US considering Google breakup following monopoly ruling
The US Department of Justice (DOJ) made recommendations for Google’s search engine business practices on Tuesday, according to US media....Business
GM reports US sales dip, that of EVs grew
The big Detroit automaker reported 659,601 US sales during the period.Company News Business
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
Estithmar opens branches in Iraq
Two subsidiaries of the Qatari firm open two branches.Elegancia Healthcare, established a branch in Iraq in line with the memorandum of understanding that was signed recently to manage and operate several soon-to-be-opened hospitals.
Estithmar Holding told Qatar News Agency that it signed agreements with the Iraqi investment authority worth $7 billion that includes real-estate and tourism development.
Saudi minister, Chinese firms seek collaboration in housing development
Beijing, China -- Saudi Arabia's Minister of Municipal, Rural Affairs and Housing, Majid bin Abdullah Al-Hogail, has held a meeting...During his meeting with SITEC Group, Al-Hogail deliberated over plans to establish an industrial complex in accordance with the highest pre-casting technology standards.
This complex will encompass finishing materials and an operational model for industrial zones, enabling the delivery of 5,000 units annually.
