ExxonMobil expects global oil demand near current levels in 2050
New York, United States - Global oil demand is unlikely to fall by 2050 despite progress on renewable energy, the US...Business
Boeing suspends 777X flight tests after part failure, its latest quality control issue
New York, United States - Boeing has suspended flight testing of its new 777X wide-body jet after identifying the failure of...Business
ADIB issues green sukuk
The final orderbook of the green sukuk closed at $2.6 billion.The issuance was met with exceptional demand, attracting interest from over 100 global and regional investors.
ADIB intends to allocate an amount equal to the net proceeds of this issuance to fund eligible green projects.
Sony hikes annual sales outlook
The company net profit for July-September sank 29 percentSony saw net profit hitting $5.8 billion in the year to March 2024, up from the previous projection of 860 billion yen
Annual sales were seen at 12.4 trillion yen, compared with a previous estimate of 12.2 trillion yen
Dana Gas 9M net profit $126m
Profitability dropped 22% due to lower realized prices.The decline in profitability was also due to additional discounts on condensate sales in the Kurdistan Region of Iraq (KRI).
The Company’s revenue for the first nine months of the year decreased 21 percent to AED 1,195 million ($326mm).
Disney adds 7m subscribers
The bump in subscription came amid its cost-cutting campaign.Its clients rose to 112.6 million at the end of September from 105.7 million at the end of June
Netflix, Disney's rival, last month said subscriber numbers grew nearly 11 percent to 247 million
Amlak Q3 net profit AED $73m
Amlak's total income for the third quarter decreased by 19%.Revenues from financing business decreased by 10 percent to AED 90 million during Q3 2023 as compared to AED 100 million in Q3 2022.
The company recorded a net gain of AED 174 million on debt settlement arrangements and was able to reduce its debt burden by AED 531 million.
Export Bahrain and Alibaba sign MoU to boost global trade
Manama, Bahrain--Export Bahrain and Alibaba.com have signed a memorandum of understanding (MoU) to boost global trade and economic growth in...The agreement signed during the 6th China International Import Exhibition held in Shanghai will enable Export Bahrain and Alibaba.com to leverage their respective strengths
The collaboration between the two entities will enable the Chinese giant to train and support Bahraini suppliers in utilizing e-commerce platforms effectively
Middle East companies moving towards cloud adoption
Adoption is driven by government initiatives, global cloud providers, and the need for agility and scalability in the region.68% of Middle East companies want to migrate their operations to the cloud within the next two years
To fund these initiatives, 76% of companies intend to increase their cloud budget over the coming year
UAE rides property-market boom as demand soars
Global firms looking to hire space for offices and demand from govt, local dwellers have turbocharged the sector, driving property...Demand for office space in Abu Dhabi was primarily fueled by government and semi-government institutions, which remain the city's primary tenants
To cope with the high demand, Dubai will supply the market with an extra 72,000 square meters of office space by the end of the fourth quarter
Aramex Q3 net profit down
It posted a five-percent decline in revenues to US$367m.It reported a decrease in net profit to $2.61 million in Q3 2023, a notable decline from $10.78 million recorded in Q3 2022
Aramex, however, posted a 4% YoY increase in gross profit and a resilient EBITDA of $36.48m for the third quarter of 2023
Oil slumps below $80 for first time since July, stocks wobble
Brent crude, the main international contract, briefly dropped more than 2 percent to hit $79.80, before bouncing back above $80...Crude had already plunged about four percent the previous day on news that China's exports fell at a faster pace than predicted in October.
The drop in oil prices provided some support to stocks, but they still struggled. After opening with modest gains, Wall Street's main indices slipped into the red.
