Business - TRENDS MENA

Jakarta, Indonesia -- Indonesia broke ground Sunday on a $5.9 billion megaproject for EV battery production backed by Chinese giant...

Its net profit vaulted to US$132 million in the first half of 2023.
The company also recorded a 6 percent year-on-year (YoY) increase in revenue to $285 million
EBITDA increased by 14% YoY to $225 million, mainly driven by improved revenue quality
The company has approved a cash dividend of SAR225 million.
In a Tadawul disclosure, the company said that is second-quarter net profit climbed 22.8 percent to SAR 140 million from SAR 114 million in Q2 2022.
The increase was mainly due to the additional revenue from the two new offshore rigs (AD110 and AD120) that started in December 2022.
Gulf real estate hit $90.7 billion in the first half of 2023, a 9.9% rise y-o-y, as Dubai led the...
Gulf real estate hit $90.7 billion in the first half of 2023, a 9.9% rise y-o-y, as Dubai leads the market with a 57 percent increase, fueled by demand for luxury properties
Residential prices in Dubai surge 11.7% in the Q2 of 2023, while Abu Dhabi's growth stays muted. Dubai's rents jump 32.6% y-o-y, while other markets see slight rise
China accounts for 94 percent of the world's production of gallium -- used in integrated circuits, LEDs and photovoltaic panels...
From Tuesday, Chinese companies seeking to export gallium or germanium will need to obtain a license from the Chinese government.
China, which seeks to become self-sufficient in semiconductor design, says those measures are aimed at maintaining US supremacy in the field.
European regulators in January had dismissed the previous legal basis -- "legitimate interest" -- Meta had used to justify gathering...
It said the changes were to address "evolving and emerging regulatory requirements" amid a bruising tussle with the Irish Data Protection Commission.
Currently, users joining Facebook and Instagram by default have that permission turned on, feeding their data to Meta so it can generate billions of dollars.
The company's second quarter net profit increased 4% year on year.
In a statement, the company said its consolidated EBITDA reached AED 12.8 billion, resulting in an EBITDA margin of 48 percent.
In the UAE, etisalat by e& recorded 13.9 million subscribers, an increase of 5.1 percent compared to the same period of last year.
SARAJEVO, BOSNIA AND HERZEGOVINA - Saudi Fund for Development (SFD) Board of Directors Chairman Ahmed Al-Khateeb, laid the foundation stone...
The funding for construction and equipping of the library has been through a US$22 million grant provided by the Saudi Fund for Development.
The new library will act as a central hub to connect the university’s 28 sub-libraries and will contribute towards enhancing its educational capabilities.
Dubai, UAE -- Nesma & Partners, a contracting company funded by Saudi sovereign wealth fund, the Public Invesment Fund, has...
The acquisition is expected to close by the end of the calendar year, subject to regulatory approvals and satisfaction of customary closing conditions.
Nesma & Partners and Kent began collaborating in June 2022 to exploit their respective strengths when they established a Joint Venture, NesmaKent, as EPC Champion for Saudi Aramco.
Roni Tohme, the Acting CEO, has been confirmed as the CEO.
Tohme brings over 21 years of experience in telecoms and finance to his new role, having previously served as Ooredoo Algeria’s Chief Financial Officer.
During his tenure as CFO, he played a vital role in shaping an agile and lean finance department, contributing to the company’s business transformation.
Amidst the escalating crackdown on key cryptocurrency players, the Middle East is emerging as a potential beneficiary and a new...
Amidst the escalating crackdown on key cryptocurrency players, the Middle East is emerging as a potential beneficiary and a new frontier for the crypto industry
Bahraini cryptocurrency firm Rain comes to the UAE, while Coinbase CEO's UAE visit hints at potential expansion. Zurich's Julius Baer is also eyeing Middle East