Saudi Arabia partners with Microsoft Arabia for AI use in media
Riyadh, Saudi Arabia - The Ministry of Media and Microsoft Arabia signed a memorandum of understanding (MoU) in Riyadh on...Business
Iraq father begins legal action against BP over son’s cancer death
Rumaylah, Iraq - Hussein Julood is taking legal action against British energy giant BP after he lost his son to...Business Health
Gulf Warehousing Company profit down
Its net profit fell 10.24% to US$59.07 million in 2023.Its earnings per share (EPS) decreased to QR 0.37 in 2023 compared to EPS of QR 0.41 in the previous year, the company said
Its board of directors ratified the distribution of dividends of QR 0.11 at a rate of 11 percent per share for the year 2023
ADIB records 45% jump in net profit
Its revenue climbed 36 percent to US$2.53 billion in 2023.The bank in a statement said that Its net profit for Q4 2023 jumped to $408 million, an increase of 29 percent as against Q4 of 2022
The Abu Dhabi-based bank said that its revenue for 2023 improved by 36 percent to $2.53 billion compared to $1.85 billion last year
Mocktail mania in Saudi, where dry January lasts all year
Riyadh, Saudi Arabia - The concept was controversial: a pop-up bar offering bellinis and spritzes that, while non-alcoholic, were served in...Saudis say the trend is consistent with a broader push by Crown Prince Mohammed bin Salman to transform his oil-dependent nation into a foreigner-friendly business
King Abdulaziz enacted Saudi Arabia's alcohol ban in the early 1950s, not long after an incident in which one of his sons got drunk and, in a rage, shot dead a British diplomat
Dubai Customs records 30.4m transactions in 2023, posting 17.5% growth
Dubai, UAE--Dubai Customs has successfully processed more than 30.4 million customs transactions during the entire year of 2023. This set...The figures for 2023 have set a new record for the highest number of customs transactions by Dubai Customs, showcasing a 17.5% growth
The new accomplishment has resulted from the ongoing success of the Comprehensive Economic Partnership Agreements program
European Union probes Lufthansa’s proposed ITA Airways stake
The European Commission said it had "preliminary concerns that the transaction may reduce competition in the market for passenger air...Lufthansa, one of Europe's biggest carriers, last year agreed to pay 325 million euros ($350 million) for a 41 percent stake in ITA
The deal provided the German company various options to increase its stake or acquire ITA Airways outright at a later date
P&G posts mixed quarterly results
Earnings per share dropped 12 percent to $1.40.The company behind Bounty paper towels, Gillette razors and Tide detergent saw its revenue rise three percent from a year ago to $21.4 billion in the quarter ending in December
This was slightly lower than expected, and analysts are eyeing the performance of P&G and other consumer companies on whether they can keep prices up even as inflation cools
Zee’s shares fall after merger fails
Disagreement over who would lead the new entity led to merger's failure.The initial 30 percent plunge saw Zee lose as much as 55 billion rupees ($661 million) in market value.
"Considering that Zee still has six billion rupees cash on books... we see no bankruptcy risks," an expert said.
Masdar, 3 firms sign agreement
They will establish e-methane supply chain from UAE-Japan.Masdar tweeted that this partnership will contribute to both nations’ shared goal of achieving carbon neutrality by 2050.
E-methane is synthetic methane produced from carbon dioxide (CO2) and green hydrogen.
Dubai real estate market records $925 million in daylong transactions
Dubai, UAE -- Dubai's real estate market recorded 510 sales transactions worth AED1.36 billion on Tuesday, in addition to 210...The sales included 446 villas and apartments worth AED949.04 million, and 64 land plots worth AED411.67 million.
On Monday, emirate recorded 715 sales transactions worth AED2.28 billion, in addition to 201 mortgage deals of AED993.9 million.
Estithmar sets up issuance program
The Group said the program is valued at $933 million.The Program is expected to be admitted to the London Stock Exchanges International Securities Market.
It has been rated (qaBBB) with a stable outlook at the national scale rating by Capital Intelligence Ratings Ltd (CI).