Musk plans largest-ever supercomputer for xAI startup: report
Washington, United States - Billionaire tech mogul Elon Musk has told investors he plans to build a supercomputer dubbed "gigafactory of...Business
SAMA Licenses ‘Hala Financing’ to provide crowdfunding solutions
Riyadh, Saudi Arabia - The Saudi Central Bank (SAMA) has licensed "Hala Financing" to provide debt-based crowdfunding solutions. With Hala...Business
Bahrain Central Bank’s Sukuk Al Salam oversubscribed 319%
Manama, Bahrain - The Central Bank of Bahrain (CBB) has said its monthly issue of the Sukuk Al-Salam Islamic securities...Subscriptions worth BD 137.151 million ($364m) were received for the BD 43 million ($114m) issue, which carries a maturity of 91 days.
Expected return on the issue, which begins on August 16 and matures on November 15, is 6.25 percent, compared to 6.10 percent of the previous issue.
Yalla Group H1 revenue $152m
The Group posted revenues of $79 million in the second quarter.The revenue grew by 2.9% compared to the first half of last year, while the net income in H1 2023 was recorded at AED176.9 million ($48.2m)
Yalla displayed strong performance in the second quarter of the year where it posted revenues of AED291 million (around $79.2 million)
KIB posts $19.5m net profit
The bank's total operating income reached approximately $115 million.The bank's total operating income reached approximately $115 million, a 14% increase compared to the first six months of 2022
Its investment securities portfolio, focused on high-quality Sukuk, reached $1 billion, a 4% increase from the same period last year
DP World boosts global supply chain resilience with major capacity expansion
DUBAI -- DP World expects to add approximately 3 million Twenty-Foot Equivalent Units (TEUs) of new container handling capacity by...DP World plans to add approximately 3 million TEUs of new container handling capacity by the end of the year
The firm currently manages about 9% of the world’s handling capacity, ranking among the top five global port operators
APIC H1 net profit down 39%
Total revenues grew by 7.2% YoY to $590 million.Net profits attributed to APIC shareholders in the first half of 2023 reached $11.08 million.
Total assets increased by 8.74 percent compared to 2022's closing and reached $756 million.
Dubai Chamber of Commerce achieves 46.7% success rate in mediation cases
DUBAI -- The Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers, has revealed that it...The combined value of mediation cases received during H1 2023 reached US$11.5 million, with US$5.7 million resolved
Mediation offers advantages such as flexibility, speed, efficiency, and confidentiality, saving time, effort, and money
Mawani adds 20 cargo services to Saudi Arabia’s ports in H1
Riyadh, Saudi Arabia -- The Saudi Ports Authority (Mawani) has added 20 cargo services to the ports of Jeddah, Dammam,...Transshipments gained 12.19 percent over the prior year’s volume of 1,391,221 TEUs to reach 1,560,790 TEUs in H1 2023.
A total of 5,918 vessels called at Mawani’s ports during this year’s first half, up 10.68 percent year-on-year from 5,347 ships.
ADEX and Egypt sign wheat, commodities financing agreement
Abu Dhabi, UAE -- Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has...The agreement entails a revolving financing program valued at S100 million, to be renewed annually over a five-year period, ultimately reaching a total of $500 million.
The UAE’s support has contributed to the establishment of 25 silos in 17 governorates of Egypt, increasing wheat storage capacity by 1.5 million tons.
Ceer and Siemens deal to boost EV in Saudi Arabia
Riyadh-based Ceer is collaborating with Siemens Digital Industries Software to accelerate Ceer’s digital transformation and empower its engineers to design...The Saudi-German collaboration is focused on accelerating Ceer’s digital transformation, vehicle development, and manufacturing
Siemens Xcelerator portfolio of industry software for vehicle design will be used by Ceer
Gulf Hotels Group profit up
It posted a jump in net profit in Q2 to US$2.92 million.The bank said its income was $2.92 million in Q2 of 2023 compared to $1.03 million for the same period last year
Its revenue for the second quarter was $20 million, compared to $17.55 million for the same period last year
