Special economic zones are a new craze in Middle East
Vast swathes of land across the desert region are seeing the sprouting of new special zones to entice big business...
Business
DWTC welcomes 2.47m visitors in 2023, says EVP
DUBAI, UAE – Executive Vice President, Dubai World Trade Center (DWTC) Mahir Julfar said that the DWTC's performance in 2023...
Business
Business
Ghitha Holding Q3 profit of $33m
The company gained from regional food processing.
- Driven by strong results and business momentum, Ghitha reported revenue of US$898 million in the third quarter.
- Revenues grew 120 percent year-over-year, driven by broad-based growth across categories and geographies.
Business
Bank Albilad posts net profit
The bank’s January-September 2023 profit was $469 million.
- The bank reported a 3 percent year-on-year increase in gross operating income during January-September 2023 period.
- The rise in gross operating income was mainly due to higher net income from investing and financing assets.
Business
Elon Musk teases audio and video calls at X
"Early version of video and audio calling on X," Musk wrote in a post that contained a screen capture showing...
- Musk announced in August that voice and video calls were in the works at X in what was seen as a step towards turning the former Twitter into an "everything app"
- The calling features of X, previously known as Twitter, would work on iOS, Android, Mac and PC systems, and no phone number would be needed, he said at the time
Business
Volvo Cars posts profit
Its operating profit shot up to US$400m for the third quarter.
- The car maker reported an operating profit of 4.5 billion kronor ($400 million) for the third quarter -- up from two billion kronor a year earlier
- Volvo Cars saw a more than fourfold increase in net income for the period, reaching 3.2 billion kronor, compared to 665 million for the same period a year before
Business
Mercedes-Benz profit slumps
The carmaker's net profit plunged 7% to US$3.9bn in Q3.
- The company's revenue dropped 1.4% to $39.21bn , partly because passenger car sales were around five percent lower in the quarter
- The German automaker left its outlook for 2023 unchanged, with revenue and operating profit seen at the same level as last year
Meta quarterly profit jumps but it sees volatility in ad market
The number of people using Facebook monthly rose slightly to 3.05 billion in a year-over-year comparison while monthly active users...
- Meta made a profit of $11.6 billion as ad revenue climbed 23 percent to $34 billion when compared to the same period a year earlier
- Meta shares, which closed the formal trading day down, fell more than three percent further in after-hours trades to $289.50
Business
The Arab Open Banking market to grow by 25% annually over next 5 years: report
Dubai, UAE - The Arab Open Banking is expected to experience 25% annual growth over the next five years, a...
- The Arab Monetary Fund will support Arab central banks in adopting effective frameworks for Open Banking and Finance initiatives
- The report covers aspects such as data sharing, consent mechanisms, data security, identification of regulated Third Party Providers
Business
ADCB profit up 22 percent
The bank's operating income rose 23% to US$3.32 billion.
- The bank said that net interest income rose 8% to $865 million QoQ and 24% YoY while non-interest income of $285 million declined 7% QoQ
- Its CEO said the bank delivered strong growth in the first nine months of the year, with net loan climbing by10% i and sound growth in CASA deposits
Business
Boeing posts Q3 loss
The firm trims full-year forecast for deliveries of the 737.
- The US aviation giant, which has struggled with manufacturing and quality control issues in recent years, reported a third-quarter loss of $1.6 billion
- The latest issue with the 737 is the result of misshapen holes drilled in a part of the fuselage that helps maintain plane pressure.
Business
UAE banks’ investments hit record high in Aug to reach $159bn
Abu Dhabi, UAE -- UAE banks' investments surpassed AED 580 billion, hitting a record high in August 2023, according to...
- Banks investments also increased by AED 58 billion or 11 percent year-to-date compared to AED 527.4 billion at the end of 2022.
- Bonds held until maturity accounted for the largest share of bank investments at 47 percent, reaching AED 276 billion at the end of August 2023.
Special economic zones are a new craze in Middle East
Vast swathes of land across the desert region are seeing the sprouting of new special zones to entice big business...
Business
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UPS says will cut 12,000 jobs
Business
MENA startups optimistic despite funding fluctuations
In January 2024, MENA startup funding dropped 34% to US$ 86.5 million across 33 deals, with the UAE leading, followed...
Business
Asian markets rally after Wall Street highs, oil prices slide
"The weakness of yesterday's US retail sales release have given market doves a new lease of life and allowed them...
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Business
Tenaris sets up base in Abu Dhabi
The global pipe maker invested US$60m in the business.
- The new complex is expected to generate technical and administrative job opportunities for UAE nationals
- The newly built complex represents the first of its kind in the UAE to thread full-length premium connections
Business
AI in the Middle East: From potential to profit
The region is making significant strides in integrating AI into various sectors, promising substantial productivity gains and innovation, a latest...
- The region is making significant strides in integrating AI into various sectors, promising substantial productivity gains and innovation, a latest report points out.
- The Boston Consulting Group report reveals that 61% of Middle Eastern executives anticipate over 10 percent productivity gains from AI and GenAI in 2024.
Business
Americana Restaurants posts profit.
The annual net profit in 2022 was US$470 million.
- The company demonstrated resilient performance, despite US$106 million impact of unfavorable foreign exchange movements.
- Adjusted EBITDA increased to $550.8 million, reflecting a 2.8 percent growth year-on-year with a healthy adjusted margin of 22.8 percent.