CI Capital 2023 revenue $134m
The firm’s performance was fueled by strong growth.Company News Business Banking & Finance
China Eastern Airlines to operate three weekly fights between Shanghai and Riyadh
Riyadh, Saudi Arabia - The Saudi Air Connectivity Program (ACP) and China Eastern Airlines have entered into a strategic partnership...Business
Watch owned by China’s last emperor sells for $5m
Emperor Aisin-Gioro Puyi had brought the watch with him to a Soviet prison camp where he was brought after the...Emperor at the age of two in 1908, Puyi was immortalised by Bernardo Bertolucci's Oscar-winning film but left a mixed legacy.
A Patek Philippe "Grandmaster Chime" sold for $31 million in 2019. It is said to be the most complex timepiece the luxury watchmaker has ever created, with 20 complications.
UK Business Secretary to visit Gulf countries to boost trade ties
LONDON, UK - British Business and Trade Secretary Kemi Badenoch will hold talks for a modern, comprehensive trade deal as...British Business and Trade Secretary said, "We already have a strong trade and investment relationship with the Gulf nations."
She said, "The GCC represents an enormous opportunity for UK firms, whether it’s selling brilliant British food and drink products."
Humans must stay in control of AI, European trade union chief warns
BERLIN, GERMANY — No employee should be “subject to the will of a machine”, European trade union chief Esther Lynch...In the same way that EU treaties protect health and safety in the workplace, rules are needed to guarantee “the human-in-control principle” when it comes to AI, Lynch said.
Lynch, general secretary of the European Trade Union Confederation since last December, will head the four-day ETUC Congress that kicks off in the German capital.
Kingdom Holding Q1 net profit down 97%
The firm's net profit in Q1 2022 was $1.57bn versus $46m in Q1 23.The company said the fall in net profit was mainly because of one-off gains accrued in the first quarter of 2022 due to the sale of its stake in Four Seasons Holding.
The drop was also attributed to decrease in share of results from equity-accounted investees, decrease in hotels and other operating revenues.
SCCI discusses trade with Guatemalan, Indonesian delegations
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has discussed strengthening trade and economic ties with diplomatic...The discussions focused on amplifying bilateral relations in industry, agriculture, food security, livestock and broadening trade exchanges.
SCCI invited Indonesian businessmen to visit Sharjah to see the progress on existing projects and experience the facilities the emirate offers.
NDMC to invest $60m in ADNOC (L&S) IPO
The decision came a day after ADNOC raised the size of the offering.NDMC said doubling the investment in the IPO was part of its strategy to diversify its business and investments.
ADNOC will now offer 1.40 billion ordinary shares, equivalent to 19 percent of the Company’s total issued share capital.
UAE Corporate Tax: Ministry streamlines accounting standards, social security funds, tax exemptions
The latest decisions aim to enhance UAE's Corporate Tax regime's flexibility and support all business sectors, minimizing the compliance burden,...The decision on pension funds sets out further conditions for private regulated pension funds and social security funds in the UAE seeking exemption from corporate tax.
The decision on accounting standards provides small and medium businesses that have revenues not exceeding AED50 million with the option of applying IFRS for SMEs.
Iran, Indonesia sign trade agreement during Raisi visit
Indonesia and Iran signed a trade agreement in Jakarta where President Joko Widodo hosted his Iranian counterpart Ebrahim Raisi. Tehran...Under the pact, Iran will provide easier access for Indonesian exports including vegetable oil, cocoa, coffee and tobacco.
Jakarta would lower tariffs on Iranian exports to Indonesia, including oil and its derivative products, minerals, chemicals and iron.
CBUAE ‘removes’ board of directors of insurance company
Abu Dhabi, UAE--The Central Bank of the UAE (CBUAE) has removed the board of directors of an insurance company operating...The bank did not divulge details on the identity of the insurance company or what led to the removal of the board of directors
It only added that "this administrative sanction is imposed in accordance with Article 41 of the Federal Law No. 6 of 2007"
EDGE acquires majority stake in MARS Robotics
Abu Dhabi, UAE - EDGE, a technology and defence group, on Tuesday announced the acquisition of an 80 percent stake...MARS Robotics will work closely with EDGE’s Advanced Concepts, which focuses on the rapid design, development, and deployment of advanced and innovative technologies
Founded in 2013, MARS Robotics provides engineering solutions and services to Unmanned Aircraft Systems OEMs in hardware, peripherals, networks and software
