Reliance, Disney announce giant India media merger
The statement said Disney will hold 36.8 percent, Reliance will hold a 16.3 percent stake, and Viacom18 another 46.8 percent....
Business
Nissan plans self-driving taxi service in Japan
It has been testing self-driving mobility services since 2017.
Business
Business
Zoomcar enters Egypt market
Zoomcar targets 5,000 cars in Egypt by March 2022.
- Zoomcar to launch their functioning in Egypt
- The target of Zoomcar is to have 20,000 cars in market by 2022 end
Business
Tasi, the Tadawul All Share Index, vaults 0.4% to go past 11,800
The Tadawul All Share Index, TASI, vaulted 0.4 percent to surge past the 11,800 point level in early trade today.
- Al Rajhi Bank rose more than 1 percent
- Etihad Etisalat (Mobily) gained 2 percent to SR30.85
Economy
Deficit to surplus: GCC economies on growth track
The combined current account balance of oil exporters in the GCC region is likely to shift from a deficit of...
- UAE economy is expected to grow by 2.2 percent in 2021 and by 4.9 percent in 2022, supported by tourism, oil prices recovery and Expo 2020 activities.
- Saudi Arabia's real GDP growth fell 4.1 in 2020 and is expected to increase to 1.9 percent this year and 4.8 percent in 2022.
Business
Fintech Galaxy raises $2m in seed funding
The funds will be used to develop and rollout Open Finance platform.
- The seed round was led by Jordan’s Ahli Fintech and joined by Raz Holding Group, OMQ Investments.
- The Open Finance platform aims to redesign financial services with an open API infrastructure.
Business
Mobily signs recycling deal
Mobily will recycle old and discarded Ericsson devices.
- Mobily is now expected to join the Ericsson Product Take-Back Program to recycle discarded electronic devices
- The program is responsible for the disposal and recycling of electrical equipment at the end-of-life stage
Business
Marjan lands $272m RAK project
Dubai Investments and Marjan have tied up for the project.
- The project’s design is reportedly set to offer a private enclave with waterfront views
- It is targeted at social gatherings, family unions, business meetings, or personal relaxation
Business
UAE makes up 88% of GCC investment in Sub-Sahara Africa
Over 3,000 government officials, business leaders and industry experts representing 91 countries took part in the 6th Global Business Forum...
- Fintech, healthcare, agriculture, e-commerce were identified in the report as high-potential sectors
- Around 90 percent of surveyed executives said they expect fintech to see the most growth in 2022
Business
Saudi Arabia, UK discuss education cooperation
The two countries discussed ways of enhancing educational, academic, and research cooperation.
- Saudi Arabia and the UK talked about sharing the best practices and expertise in education
- The meeting also addressed their efforts in fields of cooperation in public education, developing curricula, and the courses system for secondary education
Business
Start-ups at in5 secure investments worth AED1.4 billion
More than 150 new companies joined in5 since 2020, bringing the grand total of start-ups supported by the incubator to...
- Start-ups that successfully secured significant investments include buy-now-pay-later start-up tabby
- Sunglasses e-commerce company Eyewa, has secured AED 77 million in total funding
Interview
Saudi realty players bet big on an auction site
Property owners list their property on Mazad Aqari and the platform does the rest in terms of evaluating the property,...
- Property owners can list their property on Mazad Aqari and the platform will do the rest in terms of evaluating the property, marketing, sales, and closing the deal
- Saudi Arabia's real estate sector, according to Statista, is expected to reach US$150 billion by 2026 at a CAGR of 12 percent
Reliance, Disney announce giant India media merger
The statement said Disney will hold 36.8 percent, Reliance will hold a 16.3 percent stake, and Viacom18 another 46.8 percent....
Business
Company News
Latest News
Dubai records 2.6bn in weekly real estate transactions
Dubai, UAE - A total of 3,103 real estate and properties transactions valued at approximately $2.64 billion in total were...
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...
Business
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Business
IEA predicts record oil demand of 2.2m barrel a day in 2023
PARIS, FRANCE - The International Energy Agency said Friday it had revised upwards its forecast for global oil demand growth in...
- World oil demand already hit a record 103 million barrels per day in June and August and "could see yet another peak", IEA said.
- "For 2023 as a whole, global oil demand is set to expand by 2.2 million barrels per day to 102.2 million barrels per day," it said.
Business
DEWA Q2 revenue $2bn
Consolidated revenue of DEWA rose 4.1 percent in Q2.
- For the first half of 2023 (H1 2023), DEWA’s consolidated revenue was AED 12.7 billion ($3.46bn) and net profit was AED 2.7 billion ($740m).
- By the end of H1 2023, the Company’s net cash from operating activities increased by a record AED 837 million (227.88m) to AED 5.4 billion ($1.47bn).
Business
Al Hammadi H1 2023 net profit $43.5m
In Q2 2023, net profit jumped 25.7% to $21.8 million.
- The growth was spurred by revenues, which grew by 7.96 percent year-on-year (YoY) to US$153 million.
- This was driven by higher revenues reported by Al Hammadi’s medical services and pharmaceutical segments.