Telegraph boss quits as UK investigates UAE-backed takeover
London, United Kingdom - The head of Britain's Telegraph Media Group has stepped down, the company announced on Friday, as the...Business
Cisco identifies major AI trends for 2024
DUBAI, UAE – Developments in Artificial intelligence (AI) have been impacting businesses, governments and economies across the world. Advancements in...Business Tech & Media
Three Saudi companies to offer nine million shares in IPO
Three Saudi private companies will go public, offering around nine million shares in IPOs, according to the Saudi Exchange market...Among them was the Riyadh-based Advanced International Company, specializing in providing technical and security solutions
Alwasail Industrial Co., also offered 2.5 million shares
Russia wins latest round of $50bn Yukos case
The Dutch supreme court on Friday scrapped an order for Russia to pay a record $50 billion to former shareholders in dismantled...Judges shunted the case back to a lower court for more hearings as the battle continues over Yukos
Russia hailed Friday's decision, but the ex-shareholders said they were "confident" they would eventually win their fight over the original 2014 arbitration award
UAE stocks lead higher, mixed show by Saudi index
TASI fluctuated during the week, owing to a rise in Aramco shares. The energy giant's net income grew to $30.4...Seven sectors on the Abu Dhabi Stock Exchange gained during the week, led by telecommunications that rose 1.16 percent.
Aramco’s market capitalization has increased by more than 8 percent this year to just over $2 trillion.
Shortages hit French and German industrial output
Industrial output fell in September in both France and Germany as delays in receiving materials hampered production, data released Friday...In Germany, where manufacturing for export is the linchpin of the economy, industrial production fell by 1.1 percent in September from August
The September drop confounded some analysts who had been expecting a gain and on an annual basis output is now down 1.0 percent from last year
Chip crunch forces Honda to downgrade profit forecast
Japanese car giant Honda revised its annual profit forecast downwards on Friday, warning it sees no immediate end to the...The announcement came as the firm logged a drop in net profit in the July-September quarter
The results were announced a day after rival Toyota upgraded its annual profit forecast despite being forced to cut production by the global shortage of semiconductors
Saudi bank inks $100m deal
The agreements are aimed at bolstering Saudi exports.The Saudi Export-Import Bank has signed reinsurance agreements worth over $101 million (about SAR 380 million)
It signed the deals with the Arab Investment and Export Credit Guarantee Corporation or Dhaman
ECI and Indonesia Re sign agreement to boost exports and investments
Etihad Credit Insurance and Indonesia Re, the state-owned reinsurance agency of Indonesia, have signed an MoU to boost bilateral exports...The two organizations will support strategic economic sectors such as steel and aluminum, ceramics, renewable energy.
They have also agreed to explore recoveries of claims to be collected in Indonesia or the UAE.
Abu Dhabi Crown Prince, King of Netherlands discuss regional, global issues
Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and King Willem-Alexander of the Netherlands have discussed friendship...The parties tackled several regional and international issues of mutual interest and exchanged views in this regard.
Two days ago, 50 Dutch companies arrived in the UAE on a trade mission.
Helal Al Marri appointed chairman of Dubai Financial Market
Helal Saeed Al Marri has been named as the new chairman of the Dubai Financial Market by the Committee for...Appointment of new DFM board of directors announced by Deputy Ruler of Dubai Sheikh Maktoum bin Mohammed.
Al Maktoum thanked outgoing Essa Kazim for his efforts to manage the DFM since its inception 20 years ago.
Dubai Investments net profit $123m
The firm will focus on the real estate market, its CEO said.Total Income also increased to AED 2.6 billion from AED 1.9 billion for the first nine months of the year.
The Group recently announced its new venture in the emirate of Ras Al Khaimah.
