UHNWIs drive Dubai’s luxury real estate growth
"The ultra-high-net-worth individuals (UHNWIs) have transformative impact on the real estate market. These individuals, with their discerning tastes and substantial...Business Opinion
Rise in remittances hikes demand for Jordanian dinar, says chamber of commerce
AMMAN, JORDAN – Rising remittances from the Kingdom’s citizens working abroad has contributed to increasing demand for Jordanian dinar.Exchange companies...Business Economy Global
Saudi Arabia’s oil exports down 33.4 percent in second quarter
Riyadh, Saudi Arabia -- Saudi Arabia's oil exports fell by 33.4 percent to SAR 227.7 billion ($60.70 billion), from SAR...The value of exports amounted to SAR 291.6 billion in Q2 2023, down from SAR 427.8 billion in Q2 2022.
The share of oil exports in total exports decreased from 79.9 percent in Q2 2022 to 78.1 percent in Q2 2023.
Borouge to pay $650m H1 dividend
The interim dividend is equivalent to 7.9 fils per share.The interim dividend will be paid to shareholders who have purchased Borouge shares as of 7 September 2023.
This represents the first part of the expected total FY 2023 dividend of $1.3 billion (AED4.8 billion), equivalent to 15.8 fils per share.
EGA H1 net profit $533 million
The firm expects growth in primary production and recycling business.EGA announced H1 2023 adjusted EBITDA of AED4.2 billion ($1.1 billion). EGA’s aluminum segment adjusted EBITDA margin was 27 percent, leading global industry peers.
EGA’s average realized London Metal Exchange price for its aluminum was $2,359 per ton compared to $3,063 per ton during H1 2022.
Microsoft bows to EU competition concerns over Teams
In a bid to address the concerns, Microsoft will unbundle Teams from its Microsoft 365 and Office 365 suites in...EU Commission launched the investigation in July to see whether the US tech giant was "abusing and defending its market position" by bundling the software together
Microsoft bundles Teams with its cloud-based Office 365 and Microsoft 365 suites, which include its popular Word, Excel, Powerpoint and Excel programmes
In China, Baidu leads public rollout of AI chatbots
China issued new regulations this month for the country's AI developers that maintain the government's tight control on information while...Chinese generative AI apps must "adhere to the core values of socialism" and refrain from threatening national security
By making ERNIE widely available, Baidu will be able to gain "massive" human feedback to improve the app at a swift pace
SAMA licenses new company to provide E-wallet solutions
Riyadh, Saudi Arabia - The Saudi Central Bank (SAMA) licensed “Alhulul AlMubassatah Financial Company (SiFi)" to provide E-wallet solutions. With SiFi,...With SiFi, there are now 25 licensed companies offering payment services in Saudi Arabia
SAMA is endeavoring to support the payments sector and increase efficiency of financial transactions
UBS gives peek at operations after Credit Suisse merger
Analysts have said UBS's own operating results will surely "take a backseat" to interest in how the integration process is...UBS's second-quarter income statement will mark the first results presented since the mega-merger that rocked Swiss banking earlier this year
Investors and employees alike are also eager for clues as to the fate of Credit Suisse's Swiss division, as well as what level of job cuts to expect
Gulf Bank to up paid-up capital
It will be hiked by US$79.6m through a public offering.According to a bank statement, the offering will be at a nominal value of 100 fils, in addition to a share premium of 130 fils for each share
The bank posted a net profit of $56.50 million for the first three months of the current year, a 15 percent rise as against the same period of 2022
Shams signs MoU with South Korean firm to develop media content
Sharjah, UAE--Sharjah Media City (Shams) has signed a memorandum of understanding (MoU) with Munhwa Broadcasting Corporation (MBC), the largest television...The agreement is designed to advance media content in both countries in accordance with regulations and legislation
Rashid Abdullah Al Obed, Managing Director of Sharjah Media City, said his firm will continue to build ties with global media companies
Alantra sets up base in DIFC
The global firm will provide investment banking services.With a base in Dubai, Alantra will have direct access to diverse opportunities fueled by the tide of emerging markets trade and investment
Its investment banking branch provides advice on M&A, debt advisory, financial restructuring, and capital markets transactions
