader strategy to bring down external liabilities….

HCOB's Purchasing Managers’ Index (PMI) survey data signals a weak economic recovery in July for the Eurozone, as the private sector is almost stagnating. …

The Crown Estate, which manages King Charles’ public property, has posted a record net profit of $1.4 billion (£1.1 billion) for the fiscal year ended March 2024, thanks to the short-term uplift from offshore wind leasing….

Orange reported Wednesday revenues of $10.8 billion (€10 billion) in the second quarter of 2024, marking a marginal 0.9% year-on-year growth, thanks to solid performance from its retail services….

Crude oil prices gained on Wednesday, recovering from three consecutive sessions of decline, amid falling US crude inventories that signaled better demand in the world’s largest crude oil consumer….

Dubai Islamic Bank (DIB) said Wednesday it recorded a net profit of $919.7 million (AED 3.4 billion) for the first half of 2024, marking a rise of 8.6% year-on-year, thanks to higher income and lower impairment charges….

Former President Donald Trump’s camp is accusing the campaign of Vice President Kamala Harris that formerly belonged to President Joe Biden of violating campaign finance laws, according to multiple outlets, calling the transfer of more than $90 million to Harris’ operation from Biden’s old campaign a “brazen money grab.”…

Dubai's economy registered a 3.2% year-on-year growth, reaching $31.3 billion (AED 115 billion) in the first quarter of 2024, thanks to a robust performance of the emirate's transport and storage sector….

Rep. Jerry Nadler, D-N.Y., called on the House Judiciary Committee to investigate Elon Musk’s X on Tuesday, one day after users on the platform said they were unable to follow Vice President Kamala Harris’ campaign account, which Nadler called a “serious and time-sensitive censorship issue” as Harris is at the start of her presidential campaign after President Joe Biden withdrew from the race Sunday….

Japan's factory sector showed a slight decline in July, as production and new orders declined due to persistent high costs….

Google parent Alphabet came in above Wall Street’s lofty expectations in its second-quarter earnings report released Tuesday afternoon, as the internet behemoth continues to rake in tens of billions of advertising dollars….

Tesla stock faltered after its Tuesday afternoon earnings report, despite better-than-forecasted sales, as the company’s extended profit growth slump continues to eat into its valuation….

The planet recorded its hottest day ever Sunday, according to the European Union’s Copernicus Climate Change Service, as an unrelenting string of heat waves continue to topple daily record high temperatures across the U.S.—and more records are expected to fall as heat alerts remain in effect along the West Coast and northern Rocky Mountains….

US Vice President Kamala Harris takes a marginal two-percentage-point lead over Republican candidate Donald Trump after President Joe Biden ended his re-election bid on Sunday and endorsed Harris as his successor….

Crude oil prices dropped to the lowest level since early June as expectations on renewed ceasefire negotiations in Gaza and demand worries offset hopes of a September interest rate cut by the US Federal Reserve….

When it comes to planning a family vacation, everyone looks for a destination that offers a mix of adventure, culture, and relaxation. Among all the places, those that allow families to enjoy diverse and exciting experiences are the most attractive….

Luxury goods giant LVMH posted a 1% year-on-year drop in revenue to $45.3 billion (EUR 41.7 billion) in the first half of 2024, attributing it to substantial negative impacts from exchange rate fluctuations alongside a tough economic environment. …

Vice President Kamala Harris appears to be closing in on the Democratic nomination after President Joe Biden dropped out of the 2024 race Sunday—triggering a rushed competition among the Democratic Party’s rising stars to become her running mate….

Saudi Telecom Company (stc) posted Tuesday a 9.8% increase in the second quarter of 2024, reaching $880 million (SAR 3.3 billion). …

Shares of General Motors fell over 6% on Tuesday, pacing the company’s worst day in nearly a year after production of an autonomous vehicle from its self-driving unit Cruise was delayed indefinitely, after the car—which doesn’t have a steering wheel or pedals—faced years of delays, and Cruise endured scrutiny after a pedestrian was struck by another company car….

Qatar Airways has placed an order for an additional 20 Boeing 777-9 long-haul aircraft, worth $8.8 billion at list prices, multiple media reports showed on Tuesday….

Shares of Spotify erupted after the audio streaming service delivered robust earnings, as the company seeks to achieve a rarity in the streaming space: Sustained profitability….

