Dar Alarkan 2024 profit up 32%
The company's net profit increased by 81.5 percent in Q4 2024.Company News Business
Nvidia showcases AI chips as it shrugs off DeepSeek
San Francisco, United States - Nvidia chief Jensen Huang is expected to showcase cutting-edge chips for artificial intelligence (AI) and...Business
Saudi Crown Prince announces new company to boost Kingdom’s global tech status
Riyadh, Saudi Arabia — Saudi Crown Prince Mohammed bin Salman on Thursday launched a new company called Alat geared to...The company, chaired by the Crown Prince, aims to enhance the capabilities of the Saudi technology sector
It aims to create 39,000 direct jobs and achieve a direct non-oil GDP contribution of $9.3 billion
GCC banks to maintain resilience in 2024, says S&P Global
Abu Dhabi, UAE--Despite geopolitical uncertainties and potential economic headwinds, S&P Global expects GCC banks to maintain their well-capitalised, profitable, and...The UAE and Saudi banking systems are expected to lead the region and credit growth and profitability will remain robust
The ratings agency however warned that potential risks, including geopolitical tensions and real estate exposure, remain
Apple logs US$119.6bn in sales
But its sales in China dropped during October to December.The company's profits came in at $33.9 billion during the quarter with diluted earnings per share above expectations at $2.18.
Its net sales in Greater China -- including mainland China, Hong Kong, and Taiwan -- declined from a year ago to $20.8 billion
US stocks rebound from sell-off on Fed disappointment
New York, United States - Wall Street stocks rose early Thursday, rebounding from the prior session's pullback as markets awaited more...Major indices had tumbled on Wednesday after Federal Reserve Chair Jerome Powell dampened expectations for an imminent cut in interest rates.
Adam Sarhan of 50 Park Investments said the market is recovering from the "knee jerk" selloff after Wednesday's Fed meeting.
US to sell drones worth $4bn to India to bolster its defenses against China
The United States approved a $4 billion sale of state-of-the-art drones to India, offering a new edge to the growing...Indian officials had discussed the drones during a state visit by Prime Minister Narendra Modi last year.
After months of discussion, the State Department said it had informed Congress of the sale..
Number of millionaires in BRICS likely to rise by 85 percent in 10 years, says report
DUBAI, UAE - The total investable wealth currently held in the BRICS bloc amounts to US$45 trillion and its millionaire...There are currently 1.6 million individuals with investable assets of over US$1 million in the leading emerging economies.
The UAE’s millionaire population has shot up since 2013, by 77 percent, and is now home to 116,500 millionaires
OPEC+ panel reaffirms cartel’s current output reduction strategy
In an effort to shore up prices, the OPEC+ oil alliance of 23 nations has implemented supply cuts of more...In a statement following a meeting via videoconference, the Joint Ministerial Monitoring Committee (JMMC) of OPEC+ stopped short of making any recommendations on its output policy.
However, the panel said it "reviewed the crude oil production data for the months of November and December 2023", noting the "high conformity" among participating nations.
ADU inks MoU with Italy-Czech Republic Chamber of Commerce
ABU DHABI, UAE - Abu Dhabi University (ADU) has signed a Memorandum of Understanding with the Italy-Czech Republic Chamber of...The pact seeks to promote the exchange of faculty, researchers, and staff members between ADU and European universities.
The agreement will help establish a research centre for entrepreneurship studies and start-ups in both Italy and the UAE.
Spain urges WTO meet in UAE to address de-globalization
ABU DHABI, UAE - Madrid wants the upcoming 13th Ministerial Conference (MC13) of the World Trade Organization (WTO) here next...The ministerial meeting (MC13) will convene representatives of 164 nations and trading blocs.
MC13 will seek key reforms to the global trading system, including expanding WTO membership .
FDI inflows into Saudi Arabia fall 14.4 percent in third quarter: GASTAT
Riyadh, Saudi Arabia -- Foreign Direct Investment inflows into Saudi Arabia hit SAR 17 billion in the third quarter of...The total FDI outflows reached SAR 5 billion, a decrease of 22.5 percent compared to the Q2 of the same year.
Total FDI in Saudi Arabia reached SAR762 billion at the end of 2022, compared to SAR659 billion in 2021.
