SCA declares Eid Al Fitr holidays for UAE financial markets Image WAM

Eid Al Fitr 2024: SCA announces holiday dates for UAE financial markets

The Eid Al Fitr holiday will start on Monday, April 8, 2024 (Ramadan 29, 1445 AH)

samsung

Samsung reports 900% rise in Q1 2024 profit as chip prices recover

The better performance came as its chip division, is expected to report its first quarterly profit in five quarters, as memory chip prices bounce back from a deep trough

oil

Brent settles above $90 for first time since October

Investors will look to economic data and monetary policy for potential clues on the outlook for oil demand

Kuwait-Saudi railway link set for completion in 2028

Kuwait-Saudi rail link set for completion in 2028

This development follows the approval from Saudi Arabia’s cabinet last year on the agreement with Kuwait regarding the railroad project

Saudi Arabia: Image: Getty Images - ipo

Riyad Bank considering IPO of investment banking unit

Gulf markets have been riding an IPO boom over the last two years on high oil prices and foreign institutional investor interest

Dubai Metro red line timetable tweaked to ensure seamless travel for commuters RTA Image WAM

Dubai Metro: Timetable upgrade at Red Line Y junction to ensure direct travel

Dubai Metro trains will operate alternately, ensuring journeys from Centrepoint directly to UAE Exchange and Expo 2020 Stations without the need to switch trains at Jabal Ali Station

BlackBerry cyber

BlackBerry reports profit on demand for cybersecurity services

BlackBerry expects first-quarter revenue in the range of $130m to $138m, below analysts’ estimate of $151.12m.

Dubai South Properties awards Dhs1.5bn contract to AL Kharafi to build new phases

Dubai South awards Dhs1.5bn contract to develop new South Bay phases

South Bay is envisioned as a premier residential community located in the heart of the Residential District in Dubai South

Easylease acquires 60 per cent of United trans

IHC’s EasyLease acquires 60% stake in United Trans, expands interest in mobility sector

By combining their expertise, EasyLease and United Trans aim to deliver a wider range of enhanced mobility solutions to customers across the GCC and MENA regions

AD Ports group, Iraq sign deal too develop free zone Pic for illustrative purposes

AD Ports Group, Iraq to develop Al Faw Grand Port and Economic Zone

The agreement aims to stimulate trade connectivity and strengthen economic partnership between the UAE and Iraq

Brent oil price forecast Bloomberg GettyImages-1384536093

OPEC+ gets oil price to its sweet spot, the trick is keeping it there: Insight

While Asia’s crude demand is robust, the same can’t be said for its refinery margins, which have been squeezed by higher oil prices

HUALIEN, TAIWAN - APRIL 04: An area of a damaged building is cordoned off following the earthquake on April 04, 2024 in Hualien, Taiwan. A 7.5 magnitude earthquake hit eastern Taiwan on Wednesday, triggering a tsunami warning for the coastline in Taiwan, the Philippines and Japan. (Photo by Annabelle Chih/Getty Images)

Nvidia says it expects no impact to chip supply from Taiwan earthquake

Taiwan weather officials ranked Wednesday’s quake in Hualien as “Upper 6”, or the second-highest level of intensity on a scale ranging from 1 to 7

Gold bars

Gold continues record rally after US Fed comments

Bullion has hit record highs in each session for over a week over data from the US economy

Aster DM Healthcare

Aster DM Healthcare separates GCC, India business, sells stake to Fajr Capital

It is a major healthcare services provider in the GCC, comprising 15 hospitals, 117 clinics, and 285 pharmacies across the region and three brands

Travel tips from an expert - visa-free

Eid al Fitr holiday travel: Visa-free destinations for UAE residents

At the onset of 2024, Skyscanner witnessed record travel demand, outperforming the global flights market and emerging as the fastest-growing metasearch platform in 2023

Fortinet - cybersecurity

Fortinet’s focus on cybersecurity and sustainability 

Fortinet’s Alain Sanchez discusses cybersecurity trends, GCC initiatives, and sustainability efforts in an exclusive interview with Gulf Business

ADNOC-OIL-Pipelines - LUNATE

BlackRock, KKR sell ADNOC oil pipeline stake to Lunate

BlackRock and KKR bought the stake for $4bn in 2019 in a landmark deal

UAE’s Jubail Island Investment Company unveils $1.09bn beachfront community in Abu Dhabi

Owned by JIIC, Jubail Island is set to become a premier residential destination, housing six residential villages amidst the rich biodiversity of the mangroves

Oil prices surge after OPEC+ extends output cuts

Oil prices hit highest point of 2024 as OPEC+ looks unlikely to change supply policy

OPEC+ members, led by Saudi Arabia and Russia, last month agreed to extend voluntary output cuts of 2.2 million barrels per day to support the market

MBRSC, HCT commence work on milestone HCT-SAT 1 project Image Dubai Media Office

MBRSC, HCT kick-off landmark student-led HCT-SAT 1 project

This Earth-observation cubesat, a miniaturised satellite measuring just 10cm x 10 cm x10 cm, is slated for launch by the end of 2024

ADQ launches Arcera

Abu Dhabi’s ADQ launches Arcera to boost life sciences sector

Arcera plans to double its revenue within five years through strategic acquisitions and partnerships

Egypt raises $800m from hotels in divestment drive

IMF ties Egypt loan disbursements to currency flexibility

The IMF forecasts that Egypt’s inflation will remain high in the near term, with average inflation for the coming fiscal year, expected at 25.5%

Microsoft

Microsoft to separate Teams and Office globally amid antitrust scrutiny

The European Commission has been investigating Microsoft’s tying of Office and Teams since a 2020 complaint by Salesforce-owned competing workspace messaging app Slack

Tax strategies to help expand your business globally GettyImages-918061226

Plan to take your UAE-based business global? These tax strategies will help

When it comes to expanding globally from a UAE base, the complexity of tax regulations across different jurisdictions can pose significant hurdles

Etihad launches flights to boston(web size)

Abu Dhabi’s Etihad Airways debuts flights to Boston

Boston joins Chicago, New York and Washington as Etihad’s fourth destination in the US

DUBAI SCHOOLS EID AL FITR BREAK: Winter break - Image-courtesy-KHDA

Dubai private schools and universities to close for Eid Al Fitr holidays

Regular classes are scheduled to resume from Monday, April 15, marking the end of the Eid Al Fitr holiday period

Truck-WAM

New truck movement timings on Sheikh Mohammed bin Zayed Road: RTA

These measures are aimed at reducing congestion during peak traffic hours, particularly along this critical artery connecting Dubai to Sharjah

Interview with Russell Stokes of GE Aerospace on the GE spinoff and its impact April 2

GE Aerospace’s Russell Stokes on how the spin-off will play out

Operating as a standalone business will give GE Aerospace the flexibility needed to grow the business, says the president and CEO, Commercial Engines & Services. The Middle East is the firm’s largest market globally for widebody aircraft, between engines in service and on order

CBUAE

CBUAE quarterly review: UAE economy to grow by 4.2% this year

The Central Bank’s report underscores the UAE’s resilience and positive economic trajectory, fueled by strong performance across various sectors

Sizewell C nuclear energy plant

UAE signals interest in European nuclear energy investments: Reports

According to reports, ENEC, owned by Abu Dhabi’s ADQ, has been holding talks to invest in the UK