The Coca-Cola Company reported $12.4 billion in net revenue for the second quarter of 2024, indicating a 3% year-on-year rise, driven by a 2% growth in global unit case volume….

The European Commission has launched a full scale investigation on German online food takeaway firm Delivery Hero and its Spanish subsidiary Glovo on concerns they may have taken part in an online food delivery cartel, EU antitrust regulators announced Tuesday….

The five-day Farnborough Air Show kicked off with a bang, raking in deals worth a staggering $50.8 billion on its first day. The event, renowned as one of the premier gatherings in the aviation industry, also saw Airbus steal the spotlight with its new single-aisle, long-haul jet….

Etihad Etisalat (Mobily) posted Tuesday a 32.9% increase in net profit for the second quarter of 2024. …

General Motors (GM) said its net income rose to $2.9 billion, or $2.6 a share, for the three months ended June 30, 2024….

Kuwait Finance House (KFH) has posted a 4.1% year-on-year rise in net profit for the second quarter of 2024 to $583.3 million (KD 178.3 million), thanks to better growth in finance income and lower impairment charges….

ADNOC Logistics and Services (ADNOC L&S) said AW Shipping, its joint venture (JV) with Wanhua Chemical Group, has awarded shipbuilding contracts worth $1.9 billion (AED 7 billion) to Jiangnan Shipyard in China….

Saudi-based flour producer First Milling Company (First Mills) said Tuesday that its net profit shot up by 30.4% year-on-year to $12.1 million (SAR 45.5 million) for the second quarter of 2024, largely driven by strong sales growth and a reduction in costs….

South Korea-based artificial intelligence (AI) chip manufacturer Rebellions has raised $15 million in funding from Wa'ed Ventures—the venture capital (VC) arm of Saudi Aramco….

Google’s talks to purchase cybersecurity unicorn Wiz are now dead, per a letter from Wiz CEO Assaf Rappaport shared with the company’s employees on Monday night….

Google announced Monday that it will no longer proceed with removing third-party cookies, opting instead to introduce a new feature in Chrome that enables users to make informed browsing choices and adjust them at any time….

Emirates Integrated Telecommunications Company (du) said Tuesday its second-quarter net profit surged 46.3% year-on-year to $158.2 million (AED 581 million)….

Vice President Kamala Harris has clinched support from the number of delegates needed to secure the Democratic party’s presidential nomination late on Monday, the Associated Press reported, as the party has swiftly coalesced around Harris’s candidacy just a day after President Joe Biden dropped out of the race and endorsed her….

Brian Kim, the billionaire founder of South Korean tech giant Kakao, was arrested early Tuesday, a Seoul court said, over allegations of market manipulation….

Vice President Kamala Harris is the most likely replacement for President Joe Biden, who dropped his 2024 presidential bid and endorsed Harris Sunday—and she is performing about the same as Biden in head-to-head polls with Trump….

Italian luxury powerhouse Dolce & Gabbana (D&G) is reportedly contemplating opening up its capital through a stock market debut or alternative routes….

Coastal Marbella has exceptional natural features such as a mild climate, beautiful gardens, luxury hotels, and unique historical sites….

Three days following the global cyber outage, Delta Air Lines continues to cancel more flights as it struggles to restore operations. Here's why….

Ajman attracts tourists from all over the world thanks to its quietness and varied activities it offers….

Korean Air commits to purchasing up to 50 widebody Boeing airplanes during the UK's Farnborough Airshow. …

Massive technology stocks broke their slump Monday, leading a broader rally that largely stemmed from President Joe Biden’s announcement he won’t seek reelection and his subsequent endorsement of Vice President Kamala Harris….

European consumer authorities have issued a warning to Meta, Facebook's parent company, demanding it address concerns over its new “pay or consent” model, or face potential sanctions….

Asset management firm CSOP will launch Asia’s first Bitcoin inverse investment product, which offers returns based on the fall in the price of the world’s largest cryptocurrency token, in Hong Kong’s stock exchange on Tuesday….

Egyptian fintech startup MNT-Halan has raised $157.5 million from international investors, including $40 million from the International Finance Corporation (IFC)….

US Vice President Kamala Harris has raised $49.6 million for her presidential campaign in less than a day after Biden dropped out of the Presidential race and endorsed her as the Democratic nominee….

