stc Group inks several pacts
The pacts were signed at the PIF’s Private Sector Forum.Company News Business Economy
Ukraine’s key IT sector booming despite Russian invasion
Ukraine's IT sector is booming despite the Russian invasion. Workers with stickers on their laptops recline on beach chairs outside...companies transferred servers to secure locations and established back-up systems outside the country before Russia invaded on February 24
When Russian bombing started, IT companies shut offices in the capital Kyiv and eastern city of Kharkiv
DP World owns 28% of the market in India’s ports sector
In Chennai and Hyderabad, DP World is the only operator with a presence in three major Indian ports.In Chennai and Hyderabad, DP World is the only operator with a presence in three major Indian ports
DP World is a leading company in managing container ports in India and has invested nearly US$500 million in a joint venture with the NIIF
Musk sends mixed messages on Twitter deal, pressuring shares
Elon Musk sent mixed messages Friday about his proposed Twitter acquisition, pressuring shares of the microblogging platform amid skepticism on...Chief Executive Parag Agrawal took to the platform to explain moves earlier this week to shake up company leadership and freeze most hiring
"While I expect the deal to close, we need to be prepared for all scenarios and always do what’s right for Twitter," Agrawal said
Metaverse: Opportunities vs challenges
New business models must be developed to take advantage of the metaverse's technology, says Fadi Kassatly, Partner, Enterprise Systems and...By 2026, about 25 percent of internet users would spend at least an hour a day in the metaverse and 30 percent of organizations would use it to distribute their products.
Because of the metaverse, companies can now imagine new stakeholder engagements that include interactions and create value faster, realistically and with more significant impact.
Bonfire of bitcoin: Why crypto assets are tumbling
The lightning uptake of crypto assets like bitcoin had swelled a volatile sector to a valuation of roughly two trillion...Fears about rampant inflation and the abrupt ending of the era of cheap money have sent cryptocurrencies careering down a cliff edge, says an expert.
Bitcoin's price at one stage plummeted to $25,500 -- less than half of its record price in November last year and the lowest valuation since it exploded at the end of 2020.
DEWA posts AED691m profit
It posted 15% jump in revenue for Q1 to AED5.068 billion.Rise in hospitality and commercial activities in Dubai, in part due to the easing of Covid-related restrictions worldwide, has contributed to the robust demand growth
DEWA currently provides its services to 3.5 million Dubai residents and the Emirate's active daytime population of over 4.7 million
Lebanese activists launch ‘lollar’ currency
Lebanese activists Friday rolled out mock banknotes featuring paintings of a gutted central bank or the Beirut port explosion to...The collapse of the Lebanese pound and frozen bank accounts have left Lebanon with a confusing currency system
The dollars stuck in accounts that citizens can only withdraw in Lebanese pounds at a fraction of their original value are known locally as "lollars"
AD Ports Q1 revenue up 15 percent
Net profit was up 41 percent year-on-year to AED306 million.Total assets and total equity reached AED34.085 billion and AED17.770 billion, respectively, at the end of Q1 2022.
Adjusted EBITDA for the period increased by 34 percent year-on-year to AED524 million.
Elon Musk puts his bid to buy Twitter ‘on hold’
Elon Musk said he is putting his bid to buy Twitter on hold, a few weeks after agreeing to take...The sharp rise in the price of Tesla shares before the opening bell Friday singled rising doubts that the acquisition of Twitter will take place
Money from the new investors cuts the amount borrowed on the value of Tesla stock to $6.25 billion, according to the filing
Emirates posts $1.1 billion annual loss despite $954million capital injection
Losses came in at 3.9 billion dirhams ($1.1 billion) in the 2021-2022 financial year to March, with revenues up 91...The carrier said it received a capital injection of $954 million from its owner, the government of Dubai, to help it survive the crisis.
Over the fiscal year, Emirates carried 19.6 million passengers, up by 197 percent from the same period the previous year.
