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SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.

GCC witnesses 5.8 percent decline in mobile phone sales in second quarter

Imported phone will now cost more in Egypt.
  • IDC predicts a 9.4 percent decline in shipments QoQ for the GCC smartphone market in Q3.
  • Smartphone shipments were down 5.1 percent and feature phone shipments fell 11.9 percent

A report by International Data Corporation (IDC) shows that overall Gulf Cooperation Council (GCC) mobile phone sales declined 5.8 percent quarter over quarter (QoQ) in Q2.

Smartphone shipments were down 5.1 percent QoQ to 5.26 million units and feature phone shipments fell 11.9 percent to 590,000 units, the report quoted by the website Telecompaper.com said. 

The GCC smartphone market totaled USD 1.88 billion in Q2, down 6 percent from the previous quarter, and the feature phone market totaled USD 13.87 million, up 6.7 percent.

Due to supply shortages and high levels of inventory carried over from the first quarter, smartphone shipments to the GCC were more constrained than expected in Q2, said a senior analyst at IDC Akash Balachandran, quoted by Telecompaper.com. 

In Q2, Saudi Arabia, which is the largest smartphone market in the GCC with a 55.3 percent share, suffered a decline in shipments of 2.3 percent QoQ. Shipments to the UAE, its second-largest market, fell 18.6 percent quarter-on-quarter.

Samsung dominated the GCC smartphone market in Q2 with a share of 44.9 percent, according to IDC. 

Apple (17.0% share) saw shipments fall 8.8% QoQ as older models were discontinued and fewer shipments of the iPhone 11 model were made.

 Xiaomi finished third (14.7% share) and suffered a 5.0 percent decline in shipments from QoQ to QoQ due to supplies being directed to large markets outside the GCC.

IDC predicts a 9.4 percent decline in shipments QoQ for the GCC smartphone market in Q3.