Business News

Abu Dhabi National Oil Company (ADNOC) announced on Friday the final offer price and successful completion of the marketed offering to institutional investors of 3.1 billion ordinary shares in ADNOC Gas plc.

Etihad Airways tripled its net profit to AED 1.7 billion ($476 million) last year, driven by AED 25 billion ($6.8 billion) in combined passenger and cargo revenue, the UAE carrier said on Wednesday.

Hotels in the UAE generated approximately AED 37.1 billion in revenue from January to October 2024, marking a four per cent increase compared to the same period in 2023.

Apple launched its latest low-cost model, dubbed the iPhone 16e, on Wednesday as it looks to grab a bigger share of the mid-range smartphone market and fend off competition from rivals such Samsung and China's Huawei.

UAE-based classifieds company Dubizzle Group has announced the acquisition of Hatla2ee, a leading Egyptian automotive portal. 

A delegation from Brazil’s Ministry of Agriculture and Livestock (MAPA) is on a visit to the UAE to strengthen trade relations and showcase Brazil’s agribusiness potential.

China condemned tariffs launched or threatened by US President Donald Trump at a World Trade Organization meeting on Tuesday, saying such "tariff shocks" could upend the global trading system in a warning dismissed as hypocritical by Washington.

DP World recorded its highest container and breakbulk cargo volumes at Jebel Ali Port since 2015, it was announced on Wednesday. 

The UAE and Ukraine have discussed investment opportunities in the European country, with a particular emphasis on infrastructure projects, under the Comprehensive Economic Partnership Agreement (CEPA) between the two nations.

Dubai International Financial Centre (DIFC) recorded its strongest-ever annual performance in 2024 thanks to combined revenues of AED 1.78 billion from almost 7,000 registered companies.

Dubai-based beauty moguls Huda and Mona Kattan have confirmed that brands Huda Beauty and Kayali are to operate separately, as private equity firm General Atlantic comes onboard to take ownership of the fragrance brand.

Electric vehicle maker Tesla has begun hiring in India, with the company of tycoon Elon Musk issuing advertisements days after US President Donald Trump's right-hand man met with India's premier.

President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Volodymyr Zelenskyy, President of Ukraine, on Monday attended the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries.

Vehicle parking at major events in Dubai will be charged at AED 25 an hour coming into effect on Monday, parking company Parkin confirmed.

Abu Dhabi Department of Economic Development (ADDED), in collaboration with The Endowments and Minors’ Funds Management Authority (Awqaf Abu Dhabi), has issued a resolution on the establishment and licensing of endowment institutions in Abu Dhabi.

The International Defence Conference 2025 commenced on Sunday at Emirates Palace in Abu Dhabi, bringing together defence and security leaders, experts, and companies from around the world to discuss key challenges and opportunities in the sector.

Ahmed bin Saeed chaired the Dubai Supreme Council of Energy meeting on Sunday, which reviewed progress in carbon emission reduction technologies in alignment with the UAE’s Net Zero 2050 Strategy and the Dubai Carbon Abatement Strategy 2030.

OpenAI has rejected a $97.4 billion (AED 357 billion) bid from a consortium led by billionaire Elon Musk for the ChatGPT maker, saying the startup is not for sale and that any future bid would be disingenuous.

AD Ports Group has announced its preliminary unaudited financial results for the fourth quarter and full year ending December 2024, and saw revenue increase 48 per cent year-on-year (YoY) to AED 17.29 billion.

Air Arabia has announced its financial and operational results for the full year ending December 31, 2024, posting a record pre-tax net profit of AED 1.6 billion, reflecting a four per cent increase compared to AED 1.5 billion in 2023.

Sharjah is set to impose a 20 per cent corporate tax on companies involved in extractive and non-extractive natural resources, in accordance with a new law, it was announced on Thursday.

ADNOC Drilling Company PJSC has recorded a 32 per cent increase in revenue in 2024, reaching AED 14.70 billion. 

Abu Dhabi's Department of Economic Development (ADDED) has announced new measures to support business growth and expansion across the emirate.

The Advisor for Telecommunications, Digital Economy and Digitalisation of the Administration to the Prime Minister of Chad has expressed his country's interest in collaborating with Emirati airlines, regarding direct flights between the two countries.

Roblox is making a significant push into the Middle East by introducing Arabic-language support, aimed at making the popular gaming platform more accessible to millions of users in the region.

