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Saudi Arabia and Türkiye ink new economic deals in Istanbul for $30bn projected trade

Saudi Arabia and Turkiye solidify economic ties with ten new agreements at a major business forum in Istanbul, aiming for $30 billion in bilateral trade.

Emaar Square Building 3: Record-breaking $137mn property deal hits Downtown Dubai

Property brokerage Driven Properties has finalised the largest real estate deal Downtown Dubai for the fiscal year of 2024, acquiring Emaar Square Building 3 for 505 million dirhams.

Lulu Retail expands IPO to 30% amid strong investor demand

UAE grocery titan LuLu Retail has increased its IPO size to 30% amid strong investor demand, attracting significant investments from entities like Masarrah Investment Company.

ADNOC’s Enersol strikes major deal to acquire U.S. Deep Well Services for $223mn

Enersol’s $223M acquisition of Deep Well Services aims to transform UAE energy, leveraging advanced technologies for high-pressure well completions and strategic automation.

Harris bets on Hollywood star power as Trump focuses on people-first appeal

Kamala Harris bets on Hollywood star power to energise voters, but critics warn of backlash amid economic woes. Jill Stein’s rise and Trump’s populism complicate her path in key swing states.

Trump or Harris? For America’s Muslims, it’s Jill Stein.

Kamala Harris faces an uphill battle in Michigan as Jill Stein gains Muslim voter support amid growing discontent over U.S. policy on Gaza. The swing state’s critical electorate could reshape the 2024 election.

Trump signals vaccine ban openness with RFK Jr’s support

Trump hints at banning vaccines if elected, giving RFK Jr significant control over public health policy. Concerns mount as Kennedy pushes for radical changes, including access to federal health data.

UAE unveils e-Invoicing laws for digital tax transformation by July 2026

UAE introduces e-Invoicing laws, revolutionising tax collection through a 5-corner model and aligning with global digital standards. Phased implementation by July 2026 will aim to ensure compliance and efficiency.

Elon Musk’s DOGE plans to cut the bureaucratic red tape out of D.C.

Elon Musk’s ambitious DOGE proposal promises to revolutionise the U.S. government by cutting bureaucratic red tape and implementing Silicon Valley efficiency, paving the way for a future driven by rapid innovation and streamlined regulations.

How did Kamala take a lead in Iowa? Women’s rights in Des Moines.

U.S. Vice President Kamala Harris has taken an unexpected lead over Donald Trump in the key State battleground of Iowa, with recent polls showing shifting voter demographics in reaction to recent legislation diminishing women's rights in the U.S.

Monroe Capital explores Saudi expansion amid rising private credit demand

Monroe Capital eyes Saudi expansion, exploring strategic partnerships in a region ripe for private credit growth. With high demand and regulatory shifts, the firm aims to tap into MENA’s evolving financial landscape.

TECOM profit soars as revenue jumps to record $462mn for FY2024

Dubai's TECOM Group has reported a 23% rise in net profit, driven by record revenues of $462mn for FY2024 and high demand.

Saudi telco STC beats expectations, boosts dividends

Saudi Telecom's net profit has dipped but has also outperformed expectations, while revenue grew and annual dividends surged, reflecting strategic investor confidence.

Qatar Central Bank’s new QAR2.7bn treasury bills spark investor interest

Qatar Central Bank’s issuance of treasury bills valued at QR2.7 billion highlights a strategic approach to liquidity management, attracting massive investor interest and underscoring economic resilience in volatile markets.

Abu Dhabi is now a top 5 global hotspot for careers in tech

Abu Dhabi’s tech boom is transforming the city into a global software career hotspot, blending strategic government investments with high salaries and advanced infrastructure.

Alpha Dhabi’s strategic investments drive $2.04bn Q3 profit surge

Alpha Dhabi reports a record-breaking 83% profit surge in Q3 2024, driven by industrial and real estate investments; strategic acquisitions since 2022 fuel ongoing growth.

Google invests $15mn to transform AI education in Dubai

Dubai partners with Google on its largest regional AI initiative, set to empower 500,000 individuals with essential AI skills; Ruth Porat underscores Google's mission to drive MENA’s digital transformation.

PIF inks major MoUs with State Street, Brookfield, Mizuho, FII to boost Saudi asset management

Saudi Arabia’s Public Investment Fund has signed MoUs with the Future Investment Initiative and global financial firms State Street, Brookfield, and Mizuho in order to collaborate on elevating the Kingdom's wealth fund asset management portfolio.

Google slapped with staggering $2.5 decillion Russian fine, dwarfing global GDP

Russia's $2.5 decillion fine against Google exposes a growing digital sovereignty battle, sparking legal and financial tensions that test multinational resilience. Alphabet's stock, surprisingly buoyant, underscores Google's confidence amidst compounding penalties.

Dubai plans record-breaking budget with major surplus for infrastructure and services

Dubai has set a record budget with expenditures of 272 billion dirhams and 302 billion in revenue, marking a first-time surplus of 21%. Nearly half of the budget has been allocated to infrastructure projects in critical development areas.

