Business

Delta Air Lines on Friday sued cybersecurity firm CrowdStrike in a Georgia state court after a global outage in July caused mass flight cancellations, disrupted travel plans of 1.3 million customers, and cost the carrier more than $500 million (AED 183.6 million).

The UAE participated in the fourth G20 Finance Ministers and Central Bank Governors Meeting, on the sidelines of the Annual Meetings of the World Bank Group and the IMF in Washington, D.C.

Nvidia dethroned Apple as the world's most valuable company on Friday following a record-setting rally in the stock, powered by insatiable demand for its specialized artificial intelligence chips.

Kenya's high court on Friday suspended a $736 million deal between a state utility and India's Adani Energy Solutions to build and operate power infrastructure including transmission lines.

The Ministry of Finance announced that the UAE has signed two agreements with the International Monetary Fund (IMF) to contribute to the financing of the Poverty Reduction and Growth Trust (PRGT) and the Resilience and Sustainability Trust (RST).

Lebanon has been placed on a grey list of countries under special scrutiny by financial crime watchdog FATF, two financial sources said, with the official announcement expected later today.

Dubai's aviation sector accounted for 27 per cent of the emirate's GDP in 2023, adding AED 137 billion ($37.3 billion) in gross value added (GVA), an economic impact study revealed on Thursday.

Boeing factory workers voted to reject a contract offer and continue a more than five-week strike on Wednesday, in a blow to investor and management hopes of a resolution to the acrimonious dispute.

Russia proposed the creation of a BRICS grain exchange, which could later be expanded to trade other major commodities, President Vladimir Putin said in opening remarks to a summit of leaders of the BRICS countries on Wednesday.

DMCC has announced a rise of 11 per cent year-on-year in Turkish companies joining its international business district, bringing the total number of Turkish companies in the zone to 643.

HSBC merged some operations and split its geographic footprint into East and West in a sweeping restructuring under new CEO Georges Elhedery that also included the appointment of the bank's first female finance chief.

India will retain investment curbs on bordering nations, the finance minister said, days after it struck a pact with China on patrols along their disputed Himalayan frontier, with the leaders of both countries expected to meet on Wednesday. 

A new digital platform has been unveiled in Dubai, aimed at empowering the next generation of start-ups and entrepreneurs for global growth.

The UAE has signed an investment memorandum with the Indian state of Rajasthan to explore the development of a major 60 GW renewable energy project.

Three years after Meta shut down facial recognition software on Facebook amid a groundswell of privacy and regulator pushback, the social media giant said on Tuesday it is testing the service again as part of a crackdown on "celeb bait" scams.

Hyundai Motor India shares fell as much as 7.6 per cent in their market debut on Tuesday after a tepid response from retail investors to the country's largest initial public offering on concerns the price was set too high.

Dubai Holding Asset Management has announced the rebranding of its residential leasing portfolio, previously known as Dubai Asset Management, to Dubai Residential.

Shell said on Monday there was no impact to operations after an oil leak over the weekend from a land-based pipeline at Shell Energy and Chemicals Park Singapore on Bukom island, adding that the leak had been stopped.

Lulu Retail Holdings announced its intention to proceed with an initial public offering (IPO) and listing its ordinary shares on the Abu Dhabi Securities Exchange (ADX).

The UAE Minister of State for Financial Affairs, Mohamed Hadi Al Hussaini, met with Azerbaijan's Minister of Finance, Samir Sharifov, in Dubai to discuss enhancing cooperation in the financial sector and other areas of mutual interest.

The Endowments and Minors’ Trust Foundation in Dubai (AWQAF Dubai) has announced the distribution of AED30.4 million in profits from investments made on behalf of minors and those under guardianship for the year 2024.

The Dubai International Arbitration Centre (DIAC) Annual Report has highlighted another transformative year marked by substantial growth and global expansion for DIAC, as evidenced by a significant increase in cases.

The UAE has strengthened its position as a top hub for startups, driven by its attractive investment environment, flexible business policies, and innovation-focused legislation.

Dubai Studio City reported over 11.5 per cent year-on-year growth in its creative talent community during the first half of 2024.

Egypt raised prices on a wide range of fuel products early on Friday, the petroleum ministry said, marking the third such increase this year.

The $3.3 billion IPO of Hyundai Motor India, the country's largest yet, was fully subscribed on its final day on Thursday as institutional investors bid aggressively, though pricing concerns deterred retail investors.

The UAE and World Economic Forum (WEF) launched an integrated strategic intelligence platform that collates policy topics of strategic importance to the UAE into one place. 

Nakheel, part of Dubai Holding Real Estate, has awarded three major contracts exceeding AED 5 billion for the construction of ultra-luxury villas on the first six fronds of Palm Jebel Ali, with completion expected by late 2026.

Airbus plans to cut up to 2,500 posts in its Defence & Space division after spiralling losses on satellite projects, sources said on Wednesday.

Singapore's air force mobilised two fighter jets late on Tuesday in response to a bomb threat on an Air India Express flight bound for the city-state, its defence minister said. 

