Business

In a stunning reversal, US President Donald Trump said he would temporarily lower the hefty duties he had just imposed on dozens of countries while further ramping up pressure on China, sending global stocks rocketing higher.

Dubai Chambers have organised a high-level business meeting in Mumbai with key officials and business leaders from both the UAE and India.

China will impose 84 per cent tariffs on US goods from Thursday, up from the 34 per cent previously announced, its finance ministry said on Wednesday, firing the latest salvo in a global trade war sparked by US President Donald Trump.

Pakistan's national carrier has posted an annual profit for the first time in more than two decades ahead of a second attempt by the government to sell the airline, the country's defence minister said.

US President Donald Trump's "reciprocal" tariffs on dozens of countries took effect on Wednesday, including massive 104 per cent duties on Chinese goods, deepening his global trade war even as he prepared for negotiations with some nations.

South Korea on Wednesday announced emergency support measures for its auto sector, seeking to reduce the blow of US President Donald Trump's tariffs on a sector that has seen years of sharply rising exports to the United States.

A global trade war touched off by US President Donald Trump's sweeping tariffs escalated further on Monday, as Trump threatened to increase duties on China and the European Union proposed counter-tariffs of its own.

His Highness Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs, has held talks with his counterparts from Azerbaijan and Cyprus in Abu Dhabi.

More than 1,600 energy suppliers from around the world have gathered for a three-day showcase of the latest innovations and technologies at Middle East Energy 2025, running until April 9 at the Dubai World Trade Centre.

Abu Dhabi Customs has reported a 9 per cent increase in the emirate’s non-oil foreign trade in 2024, reaching AED 306 billion, up from AED 281.9 billion in 2023.

Futures tied to the S&P 500 index slumped further on Monday and were down more than 20 per cent from their all-time highs, putting the most closely followed benchmark for US equities on track to confirm a bear market.

The UAE's tourism sector generated AED 45 billion in revenue in 2024, a three per cent year-on-year growth, according to Minister of Economy and Chairman of the Emirates Tourism Council, Abdulla bin Touq Al Marri.

Britain softened demands on automakers to switch to production of electric vehicles on Monday, seeking to alleviate pressure on an industry left reeling from US President Donald Trump's tariffs.

US President Donald Trump warned foreign governments they would have to pay "a lot of money" to lift sweeping tariffs, characterising the duties as "medicine" and triggering further carnage across global financial markets on Monday.

The UAE, India, and Sri Lanka have signed an agreement to develop Sri Lanka into a strategic energy hub. 

European Union countries will seek to present a united front in the coming days against U.S. President Donald Trump's tariffs, likely approving a first set of targeted countermeasures on up to $28 billion of U.S. imports from dental floss to diamonds.

Jaguar Land Rover will pause shipments of its Britain-made cars to the United States for a month, it said on Saturday, as it considers how to mitigate the cost of President Donald Trump's 25% tariff.

U.S. customs agents began collecting President Donald Trump's unilateral 10% tariff on all imports from many countries on Saturday, with higher levies on goods from 57 larger trading partners due to start next week.

The tech-heavy Nasdaq Composite index was set to confirm it was in a bear market on Friday, down more than 20 per cent from a recent record high, as investors fled riskier assets on fears that tariffs imposed by President Donald Trump could spark a trade war and tip the global economy into recession.

UAE-based Dana Gas and Crescent Petroleum, alongside their partners in the Pearl Petroleum consortium, have said the cumulative production from their Khor Mor project, the largest non-associated gas field in Iraq, has exceeded 500 million barrels of oil equivalent (boe).

China has announced a slew of additional tariffs and restrictions against US goods as a countermeasure to sweeping tariffs imposed by US President Donald Trump. The Finance Ministry said it would impose additional tariffs of 34 per cent on all US goods from April 10.

Stocks limped to the end of the week on Friday, the dollar was set for its worst week in a month while gold flirted with a record peak as investors feared US President Donald Trump's sweeping tariffs would tip the global economy into a recession.

US stock index futures tumbled on Thursday after President Donald Trump's sweeping tariffs on major trade partners heightened fears of an all-out trade war that could push the global economy into a recession.

The UAE and Saudi Arabia will face a universal 10 per cent tariff on imports under US President Trump's sweeping duties on dozens of countries.

The UAE has been ranked first globally for the fourth consecutive year in the latest Global Entrepreneurship Monitor (GEM) report.

Emirates has officially confirmed the launch of its Emirates Courier Express, an end-to-end delivery solution, a day after many believed the announcement to be an April Fool's prank.

Dubai Electricity and Water Authority (DEWA) improved its water and electricity efficiency by 43.61 per cent in 2024, resulting in a cumulative reduction of 104 million tonnes of carbon dioxide (CO2) emissions since 2006.

