UAE Council warns 98% of cyberattacks rely on social engineering
Abu Dhabi, UAE -- The UAE Cyber Security Council has cautioned that social engineering remains the most common tool used...
Geostrategy
Over 12,000 Wi-Fi breaches recorded in UAE since start of year
Abu Dhabi, UAE -- The UAE Cyber Security Council (CSC) has warned of the serious risks posed by using open...
Geostrategy
Economy
Global economy faces ‘low normal’ growth, widening inequality gap
The organization’s Trade and Development Report 2024 warned that this new “low normal" growth is insufficient to tackle pressing development and...
- While the global South experienced robust annual growth rates of 6.6 percent between 2003 and 2013, that figure has fallen to 4.1 percent over the past decade.
- This has made it harder for nations to expand social services, cover rising energy transition costs and manage mounting public debt.
Business
UAE records 37% increase in greenfield FDI to $16 billion in 2023
Abu Dhabi, UAE -- The UAE has witnessed a 37% increase in greenfield investments in 2023 to reach US$16 billion,...
- Sectors such financial services, industrial equipment, and transportation and warehousing played an important role in contributing to this growth.
- The most prominent countries involved in these investments were the US., India, the U.K., Saudi Arabia, and France.
Business
ADNEC to acquire ‘Royal Catering’
Royal Catering has more than 2.500 employees.
- Serving key industries such as energy, defense, healthcare, and education, Royal Catering has earned a reputation for delivering high-quality services across the UAE.
- The addition of Royal Catering will expand Capital Catering’s industry focus from aviation, defense and healthcare and increase its production capacity
Business
PIF sets up sarcc company
The new entity will address growing staff accommodation demand.
- In a statement, PIF said sarcc will play a key role in transforming the accommodation market by developing and operating complexes for staff in Saudi Arabia.
- The company will foster the Saudi private sector by facilitating long-term investment and partnerships throughout the industry's value chain.
Economy
World merchandise trade to rise by 2.7% in 2024: Global Trade Outlook
There was a 2.3% year-on-year increase in the first half of 2024 and WTO economists anticipate the volume will increase...
- Global GDP growth at market exchange rates is expected to remain at 2.7 percent in both years.
- Declining inflationary pressure has allowed central banks in advanced economies to begin cutting interest rates, which should stimulate consumption.
Geostrategy
WTO predicts modest trade growth for 2024-25 amid geopolitical risks
In 2024 and 2025, inflation is expected to gradually abate, allowing real incomes to grow again in advanced economies, boosting...
- Risks to the forecast are on the downside “due to current geopolitical tensions and policy uncertainty. Middle East troubles have diverted sea shipments between Europe and Asia.
- It added that import demand in real terms was weak in 2023 in most regions, especially in Europe but also in North America and Asia.
Business
AviLease acquires 9 aircraft from Avolon
AviLease had purchased 13 aircraft from Avolon in 2023.
- AviLease aircraft portfolio now comprises 167 owned aircraft, including purchase commitments, and 23 managed aircraft on lease to 48 airlines globally.
- AviLease said the acquired portfolio offers attractive yields and further contributes to the diversification of its portfolio.
Business
US considering Google breakup following monopoly ruling
The US Department of Justice (DOJ) made recommendations for Google’s search engine business practices on Tuesday, according to US media....
- Structural remedies that would prevent Google from using products such as Chrome, Play, and Android
- Google will likely appeal, drawing out the process potentially for years
Business
ADNOC L&S to pay $136.5m dividend
This is equivalent to 6.78 fils per share, the company said.
- The Company intends to distribute a total dividend amount of $273 million (AED1,002.6 million) for the full year.
- The H1 2024 dividend will be paid to shareholders who own ADNOC L&S shares on the record date of 17th October 2024.
Economy
Oil prices at risk of further increases due to potential energy disruptions
Crude oil prices soared nearly 9% last week, marking the biggest weekly gain since March 2023, following a significant escalation...
- Israeli officials stated that Israel would target Iran's oil production facilities within Iran
- Iran is one of the top 10 oil producers globally, with production exceeding 3.3m barrels per day
UAE Council warns 98% of cyberattacks rely on social engineering
Abu Dhabi, UAE -- The UAE Cyber Security Council has cautioned that social engineering remains the most common tool used...
Geostrategy
Company News
Dar Alarkan 2024 profit up 32%
Business
Latest News
DEWA okays $843m in H2 2024 dividend
DEWA had posted a net profit after tax of $1.96 billion for the full year 2024.
Business
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Business
Dar Alarkan 2024 profit up 32%
The company's net profit increased by 81.5 percent in Q4 2024.
- Argaam reported that the company's revenue increased by 38.9 percent year-on-year (YoY) to SAR 3.75 billion in 2024 driven by higher real estate sales and rental income.
- The company attributed the increase to stronger sales revenue, supported by higher property sales, along with growth in rental income.
Geostrategy
How do GCC-Arab leaders look at the region’s future?
The bigger your vision, the bigger your achievement will be. Will you stumble on the way? Perhaps, but we cannot...
- Together we will continue building a better country, fulfilling our dream of prosperity, says Saudi Crown Prince Mohammed bin Salman.
- It is vital that the next generation looks for careers in the industries of the future, so is developing the capabilities and opportunities of our youth, says Sarah Al-Amiri
Geostrategy
Ukraine to propose sky, sea truce at US talks in Saudi: official
The talks on Tuesday will be the first Ukraine-US meeting since a White House blow-up between Zelensky and US President...
- In Jeddah, the port city close to Islam's holiest sites in Makkah and Madinah, dozens of Ukrainian and Saudi flags flew on a main roundabout near the airport and on thoroughfares.
- US Middle East envoy Steve Witkoff said Washington wanted to use the talks "to get down a framework for a peace agreement and an initial ceasefire as well".