Business

Elon Musk tried to enlist rival Mark Zuckerberg for the $97.4 billion bid that his consortium made for OpenAI earlier this year, but the CEO of Meta Platforms did not come on board, OpenAI said in a court filing on Thursday.

The UAE Central Bank (CBUAE) increased its gold reserves by 25.899 per cent during the first five months of the year to AED 28.933 billion, up from AED 22.981 billion at the end of December 2024.

Italian fashion house Valentino has appointed industry veteran Riccardo Bellini as new chief executive, it said on Wednesday, adding he will take up the role at the start of September.

Russian President Vladimir Putin and Indian Prime Minister Narendra Modi will meet in New Delhi by the end of year, but no dates have been finalised yet, a Russian embassy official in India said on Wednesday.

India and China agreed on Tuesday to resume direct flights and step up trade and investment flows as the neighbours rebuild ties damaged by a 2020 border clash.

Air Canada's unionised flight attendants have reached an agreement with the country's largest carrier on Tuesday, ending the first strike by its cabin crew in 40 years that had upended travel plans for hundreds of thousands of passengers.

Norway's sovereign wealth fund, the world's largest, said on Monday it had decided to exclude another six companies with connections to the West Bank and Gaza from its portfolio, following an ethics review of its Israeli investments.

Air Canada suspended its third-quarter and annual profit forecasts on Monday as its planes remained grounded after striking flight attendants refused a government-backed order to return to work and called on the airline to get back to the bargaining table.

Dubai International Chamber has recorded a 138 per cent increase in companies under its jurisdiction in the first half of 2025, attracting a total of 143 companies. 

A court ordered Australia’s largest airline, Qantas Airways, on Monday to pay a record fine of A$90 million ($58.64 million) for illegally sacking 1,800 ground staff during the COVID-19 pandemic and criticised it for a lack of contrition.

Air Canada's fleet of hundreds of planes remained grounded on Monday morning after striking flight attendants refused a government-backed order to get back to work and called on the airline to return to the bargaining table.

The Gulf Cooperation Council (GCC) countries saw a slight decline in overall national income in 2023, but their non-oil economies continued to grow steadily, according to new data from the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat).

Air Canada's unionised flight attendants walked off the job early on Saturday morning after pay talks with the country's largest carrier stalled, in a move that is expected to disrupt travel plans for more than 100,000 passengers.

Dubai recorded a GDP of AED119.7 billion in the first three months of the year, marking a 4 per cent growth during the same period last year, driven by strong performances and expansion across various sectors.

Salik has posted AED 1.527 billion in revenue for the first half of the year, marking 39.5 per cent in growth driven by the introduction of variable pricing at the end of January and two new toll gates last November.

The United States and China have extended a tariff truce for another 90 days, staving off triple-digit duties on each other's goods as US retailers get ready to ramp up inventories ahead of the critical end-of-year holiday season.

Abu Dhabi Airports has reported double-digit passenger traffic growth for a 17th consecutive quarter as well as strong flight movement and cargo growth in the first half of 2025.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, on Friday confirmed the UAE continues to take firm steps toward strengthening its international partnerships and solidifying its role as a global hub for trade and investment.

Indian Prime Minister Narendra Modi said on Thursday he will not compromise the interests of the country's farmers even if he has to pay a heavy price, in his first comments after US President Donald Trump's salvo of a 50 per cent tariff on Indian goods.

DP World has expanded its automotive logistics capacity at Jebel Ali Port with the launch of a new 2.6 million square foot vehicle storage yard, adding 13,000 car equivalent units (CEUs) and raising the port's storage capacity to a total of 75,000 CEUs. 

Ras Al Khaimah Economic Zone (RAKEZ) has signed an agreement with Indian construction giant Rana Group to establish a new hub that will focus on "pioneering technologies" for over 150 industries and create thousands of jobs.

ADNOC has been ranked as the sixth most valuable global energy brand in Brand Finance's inaugural Energy 100 report.

President Donald Trump's higher tariff rates of 10 per cent to 50 per cent on dozens of trading partners kicked in on Thursday, testing his strategy for shrinking US trade deficits without massive disruptions to global supply chains, higher inflation and stiff retaliation from trading partners.

President Donald Trump announced that Apple will invest an additional $100 billion in the US, a move that could help it sidestep potential tariffs on iPhones.

U.S. President Donald Trump issued an executive order on Wednesday imposing an additional 25 per cent tariff on goods from India, saying the country directly or indirectly imported Russian oil, adding to 25 per cent tariffs already announced.

The UAE Ministry of Finance (MoF) has signed an agreement with the Institute of Management Accountants (IMA) to help prepare national employees for the Certified Management Accountant (CMA) and Financial and Managerial Accounting Associate (FMAA) certifications. 

The UAE's AD Ports Group will open a representative office in Pakistan's capital city of Islamabad to unlock new avenues for foreign direct investment and promote greater regional connectivity.

Elon Musk and Tesla were sued by shareholders who accused them of securities fraud for concealing the significant risk that the company's self-driving vehicles, including the Robotaxi, were dangerous.

Tesla has granted CEO Elon Musk shares worth about $29 billion, in a new pay deal aimed at keeping the billionaire entrepreneur at the helm during a crucial pivot from its struggling core auto business to robotaxis and humanoid robots.

More than 3,200 union members who assemble Boeing's fighter jets in the St. Louis area and Illinois went on strike on Monday after rejecting a second contract offer the previous day.

Dubai Duty Free has delivered another standout performance for the month of July, posting sales of AED638.8 million ($175 million) and marking 5.86 per cent up on the same period last year.

Dubai has welcomed 9.88 million tourists from January to June, 2025, marking a 6 per cent increase compared to the same period in the previous year.

Dubai’s real estate sector has marked steady growth in the first half of 2025, with the completion of 24 real estate projects valued at AED4.5 billion.

President Donald Trump on Friday fired a top Labor Department official on the heels of a market-shocking weak scorecard of the US job market, accusing her of manipulating the figures and adding to already growing concerns about the quality of economic data published by the federal government.

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.