QDB signs MoU with Global Ventures
The collaboration is expected to boost private sector in Qatar.
Business
AI the new obsession for venture capital investing
Stung by the struggles of cryptocurrency and other faded Silicon Valley fads of recent years, venture capitalists have quickly doubled...
Business
Boeing says MENA will need 3,000 new aircraft in 20 years
The MENA region will need some 3,000 new aircraft worth $700 billion in the next 20 years to cater to...
- The value of the Middle East’s commercial jet market including services over the next 20 years will be around $1.4 trillion
- The region’s single-aisle fleet of 660 is forecast to nearly triple to 1,750 jets over the next 20 years
Business
Etisalat Group and G42 partner to merge Khazna data centers
Etisalat Group and G42 have joined hands to merge their data centers, creating the UAE's largest data center provider. A...
- A total of 12 data centers will be combined in under the joint venture operating under Khazna Data Centres.
- G42 and Etisalat Group will each own 60 percent and 40 percent of Khazna Data Centres, respectively.
Business
Emirates Islamic net profit $218m
Higher non-funded income, reduction in the cost of risk push profits up.
- The total income rose 14 percent year on year and 43 percent on the same quarter in 2020 by higher non-funded income.
- The customer financing stood at AED 42.4 billion, an increae of 4 percent from 2020.
Business
Netflix subscribers numbers jump
Streaming giant's profit grew 16 percent to $7.5 billion
- Its profit grew 16 percent to $7.5 billion
- Streaming giant ended the quarter with 214 million subscribers.
Business
Google debuts new Pixel
Smartphone sales are dominated by Apple, Samsung
- Smartphone sales are dominated by Apple and Samsung
- Google touted the phones as completely "reimagined" during a presentation
Business
Emirates Integrated Telecommunications Company profit rises to AED283 million in Q3
According to financial results, mobile customer base reached 6.5 million. The postpaid segment remains resilient with net-adds of 13,000. The...
- The revenues have grown 6.9% to AED 2,874 million on sustained demand for broadband services
- EBITDA amounted to AED 1,100 million due to cost optimization which helped contain margin pressure
Business
Bahrain to open up ‘.bh’ domain name registry
A domain name is a name in English or Arabic letters chosen to be the address and the identity of...
- So far, mostly government entities have had permission to use this domain name
- Now, the TRA has launched a campaign to introduce the mechanisms for registering new websites with the .bh domain name
Business
UAE, Iraq agree to promote and protect investments
The agreement is part of the UAE’s endeavors to strengthen and activate means of economic and investment cooperation globally.
- The agreement aims to encourage foreign investment by improving the investment environment and enhancing economic cooperation
- It will also look to secure a balance between rights and obligations between investors and the host country
Business
UN report says global FDI rebounds to $852bn in H1
A United Nations report has depicted a positive picture of global foreign direct investment during the first half of 2021....
- Countries around the world recorded a total of $852 billion in FDI flows, showing a “rapid recovery” from the 2020 lows
- Developed economies recorded the biggest increase in new investments, with FDI reaching an estimated $424 billion in the first half of the year
Business
Gulf Islamic Investment of UAE to invest $500m in India
Gulf Islamic Investment of UAE will invest $500 million in India over the next three years as it takes steps...
- The shariah-compliant firm said its current investment plan is sector-agnostic and is now keen to partner with Indian start-ups and growth companies
- This follows its Indian investment debut in 2020 with India Growth Portfolio (IGP-I)
QDB signs MoU with Global Ventures
The collaboration is expected to boost private sector in Qatar.
Business
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Brazilian striker Firmino scores hat-trick on Saudi debut
Jeddah, Saudi Arabia--Brazilian forward and former Liverpool star Roberto Firmino hit a hat-trick on his Saudi Pro League debut on Friday...
Economy
Saudi League to be broadcast on Fox Sports in USA
The American network will launch the deal with broadcasts of two games on Monday featuring Ronaldo and Karim Benzema. Fox's...
Business
Kazakhstan keen to bolster joint investments with UAE: Razdykovich
The Kazakh minister said his country hopes to benefit from the UAE's experience in tourism and development sectors as he...
Economy
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Business
ADX profits vault to $11.70bn
It posted gains in one week on the back of company results.
- The value of stocks on the bourse increased to $781 billion at the end of Friday's session as against $770 billion at the close of last Friday
- Over the week, the equities market saw an inflow of liquidity exceeding $2.34 billion, split between $1.81bn in ADX and $539m in the DFM
Business
Stock markets drop over fears of more interest-rate hikes
In Asian stock market trading, Hong Kong extended the week's losses Friday, even as e-commerce titan Alibaba surged on a...
- Official data Thursday that showed US inflation rising less than expected in July failed to stop bets on the Federal Reserve raising borrowing costs
- Across the Atlantic, better-than-expected UK growth data Friday increased the likelihood of more BoE tightening, boosting the pound
Business
Air Arabia Q2 profit $125m
The company’s turnover during the second quarter was $380m.
- The profit increased by 187 percent compared to AED160 million ($43.56m) net profit reported for the same period last year.
- The company’s turnover for the same period increased by 25 percent, as the strong demand for air travel continued.