Business

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.

The Dubai Department of Economy and Tourism (DET) has teamed up with Dubai Basketball, becoming one of the club’s founding sponsors.

Apple executives on Thursday forecast relatively strong sales growth, a sign the company will recover from a dip in iPhone sales as it rolls out artificial intelligence features.

President Donald Trump on Thursday warned off BRICS member countries from replacing the US dollar as a reserve currency by repeating a 100 per cent- tariffs threat he had made weeks after winning the November presidential elections.

Dubai is set to welcome another major retail hub with the upcoming opening of Nad Al Sheba Mall in April 2025.

The Central Bank of the UAE (CBUAE) has maintained the Base Rate applicable to the Overnight Deposit Facility (ODF) at 4.40 per cent, following Wednesday's US Federal Reserve’s announcement to keep the Interest Rate on Reserve Balances (IORB) unchanged.

The Mohammed Bin Rashid Space Centre (MBRSC) has signed an agreement with Tokyo-based R&D startup SpaceData to fuse the digital and space spheres.

Dubai’s Roads and Transport Authority (RTA) has opened tenders for electronic bike charging stations for the delivery industry, as the city eyes improved sustainability practices amid growth in the sector.

The owner of UAE-based conglomerate Habtoor Group, Khalaf Al Habtoor, announced on Tuesday he has cancelled all investment projects in Lebanon due to “lack of security and stability.”

His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, has met with the President and CEO of Amazon, Andrew R. Jassy.

Japanese technology shares fell on Tuesday as a global market rout sparked by the emergence of a low-cost Chinese artificial intelligence model entered day two, with investors questioning the sky-high valuation and dominance of AI bellwethers.

US President Donald Trump says Chinese startup DeepSeek's technology should act as spur for American companies and said it was good that companies in China have come up with a cheaper, faster method of artificial intelligence.

Meraas, part of Dubai Holding Real Estate, has awarded a construction contract worth over AED 1 billion to China State Construction Engineering Corporation (Middle East) for its Bluewaters Bay project.

ADNOC Gas plc on Monday announced the signing of a $450 million (AED1.653 billion) three-year liquefied natural gas (LNG) supply agreement with JERA Global Markets.

His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, issued an Emiri Decree on Monday establishing and organising the Sharjah Creative Quarter (SCQ).

The Federal Tax Authority (FTA) announced that the cumulative total of approved applications by UAE nationals who received VAT-refunds for the expenses they have incurred for the construction of their newly built residences reached 34,900 valued at AED 2.9 billion.

Ras Al Khaimah Economic Zone (RAKEZ) said on Sunday 13,141 companies have joined with them in 2024.

UAE representatives hosted a series of high-level meetings with a delegation from the Financial Monitoring Agency of the Republic of Kazakhstan (FMA-RK) in Abu Dhabi, the Emirates News Agency (WAM) announced on Saturday.

Three new pharmaceutical factories with a combined investment value of AED 308.7 million ($84 million) have been established in Sharjah, joining existing pharmaceutical plants in the emirate. 

Chief Projects Officer at Etihad Rail, Mohammed Al Shehhi, highlighted the pivotal role of the high-speed train in bolstering the UAE's economic growth.

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.