Bahrain and Slovakia to ramp up cooperation in urban planning
Manama, Bahrain-- Bahrain and Slovakia are looking to ramp up the ongoing cooperation in urban planning and sustainable development.In this...Business Economy
Cinema ticket prices in Saudi Arabia decline by 16% in 2023
Riyadh, Saudi Arabia - The average cinema ticket prices decreased by over 16% in 2023 compared to the previous year,...Business Economy
Abu Dhabi’s realty transactions exceed Dh11.3b in Q1 2022
The transactions included the buying, selling, and mortgages of all types of lands, buildings, and real estate.The transactions included the buying, selling, and mortgages of all types of lands, buildings, and real estate
Yas Island topped the list with AED1.2 billion in real estate transactions, followed by Al Saadiyat Island with AED673 million
Surging ecommerce boon for GCC businesses
A rising number of tech-savvy millennials, 60 percent of whom shop online, is one of the most important factors responsible...A meager $5.3 billion, or 0.4 percent of the GCC's GDP, was generated by e-commerce in 2015. By 2020, revenue had quadrupled to $21.6 billion.
According to the Kearney Global Consultancy Firm, GCC e-commerce sales are expected to surge to $52 billion annually by 2025.
Deutsche Bank offices raided in money-laundering probe
Investigators searched the offices of Germany's biggest lender Deutsche Bank on Friday, prosecutors said, with the focus on the bank's...Deutsche Bank has in recent years been closely watched by financial authorities in relation to suspicious transactions
Investigators searched Deutsche Bank's headquarters in 2019 for failing to report possibly illicit money flows
Altaaqa and TotalEnergies to set up EV charging ports in KSA
Altaaqa of Saudi Arabia and TotalEnergies of France have teamed up to establish charging stations for electric vehicles in the...Under the Altaaqa EV brand, the companies will offer end-to-end solutions for the development of the stations
The move will help Saudi Arabia in its bid to achieve net-zero carbon emissions by 2060
EITC Q1 net profit $86.44m
Revenues grew 8.5 percent to AED 3,128 million.Mobile service revenues increased 6.9 percent to AED 1,402 million while handset sales generated AED 216 million in revenues.
Fixed services revenues jumped 22.8 percent to AED 815 million on sustained demand from consumer and enterprise customers.
ADNOC acquires stake in Borealis
The oil giant acquired shareholding from Mubadala Investment Company.Borealis now will be owned 25 percent by ADNOC and 75 percent by OMV, an Austrian multi-national integrated oil, gas and petrochemical company listed on Vienna Stock Exchange.
ADNOC and Borealis have been partners for two decades through their jointly held Abu Dhabi-based polyolefins company Borouge.
Foreign ownership in Saudi stock market touches $70bn
Saudi Arabia's drive to lure more foreign investment into the kingdom's stock exchange paid off as foreign ownership touched $70...Increased market attractiveness propelled a 54 percent rise in the ownership of qualified foreign investors at the end of 2021 compared to a year earlier
The year also witnessed a higher frequency of listings on the bourse, with a total of 21 listings completed on the Kingdom’s main and parallel markets
Amazon reports rare quarterly loss
The company warns of continuing challenges in the months ahead.The e-commerce giant said it lost $3.8 billion in the first three months of the year, plunging into the red on a $7.6 billion loss in value of its stock in Rivian.
Sales in the recently ended quarter climbed to $116.4 billion, a seven percent increase from the same period a year earlier.
Musk offloads $4 billion in Tesla shares after Twitter deal
Tesla chief Elon Musk sold about $4 billion worth of shares in the electric carmaker in the days after Twitter's...Following these sales, Musk, the world's richest person, holds just over 168 million shares in Tesla, via a trust
Twitter's stock is trading at a significantly lower price than Musk's offer of $54.20 a share closing at $49.11 on Wall Street on Thursday
DFM Company posts Dh 27.5m net profit in Q1 2022
The Company’s total consolidated revenue has increased by 7 percent to AED 78.6 million in Q1 of 2022 compared to...The Company’s total consolidated revenue has increased by 7 percent to AED 78.6 million in Q1 of 2022 compared to AED 73.4 million during Q1 of 2021.
The revenues are comprised of AED 55.9 million of operating income and AED 22.7 million of investments returns and others
