Apple explores making personal robots
It is working on a robot that may be helpful to people.
Business
EasyLease buys stake in United Trans
This helps EasyLease expand its presence in mobility sector.
Business
Geostrategy
Dubai must possess its distinct emblem, says new decree
Dubai, UAE - Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued Law No....
- The law says emblem can be utilized across various government facilities, documents, websites, and during government events
- Private entities may also utilize it, provided they obtain prior approval from the Dubai Ruler or his representative
Business
Birkenstock declares IPO prize
The company expects to raise around $1.58 billon.
- Around 32.2 million ordinary shares will be put on the New York Stock Exchange in the IPO, the company said in a regulatory filing.
- Known for its wide-strapped sandals with cork and latex soles, Birkenstock was founded in 1774 to make orthopaedic shoes.
Geostrategy
Oil industry is an integral part of climate solutions, says COP28 head
President of the upcoming COP28 climate talks Sultan Al Jaber, also the head of UAE state-owned oil firm ADNOC, told...
- The president of the upcoming COP28 urged oil industry leaders to curb emissions associated with energy production.
- He also encouraged them to embrace "low carbon solutions" like carbon capture and storage,
Business
US manufacturing beats expectations, slumps less in September
Washington, United States - US manufacturing activity contracted in September by the least since late 2022, beating analyst expectations despite weakness...
- The Institute for Supply Management's (ISM) manufacturing index came in better than anticipated at 49 percent last month, up from 47.6 percent in August.
- This was 1.0 percent above the median expectation of economists surveyed by MarketWatch, but below the 50 percent threshold indicating growth in the sector.
Business
DEWA commissions 200MW second unit in Al Maktoum Solar Park
Dubai, UAE - Dubai Electricity and Water Authority (DEWA) commissioned the 200MW second unit of the parabolic basin complex in...
- It is set to provide clean energy for approximately 320,000 residences and reduce carbon emissions by 1.6 million tons annually.
- This phase uses the Independent Power Producer (IPP) model with investments of up to AED 15.78 billion ($4.30bn).
Business
SVC inks pact with IMPACT46
SVC is a government investment firm established in 2018.
- IMPACT46's Fund III will invest in Saudi growth-stage companies and up to pre-IPO stage businesses.
- The fund will allocate capital to seed-stage startups and promising startups from the broader Middle East region.
Business
Central Bank of Oman foreign assets up by 27% by July end
Muscat, Oman -- Foreign assets at the Central Bank of Oman (CBO) grew by 27.4 percent to RO 6.855 billion...
- Initial data issued by the NCSI showed that local liquidity stood at RO 21.362 billion, an increase of 4.9 percent compared to the corresponding period in 2022.
- Total loans and financing in commercial banks and Islamic windows grew by 8.7 percent by the end of July 2023 to RO 30.272 billion, compared to RO 27.860 billion.
Business
European telecom firms urge EU to make tech, streaming giants pay
Telecoms giants say that they need more money to maintain and update the infrastructure to meet Europe's voracious data needs,...
- "Big tech companies pay today almost nothing for data transport in our networks, far from covering the costs needed to expand networks," a letter published by the European telecoms
- The CEOs said the European Union estimated that at least 174 billion euros ($183 billion) of new investment is needed by 2030 to meet connectivity targets.
Economy
Bahrain’s Treasury Bills oversubscribed by 270 percent
MANAMA, BAHRAIN – This week’s US$186 million (BD 70 million) issue of Government Treasury Bills has been oversubscribed by 270...
- The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the Government of Bahrain.
- The issue date of the Treasury Bills is October 4, 2023 and the maturity date is January 3, 2024.
Business
RSI buys stake in First Fix
The company acquires 51 percent stake in First Fix.
- The selling shareholders will receive a deferred sum of US$78.4 million upon the fulfilment of certain relevant conditions.
- Red Sea International will have the option to capitalize debt through the issuance of additional shares in First Fix.
Apple explores making personal robots
It is working on a robot that may be helpful to people.
Business
Company News
Latest News
Disney profit beats forecasts
The company is looking to tap into the passion for video games.
Unilever annual profit drops 15%
Group revenue dipped 0.8 percent to 59.6 billion euros.
Most Read
Shipping giant Maersk’s profit sinks
The company warned of "uncertainty" due to Houthi attacks.
- Maersk said its net profit reached $3.8 billion last year, slightly more than forecast by analysts but down sharply from the $29.2 billion logged in 2022
- The group lowered its 2024 forecast for its core profit -- earnings before interest, tax, depreciation and amortization -- to a range of between $1 billion and $6 billion
Uber posts first annual net profit
The company reported $37.3 billion in sales in 2023.
- Uber booked a net profit of $1.9 billion in 2023, compared with a loss of $9.1 billion in 2022, according to a statement
- The company's shares were down slightly in trading on Wednesday, but they have doubled in value in the past year
Market Report
Kuwait leads GCC market gains amid regional tensions
Despite challenges from regional tensions and fluctuating oil prices, sectors like F&B and pharma see notable increases, showcasing the diverse...
- Despite challenges from regional tensions and fluctuating oil prices, sectors like F&B and pharma see notable increases, showcasing the diverse impacts on regional markets.
- Kuwait led with a 6.6% gain, while declines in Qatar, Saudi Arabia, and Abu Dhabi were balanced by other markets, amid notable drops in energy, materials, and real estate.