NYU Abu Dhabi team develops wireless pill to control gut neurons
Abu Dhabi, UAE -- Researchers at NYU Abu Dhabi (NYUAD) have developed an ingestible device that uses light to activate...
Science
Business
Atlantis Dubai first Eastern Hemisphere Certified Autism Center resort
Dubai, UAE -- Atlantis Dubai becomes the first resort destination in the Eastern Hemisphere to gain the Certified Autism Center...
- To meet IBCCES requirements, Atlantis Dubai ensured that over 80 percent of its colleagues received training in autism and sensory awareness.
- More than 90 percent of guest-facing colleagues across both resorts underwent training in Autism & Sensory Awareness (ASA).
Business
Arabian Travel Market’s sold-out Travel Tech area grows 56% YoY
Dubai, UAE -- More than 100 of the world’s leading travel technology companies will be exhibiting at Arabian Travel Market...
- 33 percent more exhibitors participating this year, thanks to unprecedented demand from companies looking to showcase their innovations in front of a global audience.
- The global travel technology market was valued at $9.4 billion in 2022 and is projected to reach $21 billion by 2032.
Business
ADNIC approves cash dividend of $69m
The company had posted its highest-ever net profit of $109.1m for 2023.
- Earnings per share (EPS) had climbed year-on-year (YoY) to AED 0.70 in 2023 from AED 0.63.
- During 2023, ADNIC's total insurance revenue hit AED 4.64 billion, down from AED 4.66 billion a year earlier.
Business
Boubyan Bank okays 8% cash dividend
The Bank's general assembly also approved 6% in bonus shares.
- The Bank managed a record growth rate of 39 percent, while registering KD 80.4 million ($262.75 million.
- Chairman Boubyan Bank Abdulaziz Abdullah Dakheel Al-Shayahe said the bank continued its precautionary approach by allocating KD 31.7 million in provisions.
Business
Petro Rabigh net loss up 320% in 2023
The company narrowed losses to $367 million in Q4.
- The company said the losses piled up primarily due to the challenging market conditions adversely affecting the margins for both refined and petrochemical products and other factor
- The company’s accumulated losses as of December 31, 2023, amounted to SAR 6.40 billion representing 38.34 percent of the company’s share capital of SAR 16.71 billion.
Economy
India plugs into the Gulf region with power cables
India is poised to revolutionize its energy landscape by linking its power grid with Saudi Arabia and the UAE via...
- India is poised to revolutionize its energy landscape by linking its power grid with Saudi Arabia and the UAE via undersea cables.
- The move aims to boost energy security, promote the use of renewable resources, and foster closer economic ties with Gulf states.
Business
Response Plus net profit surges in 2023
The Group's profit increased by 68% YoY to $13.52 million.
- The Group's equity increased to AED230.04 million as of December 31, 2023 from AED222.9 million in the previous year.
- The Earnings Per Share (EPS) increased to AED 0.25 in 2023 from AED 0.15 a year before, reflecting the Group’s commitment to profitability and shareholder value creation.
Business
EGA to acquire Leichtmetall
EGA is to buy 100 percent of firm from Leichtmetall Holding.
- The transaction is expected to close during the first half of 2024, subject to obtaining regulatory approvals.
- Leichtmetall’s production mainly consists of hard alloy billets up to 1,150 millimetres in diameter
Business
ESG buys additional stakes in 2 firms
The stakes were acquired in Vision Factory and Decovision.
- ESG had acquired 60 percent stake in Vision Factory, a key player in furniture and joinery production, in 2022.
- ESG’s latest acquisition in Decovision, a premier provider of interior design and engineering services, increases its stake to 85 percent.
Business
Sharjah Islamic Bank signs Murabaha pact with Turkiye Wealth Fund
Sharjah, UAE -- Sharjah Islamic Bank (SIB) and the Turkiye Wealth Fund (TWF) have signed a Shariah-compliant Murabaha facility worth...
- This agreement, facilitated by Dogan Investment Bank, marks the first time the Turkish Sovereign Wealth fund has launched Shariah-compliant financing from an international source.
- The Turkiye Wealth Fund (TWF) is the entity responsible for the sovereign ownership of strategic and high-importance assets in Turkiye, including Turkish Airlines.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
NYU Abu Dhabi team develops wireless pill to control gut neurons
Abu Dhabi, UAE -- Researchers at NYU Abu Dhabi (NYUAD) have developed an ingestible device that uses light to activate...
Science
Company News
SHUAA okays MCB tranches
Business
Latest News
PIF completes $7 billion inaugural murabaha credit facility
Riyadh, Saudi Arabia -- Saudi Arabia's Public Investment Fund (PIF) on Monday announced its first murabaha credit facility for the...
Business
Most Read
All six lines of Riyadh Metro are now operational
The Royal Commission for Riyadh City (RCRC) announced that the phased rollout of Riyadh Metro culminated as of Sunday, Jan....
- The Royal commission announced the operation of three new stations on the Blue Line
- Riyadh Metro users will be received from 6:00 am until 12:00 midnight
Business
Saudi PMI falls to 58.4 in Dec as non-oil private sector improves
Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...
- The index has remained above the neutral level (50.0 points) since September 2020.
- Business conditions experienced a marked improvement, propelled by a substantial surge in new orders.
Business
Desert truffles: Saudi Arabia’s buried treasure
The 10-day Qassim Truffle Festival, currently in its fourth year, features 18 booths showcasing truffles, a dedicated auction area and...
- Fertile soil, untouched land, access to fresh water, a suitable climate, and the presence of the Helianthemum plant contribute to growth of desert truffles.
- The Qassim Truffle Festival, currently in its fourth year, is a testament to the region's truffle production.