Abu Dhabi real estate transactions reach $4.69bn in Jan, Feb 2025
Abu Dhabi, UAE -- Real estate transactions in Abu Dhabi reached AED17.24 billion ($4.69 billion) in the first two months...Business
stc net profit for 2024 $6.58bn
This is an increase of 85.7 percent over the previous year.Company News Business
Amazon cuts hundreds of jobs
The cull will reach 27,000 positions across the company.Amazon said it was slashing hundreds of staff in its entertainment division, targeting both movie streaming service Prime Video and Amazon MGM Studio
The cull comes as part of Amazon's biggest ever job cutting plan launched last year, which it said will reach 27,000 positions across the company
UAE, Saudi Arabia lift up Arab stock markets, post US$493bn in gains in 2023
Abu Dhabi, UAE-- Stock markets across the Middle East posted record highs in 2023, with combined gains of $493 billion,...ADX's market capitalization surged to US$803.4 billion and DFM's value jumped to $187.2 billion
Saudi Arabia's stock exchange posted $368.2bn in gains, sendings it market capitalization up to $3trn
Uber, Kia sign EV partnership
It is aimed at "enhancing electric vehicle offerings".Uber and Kia said they are committed to "collaborate on Kia's planned development and deployment" of its new series of electric vehicles
The partnership of the two companies is aimed at "enhancing electric vehicle offerings available on Uber's mobility platform," they said
DP World signs MoUs in India
The agreements worth US$3bn were signed with Gujarat.The agreements would result in the development of new ports, terminals, and economic zones in the western Indian state
DP World CEO said that during the last 20 years, the company has invested almost $2.5bn and "we are going to invest more"
Emerging crypto hub UAE shapes digital assets’ future
"As 2024 unfolds, we anticipate that both private and public enterprises will increase their investments in the infrastructure and services...Bitcoin marked a 134 percent increase in the year 2023, signifying a resurgent crypto market.
The UAE thawed the crypto winter, with institutional investments driving cryptocurrency deals.
Global air travel reaches 99% of 2019 levels: IATA
IATA’s Director-General Willie Walsh said that international travel is 5.5% below pre-pandemic levels, but that gap is narrowing fast. "And...In November 2023, the total traffic rose 29.7 percent compared to November 2022
Middle Eastern airlines saw an 18.6 percent traffic rise in November
Chinese experts decode Apple’s encrypted AirDrop messaging
Beijing, China - Chinese state-backed experts have found a way to identify people who use Apple's encrypted AirDrop messaging service, according...AirDrop allows users to send content to Apple devices in close proximity without an internet connection, encoded so they cannot be viewed by other people
Chinese officials said experts "cracked the tough technological problem of the transmission of inappropriate information with anonymous traceability via AirDrop"
Saudi Arabia picks bidders for mining exploration sites
Riyadh, Saudi Arabia -- Saudi Arabia Wednesday announced preferred bidders in the fourth series of the licensing rounds conducted as...The Ministry of Industry and Mineral Resources stated that the exploration licenses will be issued in accordance with the Mining Investment Law.
The um Hadid site is located in the Afif region, in the center of the Kingdom. Covering an area of some 246 km2, it includes mineral deposits of silver, lead, copper and zinc.
Bullish Bitcoin: Halving looms, miners face squeeze
Bitcoin’s mass adoption is growing and projected in the next four years to have around 1 billion users.Bitcoin has continued its rally in 2024, reaching the $48,000 level on Jan 9 and creeping towards the nearly $70,000 mark it reached in November 2021.
The next Bitcoin halving event is expected late this April when Bitcoin block rewards drop from 6.25 BTC to only 3.125 BTC per block.
Saudi, UAE report highest levels of gross debt
Among the Arab countries, Egypt recorded the highest debt-to-GDP ratio of 92.7 percent while US and China are on an...Developing countries spent a record $443.5 billion to service their external public and publicly guaranteed debt in 2022, the World Bank said recently.
The increase in costs shifted scarce resources away from critical needs such as health, education, and the environment.
