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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

  • Google agrees to settle $5bn data privacy breach lawsuit

    Google has agreed to settle a consumer privacy lawsuit seeking at least $5 billion in damages over allegations it tracked...

    The lawsuit, filed in a California court, claimed Google's practices had infringed on users' privacy by "intentionally" deceiving them

    Lawyers for the plaintiffs were seeking at least $5,000 for each user it said had been tracked as they visited Google Analytics in private browsing mode

  • Saudi’s Maaden announces discovery of new gold reserves

    Riyadh, Saudi Arabia - Saudi Arabian Mining Company (Maaden) on Thursday announced a discovery of substantial gold reserves, marking a...

    The company's exploration program has led to discovery of a gold resource potential spanning across a 100-kilometer stretch from the existing Mansourah Massarah gold mine

    As of year-end 2023, Mansourah Massarah boasted nearly seven million ounces of stated gold resources and a nameplate production capacity of 250,000 ounces annually

  • Huawei says expects higher revenue

    The company is leading equipment manufacturer for 5G.

    Sanctions since 2019 have cut the firm off from access to US-made components and technologies, forcing it to diversify its growth sources

    In 2023, the group expected revenues of more than 700 billion yuan ($99.2 billion), Hu said - an increase of nearly nine percent from last year

  • Xiaomi launches first electric car

    The car manufactured by Xiaomi likely to enter market by 2025.

    Xiaomi boss Lei Jun took to the stage in Beijing Thursday to unveil the SU7, a sedan that is scheduled to enter the market in 2025

    Xiaomi announced in 2021 to enter the highly competitive sector of electric vehicles manufacturing

  • QatarEnergy, Shell sign agreement

    QatarEnergy will supply 18m barrels of crude oil per year to Shell.

    QatarEnergy and Shell have a long-standing strategic partnership through several shared investments in the energy industry in Qatar and globally.

    "We look forward to building on our historic relationship and hope we achieve greater success with Shell," said Saad bin Sherida Al Kaabi, CEO QatarEnergy

  • Norway fund drops Aramco, 11 other Gulf firms over ’rights concerns’ 

    KLP, which manages over 700 billion kroner ($70 billion), said the exclusion amounted to $15 million. The fund dropped 11...

    Saudi Aramco was blacklisted due to its ties to the Saudi state and for "contravening expectations over climate and energy transition plans", the fund said.

    In 2021, the fund excluded 16 companies with links to Israeli settlements in the West Bank, which are considered to be in violation of international law.

  • ESG buys 60% stake in AFKAR

    Emirates Stallions Group is an IHC subsidiary.

    AFKAR has been active in various sectors including commercial enterprise investment, institution and management.

    AFKAR has recorded a 13 percent increase in assets and a 10 percent rise in revenue during the past 3 years, underpinned by a workforce of over 600 employees.

  • UAE farm harvests $5.6m from carbon credits in eco-friendly agriculture triumph

    Dubai – An innovative agricultural project in the United Arab Emirates, has generated $5.6 million euros from carbon credit sales. The...

    Carbon credits are permits that allow a company to emit a certain quantity of greenhouse gases, with one credit equaling the emission of one ton of carbon dioxide

    Companies are allocated a specific number of these credits, and If they reduce their emissions and have surplus credits, they can sell these to other companies

  • New York Times sues OpenAI, Microsoft in copyright clash

    Through their AI chatbots, the companies "seek to free-ride on The Times' massive investment in its journalism by using it...

    The Times, one of the most respected news organizations in the United States, is seeking damages, as well as an order that the companies stop using its content

    While no sum is specifically requested, the Times alleges that the infringement could have cost “billions of dollars in statutory and actual damages"

  • UAE’s budget carrier Air Arabia to launch daily flights to Kabul

    Last month flydubai, another low-cost Emirati airline, became the first international carrier to resume flights to Afghanistan since the chaotic...

    Last month flydubai, another low-cost Emirati airline, became the first international carrier to resume flights to Afghanistan

    Last year, GAAC signed a contract to manage Afghanistan's air traffic, an agreement that was expected to bring back international airlines