The Dubai bank will be treated on par with local banks after establishing a WOS; It will be allowed to list on Indian stock markets, and acquire other companies
Author Archives: Joy Chakravarty
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Abu Dhabi
Mubadala Capital and TWG Global in a game-changing partnership
SWF Global says it signals “the evolving relationship between PEs and SWFs”; Mubadala Capital to anchor a $10bn investment in TWG, which picks up minority stake in the Abu Dhabi company
air travel demand
Low-cost carriers playing a big role in Middle East aviation growth
OGA analysis says market has expanded 5% since 2019, making it the second-fastest growing region globally; low-cost carriers double their market share to 29%
Artificial intelligence
TSMC results lift gloom for semiconductors industry as Q1 profit surges 60%
The world’s biggest chipmaker’s profit reaches $11.12bn, up from $6.93bn in Q1 2024; Company also give a bullish outlook for the year
DP World
DP World shatters all-time revenue record at $20bn in 2024
Revenue up 9.7%; Adjusted EBITDA rise 6.7% to $5.5bn; Profit dips slightly to $1.48bn on higher finance costs
AI chatbot
VFS Global launches GenAI-powered chatbot to serve UK visa applicants in 141 nations
Developed by its Dubai-based AI team, the chatbot will offer human-like conversational support and responds to voice and text inputs
delivery services
Talabat over-delivers on guidance as net income grows 64% to $346mn
Revenue and Adjusted EBITDA growth exceeded guidance; Gross merchandising value up 23% to $7.4 billion; Net income up 64% to $346 million
Abu Dhabi
Lulu Retail revenue for 2024 grows 4.7% to $7.6bn
Net Profit increases 12.6% YoY to $216.3 million; Private Label revenue and e-commerce sales up 29.6% and 70% respectively
Abu Dhabi
Fertiglobe defers Q4 shipments to benefit from rising nitrogen prices
Urea prices up 26% compared to early December 2024; Revenues for 2024 at $2.01 billion and adjusted EBITDA at $648 million
Aviation
Riyadh’s King Khalid Airport named world’s most on-time large and global airport
Cirium report shows 86.65% flights departed on time; Saudi named second best to Aeromexico as world’s most punctual airline
Future of Gaming
Global study highlights the massive growth of gaming in the MENA region
Dentsu report says MENA is ‘growth market to keep on your radar’; Gaming spending to reach $2.87 billion in 2028
AI adoption
Middle East ‘a hub for AI innovation’, says new PwC report
PricewaterhouseCoopers study highlights five key factors why the region is getting ahead of other in the race to adopt AI
Abu Dhabi
UAE plays critical role in Egypt economic turnaround with $35bn investment: Report
ADQ’s $35 billion investment in Ras El Hekma development singled out as the turning point in the fiscal fortunes of the country
Abha International Airport
GCC airports in expansion race as UAE, Saudi, Qatar, Kuwait, Oman spend billions of dollars on upgrades
Countries across the Arabian Gulf have put airports at the heart of ambitious tourism plans
Artificial intelligence
Investors unimpressed by Nvidia’s 122% growth in revenue
Although the Jensen Huang-led company beat market expectations on most counts, the share fell 8% in after-hours as investors wanted more
air travel
Green Hydrogen: Air travel could go renewable as future fuel investment skyrockets in UAE, Saudi Arabia
The fuel of the future in news again as a Swedish study shows aircrafts could use it for short and medium flights as early as 2028
broadcasting
NBA finalises 11-year broadcasting deal for a whopping $76bn
ABC/ESPN will continue to have exclusive rights for the finals; NBC and Amazon Prime Video will become new partners
Biotechnology
This stock surged 134% in a day after positive data in Parkinson’s trial
Positive results for buntanetap in late-stage trial; Drug is safe and effective in improving motor and non-motor activities and cognitive function
Elon Musk
Tesla shareholders approve Elon Musk’s gargantuan pay package
However, the tech billionaire will have to overcome judicial hurdles for his $56 billion compensation after a Delaware judge ruled against it earlier this year
Apple
AI features, iOS18, and more: Everything you need to know about Apple’s WWDC announcements
From Apple Intelligence to upgraded AirPods, we have the full low-down on all the announcements from Apple Park in Cupertino
