UBS reports lower net profit in 2023
The Swiss government pushed it to buy Credit Suisse last year.Business
Dubai’s realty builds on innovation and sustainability
Dubai's skyline epitomizes modern development, with its appeal bolstered by strong property management and developers capitalizing on increasing sales.Dubai's skyline epitomizes modern development, with its appeal bolstered by strong property management and developers capitalizing on increasing sales
COVID-19 and innovations have transformed property management, with a surge in demand for larger apartments and villas, says Deyaar Development's VP
EU okays updated Pfizer and BioNTech’s anti-Covid vaccine
Adults and children over five require a single shot "irrespective of their Covid-19 vaccination history" while younger children may get...The European Medicines Agency said it "has recommended authorizing an adapted Comirnaty vaccine targeting the Omicron XBB.1.5 subvariant".
Known as Comirnaty Omicron XBB.1.5, the mRNA vaccine is to be used to prevent Covid-19 in adults and children from six months.
Lego first half profit dips 17%
But the toy giant's market share grew as sales rose slightly.The company's CEO said revenue surged 10 percent faster than the market, as its revenue touched $4 billion in the first half of 2023.
Lego credited the growth in revenue to success of products like Star Wars and Lego Icons, also including Lego City, Lego DREAMZzz.
Another Saudi sports push: PIF buys stake in US mixed martial arts league
Combining elements of everything from boxing to judo and Muay Thai, mixed martial arts (MMA) had a limited following in...It is the first deal sealed by SRJ Sports Investments, a new company unveiled earlier this month by the Saudi fund known as the Public Investment Fund.
Sports have been a major component of the oil-rich Gulf kingdom's effort to rebrand as a global business and tourism destination under the Vision 2030 reform agenda.
GCC asset management market $500bn by 2026
Strong capital inflows, a young and growing population and growing awareness about asset management will drive the sector's growth in...The rise of a middle class is increasing the demand for investment products and services.
Strategy& Middle East estimates that currently more than 70 percent of regional private wealth is in offshore accounts.
UAE first half non-oil foreign trade hits all-time high of $337 billion
The results are buoyed by record non-oil exports, which reached AED 205 billion in H1 2023, an 11.9 percent growth...Imports increased to AED 693 billion, up 17.5 percent compared to the first half of 2022 and 2.6 percent more than the second half of 2022.
China has retained its position as the UAE’s leading global trading partner, followed by India, the US and Saudi Arabia.
Saudi Arabia’s imports from GCC countries fall by 19% in June
Riyadh, Saudi Arabia -- Saudi Arabia’s imports from Gulf Cooperation Council (GCC) countries fell 19 percent year-on-year (YoY) to SAR...UAE accounted for 65.6 percent, or SAR 3.61 billion, of the total Saudi imports, down 13 percent YoY, Argaam reported.
The Kingdom's imports from Qatar only registered a growth (of 49 percent) to SAR 48 million, from 32 million a year ago.
Equities extend gains on US jobs data, China rate cut hopes
The mood was brightened by a report that China's biggest state-backed banks would slash rates on mortgages and deposits as...A separate report revealed consumer confidence falling owing to concerns about jobs, higher rates and lingering inflation.
The readings come ahead of the release of the Fed's preferred gauge of inflation -- the personal consumption expenditures price index --Â this week.
Oil prices spike on US stockpile draw and hurricane fears
Dubai, UAE--Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S.,...U.S. West Texas Intermediate crude futures gained 38 cents, or 0.47%, to $81.54, logging its fifth session of gains
According to some analysts, the bigger-than-expected draw in U.S. crude oil stockpiles is positive for the oil market
Global dividends hit record US$568 billion in Q2
According to a report by asset management firm Janus Henderson, payouts to shareholders are expected to grow further in spite...The report said banks accounted for half of the world's dividend growth as their margins were boosted by interest rate hikes
Nestle, Swiss food giant, was the world's biggest dividend payer, followed by British bank HSBC and German automaker Mercedes-Benz
