Gold holds near two-week high on tempered Fed rate hike expectations
Dubai, UAE -- Gold was steady near a two-week high on Monday after a ‌softer-than-expected US jobs report last week...
Business
Business
Aldar Properties awards contracts worth US$2.8bn
ABU DHABI, UAE - Aldar Properties has announced the awarding of 49 contracts, totaling US$5.9 billion (AED22 billion), for a...
- The contracts are being recirculated to the local economy, in line with the National In-Country Value (ICV) program.
- The ICV program is crucial to economic and social development, job creation, and the growth of the national GDP.
Business
DEWA 2023 net profit $2.15bn
The system demand for power surged to 56.5 TWh in 2023.
- The fourth quarter revenue was AED 7.1 billion and net profit AED 1.8 billion. The full-year audited results are expected to be released in the first week of March 2024.
- DEWA’s annual consolidated revenue increased by 7 percent, mainly driven by an increase in demand for electricity, water and cooling services.
Disney profit beats forecasts
The company is looking to tap into the passion for video games.
- During the earnings announcement, Disney chief Robert Iger also revealed that the entertainment giant is acquiring a "small equity stake" in Fortnite-maker Epic Games
- Disney is looking to tap into the passion for video games in general and "Fortnite" in particular with a $1.5 billion stake in Epic, according to Iger
Unilever annual profit drops 15%
Group revenue dipped 0.8 percent to 59.6 billion euros.
- Chief executive Hein Schumacher said in the earnings statement that "competitiveness remains disappointing and overall performance needs to improve" at the group
- Schumacher, the former head of Dutch dairy and nutrition firm Royal FrieslandCampina, launched in October an action plan to grow Unilever
Gucci owner says profit fell 17%
Sales retreated 4 percent to 19.57 billion euros.
- Kerin reported a 17 percent drop in net profit to $3.2 billion
- Sales of the Gucci owner retreated four percent to 19.57 billion euros
Shipping giant Maersk’s profit sinks
The company warned of "uncertainty" due to Houthi attacks.
- Maersk said its net profit reached $3.8 billion last year, slightly more than forecast by analysts but down sharply from the $29.2 billion logged in 2022
- The group lowered its 2024 forecast for its core profit -- earnings before interest, tax, depreciation and amortization -- to a range of between $1 billion and $6 billion
Uber posts first annual net profit
The company reported $37.3 billion in sales in 2023.
- Uber booked a net profit of $1.9 billion in 2023, compared with a loss of $9.1 billion in 2022, according to a statement
- The company's shares were down slightly in trading on Wednesday, but they have doubled in value in the past year
Market Report
Kuwait leads GCC market gains amid regional tensions
Despite challenges from regional tensions and fluctuating oil prices, sectors like F&B and pharma see notable increases, showcasing the diverse...
- Despite challenges from regional tensions and fluctuating oil prices, sectors like F&B and pharma see notable increases, showcasing the diverse impacts on regional markets.
- Kuwait led with a 6.6% gain, while declines in Qatar, Saudi Arabia, and Abu Dhabi were balanced by other markets, amid notable drops in energy, materials, and real estate.
Business
Alibaba share buyback program up $25bn
Following the announcement, the firm's shares rise 5% in trading.
- In the quarter ending Mar 31, Alibaba posted sales of 260.3 billion yuan ($36.7 billion), up five percent year on year, the firm said -- but below analysts' forecasts.
- Based in eastern China's Hangzhou, Alibaba is a key player in the country's digital sector and is considered a barometer of consumer spending in the world's second-largest economy.
Business
Czech farmer cull 140,000 birds to halt spread of bird flu outbreak
Prague, Czech Republic - Czech farmers have killed about 140,000 birds since the start of the year in a bid to...
- The infected birds had the highly pathogenic H5N1 bird flu strain, which is potentially transmissible to humans
- The three commercial farms, all in central Czech Republic, have had to cull 50,000 ducks and 90,000 chicken
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Hospitality leaders to gather in Dubai for Commercial Strategy Conference
Dubai, UAE -- The region's top hospitality professionals will converge at the Conrad Dubai Hotel on November 25-26, 2025, for...
Business
Dubai records over 4,000 new-real estate activities in H1 2025
Dubai, UAE -- Dubai’s real estate market recorded 4,049 new activities in the first half of this year, reflecting the...
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Business
Accumulating bitcoin a risky digital rush by companies?
London, United Kingdom - US President Donald Trump's media group and Tesla, the electric carmaker owned by tech billionaire Elon...
- Companies frequently own bitcoin, the largest cryptocurrency by market capitalisation, to take part in sector activities such as "mining"
- Tesla has previously accepted payments in bitcoin, while Trump Media soon plans to offer crypto investment products.
Business
OpenAI releases ChatGPT-5 as AI race accelerates
San Francisco, United States -- OpenAI released a keenly awaited new generation of its hallmark ChatGPTÂ on Thursday, touting "significant" advancements...
- ChatGPT-5 is rolling out free to all users of the AI tool, which is used by nearly 700 million people weekly, OpenAI said in a briefing with journalists.
- Co-founder and chief executive Sam Altman touted this latest iteration as "clearly a model that is generally intelligent."
Business
DEWA profit after tax $789m
It will pay $843m in H1 dividend.
- The first-half revenue of AED 14.6 billion ($3.97 bn), EBITDA of AED 7 billion, operating profit of AED 3.7 billion.
- DEWA’s total energy generation Including Energy import from IPPs soared to a high of 16.9 TWh.