Apple explores making personal robots
It is working on a robot that may be helpful to people.
Business
Business
Saudi Arabia’s cement sales fall by 8.5 percent in September
Riyadh, Saudi Arabia -- The aggregate sales of 17 Saudi cement producers decreased by 8.5 percent to 4.1 million tons...
- Locally, eight market players reported better sales, led by Al-Safwa Cement Co. with a 20 percent year-on-year (YoY) surge.
- Six companies exported 183,000 tons of cement in September. Saudi Cement led the way with around 128,000 tons of exports.
Business
Saudi MATARAT inks pact with Brazil’s Union of Airports
Rio de Janeiro, Brazil - The Saudi MATARAT Holding Company signed Wednesday a memorandum of understanding (MoU) with Brazil’s Union...
- The agreement aims to enhance cooperation and integration between the two parties in aviation and airport management
- The signing of the MoU took place on the sidelines of the Saudi-Brazilian Aviation Conference in Rio de Janeiro
Business
UAE emerges as crypto powerhouse amid global shifts
Last year, 67% of UAE's crypto transactions were institutional, valued over $1 million, with decentralized exchanges constituting 48%, outpacing centralized...
- Last year, 67% of UAE's crypto transactions were institutional, valued over $1 million, with decentralized exchanges constituting 48%, outpacing centralized ones, says a report
- Between July 2022 and June 2023, the MENA region registered $389.8 billion in on-chain value, with Saudi Arabia experiencing a 12% annual crypto transaction growth
Economy
Inflation, war and high rates to decelerate trade in 2023, says WTO
Geneva, Switzerland - Global trade growth will be sharply lower than forecast this year as stubborn inflation, high interest rates and...
- The volume of world merchandise trade is now expected to grow by 0.8 percent this year, "less than half the 1.7 percent increase forecasted in April", the WTO said.
- "The exact causes of the slowdown are not clear, but inflation, high interest rates, US dollar appreciation, and geopolitical tensions are all contributing elements," it said.
Market Report
Tadawul’s sukuk, bonds market sees $3.4bn negotiated deals in first 9 months of 2023
RIYADH, SAUDI ARABIA – The Saudi Exchange's (Tadawul) sukuk and bonds market witnessed 74 negotiated deals worth nearly SAR 12.77...
- March recorded the highest number and value of deals, as 18 transactions were executed at a value of $853 million
- KSA Sukuk 2021-06-10 topped the list in the first nine months of 2023 with US$821 million.
Geostrategy
West responsible for Ukraine war, Russia wants ‘New World’ says Putin
Moscow, Russia - President Vladimir Putin said Thursday that Russia's mission was to create a "new world" and blamed Western hegemony...
- Putin has portrayed Russia's full-scale military intervention in Ukraine -- launched in February 2022 -- as part of a long-standing confrontation with the West
- Putin said the conflict in Ukraine was "not a territorial" one and that Moscow has "no interests from the point of view of conquering some territories"
Geostrategy
X removes headlines from news articles shared by users
The changes brought a good deal of criticism, journalist Tom Warren of The Verge website posting on X: "It's the...
- Elon Musk said the change was for "aesthetic" reasons -- news and other links now appear only as pictures with no accompanying text
- When the changes to links were first mooted in August, Musk posted: "This is coming from me directly. Will greatly improve the esthetics."
Business
Vietnam plans to auction rights to its largest rare earth mine
Hanoi, Vietnam - Vietnam plans to auction the rights to exploit its largest rare earth mine, a project partner said Thursday,...
- A tender for the mining of the Dong Pao mine, in northern Lai Chau province, is being planned by Australian mining company Blackstone Minerals.
- "Any party that succeeds in the auction will be able to exploit the mine and we will use the ore from this mine for production," a Vietnamese official said.
Business
EWEC, Masdar sign purchase pact
Power to be purchased generated from UAE's Wind Programme.
- This strategic agreement will see EWEC procuring power from the UAE's utility-scale wind programme for the first time.
- Located at Sila, Sir Bani Yas Island and Delma Island, the wind power farms have a generation capacity of up to 99 megawatts.
Business
ADNOC to deploy UAE-made drones
ADNOC's partnership with EDGE Group aimed at cutting emissions.
- EDGE’s autonomous systems arm, ADASI, will repurpose its existing UAVs for ADNOC to deploy in its operations, to minimize emissions and enhance environmental performance.
- ADNOC has allocated an initial $15 billion (AED55 billion) to lower-carbon solutions, new energies and decarbonization technologies.
Company News
Latest News
ASML profit soars to US$8.5bn
Business
AI game gains popularity during Chinese New Year festivities
SHANGHAI, CHINA - Young Chinese flocking home for Lunar New Year this weekend have turned to an AI chatbot game to...
Arts & Culture
Barclays bank to stop financing new oil, gas projects
London, United Kingdom -- British bank Barclays said Friday it would stop directly financing its energy clients' new oil and gas...
Business
Most Read
Business
DMCC witnesses 10 percent rise in US companies in 2023
DUBAI, UAE – DMCC successfully concluded its most recent Made for Trade Live tour of the US, hosting events in...
- DMCC sees opportunity for American businesses in Dubai after the success of the latest Economic Policy Dialogue held between the US and UAE
- The events saw 100 American executives attend in which speakers advised on the opportunities on offer to American businesses in the UAE
Business
Aramex Q4 net profit doubles
The firm reported a marginal YoY decline in Q4 revenue.
- Aramex said the revenue growth in International Express was offset by the decline in revenues from other products.
- The company posted a 2 percent YoY growth in gross profit for Q4 2023, reaching AED 389 million and remained stable for the full year.
Business
Hermes profit soars 28 percent
The luxury giant posted a profit of US$4.6bn in 2023.
- The company will disburse a 4,000-euro bonus to all employees early this year as part of "its policy of sharing the fruits of growth"
- Its sales climbed 14.5% in Japan and 12.9% in the rest of the Asia-Pacific region, with the group opening its 33rd store in China