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...Business
Masdar, 3 firms sign agreement
They will establish e-methane supply chain from UAE-Japan.Company News Business
GM lifts 2022 profit forecast
The automaker now sees 2022 net profit of between $9.6 bn and $11.2 bn.Net income in the first quarter dipped three percent to $2.9 billion on an 11 percent jump in revenue to $36 billion.
GM's auto deliveries declined in all its operating regions in the wake of supply chain shortages, especially a crunch of semiconductors.
US calls for immediate end to Libya oil shutdowns
The US said Wednesday it was "deeply concerned" about an ongoing closure of key oil installations in Libya, calling for...The closure of several sites this month, including oilfields and export terminals, has seen Libya's output halve to around 600,000 barrels per day
Libya's reduced output also comes as global oil prices remain under pressure since Russia, an OPEC+ producer, invaded Ukraine in February
Saudi Arabia to purchase some 100,000 Lucid electric vehicles
Saudi Arabia has signed an agreement with Lucid Motors to purchase a minimum of 50,000 electric vehicles and up to...The Saudi sovereign wealth fund, also known as the PIF, owns a considerable stake in Lucid
The kingdom is setting up its first electric vehicle manufacturing plant in the country with Lucid
Ramadan brings $6bn windfall for MENA
The spending through the month of April has been widespread, including a broader increase in sales volume and a diversification...Saudi spending on travel, accommodation, and dining in restaurants rose by 37% in Ramadan 2022
Consumers in the MENA are predicted to spend US$ 6.2 bn online during Ramadan in 2022
Aldar Properties Q1 net profit $187m
The firm said its revenue grew 32 percent to 2.68 billion dirhams.Its quarterly sales were AED 2.2 billion, driven by inclusion of SODIC’s strong Q1 performance and continued momentum in Abu Dhabi’s real estate market.
It expanded strategic land bank for development with a 6.2 million square meter plot acquired on Saadiyat Island during the second quarter.
Can Twitter become more profitable under Elon Musk?
Listed on the New York Stock Exchange for just under nine years, Twitter has posted a net loss every year,...Musk is paying above $44 billion for the company, an amount dwarfed by Facebook's valuation of more than $500 billion.
Twitter's revenues are mainly derived from advertising rather than its user base, which isn't large enough to make up its finances.
Demolitions in Jeddah cause anguish in residents
The Saudi doctor still had 15 years left on the loan he used to build his family's "dream" home in...The operation was part of a $20-billion clearance and construction project that stands to displace half-a-million people in Saudi Arabia's second city
Paused for the Muslim holy month of Ramadan, the demolitions are expected to pick up again in May
Ajman Chamber certificates of origin rise by 29 percent in 2021
The total number of certificates of origin issued by the Ajman Chamber of Commerce and Industry (ACCI) during 2021 increased...The products of ships and boats ranked first in the exports from Ajman, while fish products came in the second rank.
Ajman's exports to the top 10 countries during 2021 constituted about 65 percent of the total value of exported goods.
MENA region saw $2.88bn startup investment in 2021: Report
The report also claimed that the value of early-stage deals for startups in the region doubled from 2020 to 2021.Startups based in the UAE attracted the highest value and number of investment deals in 2021
Saudi Arabia continued to hold the second position in value of deals, followed by Egypt and Jordan
Iconic GCC TOP CEO event in May
The event, along with the Arab Women Forum, will be held at Palazzo Versace, Dubai, on May 17 and 18,...Arab Women Forum, a platform to discuss achievements and share solutions for the women leaders of the region, is also making a comeback along with TOP CEO Conference and Awards
The TOP CEO awards are based on the rankings of all GCC-listed companies based on financial performance, size of a company, and corporate governance
