Feeding fit: Saudi Arabia redefines the poultry sector
In February 2024, Saudi Arabia's poultry industry reached a milestone by producing 100 million kilograms of poultry, thereby setting new...Business
Nike’s long international struggle with Adidas
German newspapers reported that the American sports equipment giant overcame their rival's home advantage with a bid of around 100...Business
Abu Dhabi International Airport sees 67% surge in H1 passenger traffic
Abu Dhabi, UAE - Abu Dhabi International Airport (ADIA) registers an increase of 67 percent in passenger traffic with 10,258,653...The airport also recorded 67,835 flights, a rise of 36 percent compared to 49,919 flights during H1 2022
The destination with the highest passenger traffic served by the airport during the period was Mumbai
Oil prices fluid amid geopolitics, economic recovery
Geopolitical tensions, such as the Russian-Ukrainian war and the trade war between the United States and China, have sent shockwaves...Geopolitical tensions, such as the Russian-Ukrainian war and the trade war between the United States and China, have sent shockwaves through the oil market, says an expert
OPEC's decisions to extend oil production cuts have stabilized markets, but challenges from non-OPEC+ producers and the global economic outlook continue to impact oil prices.
Adidas posts $92m Q2 profit
Adidas now expects to end the year with an operating loss of $492m.The German sportswear giant reported a net profit of 84 million euros ($92 million) from April to June.
Adidas shares were up 1.4 percent on the Frankfurt Stock Exchange after the results were released.
AI anxiety: workers fret over uncertain future
Legal assistants, programmers, accountants and financial advisors are among those professions feeling threatened by generative AI.Goldman Sachs analysts see generative AI impacting, if not eliminating, some 300 million jobs, according to a study published in March.
AI is bringing with it a level of apprehension matched by climate change and the Covid-19 pandemic, a therapist said.
Americana posts $144m H1 net profit
The company reported revenues of $1.24 billion for H1.In the second quarter of 2023, the company delivered 13.5 percent revenue growth compared to Q2 2022.
Net profit (attributable to shareholders of the parent company) for Q2 2023 was US$86.6 million, an increase of 16.7 percent.
Saudi Arabia posts budget deficit of US$1.41 billion in Q2 2023
RIYADH, SAUDI ARABIA - Saudi Arabia posted a budget deficit of SAR5.3 billion ($1.41 billion) in the second quarter of...Saudi Arabia, the world’s top oil exporter, recorded a budget surplus of almost $30 billion in 2022.
Total revenues in Q2 stood at US$84 billion, down 15 percent from the same period last year.
Saudi Arabia extends voluntary 1mbpd oil cut to September
Riyadh, Saudi Arabia -- Saudi Arabia will extend the voluntary 1 million barrels per day cut, announced in July, to...Saudi Press Agency, quoting an official source from the Kingdom's Ministry of Energy, said the country's production for September 2023 will be approximately 9mpbd.
This cut is in addition to the voluntary cut previously announced by the Kingdom in April 2023, which extends until the end of December 2024.
EIH buys stake in Gewan Holding
Acquisition aims to diversify and expand into several sectors.EIH has cultivated a diversified, innovative, and sustainable investment portfolio comprising over 30 companies across various sectors.
Gewan is a diversified holding company operating in various sectors, including real estate, general trading, hospitality, travel and tourism.
DUBAL, Oriental Copper ink MoU
JV will manufacture high-quality copper products in UAE.As per the agreement, DUBAL Holding will assist with local resources and be a co-investor.
Oriental Copper will contribute its extensive technical, operational, and market expertise.
SABIC H1 net profit slumps 87%
The second quarter net profit fell 85 percent on weaker demand.Year to date, SABIC's share in the results of non-integral joint ventures and associated companies decreased versus prior year.
Compared to Q1 2023, net profit climbed 78.8 percent from SAR 660 million, due to the re-measurement gains in option rights related to joint venture agreements.