Boeing filed papers with the US markets regulator on Tuesday for raising up to $25 billion (AED 91 billion) through a stock and debt offering and entered into a $10 billion (AED 36.7 billion) credit agreement amid a crippling strike and upcoming debt maturities.

Abu Dhabi Future Energy Company PJSC (Masdar) has signed an agreement with Presight, a leading big data analytics company powered by generative AI, to develop an asset management tool for its renewable energy projects worldwide.

Shares of Nvidia closed at their highest ever on Monday, lifting its market value to $3.39 trillion (AED 12.4 trillion) just below Apple's $3.52 trillion (AED 12.92 trillion) and above Microsoft's $3.12 trillion (AED 11.45 trillion).

The Ajman Higher Energy Committee has been established to regulate the trade of petroleum in the Emirate, under the directives of His Highness Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman.

The growth rate of digital companies in Dubai is double that of traditional companies, according to Vice Chairman of the Dubai Chamber of Digital Economy, Ahmad Bin Byat.

Boeing will cut 17,000 jobs, delay the first deliveries of its 777X jet by a year, and record $5 billion (AED 18.3 billion) in losses in Q3, as the US planemaker continues to spiral during a month-long strike.

Abu Dhabi Government will participate in GITEXGlobal 2024, taking place from October 14 to 18 at the Dubai World Trade Centre, under the theme ‘Towards an AI-Native Government'.

The UAE is expected to exceed its renewable energy capacity ambitions for 2030, the International Energy Agency (IEA) said.

Dubai-based companies have invested nearly $2 billion (AED 7.3 billion) in Turkey from 2018 to mid-2024, while Turkish investments in the emirate totalled $100 million (AED 367.3 million) from 2015 to 2023.

Tesla's Elson Musk showcased a long-promised robotaxi, featuring two gull-wing doors with no steering wheel or pedals, at an event on Thursday.

Jebel Ali Free Zone (Jafza) has solidified its status as a global leader in trade and logistics, taking home five major accolades at the fDi Global Free Zones of the Year 2024 awards.

The UAE and Malaysia have officially concluded negotiations for a Comprehensive Economic Partnership Agreement (CEPA), aimed at eliminating or reducing tariffs, lowering trade barriers and fostering collaboration between private sectors while opening new investment pathways.

Digital Dubai launched the "Dubai Cashless Strategy," which aims for cashless transactions to account for 90 per cent of all transactions by 2026.

HSBC CEO Georges Elhedery is weighing cost-cutting measures that could save up to $300 million (AED 1.1 billion) by reducing top management layers, the Financial Times reported on Thursday.

Minister of Energy and Infrastructure, Suhail bin Mohammed Al Mazrouei, said 22 per cent of the UAE's non-oil trade was transported by road in 2023, amounting to AED 576.4 billion.

The US said it may ask a judge to force Alphabet's Google to divest parts of its business, such as its Chrome browser and Android operating system, that it says are used to maintain an illegal monopoly in online search.

The first edition of the Global Rail Transport Infrastructure Exhibition & Conference (Global Rail) 2024 was launched in Abu Dhabi on Tuesday and set to continue until Thursday. The event, hosted by Etihad Rail, was inaugurated by several UAE officials and industry leaders. 

Boeing has withdrawn its pay offer to around 33,000 US factory workers and no further negotiations were planned with their union representatives, as a financially damaging strike nears its fourth week.

The UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and the Ruler of Dubai, has approved the Union General Budget Plan for the fiscal year 2025.

Emirates has cancelled flights to Iran and Iraq until October 16, the airline announced on Tuesday evening. Earlier in the week, flights to Baghdad and Basra in Iraq had resumed before the latest update.

ADNOC Logistics and Services plc has announced it will distribute a cash dividend of $136.5 million (AED501.3 million) for the first half (H1) of 2024, the equivalent to 6.78 fils per share.

The Future Blockchain Summit 2024 is set to take place from October 13 to 16 at Dubai Harbour, with an expected 1,200 investors from over 50 countries.

Nike's ongoing struggles are giving Adidas a chance to keep taking market share from its larger US rival, but the German brand will have to work harder to keep shoppers interested in its key Samba and Gazelle terrace sneakers, experts say.

Flydubai has extended its flight cancellations from Dubai International to Beirut International Airport due to the ongoing developments in the region.

President His Highness Sheikh Mohamed bin Zayed Al Nahyan witnessed the signing a Comprehensive Economic Partnership Agreement (CEPA) with Jordan on Sunday.

The UAE has confirmed its steadfast commitment to leveraging cutting-edge technology to boost operational efficiency and enhance the quality of government services as it marked its participation in the official inauguration of the Global Government Technology Centre (GGTC) in Berlin.

Dubai's Roads and Transport Authority (RTA) has announced its digital revenues for 2023 grew by 16.8 per cent, reaching AED 3.705 billion compared to the previous year.

The Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Serbia is the first with a country that is not a member of the World Trade Organisation, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade has said.

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.