Oman's Asyad Group has acquired Skybridge Freight Solutions to expand operations globally….

US markets climbed modestly on Monday morning after President Joe Biden dropped out of the presidential race and endorsed Vice President Kamala Harris over the weekend following weeks of mounting pressure that fueled speculation in domestic, global and cryptocurrency markets that increasingly hedged on a second Donald Trump victory….

Morocco's annual inflation rose to 1.8% in June from 0.4% a month earlier, driven by increases in food and non-food products, official data showed on Monday….

Budget airline flydubai's fleet expansion plans have been disrupted by delays in Boeing's aircraft delivery schedule, the airline said Monday….

Oil prices dipped slightly Monday amid investor expectations of imminent rate cuts by the US starting as early as September….

Vodafone Group sold an additional 10% stake in its Germany-based Vantage Towers for $1.4 billion (€1.3 billion)….

Ryanair saw its first-quarter profit plummet by 46% year-on-year to $392 million (€360 million), primarily due to lower-than-expected airfares….

Saudi Arabia-based shipping gateway and logistics platform OTO has secured $8 million (SAR 30 million) in a Series A funding round, led by Sanabil Investments, a company statement showed on Monday….

President Joe Biden decided to bow out of the 2024 race on Sunday, setting off an unprecedented and potentially chaotic process with just weeks before delegates are set to convene in Chicago to formalize their nominee—though Vice President Kamala Harris will likely have an advantage….

PureHealth has concluded the IPO of its subsidiary, Ardent Health Partners, on NYSE, with a market valuation of $2.2 billion in its listing debut….

China's central bank has slashed its five-year loan prime rate and its one-year rate in a bid to stimulate the struggling property sector and bolster the slowing economy, an official statement showed….

Vice President Kamala Harris emerged as a clear favorite to replace President Joe Biden at the top of the Democratic ticket Sunday, after Biden dropped out and endorsed her—and while she appears to be the most seamless pick to replace him, her political record and approval ratings could impact her chances against former President Donald Trump….

Bond issuance in MENA climbed 59% year on year to hit $73.4 billion during the first half of 2024, marking the highest on record since LSEG began tracking data in 1980….

President Joe Biden announced Sunday he will end his 2024 presidential campaign and endorse Vice President Kamala Harris as his replacement, saying he believes “it is in the best interest of my party and the country to stand down.” …

Kingdom Holding Company (KHC), Sumou Holding Company, and Jeddah Economic Company will establish a new $1.8 billion (SAR 6.8 billion) fund to acquire Alinma Jeddah Economic Fund….

Gulf Air, Bahrain’s national carrier, plans to construct a state-of-the-art Maintenance, Repair, and Overhaul (MRO) facility at Bahrain International Airport to enhance the kingdom's aviation industry….

Budget Saud completed the full acquisition of Al-Jazeera Equipment Company (AutoWorld) in a share swap deal valued at $121 million….

Saudi Tadawul Group Holding said its net profit after zakat leaped 86.4% to $97.4 million (SAR 365.4 million) in the first half of 2024, due to higher operating revenues….

Microsoft announced that approximately 8.5 million devices, constituting less than 1% of all Windows devices, were impacted by the recent CrowdStrike outage….

Podcasting has become a multibillion-dollar industry, reshaping communication & advertising. With 616.5M users projected by 2027, here's how digital voices are revolutionizing these landscapes, especially in regions like MENA with rising demand for diverse content….

These entrepreneurs are the region’s top female founders behind beauty and make-up businesses based on the scope and success of their brands in 2024….

Sebastian Knutsson and Stephane Kurgan, cofounders of Candy Crush creator King, have started a new stealth gaming startup, Queen Digital Entertainment. The team, including former King staffers, is developing a new 'match 3'-style puzzle game….

Warren Buffett's Berkshire Hathaway sold about 33.9 million shares of Bank of America (BofA) in several transactions this week for around $1.48 billion, a SEC filing showed Friday. …

Major fashion brands are competing to collaborate with luxurious hotels to offer swimming pools bearing their unique signature, adding elegance and sophistication for those seeking distinction….

Talaat Moustafa Group (TMG), a Cairo-based flagship real estate developer, said Saturday that construction works have commenced on Banan City, a new smart residential city in Saudi Arabia….

