Crypto soars in MENA even as it loses sheen elsewhere
A tech-savvy population sees cryptocurrencies a safe investment option as governments adopt progressive regulatory frameworks, offering innovation and investor protection.
Business
Air Arabia Egypt marks its first flight to Istanbul
CAIRO, Egypt – Air Arabia Egypt on Sunday commenced its first non-stop flight from Cairo International Airport to Sabiha Gökçen...
Business
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.
Business
Thuraya, nybl sign MoU
They will deploy AI in Thuraya and Yahsat satellites
- nybl provides various AI and ML sector-specific modules, including Oil and Gas, Security and Surveillance, with robust support for ESG.
- Under the MoU, both parties will focus on testing, certifying, and enabling the nybl platform over Thuraya and Yahsat satellites.
Business
Alphabet and Microsoft see earnings rise on AI-infused cloud
Tech giant Microsoft said Tuesday its profits rose in the latest quarter, boosted by its strength in the closely watched...
- Microsoft saw its shares rise more than 3 percent to $341.11 on earnings that underscored the momentum of its cloud business
- Alphabet reported a quarterly profit of $19.7 billion, powered by money taken in from ads, YouTube, and cloud services
Business
Deutsche Bank profit down
Its net profit for the third quarter dropped to US$1.09bn.
- The bank launched a new effort earlier this year to cut costs and focus on its core strengths
- Its chief executive said the bank has "materially improved capital outlook" thanks to strong results
Business
Investcorp to float IPO
The listing of shares on ADX is set for November 17.
- According to the company, the subscription will be open from November 2 to November 9, 2023
- It plans to offer 321,500,000 new shares while 321,500,000 shares will be sold by selling shareholder, Investcorp S.A
Business
UAE-Zimbabwe trade touches US$2bn, poised to expand more
Abu Dhabi, UAE-- Trade between the UAE and Zimbabwe touched $2 billion last year as the bilateral relations between the...
- The UAE is Zimbabwe's second-largest trading partner and the relations between the two countries are poised to grow further
- Zimbabwe's ambassador to the UAE said that both countries are working to develop a number of sectors, like mining, and energy
Business
Saudi industrial construction potential game-changer
The Kingdom is gearing up for a massive investment in industrial and mega projects, with plans to allocate $180 billion...
- The Kingdom is gearing up for a massive investment in industrial and mega projects, with plans to allocate $180 billion annually from 2025 to 2028, says a latest report.
- With projects like the high-tech NEOM city in the pipeline, the Kingdom is set on diversifying its economy and establishing itself as a leading tourist destination.
Market Report
Markets up, oil down as investors eye Middle East situation
Oil slid but most world stock markets rose in anticipation of a raft of strong US corporate earnings, even as...
- Oil prices drifted down around two percent not least on concerns over where the conflict in the crude-rich Middle East is headed.
- Traders were on a welter of third-quarter earnings, with Microsoft and Alphabet among those due to unload after market close.
Business
RCU inks pact with Artefact, Dassault Systèmes for AI, digital solutions
ALULA, SAUDI ARABIA – The Royal Commission for AlUla (RCU) has reinforced its commitment to technology innovation and cutting-edge digital...
- The pacts are focused on the seamless integration of the latest and emerging digital products within AlUla's maturing technology eco-system.
- The agreement will cover pivotal areas of development, from AI consulting and transformation to establishing a dedicated school of data & AI.
Crypto soars in MENA even as it loses sheen elsewhere
A tech-savvy population sees cryptocurrencies a safe investment option as governments adopt progressive regulatory frameworks, offering innovation and investor protection.
Business
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UPS says will cut 12,000 jobs
Business
Pfizer reports loss in Q4
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...
Business
Mawani completes Red Sea Gateway Terminal at Jeddah Islamic Port
Riyadh, Saudi Arabia - The Saudi Ports Authority, Mawani, announced the completion of the Red Sea Gateway Terminal at Jeddah...
Business
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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.
Business
QEWC 2023 net profit US$426m
QEWC market share in supply of electricity was 61 percent.
- The earnings per share amounted to US$0.38 (QR 1.41) as of December 31, 2023.
- QEWC reported revenue of $799 million in 2023 compared to $747 million in 2022.