DMCC registers 2,692 new companies in 2023, its second-best year on record
Dubai, UAE -- A total of 2,692 new companies joined Dubai Multi Commodities Centre (DMCC) last year, bringing the total...
Business
Over 105m people visit Dubai Mall in 2023
DUBAI, UAE – Dubai Mall welcomed a record 105 million visitors in 2023, a jump of over 19 percent on...
Business
Arts & Culture
Sharjah festival to screen films from 43 countries
Films for children and youth from France, the United Kingdom and Saudi Arabia have topped the official selection list of...
- A total of 100 movies have been chosen for screening this year, with 29 animation feature films, compared to 17 from last year.
- With 12 films each, the UK leads in the child and youth-made category, while films from Saudi Arabia make up the bulk of the short films from the GCC.
Economy
Jordan forms a PPP council to boost mining sector
Jordan's Minister of Energy and Mineral Resources on Tuesday announced the formation of a Public-Private Partnership (PPP) council for mining,...
- This Public-Private Partnership is part of the plan for implementation of the economic modernization vision
- The minister said that there is a need for establishing a research center for mining and metallurgy as part of the vision
Business
Yahsat H1 revenue $206m
This is the company's highest ever first-half revenue.
- The high revenue is due to a double-digit growth in Managed Solutions and Mobility Solutions.
- The Adjusted EBITDA increased by 5.3 percent year-on-year to AED448 million ($122 million), delivering a robust margin of 59.3 percent.
Business
ADNOC Drilling H1 profit $379mn
The firm's revenue increased 13 percent to US$1.27 billion
- ADNOC Drilling revenue increased 13 percent to US$1.27 billion compared to the same period last year
- First half EBITDA was $580 million, up 16 percent year-on-year, with a market-leading margin of 45.7 percent
Geostrategy
Jordan, Yemen foreign ministers discuss ties, regional issues
Safadi said Jordan welcomes the announcement of extending the cease-fire in Yemen for two months.
- Safadi said Jordan welcomes the announcement of extending the cease-fire in Yemen for two months
- The ministers stressed efforts to reach a political solution to end the Yemeni crisis and restore stability in the embattled country
Economy
Exports drive growth in Saudi and UAE
Saudi and the UAE's reliance on oil to drive economic growth has tapered off in recent years as the non-oil...
- In May Saudi Arabia's non-oil sector of the economy continued strong growth, notching its 21st consecutive month of expansion
- In the United Arab Emirates, non-oil sector grew in May to a five-month high as demand remained strong despite inflationary pressures
Business
SABIC profit surges to $2.1bn
The Saudi firm's net profit was fueled by higher sales volume.
- Analysts had predicted a 23-percent decrease in profit along with a 25.7 percent surge in sales
- SABIC Agri-Nutrients, which posted a 262 percent rise in quarterly profit, also beefed up the company’s performance
Business
IHC H1 profit surges to $3bn
The company slew of acquisitions helped its earnings.
- The performance across all IHC subsidiaries has resulted in a strengthening of the conglomerate’s balance sheet
- The company's strategic acquisition of companies in H1 2022 had a positive impact on the organisation's net worth
Business
Apple to open outlet in Riyadh
The firm will sell its full range of products and spare parts.
- The Saudi investment minister Khalid Al-Falih told media that said several international companies, including Google, Alibaba, Microsoft and IBM, intend to invest in the kingdom
- The minister said that investments will be coupled with the development of human resources through partnership of these companies with academies, universities and training centers
Business
Mubadala to buy Canada Cartage
Canada Cartage provides national fleet solutions.
- Canada Cartage has a wide network of 33 facilities across Canada and has two business segments, Dedicated Transportation and Logistics
- Mubadala's Head of Private Equity Adib Martin Mattar said Canada Cartage operates in a sector in which "we have significant expertise, which is business services"
Most Read
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
DMCC registers 2,692 new companies in 2023, its second-best year on record
Dubai, UAE -- A total of 2,692 new companies joined Dubai Multi Commodities Centre (DMCC) last year, bringing the total...
Business
Company News
Latest News
UAE, Switzerland discuss enhancing bilateral relations
BERN, SWITZERLAND - The UAE discussed bolstering strategic relations and cooperation in various development, economic and financial fields of common...
Geostrategy
Sharjah okays Genetic Coding Program to classify emirate’s biodiversity
Sharjah, UAE - The Sharjah Executive Council (SEC) approved Tuesday the "Genetic Coding Programme" project to classify biodiversity in Sharjah,...
Science
UAE, Morocco discuss ways to strengthen trade relations
Rabat, Morocco - The UAE is keen to strengthen economic and trade relations with Morocco, in a way that enhances...
Business
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Geostrategy
MoHAP inks deal with Coursera to upgrade skills of employees
The agreement also provides for the creation of a cohesive relationship between the ministry's strategic priorities and training needs, as...
- Under the agreement, MoHAP’s teams will gain the requisite skills to expedite innovation and digital transformation within the Ministry.
- The agreement sets a training plan that prioritizes the development of employees' capabilities in leadership, technical and behavioral skills.
Geostrategy
Flight carrying humanitarian aid from Red Cross lands in Sudan
KHARTOUM, SUDAN - A first Red Cross plane laden with humanitarian aid on Sunday landed in Sudan, where deadly clashes between...
- The shipment took off from the Jordanian capital Amman and arrived in the eastern city of Port Sudan.
- Only 16 percent of hospitals are functioning in the capital Khartoum, according to the World Health Organization.
AI key to global opportunities, practical solutions
"Projections indicate that AI solutions are set to contribute an estimated $13 trillion to the global GDP by 2030, optimizing...
- Key research projects at MBZUAI focus on sustainable environment, infrastructure, healthcare, education, and large language models, says an official
- AI has the potential to contribute to the UAE's net-zero strategic initiative by reducing greenhouse gas emissions and advancing climate progress