Google to invest US$1bn in UK data centre
It will meet growing demand for internet services in the region.Business
Crypto market sees drop in scams, stolen funds
The cryptocurrency sector recorded a promising recovery in 2023, with a significant decline in crypto scams and stolen funds revenue,...Business
Mashreq Bank of UAE reports 25% drop in net profit to $72m
Mashreq Bank, the UAE lender, has seen its net profit drop off by a quarter in the first nine months...Total net profit for the period ending September 30, 2021 reached 265 million dirhams ($72.14 million), down by 24.7 percent from 352 million dirhams a year earlier
Quarterly net profit stood at 180 million dirhams ($49 million), down by 1.6 percent from 183 million dirhams in the same period last year
CBRE study depicts upbeat future for Saudi hotel industry
With the Covid infection tapering off in Saudi Arabia, there has been a reasonable increase in hotel occupancy rates in...The average daily rate (ADR) at hotels across the Middle Estate jumped 9.9 percent in the first nine months of the year
The growth has been fueled by higher levels of tourism activity in major destinations like Jeddah, Khobar and Riyadh
ADNOC Distribution’s Q3 profit is $144m
The profit is 21 percent lower than Q3 2020 due to a lower fuel margin.The company's net profit for the first nine months of 2021 was AED 1.7 billion, six percent higher compared to the corresponding period in 2020.
ADNOC Distribution said it plans to open 40-45 new stations in Saudi Arabia in 2021 as part of its expansion plans for the UAE and the kingdom.
Standard Chartered starts sustainable account in UAE, Aldar first to open it
Abu Dhabi-based developer Aldar Properties became the first corporate in the UAE to open a sustainable bank account started by...Deposits in the accounts are used to fund sustainable projects.
The bank has said the surplus cash will be used in addressing the climate crisis and financial exclusion.
DFM picks new CEO
The Dubai Financial Market (DFM) has hand-picked Hamed Ahmed Ali as the new Chief Executive Officer (CEO) in the wake...The newly formed board of directors approved the appointment as part of efforts to “empower new leaders”
Ali was previously appointed Deputy CEO and Chief Markets Officer of DFM in July 2020
National Bonds ups stake in Taleem
Taleem Holdings is one of the largest education providers in the Middle East.National Bonds increased the stake in Taaleem, a company with paid-up capital of AED 750 million, from 19.6 percent to 23 percent.
By end of Q3 2021, National Bond's investment portfolio has grown by more than 32 percent to surpass AED 10 billion ($2.72 billion).
ADNIC nine-month profit at $90m
Its profit in the first nine months last year was $77 million.ADNIC’s overall premium retention ratio reached 33.5 percent for the nine months of 2021
This was in comparison with 32.7 percent for the same period last year
Toshiba to split business
New units to focus on infrastructure, devices, semiconductor memoryThe Nikkei business daily said the three units would focus on infrastructure, devices and semiconductor memory
The Nikkei noted that splitting up conglomerates had been a successful strategy for some firms in the United States, including Hewlett-Packard
39% of Sub-Saharan Africa firms lack anti-bribery controls: survey
The report surveyed risk and compliance professionals and business leaders across 47 countries in SSA.The report surveyed risk and compliance professionals and business leaders across 47 countries in SSA
More than 23 percent of the organisations have fallen victim to bribery and corruption over the past five years
Where do Arab countries stand on fintech?
Financial technology, or fintech, automates and improves the delivery of financial services.Making technology an essential subject in educational curricula in schools is important to advance fintech in Arab countries
Arab Bank and the National Bank of Kuwait have the best technologies in fintech and online banking