China's oil imports from Russia decreased by 20% in June, bringing the total for the first half of 2024 to up 5%. …

Moody’s Ratings upgraded Turkey’s credit rating to B1 from B3 with a positive outlook, the first upgrade in over a decade. …

Five people lost their lives and eight were wounded in a fire that erupted Friday evening in Haret El-Yahood, Cairo, affecting several commercial establishments, state media reported Saturday….

Former President Donald Trump has expanded his polling edge on President Joe Biden in recent weeks, according to multiple poll averages, though the race remains close—as Biden plans to continue campaigning amid mounting calls for him to drop out following last month’s debate….

MENA faces a complex economic landscape in 2024, marked by persistent challenges. As a result, the IMF has revised its 2024 growth projection for the MENA region in April 2024 downward to 2.7%, a 0.7 percentage point decrease from previous estimates in October 2023. …

Wellness tourism is gaining more popularity among travelers seeking an experience beyond traditional sightseeing of tourist hotspots. The global wellness tourism market is expected to grow to nearly $1.4 trillion in 2027, from an estimated $867.9 billion in 2023, and reach the $1 trillion milestone this year, according to the Global Wellness Institute….

The three children of the Oracle of Omaha, already among the nation’s biggest givers, could end up giving away as much as $130 billion of their father’s fortune. Here’s what you need to know about their philanthropy so far….

As shoppers embrace sustainability, the Middle East is emerging as a key player in fashion, with a growing market for pre-loved alternatives driving the shift towards eco-consciousness….

India’s Reliance Industries posted $2.1 billion (INR 174.45 billion) in net income for the quarter ended June, indicating a 4% year-on-year fall, weighed by a ‘challenging operating environment’ for its energy business….

Often, we feel a strong desire to escape the hustle of cities and distance ourselves from the monotony of daily life. At such times, our gaze often turns towards enchanting islands, distinguished by their golden beaches and soft sands shimmering under the warm sun, accompanied by the sound of ocean waves and breathtaking natural scenery….

Global equity funds attracted inflows for a fourth consecutive week, spurred by expectations of an interest rate cut by the US Federal Reserve after June's inflation data showed signs of easing price pressures, fueling a stock market rally….

Computer systems running the Windows operating system worldwide were hit with an outage on Friday due to an issue with a software update by the cybersecurity firm CrowdStrike, disrupting a number of critical sectors, including airlines, banks, healthcare, and media….

Shares of cybersecurity company CrowdStrike Holdings faltered Friday after the firm’s software update caused global outages in technology across airlines, hospitals, emergency services and more businesses, sending CrowdStrike to one of its worst ever days on the stock market….

Discussions between Blue Heaven Holdings and The Friedkin Group over a potential sale of a majority stake in the Everton football club have ended, following a period of exclusivity last month, after both parties failed to reach an agreement. …

American rock singer Bruce Springsteen has amassed a substantial fortune over six decades—which Forbes conservatively estimates to be worth $1.1 billion….

Global electricity demand is set to grow at its fastest pace in nearly two decades this year, the International Energy Agency said Friday, with green sources continuing an upwards trend as rising temperatures, growing economies and artificial intelligence drive up energy consumption worldwide….

UAE-based renewable energy firm Masdar has raised $1 billion through its second green bond issuance under its Green Finance Framework, a statement showed on Friday….

Saudi Arabia topped the Gulf Cooperation Council (GCC) region in initial public offerings (IPOs) during the first half of this year, with companies in the kingdom raising $2.1 billion in share offerings, according to an S&P Global Market Intelligence report on Friday….

Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has signed three agreements to localize the manufacturing and assembly of equipment and components necessary for solar and wind renewable energy projects….

American Airlines, Delta Airlines, and United Airlines were reportedly among a handful of US airlines to ground flights on Friday morning, citing communication issues….

The 150-million-year old fossil of a stegosaurus named “Apex” by the paleontologist who discovered it became the most expensive fossil ever sold when hedge fund billionaire Ken Griffin shelled out $44.6 million at Sotheby’s on Wednesday—shattering its expected price tag of $4 million to $6 million….

Elon Musk’s X, formerly known as Twitter, now has two hashtags themed after former President Donald Trump on its platform—a change that follows the billionaire’s endorsement of the former president after he survived an assassination attempt at a rally Saturday….

Oil prices marginally dropped in early trading on Friday and are poised for a second consecutive weekly fall due to a strong US dollar and mixed economic data affecting investor sentiment….

