Bosch to cut 3,500 jobs
The company is reducing costs to safeguard competitiveness,
UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...
Business
Economy
MENA startups raise $1.2 bn in H1
A Dubai-based think-tank has said that as many as 254 start-ups, mostly from the UAE, Saudi Arabia, and Egypt, have...
- Dubai-based think-tank MAGNiTT said that as many as 254 start-ups, mostly from the UAE, Saudi Arabia and Egypt, have attracted record breaking funding this year
- Dubai SME offers funding options and support for including advisory and incubatory services to small and medium enterprises (SMEs), start-ups and established businesses
Business
Messi, Neymar’s club PSG to play in Riyadh Season Cup
PSG boasts a stellar line-up, with the likes of Lionel Messi, Neymar, Kylian Mbappé, and Sergio Ramos taking to the...
- The tournament will be played in January next year as part of the second edition of Riyadh Season
- The event, which celebrates the city, will be held from October 2021 to March 2022
Business
Cloud adoption picks up pace in GCC region
The strong demand for cloud computing in the Gulf region is driven by efforts of the member states to diversify...
- The UAE leads the region in terms of cloud computing adoption and annual spending.
- The MENA region will be worth around $5 billion to cloud suppliers by 2022.
Analysis
Gulf aviation sector maintains regional lead
Several airports in the region have announced plans to expand their airports to meet the expected growth in travel demand.
- Experts see up to 40 percent rise in premiums in the next two to three years.
- The total number of passengers traveling through DXB in the first five months of 2021 was around 9.9 million.
Business
Aramco bags one-year contract to market Guyana’s crude oil
Aramco has bagged a one-year contract from Guyana to market the crude oil produced in the South American country.
- Guyana became the world's newest energy hotspot when a consortium led by Exxon Mobil Corp began producing crude off the country's coast in late 2019
- It is now producing around 120,000 barrels per day
Business
Saudi Arabia to regulate foreign investment
Looking to protect many sectors of its economy from the competition that the foreign companies will present, Saudi Arabia has...
- Chaired by the investment minister, the new committee will also set the limit for foreign ownership in local companies
- The committee comes as more foreign entities take an interest in entering the Saudi market as part of the government’s push to modernize its economy
Business
Saudi developer taps BMG for $266m IPO on Nomu
Bunyan United Company, the Saudi Arabia-based real estate firm, has tapped BMG Financial Group as its advisor for its upcoming...
- The Jeddah-based developer has real estate projects in several industries, including entertainment, medicine, and hospitality
- Bunyan United Company, the Saudi Arabia-based real estate firm, has tapped BMG Financial Group as its advisor for its upcoming listing on Nomu, a parallel market in the Saudi stock
Business
Abu Dhabi to obtain material for giant solar project from Hitachi ABB
Abu Dhabi will obtain large generator step-up (GSU) transformers, protection and telecommunication systems for the Al Dhafra PV2 Solar project...
- Hitachi ABB to supply GSUs for giant Abu Dhabi solar PV plant
- The project is located about 35 km from Abu Dhabi city and will supply power to Emirates Water and Electricity Company
Business
Saudi Arabia awards $95.4m contract to manage Riyadh water services
Saudi Arabia has awarded a $95.4 million contract to a consortium to manage water services and environmental treatment in Riyadh.
- Contract awarded to Alkhorayef Group and France's Veolia
- Restructuring of Saudi water sector almost complete
Business
GCC witnesses 5.8 percent decline in mobile phone sales in second quarter
Due to supply shortages and high levels of inventory carried over from the first quarter, smartphone shipments to the GCC...
- IDC predicts a 9.4 percent decline in shipments QoQ for the GCC smartphone market in Q3.
- Smartphone shipments were down 5.1 percent and feature phone shipments fell 11.9 percent
Bosch to cut 3,500 jobs
The company is reducing costs to safeguard competitiveness,
Company News
Alba posts Q1 profit drop
Business
Latest News
Bank of Sharjah to boost capital
Business
Global outstanding sukuk cross $800bn for first time: Fitch Ratings
Sovereigns were the key issuers. Fitch said the pricing of most sukuk and comparable bonds continued to be similar and...
Business
GCC power and water projects benefit from lower risks, government support: Report
LONDON —Strategically important power and water projects controlled by GCC governments or government-related entities (GRE), are benefitting from the support...
Business
Most Read
Business
Arabian Drilling H1 profit up 36%
The company has approved a cash dividend of SAR225 million.
- In a Tadawul disclosure, the company said that is second-quarter net profit climbed 22.8 percent to SAR 140 million from SAR 114 million in Q2 2022.
- The increase was mainly due to the additional revenue from the two new offshore rigs (AD110 and AD120) that started in December 2022.
Business
Dubai leads as GCC real estate transactions soar in H1
Gulf real estate hit $90.7 billion in the first half of 2023, a 9.9% rise y-o-y, as Dubai led the...
- Gulf real estate hit $90.7 billion in the first half of 2023, a 9.9% rise y-o-y, as Dubai leads the market with a 57 percent increase, fueled by demand for luxury properties
- Residential prices in Dubai surge 11.7% in the Q2 of 2023, while Abu Dhabi's growth stays muted. Dubai's rents jump 32.6% y-o-y, while other markets see slight rise
Business
China’s restriction on exports of key metals comes in effect
China accounts for 94 percent of the world's production of gallium -- used in integrated circuits, LEDs and photovoltaic panels...
- From Tuesday, Chinese companies seeking to export gallium or germanium will need to obtain a license from the Chinese government.
- China, which seeks to become self-sufficient in semiconductor design, says those measures are aimed at maintaining US supremacy in the field.