Aramco, unit and Sinopec ink $4bn deal
The two companies will establish a joint venture company.Company News Business
Screens, drones, massages: Shanghai flaunts the future of cars
Shanghai, China -- At the huge Auto Shanghai industry show this week, the chatter was less about powerful engines and...Technology Business
Innovative building codes transform MENA construction
Two emerging construction processes gaining popularity, especially in the MENA region, are 3D printing of concrete structures and offsite construction....Building codes evolve to support clean energy, innovative methods, and circular economy principles.
Emerging technologies like 3D printing and offsite construction optimize efficiency and sustainability.
MENA startups optimistic despite funding fluctuations
In January 2024, MENA startup funding dropped 34% to US$ 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
