Business News

Novo Nordisk on Friday revealed disappointing results in a late-stage trial for its experimental next-generation obesity drug CagriSema, wiping as much as $125 billion off its market value.

Thousands of Amazon.com workers in the US will walk off the job on Thursday, in the crucial final days of the holiday season, after union officials said the retailer failed to come to the bargaining table to negotiate contracts.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, has introduced Law No. (29) of 2024, which grants the Dubai Media Council expanded powers to further develop and regulate the emirate’s media sector.

Japanese auto giants Honda and Nissan are in talks to set up a holding company, according to a person with knowledge of the matter, a move that would allow them to share more resources amid competition upending the global industry.

Dubai Electricity and Water Authority (DEWA) has achieved a notable 5.49% increase in power generation during the first three quarters of 2024, producing 45.14 terawatt hours (TWh) of electricity.

Space42, an AI-powered SpaceTech company based in the UAE, signed a contract worth AED 18.7 billion ($5.1 billion) with the Emirati government to provide critical, secure communication services until 2043.

TikTok made a last-ditch effort on Monday to continue operating in the United States, asking the Supreme Court to temporarily block a law intended to force ByteDance, its China-based parent company, to divest the short-video app by January 19 or face a ban.

Prime Minister Denys Shmyhal said on Monday that Ukraine was willing to devise a deal enabling gas to transit through its territory to western Europe, but ruled out any extension of an existing deal with Russia. 

ADNOC has announced the signing of a third Sales and Purchase Agreement for its lower-carbon Ruwais Liquefied Natural Gas project with EnBW Energie Baden-Württemberg AG, one of Germany's largest energy infrastructure operators.

The AI Design Sprint MENA programme, a collaborative effort by the Google News Initiative (GNI), FT Strategies, the UAE Media Council, and the Saudi Ministry of Media, recently concluded with great success in Dubai.

Bitcoin surged to a record high above $106,000 on Monday after President-elect Donald Trump suggested he plans to create a US bitcoin strategic reserve similar to its strategic oil reserve, stoking the enthusiasm of crypto bulls.

The UAE participated in the 113th ministerial meeting of the Arab Energy Organisation (AEO), which took place today on Sunday in Kuwait, with the participation of ministers of oil and energy from the member states.

Sultan Ahmed bin Sulayem, Chairman of the Ports, Customs, and Free Zone Corporation (PCFC), has inaugurated the new headquarters of the Corporation in Dubai Maritime City.

Tradeling Holding, the B2B e-commerce entity of the Dubai Integrated Economic Zones Authority (DIEZ), has signed a definitive agreement to acquire the MENA distribution business of Axiom Telecom.

Dubai's Roads and Transport Authority (RTA), in collaboration with TruKKer, the region's leading digital freight platform, has launched "Logisty", a Digital Logistics Platform in partnership with the private sector.

H.H. Sheikh Hazza bin Zayed Al Nahyan, Ruler's Representative in Al Ain Region, has launched the Emirati Talent Competitiveness Council's Nafis initiative to enhance private sector employment in Al Ain.

Two dozen migrant workers who allege they were subjected to forced labor at a Malaysian factory while making parts for British vacuum cleaner manufacturer Dyson can sue the company in London, the Court of Appeal ruled on Friday.

Amazon is donating $1 million to US President-elect Donald Trump's inaugural fund and the company will air the event on its Prime Video service, an Amazon spokesperson said on Thursday.

Global sales of fully electric and plug-in hybrid vehicles rose for a seventh consecutive month in November, jumping 32 per cent year on year for a third consecutive record high, data from market research firm Rho Motion showed on Friday.

Elon Musk said on social media platform X on Thursday that the SpaceX headquarters will now officially be in the city of Starbase, Texas.

President His Highness Sheikh Mohamed bin Zayed Al Nahyan has endorsed the Board of Directors for XRG, a transformative international energy investment company.

The tourism sector in the UAE has continued its steady growth, with hotels generating AED33.5 billion in revenue during the first nine months of 2024, a four per cent increase compared to the same period in 2023.

ADNOC Distribution announced on Thursday the launch of ARIF, an advanced AI-powered chatbot dedicated to investor relations.

Dubai International (DXB) is set to welcome a surge in travellers as the winter holiday season unfolds, with over 5.2 million guests expected between December 13 and 31.

Exxon Mobil said on Wednesday its annual project spending will rise to between $28 billion and $33 billion between 2026 and 2030, with a goal of lifting oil and gas output by 18 per cent.

Abu Dhabi-based mobility operator CYVN has partnered with Bahrain’s sovereign wealth fund, Mumtalakat, to acquire McLaren’s automotive business and part of its racing business. 

India's newly-appointed central bank governor Sanjay Malhotra on Wednesday said he will look to ensure stability and continuity in policymaking for the benefit of the economy.

Dubai Electricity and Water Authority (DEWA) has commissioned a reservoir with a capacity of 30 million imperial gallons (MIG) of desalinated water in Hatta.

The UAE and the Eurasian Economic Union (EAEU) have concluded negotiations for a comprehensive economic partnership agreement (EPA).