Abdullah bin Touq Al Marri, the UAE's Minister of Economy, has forecast a 5 to 6% growth for the national economy in 2025.

The World Bank projects the economic growth rate of Gulf countries will reach 3.4 per cent in 2025, rising to 4.1 per cent in 2026, compared to an expected 3.3 per cent growth rate for the Middle East and North Africa (MENA) region as a whole.

President His Highness Sheikh Mohamed bin Zayed Al Nahyan has issued a resolution toreconstitute the Artificial Intelligence and Advanced Technology Council (AIATC), chaired by His Highness Sheikh Tahnoon bin Zayed Al Nahyan.

DP World is advancing with the development of its Sokhna Logistics Park, in Egypt. The $80 million (AED 293 million) state-of-the-art logistics hub, is set to enhance Egypt’s logistics infrastructure and position the country as a key regional trade hub.

Emirates, the world’s largest international airline, has signed an interline agreement with West Africa’s largest carrier, Air Peace, enhancing connectivity for passengers travelling to and from Nigeria.

Haitham Al Ghais, Secretary-General of OPEC, said investment needs in the oil sector will remain substantial to meet the expected growth in oil demand, with cumulative investment requirements estimated at $17.4 trillion between 2024 and 2050, or approximately $640 billion annually.

ADNOC Distribution has announced its financial results for 2024, achieving its highest-ever Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) of $1.05 billion (AED3.86 billion), an increase of 4.8 per cent year-on-year.

UAE telecommunications company du has posted record-breaking financial results for 2024 with revenue up to AED14.64 billion, a 7.3 per cent increase from the previous year.

A consortium led by Elon Musk offered $97.4 billion (AED 357 trillion) to buy the nonprofit that controls OpenAI, another salvo in the billionaire's fight to block the artificial intelligence startup from transitioning to a for-profit firm.

Dubai Electricity and Water Authority (DEWA) recorded consolidated full year revenue, for 2024, of AED30.98 billion, EBITDA of AED15.70 billion and net profit after tax of AED7.24 billion.

The UAE's Minister of Economy and Chairman of the General Civil Aviation Authority (GCAA), on Monday emphasised the aviation sector's critical role in the global economy, noting that it accounts for 12 to 13 per cent of GDP in some countries and supports millions of jobs worldwide.

World leaders and technology executives are convening in Paris on Monday to discuss how to safely embrace artificial intelligence at a time of mounting resistance to red tape that businesses say stifles innovation.

The Abu Dhabi Registration and Licensing Authority (ADRA), which develops and regulates the business sector, on Monday revealed significant growth in business licences and compliance indicators in the Emirate's mainland and non-financial economic free zones during 2024.

Dubai Electricity and Water Authority (DEWA) has announced that it will adopt the cubic metre as the standard unit for measuring water consumption starting from the March 2025 billing cycle.

The UAE Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, has said negotiations for the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Japan will be completed before the end of 2025.

A federal judge temporarily blocked a Trump administration panel led by billionaire Elon Musk from accessing government systems used to process trillions of dollars in payments, citing a risk that sensitive and confidential information could be improperly disclosed.

UAE telecom operator Du confirmed a technical error led to the disruption of its services on Saturday as users were left without internet or landline services.

Dubai’s Roads and Transport Authority (RTA) is to offer 300 exclusive two, three, four, and five-digit license plates for private and vintage vehicles as well as motorcycles at its upcoming 78th e-auction.

Boeing has warned of layoffs in its Space Launch System moon rocket program, saying it expects to have about 400 fewer positions in line with revisions to NASA's Artemis program and cost expectations.

Wynn Resorts Limited announced on Friday that Wynn Al Marjan Island has obtained a $2.4 billion construction facility with a global syndicate of lenders to finance the development of Wynn Al Marjan Island, the first integrated resort in the United Arab Emirates.

DP World has welcomed the first vessel arrival at Jebel Ali Port under the landmark Gemini Cooperation – a strategic alliance between Hapag-Lloyd and Maersk aimed at enhancing the ocean freight network and global trade connectivity.

Dubai Chambers signed an agreement on Friday with the United States Chamber of Commerce, to strengthen trade relations and enhance ties between the business communities of Dubai and the United States.

