People & Lifestyle Starzplay reports record growth driven by AI Abu Dhabi-backed streaming platform Starzplay said it made record revenue last year, passing $100 million for the first time, supported by “artificial intelligence content discovery.” In 2022, the Abu Dhabi-based ADQ and a unit of federal telecommunications company e& (formerly Etisalat) bought a majority stake in Starzplay for $420 million. Since then revenue at the […] April 24, 2025
Logistics CEO of Dubai’s logistics company Aramex resigns Othman Al-Jeda, group CEO of Dubai-listed logistics company Aramex, has resigned, the company said in a filing to the Dubai Financial Market on Thursday. Othman resigned “for personal reasons”, the company said, adding that the board of directors has appointed current chief financial officer Nicolas Sibuet as acting group CEO effective April 24. Nicolas joined […] April 24, 2025
Banking & Finance ADIB profit up 18% on increased lending and fee income Abu Dhabi Islamic Bank (ADIB) reported a double-digit growth in net profit for the first quarter, on the back of an increase in lending and income from fees and commissions. The bank, which is ranked by Forbes as the Middle East’s 12th most valuable lender, reported a net profit after tax of AED1.7 billion ($463 […] April 24, 2025
Trade New oil refineries in India among Saudi trade deals Saudi Arabia and India have strengthened their trade partnership in the areas of energy, defence, tourism and culture following a visit by Indian prime minister Narendra Modi this week. Energy sector agreements include plans for two new oil refineries in India and collaboration on petrochemicals, electricity, renewable energy and climate policy, Bloomberg reported. The countries, […] April 24, 2025
Aviation Saudia signs Airbus deal for up to 20 wide-body aircraft Saudia, Saudi Arabia’s national airline, has finalised a new agreement with European manufacturer Airbus to buy up to 20 new wide-body A330neo aircraft. Of these, 10 are firm orders for Flyadeal, the group’s budget airline, the carrier said in a statement. The delivery of these aircraft is set to start in 2027, with the last […] April 24, 2025
Economy Lebanon inflation falls to 14% as exchange rate stabilises Lebanon’s annual inflation rate fell to 14 percent in March, from 70 percent in the same month last year, according to news reports. The primary cause of the drop is the stabilisation of the country’s exchange rate, Arab News reported, citing data from the Central Administration of Statistics in Beirut. The rate has stood at […] April 24, 2025
Aviation Dubai jet leaser wins $282m settlement in Russian case Dubai Aerospace Enterprise (DAE), the Middle East’s largest aviation leasing company, has received a $282 million cash settlement from unnamed insurers for aircraft leased to Russian Federation carriers. This latest payment brings DAE’s total insurance recovery to $601 million. With this settlement DAE and its partners have resolved all claims against the involved insurance and […] April 24, 2025
Finance Oman’s free zones attracted $4bn in investments last year Private businesses invested OR1.6 billion ($4.1 billion) in Oman’s free zones, economic zones and industrial cities last year, highlighting the sultanate’s growing appeal as a regional business hub. The sultanate signed a total of 325 investment agreements across six major jurisdictions, Oman Daily Observer, a local news outlet, reported, citing a report by Duqm Economist […] April 23, 2025
Banking & Finance Al Rajhi Bank reports 34% rise in quarterly profit Al Rajhi Bank, the world’s largest Islamic bank by capital, has reported a 34 percent increase in net profit for the first quarter of 2025, to SAR5.9 billion ($1.5 billion). The Saudi bank’s total assets have risen by 22 percent to SAR1.02 trillion, marking the first time Al Rajhi has surpassed the trillion-riyal mark. Its […] April 23, 2025
Industry New licences drive strong Saudi industrial growth Saudi Arabia’s industrial sector recorded strong growth in February, with 105 new industrial licences issued, representing a 66.7 percent month-on-month increase. These newly awarded licences represent around SAR1 billion ($272 million) in investments and are expected to create 1,504 jobs, according to a report by the Ministry of Industry and Mineral Resources’ National Industrial and […] April 23, 2025
Tech UAE’s du and Microsoft to build $544m hyperscale data centre UAE telecom provider du and tech company Microsoft are to build a AED2 billion ($544.54 million) hyperscale data centre. The data centre will be built in stages, gradually increasing capacity to satisfy rising demand, the UAE state-run news agency Wam reported on Tuesday. The facility’s computing capabilities will be utilised by Microsoft, the main tenant, […] April 23, 2025
