Saudi tech show LEAP 2024 to close on ‘record-breaking’ note
Riyadh, Saudi Arabia--The biggest tech show in the Middle East, LEAP 2024, hosted by Saudi Arabia in Riyadh, is preparing...Business
stc Q1 revenue $4.84 billion
This is the company's highest-ever quarterly revenue.The company will distribute a total of SAR1.99 billion in cash dividends to the shareholders for the first quarter of 2023.
The company's net profits reached SAR 3.10 billion, an increase of 2.44 percent over the first quarter of 2022.
HSBC sees great Middle East-China growth potential
Dubai, UAE: The economic potential of the Middle East-China trade corridor was the focus of discussion at an exclusive International...HSBC hosted Chinese ambassador to the UAE Zhang Yiming and a senior delegation from the UAE China Business Council
Trade between China and the UAE reached a record high of $99.27 billion in 2022, marking an annual increase of 37.4%
ADNOC Gas Q1 net income up 9%
The company's revenue for the quarter was $5.2 billion.The company's Q1 2023 revenue was $5.2 billion, down from $6.2 billion for the same period in 2022
It maintained an EBITDA margin of 34 percent in Q1 2023, only 1 percent lower than in Q1 2022Â
SoftBank Group logs $7.2bn loss
The bank took hits across a range of start-up investments.The company said its annual net loss came to 970 billion yen on sales of 6.57 trillion yen, reflecting losses from its Vision Fund portfolios
The Vision Fund 1 and 2 (VF1, VF2) vehicles were hit by the global tech rout, SoftBank Group said in a statement
Switzerland: UBS merger with Credit Suisse raises job fears
Keeping the Swiss banking division as an independent unit appeals to many in Switzerland -- particularly as it could prevent...Investors are anxious to know whether UBS will integrate the Swiss banking division into its own domestic business, sell it, or even split it through a share offering
Ethos, which represents pension funds in Switzerland, said splitting off the Swiss branch was best option to protect jobs and to avoid concentrating risks in one giant bank
UAE’s GDP expected to have grown by 7.6% in 2022: CBUAE
Abu Dhabi, UAE-- The UAE's gross domestic product (GDP) is estimated to have grown 7.6 percent in 2022, shored up...The bank said that in spite of the rise in global inflation, the UAE's remained below the average rate of 4.8 percent, with a decline expected in 2023
The report noted the bank's efforts to ramp up monetary stability, improve financial sector's resilience, and support economic activity in the UAE
Dana Gas posts fall in profit
Its net profit fell 7 percent to US$50 million in Q1 of 2023.Its revenue also plunged to $122 million in Q1 as against $140 million in the same period of last year
The company attributed the decline in revenue and net profit to a fall in energy prices from high levels
Disney Plus stems financial loss but sheds subscribers for second straight quarter
Analysts had foreseen an increase in subscribers for the period, but a hike in prices sent customers turning away from...Total subscribers to Disney Plus fell to 157.8 million, the Burbank, California-based group said, with the company losing $659 million in its streaming unit
Disney said that despite the fall in subscribers, revenue per customer had increased and added it believed the subscribers would again pick up
Union Properties profit is $3.3m
Revenue increased to $33.21 million, up 16 percent.Revenue increased to $33.21 million, up 16 percent compared to the same period last year
Administrative and general expenses declined 21 percent year-on-year to $4.5 million
Rise of ChatGPT: GCC might lose 10 million jobs in 5 years
Its transformative power to reshape life has left people awestruck across the world, but the technology that powers ChatGPT might...According to a Goldman Sachs economist, more than 65 percent of occupations will be partially or fully automated in the coming years
Critics of generative artificial intelligence that powers chatbots argue that it can never be able to replace the genius of human mind