The Reserve Bank of India (RBI) cut its key repo rate for the first time in nearly five years on Friday to provide stimulus to the sluggish economy, which is expected to grow at its slowest pace in four years in the current fiscal year.

Dubai's Gross Domestic Product (GDP) grew by 3.1 per cent in the first nine months of 2024, compared to the same period in 2023, reaching AED 339.4 billion.

DP World’s ports and terminals handled a record 88.3 million twenty-foot equivalent units (TEUs) in 2024, up 8.3 per cent year-on-year despite macroeconomic headwinds and concerns over the outlook for global trade.

TECOM Group PJSC on Thursday announced a record AED2.4 billion in revenue, representing an 11 per cent year-on-year (YoY) increase, resulting in a 14 per cent YoY increase in net profit to AED1.2 billion for the financial year ending December 31, 2024 (FY 2024).

The UAE Ministry of Economy launched a roadmap on Thursday for "Green Intellectual Property (IP)" designed to foster innovation, accelerate technology localisation, and develop new projects in the new economy, environmental sustainability, and circular economy.

Former UK Prime Minister Tony Blair will join world leaders and leading figureheads from global organisations as part of an expanded World Governments Summit, set to take place in Dubai from February 11-13.

ADNOC Gas plc and its subsidiaries announced on Thursday record earnings for the full year (FY) 2024 of $5 billion and its highest quarterly income of $1.38 billion since its IPO.

Aircraft leasing company Dubai Aerospace Enterprise (DAE) recorded a 9 per cent growth in revenue, reaching $1.42 billion by the end of 2024, compared to $1.31 billion in 2023.

Nissan looks set to step back from merger talks with rival Honda, two sources said on Wednesday, calling into question a $60 billion tie-up to create the world's no.3 automaker and potentially leaving Nissan to drive its turnaround alone.

The Central Bank of the UAE (CBUAE) and the Economic Security Centre of Dubai signed a Memorandum of Understanding (MoU) to strengthen cooperation in combating financial crime.

The Argentine Minister of Foreign Affairs and International Trade, Gerardo Werthein, met with Emirati officials from the Ministry of Economy to increase bilateral trade.

The Federal Tax Authority (FTA) has called on registrants who have yet to update their tax records to take advantage of the UAE Cabinet’s decision to grant a grace period, relieving them from administrative penalties.

The UAE's Mohammed Bin Rashid Space Centre (MBRSC) signed a cooperation agreement with Thales Alenia Space on Tuesday, marking a major step towards realising the UAE’s space exploration goals.

Dubai World Trade Centre (DWTC) is gearing up to celebrate the return of Gulfood for its 30th edition, running from February 17-25, under the theme ‘The Next Frontier in Food’.

The UAE-Kuwait Week has kicked off in Dubai, aiming to strengthen economic and cultural ties between the two nations.

Samsung E&A has been awarded, by TA'ZIZ, a contract worth AED 6.2 billion ($1.7 billion) to construct methanol plants in Abu Dhabi, as the UAE capital aims to diversify its economy.

US tech giant OpenAI on Monday unveiled a ChatGPT tool called "deep research" ahead of high-level meetings in Tokyo, as China's DeepSeek chatbot heats up competition in the AI field.

Volkswagen has sued Indian authorities to quash an "impossibly enormous" tax demand of $1.4 billion, arguing the ask is contradictory to New Delhi's import taxation rules for car parts and will hamper the company's business plans, court papers show.

Emirates says services to Beirut, Lebanon restart from Saturday with a daily flight. The airline also confirmed it will reinstate daily services to Baghdad in Iraq on the same day.

Abu Dhabi Ports Group has partnered with MAG Group Holding to develop the first phase of Marsa Zayed, a beachfront resort and residential community on the Red Sea in Aqaba, Jordan.

Expo 2020 Dubai has reaffirmed its commitment to gender equality and women’s empowerment.

Expo 2020 Dubai and the United Nations Global Compact are joining forces to hold a Sustainable Development Goals Business Forum.

More than 2,500 online travel agents, tour operators, hotel groups and airlines have signed on as Authorised Ticket Resellers (ATRs) for Expo 2020 Dubai.

A spectacular line-up of sights, sounds and tastes await visitors at Expo 2020 Dubai, through a series of specially curated itineraries.

Apple on Tuesday launched the iPhone 12 with faster 5G connectivity, which the company hopes will spur a wave of upgrades and keep its sales booming through the end of the year.