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
UPS says will cut 12,000 jobs
Business
Pfizer reports loss in Q4
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
NHC, NAVER Cloud ink pact
The pact aims at establishing advanced digital solutions.
- The agreement aims to boost cooperation, achieve common goals, exchange experience in the application of the innovative solutions.
- The pact will help achieve the strategic visions of the municipal and housing sectors by adopting the best technologies for a sustainable future.
Business
General Motors Q3 profit surge
Revenues rose five percent to $44.1 billion, the company said.
- The big US automaker reported third-quarter profits of $3.1 billion, down seven percent from the year-ago period but better than analyst estimates
- GM notched higher vehicle sales in the United States amid still-strong pricing trends for popular truck and sport utility vehicles
Business
Stora Enso posts loss again
Stora Enso registered a loss of $272m euros in Q2 2023.
- The Finland-based company said it lost 34 million euros in the third quarter, down from the 367-million-euro net profit during the July to September period last year
- After experiencing sales growth in 2021 and 2022, Stora Enso saw sales tumble by 28 percent in the third quarter compared to the same period last year, to 2.1 billion euros
Business
DEWA okays H1 dividend of $843m
The company had reported a net profit of $540 million for Q2.
- The Board of Directors of DEWA authorized the payment of H1 2023 dividend on 10th August 2023.
- On 26th October 2023, the dividend will be paid to all shareholders via Dubai CSD.
Business
Saudi Electricity Company signs $3 billion financing agreement
Riyadh, Saudi Arabia -- The Saudi Electricity Company (SEC) announced today signing a $3 billion (SAR 11.25 billion) international syndicated...
- The financing agreement has a tenure of five years and requires no guarantees from the SEC.
- Participating banks include Dubai Islamic Bank, Kuwait Finance House, Mashreq Bank and Saudi National Bank.
Business
Aramco, ENOWA ink pact
The firms will jointly establish an e-fuel demonstration plant.
- The e-fuel technology has the potential to reduce CO2 emissions by over 70 percent on a complete life cycle basis.
- The integrated facility will generate 12 tons of synthetic methanol per day from green hydrogen and CO2, using proprietary technologies.
Business
Saudi exports, services grow by 135% in Q2: Economy Minister at FII7
Riyadh, Saudi Arabia -- Saudi Arabia's Minister of Economy and Planning, Faisal F Alibrahim said Tuesday the Kingdom saw a...
- Speaking at the seventh Future Investment Initiative forum in Riyadh, Alibrahim said Saudi Arabia is seeing a diverse range of sectors fueling non-oil activity growth.
- He said the Kingdom provided one of the most investment-friendly environments in the form of cost-effective and clean energy, legislations and manpower.
Business
RSG, KHC set up joint venture
The JV will develop and own the Four Seasons Resort Red Sea.
- The anticipated luxury resort is situated on Shura Island, the main hub for Red Sea destinations.
- It will offer 149 rooms and suites, plus 31 residential properties, as well as six restaurants and lounge outlets.
Business
Saudis need $100s of billions for power investment by 2030: ACWA Power CEO
Riyadh, Saudi Arabia - Saudi Arabia is set to embark on a significant endeavor to expand its power generation capacity,...
- Saudi Arabia aims to construct 60 to 80 gigawatts of power plants utilizing renewable energy sources such as wind and solar
- To facilitate these goals, Saudi Arabia seeks to attract international investment, fostering partnerships with local companies like ACWA Power
Economy
China’s GDP rises above forecasts, boosted by robust recovery efforts
BEIJING, CHINA - China's Gross Domestic Product (GDP) grew by 4.9 percent year-on-year in the third quarter, surpassing economists' predictions...
- Analysts believe China is on track to meet its annual growth target of approximately 5 percent this year.
- Data from China’s National Bureau of Statistics revealed a 5.2 percent growth for the first three quarters.
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
Company News
UPS says will cut 12,000 jobs
Business
Pfizer reports loss in Q4
Business
Latest News
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...
Business
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Business
Google AI research hub in Paris to host 300 experts
The new hub part of a trend for big tech firms to base teams in European centers.
- In recent years, Google has poured investment into its engineering facility in Zurich, which also houses AI-focused teams from Meta, Apple and Microsoft.
- The French capital has long pushed to be regarded as a cutting-edge hub for tech firms, and Meta established an AI research team there in 2015
Business
Commerzbank net profit $2.4bn
This is the bank's biggest net profit in 15 years.
- The lender said it had "benefited from strong customer business and persistently high interest rates".
- Like other European lenders, Commerzbank was boosted by the European Central Bank's unprecedented streak of rate hikes last year, aimed at taming red-hot inflation
Business
ATO partners with ISM to boost tourism in the Middle East
Jeddah, UAE--The Arab Tourism Organization (ATO) has signed a partnership agreement with the International Strategic Management (ISM) company to achieve...
- The ISM will collaborate with the ATO to achieve its goals, harmonizing them with the Arab League's Sustainable Development Plan
- The partnership between the ATO and ISM will enable the Arab countries to develop tourist destinations to achieve sustainable development