Jordanian industrialists call for export diversification
AMMAN, JORDAN – Jordanian industrialists have emphasized the imperative of strategic planning to bolster export diversification, underlining key measures such...
Business
Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
Economy
Business
Turkey’s Atis Yapi opens Dubai office
This is the real estate giant's first office in the UAE.
- This follows signing of agreements and MoUs worth $50.7 billion between UAE President Sheikh Mohammed bin Zayed Al Nahyan and his Turkish counterpart Recep Tayyip Erdoğan in July.
- Atış Yapı said it is set to develop a modern and competitive portfolio of residential and commercial projects in the UAE.
Business
FAB net profit up $3.4bn in 9M 2023
The bank reported total revenue of $5.6 billion.
- The bank reported total revenue of $5.6 billion, marking a 38% year-on-year growth
- The return on tangible equity improved to 18.3%, with Group CET1 reaching 14.2% as of September 2023
Economy
Saudi Arabia’s economy to grow 3.2% from 2023-2026: Moody’s
Riyadh, Saudi Arabia -- Saudi Arabia’s economy is expected to grow by 3.2 percent on average between 2023 and 2026,...
- The National Debt Management Center quoted the agency's forecasts that the non-oil sector will be strong in the coming year.
- The Saudi government, according to Moody's, is making progress in implementing its comprehensive reform program.
Business
ACWA Power signs deals
It entered into seven solar, hydrogen agreements in China.
- It signed the agreements, in solar energy, green hydrogen and water desalination, with Chinese firms during the third Belt and Road Forum held in Beijing
- Chairman of ACWA Power said the agreements further advance the company's common interest of developing projects that support positive climate ambitions.
Business
Nokia to slash 14,000 jobs
It took the decision after posting a drop in Q3 profits.
- The company, according to its CEO, saw saw an increased impact in Q3 on business from the macroeconomic challenges
- Its savings program is expected to reduce the firm's employees to 72,000, reducing costs by up to $1.14 billion by 2026
Business
Netflix subscriber base swells with ads and password crackdown
Netflix shares leapt more than 12 percent to $43.31 in after-market trades on the Nasdaq exchange. The streaming service said...
- The leading streaming service said it is increasing the price of its basic plan in the United States to $11.99 monthly and its premium plan to $22.99
- Netflix reported a profit of $1.68 billion on revenue of $8.5 billion in the quarter, beating market expectations with its earnings figures
Markets in retreat on growing fears of Middle East war
With Benjamin Netanyahu building up a huge force ahead of an expected land incursion into Gaza, Iran has warned of...
- The prospect of an all-out war pushed oil prices up Wednesday, though Washington's decision to suspend some sanctions on Venezuelan output tempered the gains
- Risk aversion among traders was increased by concerns the Federal Reserve would hike interest rates again, or at least keep them elevated for an extended period
Business
Bahrain EDB attracts $295m in IT sector as part of total investments worth $1.4bn
Manama, Bahrain--Bahrain Economic Development Board (Bahrain EDB) has attracted $295 million in direct investments within the Information and Communications Technology...
- The direct investments from 14 local and international projects for the ICT sector are expected to generate over 1,600 jobs within three years
- A top EDB executive said the growth of the ICT sector is a priority for Bahrain and remains a contributor to the diversification of the national economy
Business
Saudi Arabia offers to fund Iraq’s largest housing project
Baghdad, Iraq - Saudi banks have offered to fund Iraq's largest housing project, which was previously stalled by South Korea's...
- Some Saudi banks have expressed their interest in contributing funds, along with several Iraqi banks and foreign investment companies
- The Bismaya project had already seen the construction of approximately 30,000 out of the planned 100,000 houses near the capital Baghdad
Business
G42 and OpenAI partner to provide UAE with AI solutions
Dubai, UAE-- G42 has announced a partnership with OpenAI to deliver cutting-edge AI solutions to the UAE and regional markets.The...
- The collaboration will leverage OpenAI’s generative AI models in domains where G42 already has deep expertise, like financial services, energy, healthcare and public services
- Owing to the solutions created by G42, organisations in the UAE will be able to simplify the process of integrating AI capabilities into their existing enterprise landscapes
Jordanian industrialists call for export diversification
AMMAN, JORDAN – Jordanian industrialists have emphasized the imperative of strategic planning to bolster export diversification, underlining key measures such...
Business
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KACST, ACWA Power sign pact
Business
Boeing expects Q1 hit from MAX troubles
The airline backs intensified oversight from the FAA.
Business
UAE leads global charge in generative AI adoption
With 40 percent of UAE workers already exploring generative AI, the nation stands as a beacon of tech adoption, far...
Business
EU excuses Apple and Microsoft products from tougher tech curbs
Brussels, Belgium - Apple's iMessage and Microsoft's Bing search engine got a reprieve from tougher EU rules curbing how tech titans...
Business
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Business
EU adopts fallow land exemption after farmer protests
Brussels, Belgium - The European Commission on Tuesday officially extended an exemption from contested rules to leave a share of agricultural...
- The EU acknowledged that a combination of geopolitics and extreme weather meant farmers were struggling to meet the fallow land rule
- The fallow land rule was imposed as part of the bloc's common agricultural policy to promote biodiversity
Business
Bitcoin crosses $50,000 for first time since 2021
The cryptocurrency has enjoyed a strong run-in recent month, fueled by expectations US lawmakers would allow the creation of exchange-traded...
- After dropping in reaction to last month's green light by Washington, bitcoin has rallied about 25%
- That advance saw it hit as much as $50,328, according to Bloomberg data, its highest level since late 2021
Business
Michelin posts record operating profits
Sales at the French firm dipped last year to US$30.5bn.
- Sales by volume dropped by 4.7 percent but Michelin said this reflected its strategy of prioritizing markets and business segments
- Sales of premium and big tyres, in particular for SUVs, helped improve the company's performance, as did a drop in costs for raw materials