Microsoft cutting more jobs from its gaming unit amid industry layoffs
San Francisco, United States- Microsoft is cutting about 650 more positions from its gaming unit as it continues to tighten its...Business
2024 Crypto Crime Update Part 2: China-based cybercrime networks on the rise
In part 1 of our mid-year crime update, we discussed trends related to ransomware and stolen funds. While aggregate illicit...Business
Investor confidence fuels UAE’s real estate boom in Q2
Dubai's off-plan sales rose 38% in value, while Abu Dhabi's doubled to $1 billion, as the market saw the addition...Dubai's off-plan sales rose 38% in value, while Abu Dhabi's doubled to $1 billion, as the market saw the addition of 7,300 new units in the former and 1,000 in the latter
Strong demand in Dubai and Abu Dhabi's office space market led to an 18% rent increase in Dubai and 11% in Abu Dhabi, says a report by Dubai Pulse digital platform
Dubai Investments net rises to $157m
Real estate sector remains one of the key business verticals.Total income for the Group increased by 31 percent from US$422 million (AED 1.55 billion) in H1 2022 to US$552 million (AED 2.03 billion) during H1 2023.
Total shareholder equity increased to US$3.5 billon as of June 30 2023, compared to US$3.5 billion (AED12.84 billion) as of year ended December 31 2022.
UAE 2023 growth prospects face least risk in Middle East, Africa
Lower oil production, high inflation, tighter monetary policies, increased borrowing costs, and the rising cost of servicing debt continue to...The GCRI risk score in the MEA region has increased continuously for six quarters until Q1 2023, signaling a deteriorating situation.
UAE, Saudi Arabia, Kuwait and Qatar are among the top five low-risk countries in the region, while Syria, Libya and Yemen are among the 10 high-risk countries.
ADNOC Gas H1 revenue $10.6bn
The decline in revenue is due to lower gas prices.The second quarter revenue stood at AED 19.8 billion, compared to Pro Forma Adjusted Revenue of AED 26.1 billion in Q2 2022.
ADNOC Gas said it shifted towards higher-margin export liquids and focused on increased efficiency.
Saudi capital market institutions post record 2022 net income
Riyadh, Saudi Arabia -- Capital market institutions authorized by Saudi Arabia's Capital Market Authority posted a record 29.8 percent increase...The retained profits in capital market institutions reached a record high of SAR 60.34 billion, an increase of 39.17 percent.
The profits of capital market institutions surged to highest ever SAR 12 billion due to a 26 percent increase in revenues in 2022.
Empower H1 2023 revenue at $333m
The company’s EBITDA in H1 2023 was US$178 million.In the July 2022 to June 2023 period, Empower’s consolidated revenue was US$778 million.
Empower CEO said the firm continues to expand investments in its portfolio of assets and infrastructure.
Burjeel Holdings H1 net profit $61m
Firm's EBITDA rose 12.7% y-o-y to $127 million in H1 2023.Burjeel Holding reported revenue of US$599 million, up 13.9 percent y-o-y during H1 2023.
The net profit was attributable to robust topline growth and significantly lower finance costs.
ADNOC Drilling posts $446m net profit
The increase was attributed to expansion in fleet and services.ADNOC Drilling’s first half revenue increased to $1.4 billion, up 13 percent year-on-year.
Second quarter revenue grew by 8 percent year-on-year to $724 million and by percent sequentially.
ADNOC to acquire stake in Absheron field
TotalEnergies and SOCAR will hold 35% stake each in the field.Entering into a strategic partnership with SOCAR also elevates ADNOC’s long-standing partnership with TotalEnergies, who until now had held a 50% share alongside SOCAR in Absheron.
The partnership will enable ADNOC to build a major footprint in a region with prolific natural resources and significant growth potential.
Amazon, Apple beat earnings forecasts
Apple views AI as integral to its growth.Profits for Apple's third fiscal quarter were $19.9 billion, up 2.3 percent from the year-ago period, revenues again declined, this time by 1.4 percent to $81.8 billion
Bright spots for the tech giant included an "all-time high" in services revenue, comprised of the App store, Apple pay and Apple TV and other subscription services
