Nvidia’s forecast dampens AI enthusiasm in other tech stocks
Shares of Nvidia and other technology heavyweights fell late on Wednesday, a discouraging sign for investors betting that a strong...Business
Asia shares edge up and dollar down; oil gains
Asian shares crept cautiously higher on Monday, while the dollar and bond yields were on the wane ahead of inflation...Business Economy
Jarir’s 9M profit down marginally
The fall was attributed to an increase in non-operating expenses.The third-quarter net profit rose by 8 percent to SAR 296.3 million, from SAR 273.72 million in Q3 2022, driven by a 4.8 percent rise YoY in sales.
Total shareholders’ equity, no minority interest, stood at SAR 1.79 billion as of Sept. 30, 2023, down from SAR 1.80 billion a year earlier.
Edge signs deal with Saha Istanbul
It will deepen cooperation between the UAE and Turkey.The event being held at the Ankara Congress Centre will also facilitate several introductory and exploratory meetings between Edge and Turkish companies
Chairman of Edge said that the alliance with Saha Istanbul and its member firms will enable Edge to tap into Turkey's rich ecosystem and robust supply chain
Pro-business policies make UAE global investment hub
"While the world has abundant funds, there's a need for innovative strategies to channel them into vital sectors like sustainable...Rebeca Grynspan, Secretary-General of UNCTAD, lauds the UAE as a leading global investment destination
With the upcoming World Investment Forum in Abu Dhabi, the focus sharpens on sustainable investment
Dubai emerges as global hotspot for startup innovation
The emirate has transformed into a hub of entrepreneurship and ingenuity over the years. Renowned for its ambitious vision and...From being a trading post to its current status as a tech and green business center, the emirate offers boundless opportunities, especially for those with pioneering spirit
Dubai, with its strategic location, serves as a global gateway for businesses, bolstered by progressive leadership and initiatives like the Dubai Future Accelerators
Birkenstock to list on NYSE
The German sandals maker has set its share price at $46.A total of 32.26 million ordinary shares will be offered in its initial public offering, trading under the symbol BIRK
Birkenstock recorded revenues of $1.17 billion for the nine months ending June 30, up 21 percent from the same period in 2022
ExxonMobil to acquire Pioneer
This is the company's biggest takeover since 1990 acquisition of Mobil.ExxonMobil will buy Texas-based Pioneer for $59.5 billion based on ExxonMobil's closing price on October 5.
ExxonMobil said the takeover is the company's biggest since the late 1990s acquisition of Mobil by Exxon.
EU asks X and Meta to regulate fake news, disinformation
Thierry Breton, EU commissioner and self-styled "digital enforcer", raised the alarm in letters sent to Elon Musk, owner of X,...EU official Breton demanded both X and Meta must provide details within 24 hours on what they were doing to ensure "illegal content and disinformation".
He said Brussels was taking "extremely seriously" the risk of "fake and manipulated images and facts generated with the intention to influence elections".
Aramco looks to invest in Shangong Yulong Petrochemical
Dhahran, Saudi Arabia -- Aramco has signed an MoU that paves the way for Aramco's potential acquisition of a 10...Aramco signed an MoU with Nanshan Group, Shandong Energy Group, and Shandong Yulong Petrochemical to pave way for the acquisition.
Shandong Yulong is presently in the final stages of constructing a significant refining and petrochemical complex with the capacity to process approximately 400,000 barrels per day
MENA awards $101 billion construction projects in first half
Dubai, UAE -- Despite global economic uncertainties, the construction industry in the Middle East and North Africa (MENA) awarded a...The lion's share of these projects, approximately 67 percent, hailed from Saudi Arabia, contributing $44 billion, and the United Arab Emirates (UAE), accounting for $23 billion.
The collective estimated value of the project pipeline in the MENA region surpassed $3 trillion, with Egypt, Saudi Arabia, and the UAE owning more than 60 percent of it.
Silal acquires stake in SAFCO
SAFCO Group is a food and beverage distributor in the UAE.Last year, Silal, in collaboration with Hoogendoorn, one of the world’s innovators in horticulture, launched the Digital Agronomy Service.
The Service saw deployment of IoT sensors in 100 farms over the course of 2022.
