PIF’s diverse investments transform Saudi economy
From sports and gaming to pharmaceuticals and aviation, the Saudi Public Investment Fund's strategic initiatives are shaping a dynamic future...Business
Oil prices rise on Red Sea escalation, corporate earnings season
Crude prices spiked more than four percent before ebbing somewhat after the allies launched deadly strikes following weeks of disruptive...Business Economy Energy
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
Dubai Chamber identifies UAE-Indonesia trade opportunities
There appears to be plenty of scope for Indonesia to expand its cooperation with the UAE in the area of...The chamber, in a statement on its website, said the UAE was among the top 20 import-partner countries of Indonesia
However, Indonesia is not even among the top 30 export and import markets for the UAE
What are the most recent retail trends?
With the retail sector rebounding in the UAE, Cyrille Fabre, a partner and director with the Middle East arm of...Retailers are thriving in the areas of omnichannel and customer experience.
Unlike carbon-intensive industries, retail can easily achieve sustainability
DP World launches e-commerce site Dubuy in Kenya
Dubuy.com aims to provide Kenya a secure and reliable way for its businesses to grow.Dubuy.com, an e-commerce platform of DP World, has launched in Kenya
It has already seen over 500,000 website visits from African vendors since its launch in Rwanda six months ago
