MENA ups cybersecurity ante to combat GenAI risks
With GenAI emerging as a new frontier for cyber threats, and stricter data privacy laws coming into effect, organizations are...
Business
Business
Aramex creates two business arms
Company also creates regional structures, each headed by a VP.
- While Aramex Express will handle the business-to-consumer (B2C) operations, the Aramex Logistics will serve the business-to-business (B2B) segment.
- Each region in new structure will be led by a regional vice-president.
Demand for food in GCC to shoot up by 2025
Demand for food in the Gulf Cooperation Council (GCC) will reach 52.4 million metric tons (MT) by 2025, up from...
- The UAE and Saudi Arabia account for 75 percent of the GCC’s food consumption and demand for specific sectors is growing
- GCC governments have also been investing across international farmlands in Ethiopia, Madagascar, Mali, Serbia, Sudan, Zambia, Tanzania to establish strong trade relations and incre
ADQ to list Abu Dhabi Ports on ADX
ADQ, one of the largest holding companies, has announced its plan to list Abu Dhabi Ports Company on the Abu...
- The listing on the ADX is expected to comprise a sale of a portion of existing shares to investors in the UAE
- For the year ended 31 December 2020, Abu Dhabi Ports reported revenues of AED 3.4 billion, a growth of AED 0.7 billion (c. 24%) compared to 2019 despite the COVID-19 impact
Economy
Asian markets lifted by recovery hope, Tokyo breaks 30,000
While the mood is generally upbeat, analysts remain cautious owing to the constant threat of the pandemic.
- Shanghai, Sydney, Singapore, Wellington, Manila, Mumbai and Bangkok post gains; Seoul, Taipei and Jakarta the only stragglers.
- Tokyo continued its march higher on stimulus hopes, while a reshuffle of the Nikkei 225 also provided healthy support.
Bahrain now ranks among top 20 in foreign investment
Bahrain has attracted three times the amount of greenfield FDI that might be expected given the size of its economy,...
- The Financial Times Group publication has ranked Bahrain second in the Gulf and third in the Middle East and North Africa
- Bahrain obtained 3.23 points, which reflects the relatively large contribution of foreign investments to the economy, the report says.
Business
Aramco Q2 net income $25.5 billion, up by 288 percent
The results driven by higher oil prices and a recovery in worldwide demand, supported by the global easing of COVID-19...
- H1 net income $47.2 billion, representing a 103 percent increase over the same period in 2020.
- The Q1 dividend of $18.8 billion was paid in the second quarter and Q2 dividend of the same amount will be paid in the third quarter.
Business
GIG completes acquisition of AXA
The rebranding of AXA to GIG will happen in the next few months.
- At $474.75 million, the deal is the largest insurance acquisition in the region.
- The transaction expands GIG’s insurance business portfolio, bringing the Group into two new markets in Oman and Qatar.
Business
Dubai property sales hit four-year high in August
The figures indicate that the property market, particularly the residential market, is recovering after hitting a low at the start...
- A total of 37,537 sales transactions worth 88.12 billion dirhams were made by August end, which is 22.61 percent higher than the value of deals made in 2020.
- The entire year of 2020 had 35,401 sales transactions worth 71.87 billion dirhams.
Investigation
MENA firms: The public-private games go on
Two key Dubai firms — Dubai parks operator DXB Entertainments and Dubai ports operator DP World — have de-listed from...
- Companies in MENA region, once enticed by the prospect of growth, looked to be listed on global exchanges
- However, mandates like following transparency norms are putting them off even further
Business
Adnoc Drilling to offer 7.5% stake in IPO
Adnoc Drilling is the largest national drilling company in the Middle East by rig fleet size.
- Adnoc retains the right to increase the size of the offering at any time before pricing of the IPO
- It will continue to own a majority of Adnoc Drilling’s share capital after the IPO
MENA ups cybersecurity ante to combat GenAI risks
With GenAI emerging as a new frontier for cyber threats, and stricter data privacy laws coming into effect, organizations are...
Business
Company News
HSBC posts bumper profits
Business
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QOIC reports 38% profit in Q1
Business
In Asia expansion push, Masdar to develop 2GW clean energy in Malaysia
Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) and Citaglobal Berhad have signed a memorandum of understanding (MoU) for developing...
Economy
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Arts & Culture
Egypt energy-saving measures evoke satirical reaction among citizens
Sweltering without air conditioning during the day and plunged into darkness at night, many Egyptians have responded with anger and...
- After 11 days of daily blackouts, Prime Minister Mostafa Madbouli ordered civil servants to work from home once a week.
- He announced scheduled power outages at least through August, and proposed other solutions to Egypt's energy crisis.
Geostrategy
UAE finance ministry unveils new corporate taxation rules
ABU DHABI, UAE - The UAE Ministry of Finance (MoF) on Saturday announced administrative penalties for violations related to the...
- The penalties will be imposed on Taxable Persons, whether an individual or a legal entity, who do not comply with their obligations.
- Penalties also apply in cases of failing to properly keep records or submitting the required records and other information specified in the Tax Law.
Business
Seventh Al Dhaid Date Festival witnesses huge turnout
SHARJAH, UAE – The seventh edition of Al Dhaid Date Festival continues to captivate participants and visitors alike, in a...
- The event has been organized by the Sharjah Chamber of Commerce and Industry and is hosted at Expo Al Dhaid.
- The date festival has also attracted various official delegations and representatives from government institutions.