Iraq now gas self-sufficient, paves the way for surplus exports
Iraq has now become self-sufficient in liquid gas and the surplus is usually exported abroad, strengthening the Iraqi economy.
Business
As ‘news deserts’ spread, US journalism fights on
Baltimore, United States - Baltimore Banner reporter Matti Gellman is first to leap in with questions during a recent press appearance...
Business
Business
PureHealth partners with Dell to use AI in disease detection, data analysis
Abu Dhabi, UAE--PureHealth has joined hands with Dell Technologies to utilise generative artificial intelligence (AI) across healthcare services including in...
- The cooperation will take advantage of the collective resources and technologies of both companies to improve health outcomes by ensuring access to medical solutions
- The global AI healthcare market was valued at $11 billion in 2021 and is projected to expand to have a market size of $187 billion market size by 2030
Business
Conflict points to economic shift in Arab-Israel ties
Bahrain's expulsion of Israel's ambassador and halted trade may foreshadow a broader economic realignment in the Middle East, threatening key...
- Bahrain's expulsion of Israel's ambassador and halted trade may foreshadow a broader economic realignment in the Middle East, threatening key regional trade pacts.
- Israel's strategic gas deals and burgeoning trade with Arab nations, including a potential UAE free trade deal, will be affected if the Gaza conflict escalates further.
Business
Saudi Arabian ministry issues 174 industrial licenses
RIYADH, SAUDI ARABIA – The Kingdom’s Ministry of Industry and Mineral Resources announced issuing 174 new industrial licenses in September,...
- The total value of the 174 new industrial licenses in September is US$1.4 billion (SAR 5.3 billion).
- Â A total of 82 factories started production in September, with investments worth US$506 million.
Business
Empower 9M revenue $618m
Firm paid cash dividend of US$115 million.
- For nine months period ending on September 30, 2023, Empower’s revenue and EBITDA grew by 9.5 percent and 7.5 percent respectively.
- On an absolute basis, Empower reported a net profit of US$186 million (AED 685 million) for the nine-month period ending September 2023.
Business
BMW Q3 profit drops 7.7%
The company's Q3 net profit stood at $3.1 billion.
- Revenues for the third quarter meanwhile rose 3.4 percent to 38.46 billion euros compared to the same period last year.
- BMW chairman Oliver Zipse said the result "puts us right on track to meet the higher targets we set ourselves in August".
Business
Elon Musk’s xAI to release first AI model to ‘select group’
WASHINGTON, US - Elon Musk said his new artificial intelligence company would release a new AI model on Saturday to a...
- The release would be the first from Musk's new startup, xAI, that he launched in July after hiring several researchers.
- Musk compared AI to "a magic genie" that gives you any wishes you want, warning that such fairy tales rarely end well.
Business
AMF, State Bank of Pakistan to enhance cross-border payments
Abu Dhabi, UAE -- The Arab Monetary Fund (AMF) and the State Bank of Pakistan (SBP) have signed an MoU...
- The partnership aims to create a framework for cooperation between AMF's Buna and Pakistan's Raast payment systems.
- This will eventually streamline cross-border remittances between the Arab region and Pakistan through official channels.
Business
SAIC 9M net profit 38%
The third quarter net profit increased by 76 percent.
- This figure marks a leap from the SAR 80.4 million recorded in the same period the previous year.
- Revenues surged by 36.6Â percent, from SAR 91.49 million in 9M 2022 to SAR 124.97 million in 9M 2023.
Apple sales lose ground
The tech giant said it made a profit of $23 billion.
- The tech giant said it made a profit of $23 billion on revenue of $89.5 billion, which was down slightly from the same period last year
- Apple chief executive Tim Cook said iPhone sales set a new record for its September quarter while money taken in from services hit an all-time high
Market Report
Gulf markets tumble amid rising geopolitical concerns
As the Gaza conflict intensifies, GCC equity markets face significant downturns, with Qatar leading the losses, while Saudi Tadawul secures...
- As the Gaza conflict intensifies, GCC equity markets face significant downturns, with Qatar leading the losses, while Saudi Tadawul secures year-to-date gains, says a report.
- Qatar Stock Exchange plans to shorten settlement cycles to reduce risk as Kuwaiti benchmarks and Abu Dhabi's FTSE ADX index falter, while Dubai market's positive run halts.
Iraq now gas self-sufficient, paves the way for surplus exports
Iraq has now become self-sufficient in liquid gas and the surplus is usually exported abroad, strengthening the Iraqi economy.
Business
Company News
Exxon Mobil posts bumper profit
Business
AD Ports Group, KPT ink pact
Business
Latest News
Bank plays crucial role in funding sustainable future
"We continue to capitalize on the promising opportunities in this market through innovative offerings and solutions, while strengthening our substantial...
Business
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
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Business
Saudi National Bank launches US dollar-denominated sukuk
RIYADH, SAUDI ARABIA - Saudi National Bank (SNB) commenced the US dollar-denominated senior unsecured sukuk issuance through a special-purpose vehicle.The sukuk are offered to qualified investors...
- The sukuk are offered to qualified investors inside and outside Saudi Arabia.
- The amount and sukuk’s terms of offer will be subject to market conditions.
Economy
China steps up green transition drive to meet carbon-emission goals
Beijing, China--China is moving away from traditionally energy-intensive industrial sectors toward green development across key sectors, in efforts to fulfill...
- According to data, in 2023 a total of 78 steel enterprises completed the full-process ultra-low emission transformation of their production capacity
- Some 5,095 green factories have been established at national level, contributing to over 17% of the total output value of the manufacturing industry
Business
Capital One to buy Discover for US$35.3bn
Its shareholders will own 60% of the combined company.
- Under the deal, Discover shareholders will receive 1.0192 Capital One shares for each Discover share, a premium of 26.6 percent over Discover's closing price on Friday
- Acquisition of Discover will help "build a payments network that can compete with the largest payments networks and payments companies," said Capital One founder and CEO