MENA is experiencing a vibrant fashion moment, with cities like Dubai, Riyadh, Cairo, Doha, and Marrakech hosting fashion weeks that shed light on the creativity and talent of the region’s designers…

Gold prices dipped on Friday but are still set for their fourth consecutive weekly gain, driven by rising expectations that the Federal Reserve will cut interest rates in September, making non-yielding gold more attractive to investors….

Netflix reported financial results for the second quarter of 2024 on Thursday that beat analysts’ expectations as the streaming giant beat subscriber targets and reported a rise in ad-supported memberships….

President Joe Biden has been more willing to privately hear arguments urging him to drop out of the 2024 race, multiple outlets reported late Wednesday—and some high-profile Democrats reportedly said they suspect he could drop out as soon as this weekend….

A German man appears to have been cured of HIV after he received a first-of-its-kind stem cell transplant procedure nearly a decade ago, according to findings announced Thursday, as researchers say he is probably the seventh person worldwide to be cured of the virus affecting tens of millions of people globally….

Saudia has inked a binding sales agreement with Lilium to purchase 50 electric jets, with options to buy 50 more, as the Saudi Arabia flag carrier continues to expand its fleet as it targets more destinations….

US-based consumers reportedly spent a record $14.2 billion across online retailers during the 48-hour Amazon Prime Day event, marking an 11% rise compared to last year’s event….

Egypt is one of the world's premier tourist destinations, where the richness of history and the beauty of nature blend seamlessly with the charm of modern civilization….

Why Elon Musk, a majority of whom’s riches come from his EV company Tesla, would offer his full-throated support to noted EV skeptic Donald Trump in November’s presidential election is perplexing, but the unlikely allies’ courtship dates back several years….

A former papermill in a small town in Finland just under 200 miles south of the Arctic Circle houses Europe’s most powerful supercomputer. …

Abu Dhabi Commercial Bank’s first half pre-tax profit rose 28% to $1.37 billion (AED5.02 billion), helped by higher net interest income and non-interest income, according to a filing….

The Central Bank of Egypt (CBE) held interest rates steady at record highs Thursday despite noting that inflationary pressures have continued to recede over the past few months. …

Suspected Donald Trump rally shooter Thomas Matthew Crooks posted a cryptic message to to the online gaming website Steam that read “July 13 will be my premiere, watch as it unfolds” before he opened fired at the former president and his supporters on that date at a campaign stop in Butler, Pennsylvania, multiple outlets reported….

The Egyptian government decided to increase the prices of 3,000 types of medicine, representing about 90% of the volume of medicines traded in the market, thus ending the crisis of local factories stopping production to limit losses….

Dubai-based Emirates Islamic Bank (EIB) posted a 37% increase in first-half profit to $462.8 million (AED 1.7 billion), driven by higher income and lower impairment allowances, according to a statement released Thursday….

QatarEnergy on Thursday inked an agreement with Chevron to acquire a 20% working interest in a production-sharing contract for an offshore block in Suriname….

The European Central Bank (ECB) held interest rates steady Thursday and gave no hints about its next move, arguing that domestic price pressures and services inflation remain persistently high….

Chip stocks in Asia tumbled again on Thursday after a bruising selloff of tech stocks on Wall Street the day before, a sign of caution….

Egypt's Suez Canal revenues plunged 23.4% year-on-year to $7.2 billion during fiscal year 2023/24….

Saudi Aramco announced Thursday that it raised $6 billion through a dollar-denominated international bond sale under its medium-term note program…

US-based vertical farming startup Plenty has reportedly entered into a $680 million joint venture (JV) agreement with Mawarid, a subsidiary of Alpha Dhabi Holding, to establish more indoor farms in the Middle East….

Emirates NBD registered a 12% rise in its profit for the first half of 2024 to $3.8 billion (AED 13.8 billion)….

Four years after buying the so-called most expensive home listing in San Francisco history, billionaire OpenAI CEO Sam Altman has sued the developers of his $27 million mansion….

The central banks of Indonesia and the UAE have signed a memorandum of understanding (MoU) to establish a framework that will enhance bilateral cooperation in payment systems….

The WNBA will earn an estimated $2.2 billion as part of the NBA’s multi-year deals with NBC, Amazon, and Disney for broadcasting rights….

