Rudolph Lohmeyer: The Gulf is redefining the global future, not just adapting to it
The Middle East must counter global economic divergence by enhancing regional financial integration to drive collective growth, Rudolph Lohmeyer tells...Business Economy
Alpha Dhabi acquires interest in NCTH
The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.Company News Business
Counterfeit products cost Europe $13 billion, 200,000 jobs a year
Paris, France - Counterfeit products -- mainly clothes -- cost the European economy 16 billion euros a year and result in...The findings, based on data from 2018 to 2021, show that fakes take the biggest toll on the clothing sector, costing 12 billion euros ($13.1 billion) annually
The bulk of the counterfeiting occurred in just five EU members, with Germany, France, Italy, Spain and Austria accounting for half the yearly losses
Markets drop as Middle East tensions rise, rates cut delayed
While inflation is on a general downward path, there is a worry that it could pop back up anytime, particularly...Equities soared at the end of 2023 as falling inflation saw the Fed indicate that it was preparing to reverse more than a year of hikes to US interest rates
However, January has seen the wind come out of the sails with Fed officials saying they were keen to keep rates elevated for some time
Goldman Sachs profits up 58%
Revenues rose seven percent to $11.3 billion.In the fourth quarter, Goldman Sachs' revenues from equity trading surged 26 percent, while the bank's own holdings in public equities also enjoyed a hefty increase.
Rival financial heavyweight Morgan Stanley reported a 35 percent drop in profits to $1.4 billion on a one percent rise in revenues to $12.9 billion.
Sales of $10m-plus homes in Dubai grow by record 92% in 2023
Dubai, UAE -- The total number of US$10 million plus home sales in Dubai grew by 92.4 percent to 431...The total value of sales above this price point grew by 91 percent last year to US$7.6 billion, 28 percent of which was achieved in Q4 alone.
The Palm Jumeirah remains at the epicenter for luxury home sales in Dubai, according to Knight Frank.
Al Arabia subsidiary wins Dubai contract
The contract was awarded by Dubai Roads and Transport Authority.The contract is valued at AED 522.84 million ($142.34 million). Its duration is 10 years and five months, including a preparation period of up to 31 days.
The billboards include 85 digital billboards and 209 static billboards of different types and sizes, with the ability to transform the static billboards into digital billboards.
CBI 2023 net profit at $46.5m
The 2023 annual net profit rose 14 percent from 2022.The customer deposits increased from US$3.3 billion in 2022 to US$3.4 billion in 2023.
The capital adequacy ratio increased from 14.4 percent in 2022 to 15.2 percent in 2023.
DEWA extends fibre-optic ducts across Dubai by 364 kms in 2023
Dubai, UAE--The Dubai Electricity and Water Authority (DEWA) has laid over 364 kilometres of fibre optic (FO) ducts across different...With the laying of new ducts, the total length has increased to 3,998 kilometres, a 10% increase compared to 2022
The installation has boosted infrastructure and smart grid, ensuring the availability of round-the-clock services
Iran wants trade with Saudi Arabia to be highest in region: Ambassador
Riyadh, Saudi Arabia - Iran wants to elevate the levels of trade and investment exchanges with Saudi Arabia to the...The remarks assume significance in light of the absence of trade exchanges between the two countries, despite the significant scale of their foreign trade
In 2022, Saudi Arabia's foreign trade reached approximately $601.1 billion, while Iran's trade volume amounted to about $132.6 billion
China looks to woo back global elites at Davos forum
Prime Minister Li Qiang, who will make a special address on Tuesday, will be the most senior Chinese official to...The Prime Minister will hold talks with EU chief Ursula von der Leyen
Li and Zelensky will be among 60 heads of state and government attending Davos
Microsoft becomes world’s largest company
The tech giant's market value has surged by over $1 trillion.The company, which along with Nvidia and Amazon placed a significant emphasis on AI, has experienced huge market surges over the past year
Microsoft's, according to LSEG data, market cap stood at $2.887 trillion, its highest ever, while Apple's market cap was $2.875 trillion
