European stocks firm as markets await US inflation data
London, United Kingdom - Europe's main stock markets steadied Friday as traders reacted to more earnings updates from top companies, while...
Business
Business
Finfluencers turn to TikTok to peddle investment advice
Across the globe, investment gurus in their 20s are building huge followings on social media.
- Fintok and Stocktok finfluencers have made their influence on TikTok
- Reels and videos made on stocks and finance education getting viral on this world of entertainment
Business
Toyota lifts annual profit forecast despite production cuts
The world's top-selling automaker has recovered quicker than its competitors from some of the impact from Covid.
- The world's top-selling automaker has recovered quicker than its competitors from some of the impact from Covid
- The global shortage of microchips -- essential components of modern cars -- has forced many automakers to slow or temporarily halt production
Business
Egypt’s Breadfast to expand to Middle East, gets $26M backing
The investors include lead investors Vostok New Ventures and Endure Capital and participating investors JAM Fund (led by Tinder co-founder...
- The investment is coming two years after Breadfast raised a $2 million
- In total, the company has secured more than $30 million
Business
Dubai’s Wednesday realty transactions worth AED1.1 bn
The sales covered 314 villas and apartments worth AED645.92 million, and 29 land plots worth AED216.81 million.
- The sales covered 314 villas and apartments worth AED645.92 million, and 29 land plots worth AED216.81 million
- The mortgages included 52 villas and apartments worth AED123.74 million and 10 land plots valued at AED45.14 million
Business
Nayifat sets IPO offer price
The IPO kicks off on November 7 and ends on November 8.
- The listing would result in a market capitalization of SAR 3,400 million (USD 907 million)
- The book-building process generated an order book of SAR 162 billion that was 136x oversubscribed
Business
UAE provides $10m in aid to Turkey
The United Arab Emirates has announced the provision of $10 million to contribute to the reconstruction of some Turkish regions...
- the UAE expressed its solidarity with the Turkish people in these exceptional circumstances
- The move follows the directives of Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi
Business
Herfy Foods appoints new CEO
Saudi Arabia’s Herfy Food Services Company (Herfy Foods) has appointed Sam Bader as CEO, after he served as acting CEO.
- “The board of directors of Herfy Food Services Co extends its appreciate and gratitude for the efforts made by Mr Sam Bader during his term of acting CEO"
- The company said Bader had started his career with BK USA, then worked for McDonald’s International USA
Business
DCT Abu Dhabi, Hub71 partner to advance tourism, culture through startups
Hub71, Abu Dhabi’s global tech ecosystem, and the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) will...
- DCT Abu Dhabi will fund the Proof Of Concepts (POCs) of the startups identified for future work.
- Hub71 will provide DCT Abu Dhabi with access to a broad pipeline of startups, regionally and globally.
Business
Al Seer Marine net profit $666m
The net profit for the first nine months of 2020 was AED 25.40m.
- The increase in net profit was driven by a rise in income from investments and recent acquisitions.
- The company has acquired Very Large Gas Carriers for transport of LPG through its partnership with BGN International.
Arts & Culture
Turkey: ‘Eternal’ wine revives Assyrian culture
Only 3,000 or so Assyrians still live in the wider Mardin province, which is part of the historical Mesopotamia region...
- Only 3,000 Assyrians still live in the wider Mardin province, which is part of the historical Mesopotamia region where some archaeologists believe wine was invented 2,700 years ago
- Subjected to discrimination most of the Assyrians have either relocated to Istanbul or emigrated to the West, reducing their number from 700,000 to 15,000 across Turkey today
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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
European stocks firm as markets await US inflation data
London, United Kingdom - Europe's main stock markets steadied Friday as traders reacted to more earnings updates from top companies, while...
Business
Company News
Latest News
CEPA signed with UAE is a special achievement: Indian minister
New Delhi, India--The Comprehensive Economic Partnership Agreement (CEPA) signed with the UAE and operationalized last year is a “special achievement...
Economy
‘Barbie’ set to screen in UAE theaters on August 10
Dubai, UAE - The highly anticipated 'Barbie' movie is all set to grace the big screens in the UAE on...
Business
Bahrain pledges to protect consumer rights in e-commerce sector
Manama, Bahrain-- Looking to develop the e-commerce sector in the kingdom, Bahrain's Ministry of Industry and Commerce has published a...
Business
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Business
ADNOC Distribution profit rises 2%
The Company’s non-fuel retail business rose by over 12%.
- The company's growth in total fuel volumes in the UAE and Saudi Arabia, witnessed a 9% rise in H1 2023 compared to H1 2022
- The Company’s non-fuel retail business rose by more than 12% year-on-year primarily driven by a 14% increase in transactions
Business
Investor confidence fuels UAE’s real estate boom in Q2
Dubai's off-plan sales rose 38% in value, while Abu Dhabi's doubled to $1 billion, as the market saw the addition...
- Dubai's off-plan sales rose 38% in value, while Abu Dhabi's doubled to $1 billion, as the market saw the addition of 7,300 new units in the former and 1,000 in the latter
- Strong demand in Dubai and Abu Dhabi's office space market led to an 18% rent increase in Dubai and 11% in Abu Dhabi, says a report by Dubai Pulse digital platform
Business
Dubai Investments net rises to $157m
Real estate sector remains one of the key business verticals.
- Total income for the Group increased by 31 percent from US$422 million (AED 1.55 billion) in H1 2022 to US$552 million (AED 2.03 billion) during H1 2023.
- Total shareholder equity increased to US$3.5 billon as of June 30 2023, compared to US$3.5 billion (AED12.84 billion) as of year ended December 31 2022.