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AD Ports to invest in Kazakh port

Under the deal, AD Ports Group owns 51% stake.

PIF acquires stake in Saudi Re

The acquisition was made by way of a capital increase.

ADNOC Gas awards contracts

The $2.1bn contracts are aimed at enhancing LNG supply infrastructure.

ADNOC L&S buys stake in Navig8

The company will acquire the remaining stake in mid-2027.

DAE to acquire Nordic Aviation Capital

The terms of the transaction have not been disclosed.

  • MENA startups optimistic despite funding fluctuations

    In January 2024, MENA startup funding dropped 34% to US$ 86.5 million across 33 deals, with the UAE leading, followed...

    In January 2024, MENA startup funding dropped 34% to US$ 86.5 million across 33 deals, with the UAE leading, followed by Egypt's recovery and Saudi Arabia's steady input.

    Last month's funding spotlighted travel, fintech, health, and mobility sectors, with Pre-Seed and Seed stages leading, underscoring strong support for early-stage startups.

  • Asian markets rally after Wall Street highs, oil prices slide

    "The weakness of yesterday's US retail sales release have given market doves a new lease of life and allowed them...

    Wall Street had leapt Thursday after the US Commerce Department reported a larger-than-expected 0.8-percent decline in retail sales for January

    London equities also jumped as investors drew comfort from a contrasting January rebound in UK retail sales, one day after gloomy news that Britain entered recession

  • NatWest profit soars 32%

    The British bank's net profit jumped to US$5.5bn in 2023.

    The bank said that Paul Thwaite would become permanent chief executive in the wake of boardroom turmoil

    Thwaite takes over from Alison Rose, who resigned as CEO in July after admitting a "serious error of judgment"

  • Mawani completes Red Sea Gateway Terminal at Jeddah Islamic Port

    Riyadh, Saudi Arabia - The Saudi Ports Authority, Mawani, announced the completion of the Red Sea Gateway Terminal at Jeddah...

    The gateway terminal has larger capacity, is equipped with the Optical Character Recognition (OCR) feature, and uses 146 different types of equipment

    The development of Jeddah Islamic Port’s North Container Terminal is included in the Build-Operate-Transfer (BOT) contract

  • Tenaris sets up base in Abu Dhabi

    The global pipe maker invested US$60m in the business.

    The new complex is expected to generate technical and administrative job opportunities for UAE nationals

    The newly built complex represents the first of its kind in the UAE to thread full-length premium connections

  • AI in the Middle East: From potential to profit

    The region is making significant strides in integrating AI into various sectors, promising substantial productivity gains and innovation, a latest...

    The region is making significant strides in integrating AI into various sectors, promising substantial productivity gains and innovation, a latest report points out.

    The Boston Consulting Group report reveals that 61% of Middle Eastern executives anticipate over 10 percent productivity gains from AI and GenAI in 2024.

  • Americana Restaurants posts profit.

    The annual net profit in 2022 was US$470 million.

    The company demonstrated resilient performance, despite US$106 million impact of unfavorable foreign exchange movements.

    Adjusted EBITDA increased to $550.8 million, reflecting a 2.8 percent growth year-on-year with a healthy adjusted margin of 22.8 percent.

  • QEWC 2023 net profit US$426m

    QEWC market share in supply of electricity was 61 percent.

    The earnings per share amounted to US$0.38 (QR 1.41) as of December 31, 2023.

    QEWC reported revenue of $799 million in 2023 compared to $747 million in 2022.

  • Google AI research hub in Paris to host 300 experts

    The new hub part of a trend for big tech firms to base teams in European centers.

    In recent years, Google has poured investment into its engineering facility in Zurich, which also houses AI-focused teams from Meta, Apple and Microsoft.

    The French capital has long pushed to be regarded as a cutting-edge hub for tech firms, and Meta established an AI research team there in 2015

  • Commerzbank net profit $2.4bn

    This is the bank's biggest net profit in 15 years.

    The lender said it had "benefited from strong customer business and persistently high interest rates".

    Like other European lenders, Commerzbank was boosted by the European Central Bank's unprecedented streak of rate hikes last year, aimed at taming red-hot inflation