Cricket
Indian cricketers gladden hearts of fans, advertisers who splashed the moolah
Rohit Sharma’s men beat Pakistan in a T20 World Cup thriller; Advertising rates reached a record $48,000 for a 10-second slot
New York Stock Exchange
NYSE cancels trades after technical glitch showed stocks at 99% discount
Berkshire Hathway’s Class A shares, valued at $620,000, was available for $185 for nearly two hours, along with 40 other affected companies
Laptops
Microsoft launches Copilot+ PCs, designed for advanced AI use
The new PC, starting at $999, will help users recall things they have done on it, live translate in real time and create images instantly
Elon Musk
Musk’s Neuralink now accepting applications for second trial patient
First trial patient, Noland Arbaugh, recently completed 100 days with the implanted chip and has been able to do a range of activities
Artificial intelligence
Nvidia promises to supercharge AI industry with its new Blackwell platform
The new superchip is 30 times faster than its predecessor; Blackwell Platform will work at up to 25 times less cost and energy consumption
NVIDIA
Spectacular Nvidia result lifts Wall Street, AI and chip stocks
Fourth-quarter revenue at $22.1 billion and profit at $12.3 billion; Company eyes 233 per cent revenue growth in the first quarter
Abu Dhabi
Growing fleet of rigs drive ADNOC Drilling’s profits to a new high
Net profit increases 29% for 2023 to $1.033 billion; Revenue grows 14% to $3.057 billion; EBITDA margin at an impressive 49%
DEWA
Future-ready DEWA clocks $2.15 billion net profit for 2023
Dubai’s utilities company adds 53,974 new customer accounts during 2023; Revenue up 7% to reach record high of $7.95 billion
Abu Dhabi
Real estate giant Aldar smashes all previous profit and revenue numbers
Net profit for 2023 up 40% to $1.2 billion; sales up 94% to a record $7.6 billion; Development revenue backlog doubles to $10 billion
Artificial intelligence
Musk seeks more control at Tesla to allow use of AI and robotics
His stake in the EV car company is down to 13.4% after selling over $39 billion worth of shares recently, and Musk is hoping to get 25% control
Golf
Tiger Woods ends his historic 27-year association with Nike
It’s one of the longest and most lucrative sponsorship deals in sporting history; Woods’ agent calls it a ‘business decision’
Artificial intelligence
Microsoft surges after its swoops on OpenAI’s Altman and Brockman
Microsoft surges after its swoops on OpenAI’s Altman and Brockman
Alliance of Motion Picture and Television Producers (AMPTP)
Time for ‘lights, camera action’ again as Hollywood actors end 118-day strike
SAG-AFTRA and AMPTP reach a deal reportedly worth $1 billion to end one of the longest strikes in the history of film and TV industry
AI
AI beats cricket’s ‘Bazball’ to become Collins World of the Year
It’s been the talking point of 2023 and the usage of the world has quadrupled, says the publisher
Dubai
Dubai real estate: Artificial intelligence algorithm predicts investment opportunities
Using artificial intelligence and plenty of data, Dubai-based Realiste takes a look at property prices and rental yields in the fourth quarter
Cricket
Cricket World Cup fever: Five things to watch as India takes on Pakistan
Find out the talking points before the most talked-about match in this year’s ICC Cricket World Cup, and where and how you can watch it
BCCI
India look to maintain unbeaten record against Pakistan in World Cup
On Saturday, the Sub-continent giants square it off in Ahmedabad. Here’s a look at what happened in the seven matches India-Pakistan have played in the ICC Cricket World Cup so far
BCCI
What next in the Cricket World Cup after India-Pakistan match
Chances are, you will not get a ticket for Saturday’s match in Ahmedabad, but here are six blockbuster encounters coming up in 2023 ICC Cricket World Cup
BCCI
Cricket World Cup Fever: High demand for India vs Pakistan tickets, black marketeers thrive
The Board for Control of Cricket in India (BCCI) has announced sale of additional 14,000 tickets for the tie match
Golf
LIV Golf hits out against OWGR after being denied world rankings again
The Saudi PIF-backed LIV Golf Tour says the Official World Golf Ranking “can no longer deliver on the objective” of ranking best players across the globe