From shaping legacies to substantial philanthropic contributions, these five industry billionaires have independently built their fortunes and left an indelible mark on fashion. All are categorized as self-made by Forbes, with their net worths calculated as of June 14, 2024….

Samsung Electronics on Thursday signed an agreement to acquire Oxford Semantic Technologies, a UK startup specializing in knowledge graph technology….

President Joe Biden tested positive for COVID-19, the White House said, hours after he appeared at an event in Las Vegas….

Abu Dhabi-based investment and holding company ADQ announced Wednesday the extension of two credit facilities and an increase in the size of one of them….

One dead and nine were rescued from the Comoros-flagged oil tanker that capsized off Oman on Monday, officials said two days after the incident was reported. Rescue operations are still ongoing for the remaining crew members of the vessel….

Egypt's Egypt's total budget deficit shrank to $10.5 billion (EGP 505 billion) in the fiscal year (FY) 2023/24 compared to $12.6 billion (EGP 610 billion) a year earlier, according to Finance Minister Ahmed Kouchouk….

Italy's competition authority launched Wednesday an investigation against luxury fashion groups Armani and Dior for alleged unfair commercial practices, particularly related to the exploitation of workers in the Italian supply chains. …

Shoppers spent around $7.2 billion online across various retailers on the first day of Amazon's Prime Day in the US….

Egypt will halt load-shedding power cuts starting Sunday after the arrival of some natural gas shipments. …

Large technology stocks flailed Wednesday, as part of a broader selloff, highlighting the last week’s shifting market regime as lower interest rates appear on deck and investors view a Trump presidency as increasingly likely….

Indonesia's Ministry of State-Owned Enterprises (SOEs) signed Tuesday a memorandum of understanding (MoU) with Abu Dhabi-based real estate developer Eagle Hills worth $3 billion to bolster the tourism and infrastructure landscape in the Southeast Asian country….

Stocks of global chipmakers, including ASML and Nvidia, fell Wednesday amid reports that the Biden administration is considering regulations to limit exports of essential chipmaking equipment to China, while Taiwan Semiconductor Manufacturing Co (TSMC) shares dropped after Donald Trump suggested Taiwan pay the US for its defense….

UAE-based property developer Binghatti announced Wednesday that its sukuk tap had been oversubscribed by 4.2 times, leading to an increase in the total size of its sukuk deal to $500 million….

Shares of Swiss pharma giant Roche climbed Wednesday after it reported promising results for an experimental weight loss pill, part of a cohort of hopeful competitors racing to challenge Novo Nordisk and Eli Lilly in the burgeoning diabetes and obesity drug market amid growing evidence the drugs can treat many other health conditions like kidney disease and sleep apnea….

National Bank of Kuwait (NBK) reported Wednesday a 3.3% year-on-year rise in its second-quarter net profit to $477 million (KD 145.8 million), driven by higher operating income and a reduction in provisions….

EssilorLuxottica announced Wednesday that it will acquire Supreme from VF Corporation for $1.5 billion. …

Saudi-listed Marafiq is joining a consortium with Miahona Company and N.V. BESIX to develop the Al Haer independent sewage treatment plant project worth $399.8 million in Riyadh, Saudi Arabia….

Abu Dhabi National Hotels (ADNH) is mulling strategic options for its catering business, ADNH Catering, including an initial public offering (IPO). …

Plaza Premium Group has become the first brand in MENA to offer luxury caviar and other delicacies at its lounges in partnership with Abu Dhabi-based premium caviar brand, Numero Uno….

The UK's inflation remained steady at the Bank of England's 2% target in June, with rising costs in restaurants and hotels exerting the strongest upward pressure on consumer prices….

Saudi-based ACWA Power said Wednesday it will sell its 35% stake each in its two wind energy subsidiaries in Uzbekistan to China Southern Power Grid International (HK) Co. for $158.9 million (SAR 595.9 million)….

ASML reported an 18.7% year-on-year plunge in net income to $1.7 billion (EUR 1.6 billion) in the second quarter of 2024 due to reduced sales but saw a significant increase in net bookings for its machinery….

Body weight workouts in the evening may be linked to around 30 more minutes of sleep at night and without increasing sleep interruptions, a new study suggests, the newest evidence in the long debate about the relationship between evening exercise and sleep….

