Crypto crimes rise in GCC amid digital currency boom
The GCC is at a critical juncture, facing the dual challenge of embracing blockchain innovation while combating crypto crime, says...
Business
Capital One to buy Discover for US$35.3bn
Its shareholders will own 60% of the combined company.
Business
Business
Khalid Al Qubaisi new ADES CEO
Al Qubaisi served as a VP at Mubadala Investment Company.
- ADES, a TAQA subsidiary, is responsible for retrofitting government and commercial buildings.
- TAQA expects the appointment shows its ambition to become a champion for low carbon power.
Business
Dubai property transactions up 50 percent in Q2: Report
Increased international interest has been a key factor in driving residential transactions to near-record levels. Dubai’s handling of Covid-19 pandemic...
- Residential transaction volume totaled 14,426 units, a rise of 35.48 percent from Q1 2021.
- Palm Jumeirah saw the highest increase in villa rents, at 3.9 percent Q-o-Q.
Business
BinDawood’s net profit down 50 percent for Q2
Taking a direct hit from the Covid restrictions, BinDawood, the Saudi supermarket retailer, has reported a 50 percent dip in...
- The retail supermarket said net profit in the quarter ended June 30 was 95 million riyals ($25.33 million),
- The second quarter of last year "benefited enormously from pantry-buying in response to lockdowns"
Business
Damac Properties posts $27.5m net loss
Damac Properties, the Dubai-based developer, posted a net loss of $27.5 percent for the second quarter as compared to the...
- Lower quantum of revenue recognition and product mix impacted adversely
- The better performance of the company has been attributed to improvement in the property market
Business
Rumailah Farm signs deal
The company will supply dairy products to Address Beach Resort.
- Nestled in the scenic Hajar Mountains overlooking the Gulf of Oman, Address Beach Resort Fujairah officially opened its doors on Jul 15.
- Rumailah Farm currently operates two coffee shops on the UAE’s East Coast, in Fujairah City and Dibba.
Research
UAE, Bahrain lead MENA’s fintech sector boom
A total of 465 fintech companies in the region are expected to raise over $2 billion in venture-capital funding, compared...
- The fintech sector in the Middle East has been growing at a Compounded Annual Growth Rate (CAGR) of 30%
- Close to 47% of the fintech deals in 2019 were sealed in the UAE and nearly half of the fintech firms in the region are based in this Gulf country
Interview
Digitization key to Tamer Group’s success: Chairman
Tamer Group has achieved significant milestones in B2B to support digital fulfillment and enhance its services, chairman Ayman Tamer tells...
- Mumzworld Acquisition will help the Group improve the B2B services and extend the digital journey to include B2C, says Ayman Tamer
- As a Pearl Initiative partner, Tamer Group says it has adopted the best corporate governance and transparency standards
Business
Qatar urges manufacturers to use new logo on products
Qatar has instructed local producers and manufacturers must use the new Qatari Product logo on all their products. The country’s...
- Qatar’s Ministry of Commerce and Industry unveiled the new logo in December last year, after a competition for it
- The ministry has now urged local producers and manufacturers to stop using the old logo, after a six-month grace period
Business
200 telecom towers to come up in Saudi Arabia every year
Tawal, the Saudi ICT infrastructure company, is planning to erect about 200 new towers in the kingdom every year, to...
- At NEOM, Tawal has started the construction of 60 new sites that operate entirely on solar energy
- Tawal owns about 15,000 of Saudi's 35,000 telecoms tower
Business
Adidas sells Reebok to Authentic Brands Group in $2.5bn deal
Adidas in 2006 acquired Reebok — till then an independent entity with a history that can be traced back to...
- Reebok is the latest big brand under ABG, which already owns Arrow, Brooks Brothers, Forever 21, Sports Illustrated, and Van Heusen
- It also owns the likeness rights or estates to celebrities like Muhammad Ali, Elvis Presley, Shaquille O'Neal, and Marilyn Monroe
Crypto crimes rise in GCC amid digital currency boom
The GCC is at a critical juncture, facing the dual challenge of embracing blockchain innovation while combating crypto crime, says...
Business
Company News
ADB operations cross $20bn
Economy
Latest News
Coca-Cola profits surge
Business
Unilever profit jumps on asset sale
The firm's profit after tax rose 22 percent to $3.9 billion.
KNPC exports first shipment of 95 octane motor fuel to Europe
Kuwait City, Kuwait--The Kuwait National Petroleum Company (KNPC) has exported the first shipment of 95 octane motor fuel and low-sulfur...
Business
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Business
Abu Dhabi records 363% growth in FDI in the real estate sector during H1 2023
Abu Dhabi, UAE - The foreign direct investment (FDI) in the individual category within Abu Dhabi's real estate sector has...
- Saadiyat Island claimed the top spot with 34%, followed by Yas Island at 28%, Al Jurf at 12%, Al Reem Island at 11%, and Al Shamkha area at 8%
- Earlier in June, Fortinbras Enterprises, a New York-based firm, made a strategic investment in Peninsula Real Estate, an Abu Dhabi-based property investment company
Business
Flying taxis: Saudi Arabia stares at sustainable skies
NEOM, the Kingdom's futuristic city, hosts Volocopter's pioneering eVTOL aircraft test flights, marking a substantial stride towards sustainable, smart mobility.
- NEOM, the Kingdom's futuristic city, hosts Volocopter's pioneering eVTOL aircraft test flights, marking a substantial stride towards sustainable, smart mobility
- 'Taxi ports', air traffic systems, private sector participation, and new regulations are crucial to futuristic transportation to ensure safety and efficiency in mobility
Economy
Eurozone witnesses steepest downturn in eight months in July
The painful PMI data comes as the European Central Bank is eyeing a further rate hike this week in its...
- "The eurozone economy will likely move further into contraction territory in the months ahead, as the services sector keeps losing steam."
- The eurozone's struggles were fueled by steep downturns signaled by surveys from economic powerhouses France and Germany.