Borouge 2024 net profit $1.24bn
The company said it will maintain a $1.3bn dividend for 2025.Company News Business
Abu Dhabi records $2.88 billion in real estate transactions in January
Abu Dhabi, UAE -- Abu Dhabi’s real estate market recorded AED10.6 billion in transactions in January, totaling 2,514 property deals.According...Business
Nokia to slash 14,000 jobs
It took the decision after posting a drop in Q3 profits.The company, according to its CEO, saw saw an increased impact in Q3 on business from the macroeconomic challenges
Its savings program is expected to reduce the firm's employees to 72,000, reducing costs by up to $1.14 billion by 2026
Netflix subscriber base swells with ads and password crackdown
Netflix shares leapt more than 12 percent to $43.31 in after-market trades on the Nasdaq exchange. The streaming service said...The leading streaming service said it is increasing the price of its basic plan in the United States to $11.99 monthly and its premium plan to $22.99
Netflix reported a profit of $1.68 billion on revenue of $8.5 billion in the quarter, beating market expectations with its earnings figures
Markets in retreat on growing fears of Middle East war
With Benjamin Netanyahu building up a huge force ahead of an expected land incursion into Gaza, Iran has warned of...The prospect of an all-out war pushed oil prices up Wednesday, though Washington's decision to suspend some sanctions on Venezuelan output tempered the gains
Risk aversion among traders was increased by concerns the Federal Reserve would hike interest rates again, or at least keep them elevated for an extended period
Bahrain EDB attracts $295m in IT sector as part of total investments worth $1.4bn
Manama, Bahrain--Bahrain Economic Development Board (Bahrain EDB) has attracted $295 million in direct investments within the Information and Communications Technology...The direct investments from 14 local and international projects for the ICT sector are expected to generate over 1,600 jobs within three years
A top EDB executive said the growth of the ICT sector is a priority for Bahrain and remains a contributor to the diversification of the national economy
Saudi Arabia offers to fund Iraq’s largest housing project
Baghdad, Iraq - Saudi banks have offered to fund Iraq's largest housing project, which was previously stalled by South Korea's...Some Saudi banks have expressed their interest in contributing funds, along with several Iraqi banks and foreign investment companies
The Bismaya project had already seen the construction of approximately 30,000 out of the planned 100,000 houses near the capital Baghdad
G42 and OpenAI partner to provide UAE with AI solutions
Dubai, UAE-- G42 has announced a partnership with OpenAI to deliver cutting-edge AI solutions to the UAE and regional markets.The...The collaboration will leverage OpenAI’s generative AI models in domains where G42 already has deep expertise, like financial services, energy, healthcare and public services
Owing to the solutions created by G42, organisations in the UAE will be able to simplify the process of integrating AI capabilities into their existing enterprise landscapes
Saudi Central Bank to collaborate with monetary authority of Singapore in fintech
Riyadh, Saudi Arabia - The Saudi Central Bank (SAMA) signed an agreement with the Monetary Authority of Singapore (MAS) on...The agreement seeks to facilitate activities of both organizations in international markets
It will also provide a framework for cooperation between their innovation departments
KSA builds on MENA construction with $44bn contracts
Despite global economic challenges, the region showcased resilience in the first half of 2023, backed by a robust performance in...Despite global economic challenges, the region showcased resilience in the first half of 2023, backed by a robust performance in the construction sector
Future projections indicate growth, with Egypt's construction market expected to expand and Saudi's diversification efforts fueling further development
US tightens curbs on exports of advanced AI chips to China
Washington, United States - The United States on Tuesday said it was tightening curbs on exports of state-of-the-art AI chips to...The measures are the latest chapter in the policy started under the Trump administration to limit Beijing's ability to gain ground and become a leading tech economy.
The new rules tighten measures taken a year ago that banned the sale to China of microchips that are crucial to the manufacturing of powerful AI systems.
Asian stocks drop as Israel-Hamas conflict threatens to expand
Markets had enjoyed a healthy run Tuesday on optimism that while Israeli Prime Minister Benjamin Netanyahu was preparing for a...Asian markets mostly fell, with Hong Kong, Shanghai, Singapore, Mumbai, Jakarta, Taipei and Manila all down, along with London, Paris and Frankfurt.
Crude jumped more than two percent at one point on worries about supplies from the oil-rich region in the event of a wider war.
