GCC telecom firms turn to Europe, Asia for expansion
Wielding piles of cash and cutting-edge technology, many Arab telecom firms are scouting overseas markets to expand business beyond home...Business
Middle East air cargo volumes up 13.5% in November
Dubai, UAE - Middle Eastern carriers recorded a 13.5% year-on-year increase in cargo volumes, strongest performance in the world. In November...Business
Air Arabia Q3 net profit $56 million
The airline said it served over 1.9 million passengers from its five hubs.The company’s turnover for the said quarter increased by 174 percent to AED804 billion, compared to AED294 million in the corresponding period last year.
During the first nine months of the year, Air Arabia added 43 new routes to its global network from its hubs in the UAE, Morocco, and Egypt.
ADX, Bahrain Bourse partner to unlock joint opportunities
The parties agreed on a strategic plan to implement new measures over the next nine months to strengthen ties between...As part of the agreement, ADX and BHB have agreed to introduce a number of products and services including Exchange Traded Funds (ETFs)
As part of ADX’s strategy for growth announced at the beginning of the year, the exchange is forging partnerships with global exchanges
TAQA nine-month net income $1.17 bn
The total revenue is 11 percent higher than the same period last year.TAQA’s Board of Directors announced an interim cash dividend of AED618 million ($168.25 million).
The EBITDA was AED14.4 billion ($3.92 billion), an increase of 20 percent from last year.
Apple loses bid to stall apps bypassing pay system in Epic Games case
A judge rejected Apple's request to delay letting App Store offerings bypass its payment system as ordered by the court...Epic filed the lawsuit to break Apple's grip on the App Store, accusing the iPhone maker of operating a monopoly in its shop for digital goods or services.
The judge reasoned that Apple's policies not allowing app developers to steer users to payment platforms outside the App Store as being a factor in the "antitrust conduct."
ACWA Power loss in Q3 $5.8 million
The company said losses due to IPO-related issues and payments.The company's profit in the same quarter a year ago was SR541 million.
The net profit of the first nine months of this year also went down by half to SR434 million.
Elon Musk loses $50 billion as Tesla shares fall for third day
Elon Musk, the CEO of Tesla lost $50 billion in two days as shares of Tesla fell for the third...According to Bloomberg Billionaires Index, this is the biggest two-day fall in its history.
his drop in net worth of Elon Musk reduces the gap between him and Jeff Bezos, the second richest man of the world to $83 billion.
ADNOC Drilling 9M revenue $1.7 bn
This was the company's first quarterly disclosure since listing on ADX.The Company reported an EBITDA of $785 million and a net profit of $460 million for nine months of 2021.
The onshore revenue for the nine months was $847 million, up 10 percent compared to the same period last year.
EDB, NBF agree to provide credit guarantee and co-lending for SMEs in UAE
The Emirates Development Bank (EDB) has signed an MoU with the National Bank of Fujairah (NBF) to offer credit guarantees...NBF will offer up to AED10 million financing to an SME, and 50 percent of the facility amount will be either guaranteed or co-lent by EDB.
The program also aims to support UAE citizens in the startup journey by offering financing facilities of up to AED1 million.
Emirates narrows H1 losses to $1.6bn
The group’s net loss for the period was AED5.7 billion ($1.6 billion), substantially better than the AED14.1 billion ($3.8 billion)...Emirates pegged this recovery of sorts on the easing of travel restrictions worldwide as the Covid-19 pandemic abated
It also pointed to the corresponding rise in demand for air transport as countries advanced their vaccination programs
Israel startup pays virtual coin for trash collection
The scheme aims to encourage citizens to pick up trash in a country ranked among the world's leading litter producers.Israelis generate an average of 1.7 kilograms of waste per person per day
Comparatively, residents of European countries generate on an average 1.4 kilograms of waste every day
