AI to replace 4,000 jobs in Southeast Asia’s largest bank: DBS
Singapore, Singapore -- Southeast Asia's largest bank DBS said that 4,000 jobs could be cut in the next three years...Technology Business
FAB delivers strong results in 2024 with profit before tax of AED 19.9 billion, up 13% yoy
First Abu Dhabi Bank (FAB) has achieved solid results in 2024 with Group net profit reaching AED 17.1 billion, up...Business
Lootah Biofuels inks MoU
The agreement is aimed at producing biofuel in Maldives.The deal was inked during the second day of the Dubai Business Forum, an influential global gathering of businesses and investors.
The objective of the MoU is to reduce the impact of CO2 by replacing normal diesel with biodiesel.
Al Ansari Financial Services okays dividend
The first proposed interim dividend is of $81 million.All matters relating to future dividend distribution will be subject to the Board of Director's recommendation and shareholder's approval.
The approved US$81 million cash distribution aligns with the group's previously announced dividend policy.
stc, Microsoft to collaborate
The aim is to advance digitalization in Saudi Arabia.The two firms will jointly develop and deploy cutting-edge solutions that will transform and empower organizations across various industries.
The collaboration between the organizations aims to enable stc’s subsidiaries to explore new markets, develop disruptive business models.
Shell reports rise in profits
The company announces a buyback of shares worth $3.5bn."Shell delivered another quarter of strong operational and financial performance," chief executive Wael Sawan said
Over the first nine months of 2023 Shell's profit was down sharply, reflecting lower oil prices year-on-year
ADX partners with HSBC to develop digital assets
Abu Dhabi, UAE - Abu Dhabi Securities Exchange (ADX) and HSBC Bank Middle East Limited are working together in the...The initiative leverages the investment product knowledge of ADX, and HSBC’s investment banking, capital markets and blockchain capabilities.
Digital bonds are financial instruments that are created and managed using blockchain and smart contract technology to create efficiencies in capital markets
ACWA Power 9M net profit up 22%
The company said higher operating income was the main driver.The company said it recorded SAR 814 million in operating income—before impairment, loss and other expenses—in the third quarter of 2023.
Operating income for the first nine months of 2023 reached SAR 2.10 billion, growing by 12.4 percent, compared to the same period last year.
DEWA discusses cooperation in renewable energy with German delegation
Dubai, UAE-- Dubai Electricity and Water Authority (DEWA) has held discussions with a delegation from Germany on how to boost...DEWA's CEO emphasized the importance of strengthening strategic cooperation with German enterprises in water, renewable, and clean energy
The delegation applauded the UAE's leading role in dealing with climate change and promoting a sustainable, safe, and healthy environment
SABIC 9M net loss $277m
The company had posted a net profit of $4.32bn in 9M 2022.In the third quarter period, the petrochemicals giant swung to a net loss of SAR 2.9 billion, against a net profit of SAR 1.84 billion in Q3 2022, Argaam reported.
SABIC cited stagnation in global demand for chemicals, which weighed on average selling prices, and led sales value to drop by SAR 7.3 billion year-on-year (YoY).
‘Business-based peace initiatives to ease tensions’
The Ukraine-Russia conflict and Gaza crisis are impacting investor confidence and economies in Jordan, Egypt, and Israel, Iyad Malas, CEO...The Ukraine-Russia conflict and Gaza crisis are impacting investor confidence and economies in Jordan, Egypt, and Israel, Iyad Malas, CEO of Al Ghurair Group, tells TRENDS.
Iyad Malas highlights the need for digital transformation and the importance of public-private partnerships in digital investments, notably in infrastructure and healthcare.
Iran ramps up oil production to 3.4m bpd, up from 2.9m bpd
Tehran, Iran-- Iran has ramped up its oil production to 3.4 million barrels per day (bpd), up from about 2.9...Iran's oil minister said the boost in the production is in line with measures taken by the current government of the Islamic republic
According to officials in the oil sector, about 40,000 bpd have been added to the country’s oil production from the Sepehr and Jafir oilfields