Gold prices showed a mixed trend, while bond prices rose on Wednesday as markets expect a global decline in interest rates….

SpaceX founder Elon Musk said Tuesday the aerospace company, along with X, formerly known as Twitter, will move their headquarters from California to Texas after California Gov. Gavin Newsom signed a law preventing schools from requiring employees to notify parents if students request to use different pronouns—which Musk said was the “final straw.”…

Equity and equity-related issuances in the Middle East and North Africa (MENA) region soared to $16.5 billion in the first half of 2024, nearly tripling the figures from the same period a year ago and reaching the highest first-half total since 2008….

With over $36.9 million in total funding, Omar Rifai, Mohamed Al Fayed, and Mohamed Hamedi, cofounders of U.A.E.-based F&B and e-commerce platform, Grubtech, are turning to new markets and AI to expand the growing startup….

Saudi Arabia's state-owned oil company Aramco has signed definitive agreements to acquire a 50% stake in the Jubail-based Blue Hydrogen Industrial Gases Company (BHIG), a wholly-owned subsidiary of Air Products Qudra (APQ). …

Gold prices pushed higher to more than $2,160 per ounce Tuesday, reaching new records amid increasing expectations of a September interest rate cut by the US Federal Reserve and uncertainty that stemmed from the assassination attempt of former President Donald Trump. …

German sportswear giant Adidas upgraded its sales and earnings guidance for the year after posting better-than-expected results for the second quarter as customers continued to buy more products despite reduced discounts….

Summer camps offer a range of activities that keep children engaged and entertained during their break from school, providing opportunities for them to learn new skills, make friends, and have fun in a safe environment….

These hidden beaches are away from the noise of cities and tourist crowds, distinguished by their breathtaking beauty and rich biodiversity….

The Dow Jones Industrial Average set another record on Tuesday, surging to an all-time intraday high for the third-straight session as markets respond positively to prospect of the Federal Reserve cutting interest rates….

US retail sales were virtually unchanged at $704.3 billion in June, compared to a 0.1% uptick in May, as a drop in receipts at auto dealerships and gas station sales weighed on consumer consumption growth in the US economy. …

The International Monetary Fund (IMF) maintained its global growth forecast for 2024 at 3.2% on Tuesday, despite downgrades for the US, Japan, and Saudi Arabia, warning of heightened inflation risks and ongoing trade tensions….

The central banks of the UAE and Ethiopia signed a bilateral currency swap agreement to support the financial and commercial cooperation between the two countries. …

Love holds significant importance in children's lives. Studies affirm that a child raised in a loving environment grows up to be psychologically healthy and more capable of facing life's challenges….

Iraq is reportedly launching a two-stage public tender to select a private partner who will expand and operate Baghdad International Airport, the country's largest international airport, under a long-term Public-Private Partnership (PPP) contract….

The consumer price index in Saudi Arabia reached 1.5% in June, driven primarily by rising costs in housing, water, electricity, gas, and other fuels, official data showed….

A BlackRock-led consortium has engaged banks to organize meetings with investors ahead of a potential bond sale to refinance a loan used for its stake in Saudi Aramco's gas pipeline network….

Chinese investors can now trade Saudi Arabian equities through two newly introduced exchange-traded funds (ETFs) focused on the Gulf country's shares in Shanghai and Shenzhen, according to a Bloomberg report. …

The stellar success of blockbuster drugs like Ozempic, Wegovy, Mounjaro and Zepbound has companies eager to break into the lucrative weight loss drug market — here are the hopeful rivals preparing to challenge Eli Lilly and Novo Nordisk for dominance in the obesity drug gold rush….

Swiss luxury company Richemont reported a more or less flat sales growth for the first quarter, primarily due to a 27% decline in demand in China, Hong Kong, and Macau….

TotalEnergies and SSE have inked a deal to establish a JV called 'Source,' targeting a 20% stake in the EV fast-charging market across the UK and Ireland….

Khalifa Economic Zones Abu Dhabi (KEZAD Group) launched a new natural gas network valued at $81.7 million (AED 300 million) with a capacity of 311,100 million British Thermal Units of natural gas per day (mmbtu/day)….

Abu Dhabi's economy expanded by 3.3% year on year in the first quarter of 2024, backed by the positive performance of non-oil economic activities….

