In a significant advancement in the realm of artificial intelligence (AI), the UAE is partnering with France to establish a 1 gigawatt (GW) AI data centre. This mega project will see the UAE invest billions of euros, making it the largest AI facility of its kind in Europe, according to the French presidency. The announcement...
The tech world is undergoing significant transformation following the announcement of major AI projects, including the staggering $500 billion Stargate initiative, which is the largest AI infrastructure project ever. The United Arab Emirates is a key participant in this AI consortium, while DeepSeek has gained sudden recognition in the technology sector. These developments are reshaping...
Abu Dhabi’s sovereign wealth fund, ADQ, has formed a strategic partnership with Orion Resource Partners to create a new joint venture focused on enhancing supply chain security in the metals and mining sector. This collaboration, named Orion Abu Dhabi, will see an initial investment of $1.2 billion over the next four years, with both parties...
The Central Bank of the UAE (CBUAE) celebrated significant achievements in 2024 across the financial, banking, and insurance sectors, setting a positive trajectory for the future of the UAE’s financial landscape. The CBUAE emphasized its role in fostering monetary and financial stability, managing reserves, and developing secure financial infrastructure through innovative digital solutions. These efforts...
Al Seer Marine, a subsidiary of International Holding Company (IHC), has released its financial results for 2024, indicating a notable operational growth amid recovering market conditions. The company reported a total revenue of AED 1.281 billion, reflecting a 4.0 percent increase from the previous year. This growth was attributed to diversification across several key sectors,...
EFG Hermes, a leading investment bank in the Middle East and North Africa (MENA), has been recognized as the top investment bank in the MENA Equity & Equity-Related category for 2024 by the London Stock Exchange Group (LSEG). The firm led the MENA market in equity capital market (ECM) activities, successfully completing 11 Initial Public...
Abu Dhabi Commercial Bank (ADCB) has unveiled an ambitious growth strategy that aims to double its net profit to Dh20 billion within the next five years. The bank targets an annual growth rate of approximately 20 percent during this period. Additionally, ADCB plans to increase its year-on-year paid-out dividends to around Dh25 billion, reflecting a...
His Highness Sheikh Mohamed bin Zayed Al Nahyan, the President of the UAE, welcomed Georgian Prime Minister Irakli Kobakhidze on Monday during his working visit to the UAE. The meeting took place at Qasr Al Shati in Abu Dhabi, where both leaders engaged in discussions aimed at enhancing cooperation between the UAE and Georgia. The...
H.H. Sheikh Abdullah bin Zayed Al Nahyan, who serves as the Deputy Prime Minister and Minister of Foreign Affairs of the UAE, met with Shegun Adjadi Bakari, the Foreign Minister of the Republic of Benin, on January 24, 2025, in Abu Dhabi. During this meeting, Sheikh Abdullah welcomed the Beninese Foreign Minister and engaged in...
During the 55th Annual Meeting of the World Economic Forum in Davos, Abdulla bin Touq Al Marri, the Minister of Economy and Chairman of the UAE Circular Economy Council, underscored the UAE’s strategic role in the circular economy. Participating in a session titled “Turning Plastic Waste into Raw Materials: Fueling the Circular Economy,” he highlighted...