Musk to exit US government role after rare break with Trump
Washington, United States - Billionaire Elon Musk on Wednesday announced he was leaving his role in US government, intended to...
Business
ADNOC’s listed companies post over $2.3 billion net profit in first quarter
Abu Dhabi, UAE -- ADNOC Group's publicly traded portfolio companies combined to deliver over $2.3 billion (AED8.4 billion) in first...
Business
Business
stc net profit for 2024 $6.58bn
This is an increase of 85.7 percent over the previous year.
- Revenues for 2024 rose 5.7 percent over the previous year to reach SAR 75.893 billion, and gross profit reached SAR 37.30 billion.
- Operating profit increased 9.6 percent over the previous year to reach SAR 14.426 billion.
Business
AI to replace 4,000 jobs in Southeast Asia’s largest bank: DBS
Singapore, Singapore -- Southeast Asia's largest bank DBS said that 4,000 jobs could be cut in the next three years...
- A Bloomberg Intelligence report last month said banks worldwide will cut as many as 200,000 positions in the next three to five years due to AI.
- Last year, the International Monetary Fund said AI could affect around 40 percent of jobs around the world.
Asian markets swing as traders assess latest tariffs volley
Asian markets were mixed Wednesday after President Donald Trump broadened his tariff threats, while traders were also assessing the geopolitical...
- Tariffs around 25 percent to be imposed on auto imports, semiconductors and pharmaceuticals
- He (Trump) risked triggering inflation, market distortions and even a global recession- China's ambassador to the WTO
Business
$2.65bn in contracts signed during first two days of IDEX and NAVDEX 2025
Abu Dhabi, UAE -- Tawazun Council, UAE's authority responsible for managing acquisitions, procurement, and contracts on behalf of the Ministry...
- Tawazun Council signed five deals worth a total of AED 5.8 billion with local and international companies on the second day of IDEX and NAVDEX 2025.
- Tawazun Council is UAE's authority responsible for managing acquisitions, procurement, and contracts on behalf of the Ministry of Defense and security agencies.
Business
Saudi Arabia’s sports fund invests in DAZN streaming service
Paris, France - Saudi Arabian sports investment fund SURJ, linked to the kingdom's sovereign wealth fund, has acquired a minority stake...
- SURJ, originally named SRJ, was established in August 2024 by Saudi Arabia's Public Investment Fund (PIF) "to invest in acquiring and creating new sports events
- SURJ and DAZN will work closely to establish DAZN MENA, a joint venture that will unlock new broadcasting opportunities for Saudi Arabia's growing sports sector
Business
Cyprus and Egypt sign deal to process, export gas to Europe
Nicosia, Cyprus -- Cyprus and Egypt on Monday signed an agreement with an energy consortium to export gas from the Mediterranean...
- The gas will be transported and processed in Egypt at "existing Zohr facilities to be then liquefied in the Damietta (liquified natural gas) LNG plant for export to European market
- Europe has been seeking alternative sources of natural gas since Russia invaded Ukraine almost three years ago.
FAB delivers strong results in 2024 with profit before tax of AED 19.9 billion, up 13% yoy
First Abu Dhabi Bank (FAB) has achieved solid results in 2024 with Group net profit reaching AED 17.1 billion, up...
- The performance marks consecutive years of sustained growth in scale and profitability
- FAB’s Board of Directors recommends a cash dividend of 75 fils per share
Economy
Saudi Arabia’s inflation rate 2 percent in Jan, rental prices main driver
Riyadh, Saudi Arabia -- Saudi Arabia's annual inflation rate in Jan 2025 reached 2 percent compared to January 2024, the...
- According to GASTAT, Saudi Arabia's inflation rate is considered the lowest among the G20 countries.
- CPI measures the prices paid by consumers for a fixed basket of goods and services consisting of 490 items.
Business
OpenAI board rejects Elon Musk-led $97.4 billion buyout offer
San Francisco, United States -- OpenAI's board chairman on Friday said it has unanimously rejected an Elon Musk-led offer to buy...
- Musk filed court documents saying he will withdraw the offer to buy OpenAI if its board returns the artificial intelligence pioneer to a non-profit "charity" model.
- OpenAI currently operates a hybrid structure, as a non-profit with a money-making subsidiary.
Business
AD Ports Group 2024 net profit $484m
The Group's revenue increased 48 percent year-on-year.
- Net profit attributable to owners grew 24 percent YoY to AED1.33 billion led by strong operating performance.
- Total assets grew by 15 percent YoY to AED63.70 billion in 2024 while total equity increased 15 percent YoY to AED27.83 billion.
Musk to exit US government role after rare break with Trump
Washington, United States - Billionaire Elon Musk on Wednesday announced he was leaving his role in US government, intended to...
Business
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Emirates Islamic Q1 profit $394m
Business
Gen Z travellers in UAE seek purposeful, tech-enabled journeys: Wyndham study
Dubai, UAE - Gen Z travellers in the UAE are reshaping the future of tourism, prioritizing cultural immersion, sustainability, and...
Screens, drones, massages: Shanghai flaunts the future of cars
Shanghai, China -- At the huge Auto Shanghai industry show this week, the chatter was less about powerful engines and...
Business
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Business
‘Something new for the honey market’: Austria trials DNA testing to uncover fraud
Voels, Austria -- At a laboratory in Austria's mountainous Tyrol province, scientists are DNA testing about 100 honey samples a...
- With fake honey flooding markets, and only a few European laboratories running such analysis, the small Austrian company Sinsoma began offering the tests two years ago.
- Between 2021 and 2022, 46 percent of the honey tested under an EU investigation as it entered the bloc was flagged as potentially adulterated, up from 14% in the 2015-17 period.
Business
Chinese firms extend EV range with petrol generators
The generator, known as a range extender, is connected to the cars' batteries and feeds them only when needed. Since...
- This technology grew faster in China last year than any other type of powertrain, the system that propels a vehicle forward.
- More than one million EREVs were sold, representing a total market share of six percent, according to the McKinsey consultancy.
Business
SAIB reports $139 million Q1 net profit
its assets increased by 20.08 percent to $43.65bn.
- The profit growth was driven by a 4.7% year-on-year (YoY) hike in the first-quarter net special commission income, mainly due to higher returns from financing and investment
- Its clients' deposits were valued at SAR 101.66 billion, which is 14.96 percent higher than SAR 88.43 billion a year ago.