Enersol, a joint venture between ADNOC Drilling Company and Alpha Dhabi Holding, has agreed to acquire a 51% equity stake in NTS Amega (NTS) for about $58 million, making it the majority stakeholder in the company….

German fashion brand Hugo Boss has downgraded its sales expectations for the year to a range of $4.57 billion to $4.74 billion….

Elon Musk and hedge fund billionaire Ken Griffin appear to have donated $100,000 each to a GoFundMe set up to support the victims and families of those injured or killed in a shooting at a Donald Trump rally Saturday that killed one person and left several with injuries, including the former president….

China-based photovoltaic inverter manufacturer Sungrow Power Supply has reportedly signed a deal with Saudi-based Algihaz Holding to build an energy storage project with a capacity of up to 7.8 gigawatt hours (GWh)….

The Central Bank of Kuwait has issued new bonds and Shariah-compliant tawarruq amounting to $785 million (KWD 240 million), state-run Kuwait News Agency (KUNA) reported on Monday…

Qatari designer Ghada Al Subaey, Founder and CEO of 1309 Studios and The Cutting Studio, is continuing to evolve her brand through storytelling for the modern modest woman. At the same time, she’s supporting Qatar’s ambitions to become internationally recognized for its fashion industry….

Tesla CEO Elon Musk, the world’s richest man, will give around $45 million a month to a new super PAC supporting former President Donald Trump, The Wall Street Journal reported Monday, days after Musk endorsed Trump’s 2024 campaign following Saturday’s assassination attempt against Trump….

Shares of gun manufacturers that could potentially benefit from Trump's presidency jumped Monday after an assassination attempt on the Republican candidate boosted expectations that he would win the November election….

China has asked the WTO to set up an expert panel to help deal with the dispute on electric vehicles subsidies under the US Inflation Reduction Act after both countries failed to come up with a solution during consultations….

The Republican Party formally nominated former President Donald Trump for president Monday, marking the third straight election cycle he has won the party’s nomination—an unprecedented feat in 21st century American politics….

Former President Donald Trump has chosen Ohio Sen. J.D. Vance as his 2024 running mate, Trump announced on Truth Social on Monday—drawing intense focus to the staunch Trump ally and onetime critic….

Federal Reserve Chair Jerome Powell noted Monday that all three inflation readings recorded over the second quarter of 2024 showed more progress in inflation, as the pace of price increases nears the central bank's 2% target….

As the summer season arrives, Dubai's restaurants shine by offering distinctive culinary experiences that cater to all tastes, from breakfast and lunch to brunch and dinner….

Apple tallied yet another all-time high share price Monday after a pair of investment firms meaningfully hiked their price targets for the stock, the latest positive push for Apple stock ahead of the hotly anticipated release of generative artificial intelligence iPhones….

Weight loss and diabetes may just be the beginning for drugs like Ozempic, Wegovy, Mounjaro and Zepbound as reports increasingly suggest they may have far-reaching benefits for treating conditions as diverse as heart disease, liver disease, Parkinson’s, sleep apnea and addiction….

More than $1 billion has been added to former President Donald Trump’s net worth on Monday, as shares of Trump Media—the parent of social media platform Truth Social—surged days after an assassination attempt on Trump, who holds a majority stake in the company….

Boeing has finalized an order with leasing company Aviation Capital Group (ACG) for the delivery of 35 737 MAX aircraft, as the planemaker continues to grapple with increased scrutiny amid an ongoing safety crisis that is weighing on delivery schedules….

Spending during Amazon’s Prime Day shopping event is expected to reach $14 billion, up 10.5% year on year, which will be driven by steeper discounts at a range between 9% and 22%, according to a forecast released Monday by Adobe Analytics….

France’s burgeoning public deficit, which reached $168 billion (€154 billion) in 2023, poses a serious risk to the country's economy in the event of a new macroeconomic shock….

Macy's announced the termination of its buyout discussions with Arkhouse Management and Brigade Capital Management. …

BlackRock’s assets under management (AUM) jumped 13% to $10.6 trillion in the second quarter, a $1.2 trillion year-over-year increase, driven by consistent organic growth and positive market movements, the company said in a statement Monday….

Stock indexes jumped to new heights Monday as Wall Street digested Saturday’s failed assassination attempt on former President Donald Trump and the rising odds of a Trump victory in November’s election, with Tesla stock, seen as a potential winner during another Trump presidential term, leading the charge….