61 contracts worth $7billion signed at World Defense Show in Riyadh
Riyadh, Saudi Arabia - About 61 purchase contracts totaling approximately SR26 billion ($6.93 billion) were signed at the second World...
Business
Business
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.
Business
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.
Business
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.
Business
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.
Business
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
Business
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
Business
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
Interview
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
Business
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
Business
Dubai’s Mashreqbank hit with $100m fine in US
The fine was one of several actions by US regulators requiring the bank to fix lapses in its processes to...
- The fine was one of several actions by US regulators requiring the bank to fix lapses in its processes to ensure its overseas branches comply with US sanctions
- The breaches involved the bank's London office handling payments through the US financial system without making clear they were going to a Sudanese entity
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
Alcoa, EGA ink supply pact
Business
Latest News
Dubai Chamber of Commerce reports 43% increase in member firms
Dubai, UAE - The Dubai Chamber of Commerce reported a 43 percent increase in new member companies, reaching a total...
Business
Baguettes fall victim to Tunisia’s economic woes
Around 200 Tunisian bakers stage a sit-in after a government decision to stop selling them subsidized flour, a move threatening...
Business
Most Read
Business
Saudi Arabia, Argentina sign geological cooperation and investment deal
Jeddah, Saudi Arabia -- The Saudi Geological Survey (SGS) and the Argentine Mining Geological Service (SEGEMAR) have signed a Memorandum...
- The MoU aims to enhance cooperation in geological exploration, evaluation of mineral resources, and geophysical exploration of mineral resources and groundwater.
- The agreements were reached during the Saudi delegation's visit to Latin American countries, as part of efforts to strengthen international cooperation and investment.
Opinion
FMCG sector drives global economic growth, innovation
"The growth of the FMCG industry is closely tied to population growth, urbanization, and rising disposable incomes. The sector is...
- The FMCG sector is a primary source of employment, providing opportunities across the supply chain
- The industry has strong linkages with ancillary sectors like packaging, advertising, logistics, and transportation
Business
Toshiba readies deal to go private
The 14bn deal comes after years of turmoil for the company.
- The Japan Industrial Partners-led consortium taking control in the nearly two trillion yen deal includes 17 Japanese firms and six Japanese banks.
- In March, Toshiba said the tender offer will be called off if the consortium fails to buy at least 66.7 percent of the outstanding shares.