Saudi wealth fund backs Brookfield’s $2bn push into Middle East

Saudi Arabia’s PIF partners with Brookfield on a $2 billion fund, sparking fresh investments and innovation across the kingdom, with Brookfield expanding its Riyadh footprint to boost local growth.

Saudi Aramco picks Lahore for its first branded petrol station launch in Pakistan

Saudi oil giant Aramco has launched its first branded petrol station in Pakistan's Lahore, delivering premium fuel and services to Pakistan, and sparking a fresh chapter in the country’s fuel industry, boosting Saudi investment ties.

Islamic Development Bank floats €500mn sukuk in dual Dublin and Dubai listings

The Islamic Development Bank’s €500 million sukuk, priced at mid-swaps +50 bps, finds strong demand and listings on Euronext Dublin and Nasdaq Dubai, advancing its Trust Certificate Issuance Programme.

Abu Dhabi’s CYVN moves to acquire McLaren Automotive, steer focus to EVs

Abu Dhabi’s CYVN Holdings plans to take over McLaren’s automotive division, bringing fresh capital and expertise to expand McLaren’s electric vehicle technology. This move by CYVN could redefine the luxury carmaker’s future in EVs.

UAE poised to revive AED84bn F-35 deal with US if Trump clinches return

The UAE may look to revive a $23bn F-35 and drone deal with US if Donald Trump wins the 2024 U.S. Presidential race, as negotations with Biden continue to stall. Strategic Gulf relations are already beginning to shift amidst wider security ambitions.

Saudi sovereign wealth fund pivots focus back home to fuel Vision 2030

Saudi Arabia’s PIF refocuses its strategy, pivoting from global assets to domestically driven projects in line with Vision 2030. The fund’s recalibration aligns with the kingdom’s economic diversification goals amid global fiscal shifts.

Dubai telco du profits soar 49.7% to book $520mn in Q3 FY2024

For the nine months leading to this quarter, du achieved a 49.7 percent increase in net profit, reaching AED1.9 billion, driven by robust commercial momentum, a dedicated strategy, and cost-efficiency.

UAE attracts mammoth US$16bn in greenfield foreign capital inflows in 2023

UAE attracts US$16 billion in FDI, transforming key sectors like real estate and finance to become a global investment leader with lasting international partnerships.

Lulu’s ADX IPO targets around $5bn bolstered by keystone GCC investors

Lulu Group’s ADX IPO promises to raise billions, anchored by cornerstone investor backing and an ambitious dividend plan to fuel its expansion across UAE markets.

UBS advises GCC investors secure wealth with bonds, gold to mitigate regional risks

GCC investors should consider high-grade bonds and global diversification of assets—with hedges in gold—to mitigate rising regional geopolitical risks posed in the Middle East, advises Swiss investment bank UBS.

UAE’s e& telecom giant expands into Eastern Europe in $2.3bn deal

e& Group cements its European presence with new acquisition across a majority of Eastern European markets — namely Bulgaria, Hungary, Serbia, and Slovakia.

UAE takes the lead in Arab Parliament with new president

UAE secures Arab Parliament presidency with Mohammed Ahmad Al Yamahi elected as president, showcasing Emirati leadership and commitment to regional cooperation through parliamentary diplomacy.

Dubai and Abu Dhabi vie for global elite in search of wealth sovereignty

Dubai and Abu Dhabi compete fiercely to draw wealth managers, with regulatory appeal and sovereign funds turning the UAE into a rising financial hub alternative.

Michigan Muslims back Trump for peace, values, and secure border

Michigan Muslims endorse Donald Trump for his peace-oriented and pro-family policies, marking a shift in political support in a key swing state.

Dubai’s month-long #ZayedAndRashid toast kicks off November 3

Dubai launches the #ZayedAndRashid campaign to honour UAE’s founding fathers and celebrate national events with vibrant festivities, from cultural showcases to concerts and fireworks. The month-long celebrations run from 3 November to 2 December.

ADNOC moves to enter European chemicals market with €14.7bn Covestro deal

ADNOC advances in Europe with a €14.7 billion Covestro takeover, emphasising low-carbon ammonia via Fertiglobe’s global platform.

Qantas says yes to 25% Qatari stake in Virgin Australia

Qantas is open to Qatar Airways’ 25% stake in Virgin Australia, fostering more competition as both airlines aim to strengthen their networks. Qantas’ focus remains on ultra-long-haul routes to Europe, bypassing the need for Gulf stopovers.

Abu Dhabi’s Mubadala Capital secures $3.1bn for middle-market investments

Abu Dhabi's Mubadala Capital raises $3.1 billion for its private equity fund, targeting middle-market companies while expanding its global investment footprint. Recent acquisitions include Fortress Investment Group and Bugaboo.

Qatar’s economic power grows with LNG boost and diverse investments

UAE partners with IMF, vows contribution to poverty alleviation, climate funds

The UAE has signed two agreements with the IMF, contributing to funds aimed at poverty reduction and climate resilience.