The Abu Dhabi Fund for Development (ADFD) has signed a loan agreement worth AED92 million ($25 million) with the Government of Rwanda to finance the expansion of water transmission and distribution systems at the Karenge Water Treatment Plant.

Authorities raided the Adidas headquarters in Germany as part of a years-long tax investigation, a spokesperson from the company said on Tuesday.

Talabat was officially listed on the Dubai Financial Market (DFM) on Tuesday as CEO Tomaso Rodriguez rung the market-opening bell. 

Global airline body IATA forecast industry-wide 2025 revenue of more than a trillion dollars and record passenger numbers on Tuesday, despite what its chief Willie Walsh said were "unacceptable" difficulties in securing new planes.

The Bitcoin MENA Conference in Abu Dhabi was inaugurated on Monday, attracting global speakers, including the US President-elect's son, Eric Trump.

China said on Monday it has launched an investigation into Nvidia over suspected violations of the country's anti-monopoly law, in a move widely seen as a retaliatory shot against Washington's latest curbs on the Chinese chip sector.

The UAE has announced plans to implement a minimum top-up tax of 15% on large multinational companies operating in the country, following amendments to certain provisions of the Corporate Tax Law.

The Zayed Higher Organisation for People of Determination has inaugurated a centre for assembling, packaging, storing, and distributing food products at its Innovation Centre in Al Bahia.

The Federal Competitiveness and Statistics Centre (FCSC) has participated in the first GCC Economic Competitiveness Forum, organised by Qatar in collaboration with the World Economic Forum.

The World Bank Group unveiled a record $100 billion replenishment of the International Development Association (IDA), marking a significant moment for global development.

South America's agricultural sector, a key source of global food, celebrated on Friday as the regional Mercosur bloc and the European Union struck a free trade agreement, though farmers said they wanted to see the small print of the deal.

Archer Aviation has signed an agreement with multiple parties to initiate commercial air taxi operations in Abu Dhabi, it was announced on Friday.

Volkswagen workers will go on extended strikes on Monday, stepping up a bitter dispute with management over layoffs and what would be the first factory closures on German soil for Europe's largest carmaker, a union statement said on Thursday.

Donor countries have pledged a record $100 billion three-year replenishment of the World Bank's fund for the poorest nations, providing a vital lifeline for their struggles against crushing debts, climate disasters, inflation and conflict. 

Global trade is expected to hit a record $33 trillion in 2024, according to the latest report from the United Nations Conference on Trade and Development (UNCTAD).

Dubai Chambers has signed a Memorandum of Understanding with the London Chamber of Commerce and Industry to strengthen economic and investment ties between the two cities.

Emirates Development Bank (EDB) has provided AED1.12 billion in financing to the food security sector, representing 8 per cent of its total cumulative financing.

Singapore's Dymon Asia Capital has opened its first office in the Middle East based in Dubai to capitalise on the time zone and capture more investment talent in that region, the hedge fund manager said.

Bitcoin catapulted above $100,000 for the first time on Thursday, a milestone hailed even by sceptics as a coming-of-age for cryptocurrencies as investors bet on a friendly US administration to cement cryptos' place in financial markets.

Airbus announced just over 2,000 job cuts in Defence and Space, or about 5 per cent of its second-largest division, as it reels from US competition in the satellites sector, but the cuts were not as severe as the European group had first warned.

Dubai Duty Free has announced its sales reached $1.94 billion by the end of November 2024, putting it on track to exceed its $2 billion target by the end of the year.

The Moon Village Association (MVA), a non-governmental organisation that promotes international collaboration for the development of the lunar economy, has announced a new partnership with the UAE that will see the creation of the Moon Village Centre in Abu Dhabi.

Dubai Chambers has signed a Memorandum of Understanding (MoU) with HSBC Bank Middle East Limited to support the expansion of local companies into global markets and enhance the ability of international companies to establish and grow their businesses in Dubai.

China on Tuesday banned exports to the United States of the critical minerals gallium, germanium and antimony that have widespread military applications, escalating trade tensions the day after Washington's latest crackdown on China's chip sector.

The inaugural Abu Dhabi Business Week (ADBW) kicked off on Wednesday, offering a platform for companies to connect and collaborate to drive the next phase of economic growth and diversification.

ADNOC Gas has awarded Worley Engineering the Front-End Engineering and Design (FEED) contract for new gas processing facilities at Bab Gas Cap (BGC), it was announced on Wednesday.

The Arab League announced the launch of the Arab Common Electricity Market, in a step aimed at achieving regional integration in the field of electrical energy.

Bolt, one of the leading international ride-hailing platforms currently used in over 50 countries, launched its operations in the UAE on Monday.

Russian gas exports through Ukraine to Europe were down more than 3 per cent on Sunday and Monday from levels seen in recent months, while nominations for gas to and from Slovakia were stable, data from Gazprom and a pipeline operator showed.

The OPEC Fund for International Development (the OPEC Fund) has signed a $40 million loan as part of a $394 million sustainability-linked loan for ETC Group (ETG), one of Africa’s largest agricultural commodity supply chain managers.

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.