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Tesla Q1 sales sink 13 percent

The dip occurred amid lower production during factory upgrades.

AD Ports Group 2024 revenue $4.70bn

The Group's EBITDA increased by 69 percent YOY.

Tesla sales tumble in Europe in Q1

The company suffered from boycotts against the policies of Elon Musk.

Ford’s US Q1 auto sales dip

But its Q1 figures exceed a forecast by Edmunds

Vanke reports annual loss of $6.8 bn

The property giant attributes loss to falling sales and shrinking profit.
  • Manama Bahrain

    Bahrain VAT rate hike may boost sales of UAE retailers

    Bahrain plans to double its VAT rate to 10 percent, which is likely to drive its citizens to shop in...

    In the GCC, Saudi Arabia and the UAE were the first to introduce a VAT system in January 2018

    Bahrain followed a year later, and Oman brought in the tax in April 2021

  • Amazon extends its cloud over Middle East

    Nearly two years after it set up a base in Bahrain, Amazon Web Services (AWS) has widened its footprint beyond...

    The new AWS Middle East UAE Region will have three Availability Zones and will be AWS' second Middle East region

    Customers with data residency requirements in the UAE can now store their data in the new AWS Region in UAE

  • Saudi Arabia’s Jabal Omar secures deal to restructure $1.25bn loan

    Jabal Omar Development Company, one of Saudi Arabia's largest-listed property developers, has signed a deal to restructure a SAR 4.7-billion...

    The repayments will begin after a three-year grace period, Jabal Omar said in an exchange filing

    As per  the new agreement, the loan’s final maturity has been extended by three years to 2030

  • Impossible Foods taps Bidfood UAE for local distribution

    Bidfood UAE is part of the Bidcorp Group, and has officially been chosen to distribute the Impossible Burger across the...

    Bidfood will begin to distribute three of Impossible Foods’ plant-based items

    These are the Impossible Burger in 1.2-kg and 1.13-kg patties, and the Impossible Burger in bulk format of 2.26 kg

  • Businesses in UAE will hire more staff in next 12 months: HSBC survey

    Companies in the United Arab Emirates are looking to increase their revenues by as much as 50 percent and recruit...

    The research comes as business conditions in the country continue to improve on the back of easing COVID-19 restrictions and reopening of international travel

    UAE businesses are also the most confident globally about driving innovation in product and customer service (67 percent) over the next 12 months

  • S&P says private sector lending in GCC to stay low, but Saudi Arabia to buck trend

    S&P Global Ratings has forecast that private sector lending will remain muted for one to two years in GCC countries....

    It said that there had been only marginal improvement across GCC banks overall

    However, it is also expected that GCC economies will expand at an unweighted average of 1.8 percent in 2021 and 4 percent in 2022

  • Egypt and Saudi Arabia sign $1.8bn contract for electrical connection

    Egypt and Saudi Arabia have signed a $1.8 billion electricity interconnection project that aims to exchange some 3,000 MW during...

    The Egyptian Electricity Transmission Company (EETC) and the Saudi Electricity Company said they would sign cable, airline and transformer stations agreements

     “Saudi Arabia and Egypt share the same goals, and we work together as a team to implement them”

  • Fertiglobe plans IPO in Abu Dhabi

    Fertiglobe is a fertilizer partnership of Adnoc and OCI.

    This offering is open to UAE citizens and residents, as well as domestic and international institutional investors

    The offer will open on October 13, subject to regulatory approvals and other relevant considerations

  • Taxation and confiscation to rein in crypto market

    Last few years have seen a lot of tension between governments and central banks around the world, on the one...

    Concerns are rising that these currencies could be used to fund illegal actions and for money laundering.

    Several countries have taken strict measures to crack down on the industry that is viewed with suspicion uniformly across the world.

  • Regional divergences mark global trade rebound: WTO

    Supply-side issues such as semiconductor scarcity and port backlogs may strain supply chains and weigh on trade in particular areas,...

    The forecast projects export volume growth in 2021 will be 9.3% in the Middle East

    The current trade projections, according to the forecast, imply that the ratio of trade growth to GDP growth will rise to 2.0:1 in 2021

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