Trade agreements with Costa Rica and Mauritius under the UAE's Comprehensive Economic Partnership Agreements (CEPA) will come into effect on Wednesday.

US President Donald Trump was poised to impose sweeping new reciprocal tariffs on global trading partners on Wednesday, upending decades of rules-based trade, threatening cost increases and likely drawing retaliation from all sides.

Emirates flights to Brussels have been disrupted on Monday due to industrial action in the European country, the airline has confirmed.

DEWA registered a 4.51 per cent annual increase in electrical connection requests for commercial projects through its Al Namoos service in 2024, according to MD and CEO of DEWA, Saeed Mohammed Al Tayer.

Chinese artificial intelligence startup Zhipu AI unveiled a free AI agent on Monday, joining a wave of similar launches in China's increasingly competitive AI market.

US President Donald Trump said on Saturday he did not warn car industry executives against raising prices as tariffs on foreign-made autos come into force, saying he "couldn't care less" if they do.

Elon Musk's xAI has acquired X in a deal that values the social media platform at $33 billion and allows the value of his artificial intelligence firm to be shared with his co-investors in the company formerly known as Twitter.

Major automakers can deal with US President Donald Trump's tariffs on US auto imports in a number of ways, but all of them lead to higher prices, fewer choices of models or limits on features for consumers, industry experts said.

Emaar Development shareholders have approved its Board of Directors’ proposal to distribute a dividend of AED2.7 billion ($740 million), representing 68 per cent of the share capital.

Automaker stocks around the world slumped on Thursday after US President Donald Trump said that he would impose 25 per cent tariffs on all vehicles and foreign-made auto parts imported into the United States.

Jafza is expanding its facilities with a AED 90 million investment in phase 2 of its cutting-edge Logistics Park, adding 360,000 sq ft, in alignment with the UAE's push to grow its logistics sector to AED 200 billion annually over the next seven years.

US President Donald Trump says he would be willing to reduce tariffs on China to get a deal done with TikTok's Chinese parent ByteDance to sell the short video app used by 170 million Americans.

US President Donald Trump has unveiled a 25 per cent tariff on imported cars and light trucks starting next week, widening the global trade war he kicked off upon regaining the White House this year in a move auto industry experts expect will drive up prices and stymie production.

Emaar Properties has approved a 100 per cent dividend payout, amounting to AED 8.8 billion, during its Annual General Meeting (AGM). This follows the introduction of Emaar’s dividend policy, updated in December 2024.

ADNOC Logistics & Services Plc (ADNOC L&S) announced shareholder approval of all agenda items at its Annual General Meeting, including a final dividend of $136.5 million (AED 501.3 million), bringing the 2024 full-year dividend to $273 million (AED 1,001 million).

Tesla's market share in Europe continued to shrink year-on-year in February, data showed on Tuesday, as sales of the all-electric car maker dropped for a second consecutive month despite rising overall EV registrations on the continent.

A group representing more than 90 airlines has threatened to take legal action against Heathrow Airport if it doesn't reach an "amicable" settlement over the costs caused by Friday's 18-hour closure.

The Real Estate Regulatory Agency (RERA), part of the Dubai Land Department, has launched the 'Tayseer' initiative to help property owners settle outstanding service fees with flexible payment plans.

The Central Bank of the UAE (CBUAE) has launched a new AED 100 banknote made of polymer and using innovative designs and advanced security features. The bill incorporates modern technology to tackle counterfeiting.

Emirates is deploying an additional 17 flights to destinations in the Middle East from March 26 to April 6, as the airline gears up for a busy travel period for Eid Al Fitr.

Chinese Premier Li Qiang urged countries to open their markets to combat "rising instability and uncertainty" at a business forum in Beijing on Sunday, as China braces for further U.S. tariffs.

US President Donald Trump has awarded Boeing the contract to build the US Air Force's most sophisticated fighter jet yet, dubbed the F-47, handing the company a much-needed win.

Dubai Electricity and Water Authority (DEWA) reported that its shareholders have, in the general assembly have approved the payment of total dividend of AED 3.1 billion for H2 of 2024.

His Highness Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs, has held talks with his Liberian counterpart Sara Beysolow Nyanti.

Dubai World Trade Centre (DWTC) has unveiled its 2024 results, welcoming 2.65 million event participants in 2024, marking a seven per cent increase compared to the previous year.

Greenpeace must pay a Texas-based pipeline company nearly $667 million (AED 2.4 trillion) in damages for the environmental advocacy group’s role in 2016-2017 protests against the Dakota Access Pipeline in North Dakota, a jury said Wednesday.

His Highness Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and National Security Adviser, has discussed ways to expand collaboration in key sectors where AI can play a transformative role during talks with Elon Musk and Oracle CTO Larry Ellison.

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.