Iran and Oman have moved closer to an agreement on reopening the Strait of Hormuz to commercial shipping, with both sides agreeing on the geographical coordinates of a proposed safe navigation corridor, even as conflicting messages over possible US-Iran negotiations continue to cloud prospects for a broader diplomatic breakthrough.
Fitch Ratings has maintained its ‘deteriorating’ sector outlook for global chemicals for 2026, reflecting structural oversupply and demand destruction risks triggered by increasing production costs, despite temporary tightness due to disruption in the Strait of Hormuz.
Solid market fundamentals and healthy occupier demand are strengthening the long-term prospects of UAE’s industrial sector, said real estate expert JLL. While the rapid pace of rental growth has begun to moderate, Dubai and Abu Dhabi continue to maintain leasing momentum.
Abu Dhabi-based International Holding Company (IHC) has reported a sharp increase in its first-half profit which soared to AED26.2 billion ($7.13 billion), while its revenue surged 34.5% to hit AED64.9 billion ($17.6 billion) supported by higher revenue across several business segments.
Dubai Multi Commodities Centre (DMCC) has announced that the number of Indian companies registered in its business district had risen 9% over the past 12 months to more than 4,080, thus making India its largest international business community.
Aramex, a global logistics and transportation solutions company, has announced solid results for the first half with its group revenues surging 22% to AED1.83 billion ($498 million) while its net profit grew nearly two-fold helped by strong growth in its freight forwarding business.
Sumea, a Dubai-based sourcing, procurement and supply chain group, has opened its 12,000-sq-m global trade hub - SumeaWorld - in Jebel Ali Free Zone. With this move, Sumea is building an integrated ecosystem connecting manufacturers, brands and markets worldwide.
King Fahad Industrial Port in Yanbu has received nine wind turbines and related equipment aboard the Pacific Titan to support Saudi Arabia’s renewable energy expansion and upcoming Starah and Shaqra wind projects under the National Renewable Energy Programme.
Dubai-based UXE Group has signed a strategic partnership agreement with South Africa’s Nascent Group aimed at enabling the development of innovative projects across key sectors, including smart cities, digital transformation, innovation, advanced security solutions and smart mobility.
UAE-based Ora Developers has signed up D-Marin as the marina consultant for its flagship coastal project - BAYN - in Ghantoot region strategically located between Abu Dhabi and Dubai. Its work includes market analysis, feasibility studies and an assessment of UAE’s existing marina landscape.
