UAE F&B sector set to soar, projected to reach $20bn in 2024
Dubai, UAE - The UAE’s foodservice market is poised to reach $19.98 billion in 2024, with further projections indicating a substantial...Business
US consumer confidence falls ahead of Federal Reserve decision
US consumer confidence fell more than many predicted in April, fueled by a deterioration in expectations among Americans over 55...The consumer confidence index fell in April to 101.3, down from a revised 104.0 in March, the Conference Board said in a statement.
New home sales in the United States defied expectations to hit a one-year high in March, the Commerce Department said.
ADDED ink deal with Wio Bank to aid SMEs growth
ABU DHABI, UAE - The Abu Dhabi Department of Economic Development (ADDED) and Wio Bank announced on Tuesday that would...In less than 48 hours, Wio will help set up corporate accounts for SMEs licensed by ADDED and provide an up-to-date view of their financials.
Wio will work with Abu Dhabi Residents Office, Abu Dhabi SME Hub, and TAMM, Abu Dhabi Government Services, to extend banking and business services.
DEWA, RTA ink deal to sponsor Green Economy Summit
Dubai, UAE - Dubai Electricity and Water Authority (DEWA) has signed a sponsorship agreement with the Roads and Transport Authority...RTA will be the Platinum Sponsor of the World Green Economy Summit for three sessions from 2023-2025.
The World Green Economy Summit plays a fundamental role in supporting the UAE’s outstanding efforts in climate action, said DEWA chief.
Saudi Arabia jumps to fifth place in global military expenditure: Report
The country increased its military spending by 16 percent to reach an estimated $75 billion, surpassing the United Kingdom, Germany,...The country increased its military spending by 16 percent to reach an estimated $75 billion
The Middle East, with Saudi Arabia in the lead, had the highest military burden in 2022
DMCC hosts 200 Dubai-based Chinese businessmen at China Business Day
Dubai, UAE -- Dubai Multi Commodities Centre hosted a China Business Day at Almas Tower, which drew more than 200...DMCC is home to more than 750 Chinese companies, which accounts for over 12 percent of all Chinese businesses registered in the UAE.
DMCC said in a statement that the event celebrated the flourishing commercial ties between the UAE and China as bilateral trade is likely to reach 200bn by 2030.
Spotify users top 515m
The company posted a first quarter operating loss of $172 million.The Swedish company also saw the number of paying subscribers grow to 210 million.
Spotify said it posted its strongest first quarter in 2023 since 2018 when it became public.
Sahara Q1 net profit $125m
The net profit plunged by more than 56 percent compared to Q1 2022.The company said in a Tadawul disclosure that its revenue of 2 billion riyals in Q1 was 11.11 percent less than 2.3 billion in the first quarter of 2022.
Earnings per share was 0.65 riyal during the first three months of 2023, lower than 1.48 in Q1 2022.
Novartis Q1 profit at $2.3bn
Heart disease, cancer medicines helped enhance revenue.Novartis said that its operating profit would likely increase in the high single-digits this year.
The group would prioritize "high-value" medicines" across five core areas to drive its productivity.
Iran claims foreign demand for its military equipment has gone up
Tehran, Iran— Claiming that Iran has received numerous “requests” from different countries for purchase of its defense equipment and cooperation,...Iran could not purchase weapons from outside because of the Western sanctions, but today it can produce them on its own
The Islamic Republic has succeeded in keeping the country’s military and commercial jets airborne in spite of the sanctions
Samsung SDI unveils $3bn JV with GM
The firm will build an electric vehicle battery plant in the US.The location of the facility has not yet been determined but it is expected to be in full gear and ready to start mass production in 2026.
It was expected to create thousands of jobs and the new factory would be equipped with "an annual production capacity of more than 30 gigawatts-hour".
