AI the new obsession for venture capital investing
Stung by the struggles of cryptocurrency and other faded Silicon Valley fads of recent years, venture capitalists have quickly doubled...Business
UAE announces US$2,722 penalty for late corporate tax registration
ABU DHABI, UAE – The Ministry of Finance on Tuesday announced the issuance of Cabinet Decision No. 10 of 2024...Business Economy Geostrategy
DIB declares 30% dividend
The bank’s net profit in 2022 surged 26 percent.The bank’s net profit in 2022 surged 26%, the highest ever in its history with a balance sheet of $78 billion, culminating in a five-year CAGR of 7%
According to Moody's Investors Service's most recent assessment on the GCC banking industry, large GCC lenders are trying to consolidate their market share
Reforms help UAE, KSA lead M&A activities in MENA
Local deals account for 51% of total M&A volume with technology sector at 25% as improved market conditions and pro-business...Local deals account for 51% of total M&A volume with technology sector at 25% as improved market conditions and pro-business reforms boost investor confidence in the region
Rise in oil prices over the past six years, pro-business legislative reforms, and relaxation of government travel restrictions were some other reasons behind strong M&A activities
India’s Bharat Dynamics Limited picks EDGE’s GradeOne as partner
ABU DHABI, UAE - Bharat Dynamics Limited (BDL), a Defense Public Sector Undertaking under India's Ministry of Defense appointed EDGE's...Established in 2004, GradeOne specializes in defense trading and services and providing various solutions to the military and defense sectors
It is part of the Trading & Mission Support cluster within EDGE, one of the world’s leading advanced technology groups.
Saudi finance minister, National Bank head downplay risks to bank sector
"I think large banks are properly supervised and therefore the risk that some people see, I don't see," Finance Minister..."To me, the reaction of yesterday was possibly an overreaction simply because the market is very edgy," the minister told AFP in an interview.
"It's panic, a little bit of panic. I believe completely unwarranted, whether it be for Credit Suisse or for the entire market," said Saudi National Bank chairman Ammar AlKhudairy.
Qatar’s IPI up 3.5 percent in Jan, mining leads the growth
Doha, Qatar -- Qatar's Industrial Production Index (IPI) hit 103 points in Jan 2023, rising by 3.5 percent compared to...Issued by the Planning and Statistics Authority, the IPI is a short-term quantitative index that measures the growth of various industrial sectors in economy.
The key performing sectors under the index were mining (82.46 percent), manufacturing (15.85 percent), electricity (1.16 percent) and water (0.53 percent).
Deliveroo 2022 loss at $355m
The firm's revenue rose 14 percent to nearly US$2.4 billion.Deliveroo exited Australia and the Netherlands in 2022, after departing from Spain in 2021.
The company expanded into Qatar last year as it pursues a growth plan of action in Middle East.
JCC discusses trade, commerce in economic summit in France
AMMAN, JORDAN - The Jordan Chamber of Commerce (JCC) took part in the fourth Arab-French Economic Summit 2023 in Paris....Jordan Chamber of Commerce spoke of closer ties with trade and commercial bodies in the European Union member states.
Topics like environment and water, industry, modern construction projects, food, nutrition, healthcare, banking, medicine, funds, climate were discussed.
DP World 2022 revenue up 58%
The EBITDA increased by 31 percent to $5 billion.In a statement to WAM, DP World announced that revenue increased by AED23.31 billion in 2022, compared to 2021, supported by acquisitions and like-for-like revenue growth.
It added that cash generated from operating activities increased by 20.6 percent to a record AED16.34 billion in 2022, compared to AED13.55 billion in 2021.
TAQA to pay dividend
The company also announced new dividend policy for 2023-25Similar to the previous policy, TAQA will continue to pay the fixed dividends on a quarterly basis.
The company expanded the size of its Board of Directors from nine to eleven and elected members for a three-year term.
US tells TikTok to snap ties with ByteDance to avert ban
The ultimatum to TikTok came from the US interagency board charged with assessing risks foreign investments represent to national security....Wall Street Journal and other US news outlets reported that the White House set an ultimatum: if TikTok remains a part of ByteDance, it will be banned in US
TikTok claims it has more than a billion users worldwide including over 100 million in the United States, where it has become a cultural force