Economy Dubai inflation falls to its lowest in five months Dubai’s annual consumer price inflation fell in March to its lowest in five months, driven by lower transport and food costs, according to official data from Dubai Statistics Centre. The headline CPI inflation rate declined to 2.8 percent on an annual basis, from 3.2 percent in each of January and February. That is the lowest […] April 23, 2025
Real Estate Property market in Oman cools Oman’s real estate market slowed in February, as total deal value fell 8 percent year-on-year to OR362 million ($941 million), the state-run Oman News Agency reported. The figure dropped from OR395 million in February 2024, the news agency said, citing data from the National Centre for Statistics and Information. Despite the overall market cooling, transaction […] April 21, 2025
Analysis Trade The golden question: where next for the UAE-India Cepa? Earlier this week it emerged that Abu Dhabi conglomerate International Holding Company (IHC) and a US institutional investor had between them acquired a minority stake of 6 percent in Haldiram’s, an Indian snack maker, valuing the company at $10 billion. The IHC investment contributes to the UAE’s ranking as the seventh-largest foreign direct investor in […] April 4, 2025
Retail UAE beauty industry benefits from Ramadan sales bump The UAE’s beauty industry has posted a major increase in revenue during the holy month of Ramadan. Cosmetics and personal care product sales have soared as consumers prioritise festive glamour for nightly iftars and Eid celebrations. UAE Ramadan sales are expected to hit $10 billion this year, with beauty products leading growth at over 20 […] April 1, 2025
Analysis Finance Gold continues to soar as investors seek refuge Gold soared to an all-time high of $3,128.06 per ounce on March 31, as investors seek refuge from escalating geopolitical tension, unpredictable trade policies and a shifting monetary landscape. Gold has rallied more than 18 percent so far this year but analysts say that there is still room to run. A range of factors lies […] April 1, 2025
Markets Masdar IPO could help accelerate Gulf’s energy transition An initial public offering by Abu Dhabi’s Masdar could mark a pivotal moment in the move towards cleaner sources of power in not only the world’s largest oil-producing region, but also in Europe, industry observers say. Masdar, more officially known as the Abu Dhabi Future Energy Co, is considering an IPO next year to fund […] March 28, 2025
Analysis Tourism Demand for luxury keeps Dubai hotel openings upscale Dubai’s traditional love of luxury hotels shows no signs of slowing. Five-star hotel openings dominated the sector in 2024, although industry experts insist mid-range and budget segments remain vital to the emirate’s long-term hospitality growth. Last year, nearly two-thirds of new hotel rooms added in 2024 were in the luxury and upper upscale segments, according […] March 27, 2025
Energy Oil’s share of energy demand dips below 30% for first time Oil’s share of the global energy mix has hit a historic low, dipping below 30 percent of demand for the first time as renewables and electric vehicles reshape markets, according to the International Energy Agency. The IEA’s Global Energy Review 2025 reveals that energy demand rose by 2.2 percent last year, outpacing the average yearly […] March 26, 2025
Tourism Abu Dhabi’s Adia buys stake in European Camping Group The UAE’s sovereign fund Abu Dhabi Investment Authority (Adia) has agreed to buy a significant minority stake in European Camping Group (ECG), a key player in the European outdoor hospitality sector, from private equity company PAI Partners. The deal, expected to close in the second quarter of this year, is subject to regulatory approvals, ECG […] March 25, 2025
Media & Advertising Warner Bros Discovery buys 30% stake in OSN Streaming Warner Bros Discovery (WBD) has bought a stake in a subsidiary of Dubai-based satellite TV company Orbit Showtime Network Group, in an attempt to tap into the rapidly expanding Middle Eastern streaming market. The US-based media and entertainment conglomerate will acquire a 30 percent stake in OSN Streaming for KD17.5 million ($57 million), Kuwait Projects […] March 24, 2025
Renewable Energy UAE’s Masdar expands renewable energy footprint Abu Dhabi renewable energy company Masdar invested nearly AED30 billion ($8.2 billion) in equity last year and secured more than AED16.5 billion in project financing across nine countries. The company, which is targeting a renewable energy portfolio capacity of 100 gigawatts by 2030, has developed and partnered in projects in more than 40 countries, the […] March 24, 2025
