Reading Dubai’s place on the UBS Bubble Index
The index scores the distance between current prices and their historic relationships with local rents, incomes and mortgage debt. A...
Analysis
Saudi Arabia mandates tougher money laundering risk assessments
Dubai, UAE -- Saudi Arabia has updated the executive regulations of its Anti-Money Laundering Law, introducing stricter disclosure requirements for...
Business
Business
Banco Santander posts US$12bn profit
It made record profit on the back of higher interest rates.
- The Spanish lender added five million customers last year, bringing the total to 165 million worldwide
- Lenders across Europe have reported bumper earnings after central banks worldwide hiked rates
Microsoft revenue surges
The company said sales leaped to $62 billion in Q3.
- The company said sales leaped to $62 billion for the October to December period, up 18 percent year-on-year and above the $61.1 billion projected by analysts
- Revenue for Microsoft's Azure cloud services jumped by 30 percent in the period, driven by the bigger computing needs that come with the adoption of AI
Google says AI helped boost profits
Alphabet reported a profit of $20.7 billion.
- Alphabet reported a profit of $20.7 billion on revenue of $86.3 billion, with strong contributions from video-sharing platform YouTube and its cloud computing unit
- Google ads brought in a total of $65.5 billion in the quarter, compared with $59 billion in the same period the prior year, according to the earnings report
Business
China edges out Japan as world’s top vehicle exporter
In recent years, China's auto sector has grown remarkably largely because of massive investments in electric cars, an area where...
- Japan's vehicle production in 2022 excluding motorcycles totalled 7.84 million units
- China's BYD this month snatched Tesla's crown for most sales of all-electric vehicles
Business
DFM net profit climbs 124 percent
Its board has proposed a cash dividend of US$76.24m.
- The upswing in profit was propelled by a significant uptick in trading activities, capital inflow and a notable influx of new investors
- The bourse consolidated its status as a premier market for IPOs, with the listing of Dubai Taxi Company and Al Ansari Financial Services
Business
UAE and UK seek to boost economic cooperation
Abu Dhabi, UAE-- Looking to enhance economic ties between the UAE and the United Kingdom, Abdulla bin Touq Al Marri,...
- The discussions to boost trade ties took place during a UAE delegation's visit to the UK to participate in Investopia London, to be held on January 31, 2024
- The UAE minister said the relations between the two countries serve as a prime example for advanced strategic ties and exceptional economic partnership
Business
Samsung profit dips 34.57 percent
Its operating profit for Q4 was US$2.1bn.
- The company posted a 73.4 percent drop in net profit to $4.8 billion
- It blamed interest rate policies and geopolitical issues for the drop
Business
Saudi Arabia leads GCC in project awards this year
The 2024 outlook for the MENA region's project market is exceptional, with an anticipated surpassing of $270 billion in value,...
- The 2024 outlook for the MENA region's project market is exceptional, with an anticipated surpassing of $270 billion in value, according to a latest report.
- The surge in the GCC project awards, especially in gas and construction sectors, reflects a robust economic recovery and strategic investments driving growth.
Business
Norway’s sovereign wealth fund posts record US$213bn profit
Oslo, Norway - Norway's sovereign wealth fund, the world's biggest, said Tuesday it raked in a record profit of 2.2 trillion...
- Fueled by revenues from Norway's state-owned oil and gas companies, the fund is aimed at financing future spending in the generous welfare state
- Around 71 percent of its portfolio was dedicated to equities, with stakes in 8,859 companies worldwide -- or 1.5 percent of all listed stocks
Business
UPS says will cut 12,000 jobs
The move comes as UPS seeks to "align" its resources.
- Three-quarters of the reductions are set to come in the first half, UPS CEO said.
- The decision comes after UPS reported Q4 2023 revenues of US$24.9 billion.
Reading Dubai’s place on the UBS Bubble Index
The index scores the distance between current prices and their historic relationships with local rents, incomes and mortgage debt. A...
Analysis
Company News
SABIC net loss $322 million
Business
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European Union probes UAE oil giant’s purchase of Germany’s Covestro
Brussels, Belgium -- The European Commission on Monday announced an investigation into the takeover of German chemical firm Covestro by...
Business
Urgent need for ‘global approach’ on AI regulation: UN tech chief
Geneva, Switzerland -- The world urgently needs to find a global approach on regulating artificial intelligence, the United Nations' top...
Geostrategy
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Business
First foreign firm takes ownership of Saudi football club
The Harburg Group -- led by American Ben Harburg -- said it had "officially completed the 100 percent acquisition of...
- Last season, Al Kholood finished ninth out of the 18 teams in the Saudi Pro League.
- The Harburg Group currently owns a 6.5 percent stake in Cadiz, a club in Spain's second division.
Business
DP World mobilizes $1 billion in working capital to boost trade flow
Dubai, UAE — DP World Trade Finance has mobilized more than US$1 billion in working capital to support businesses across...
- This was achieved through a combination of DP World’s own lending operations and partnerships with over 32 global financial institutions.
- DP World Trade Finance has enabled trade across Africa, the Americas, Asia, and Europe, supporting sectors such as agriculture, metals, automotive, and engineering.
Business
ADIB H1 pre-tax profit $1.08bn
Q2 pre-tax net profit increases by 14 percent.
- Total income for H1 2025 rose 11 percent to AED5.9 billion, up from AED5.3 billion in H1 2024.
- Non-funding income rose 15 percent year-on-year to AED2.3 billion in H1 2025, up from AED2 billion in the prior-year period.