UBS posts bigger loss
Last year, the bank took over its Swiss rival Credit Suisse.
- Switzerland's largest bank UBS was in March strong-armed by Swiss authorities into a $3.25-billion takeover of Credit Suisse, to keep its closest domestic rival from going under
- UBS said that the third quarter included integration-related expenses of $2 billion, adding that "we have now stabilized Credit Suisse and continued to grow our franchise"
Business
Saudi Real Estate Market records transactions worth $14.92bn
Riyadh, Saudi Arabia -- More than 70,000 transactions worth SAR 56 billion ($14.92 billion) have been conducted on Saudi Arabia's...
- The traded real estate areas amounted to about 550 million square meters (sqm), Argaam reported. Real Estate Market provides its services around the clock.
- Launched two months ago, It allows easy buying and selling of properties, in addition to helping beneficiaries to leverage mortgage services electronically.
Business
Batelco launches mobile peering service in MENA region
Manama, Bahrain - Batelco, part of the Beyon Group, announces its latest service “Mobile Peering” for members of the platform....
- The many benefits of this service include enhanced network efficiency and reduced latency by establishing direct connections between mobile providers
- Exchanging mobile traffic directly with other mobile networks results in a better roaming experience for the mobile operators’ end users
OpenAI sees a future of AI ‘superpowers on demand’
Dreams of the benefits of generative AI -- along with fears of the technology's risks -- have been hot topics...
- OpenAI is rolling out the ability to create custom "agents," called "GPTs," capable of handling specific tasks such as business negotiation advice
- Later this month, OpenAI will launch a GPT "store," and plans to add a way for developers to make money based on how many people use their GPTs
Business
Agthia Group revenue soars
It posted an 11% jump in net revenue to US$890 million.
- Its net profit jumped 12.7% year-on-year to $56 million, with the faster rate of growth relative to revenue reflecting EBITDA margin expansion
- The company holds cash and equivalents of $136 million with net debt to EBITDA ratio of 1.4x (net debt of $245 million) down from 2.3x
Business
COP28 huge moment for world and UAE: UK Economic Secretary to Treasury
Dubai, UAE-- Describing the COP28 as a huge moment for the world and the UAE, Andrew Griffith, Economic Secretary to...
- Applauding the UAE's COP28 Presidency and leadership, Griffith believes sustainable finance will be central to the global event
- Noting the UAE's diversification of its sources of revenue, he said the oil-rich country is a great example of "what the world needs to emulate"
Market Report
Stocks extend global rally as US jobs data cements rate hopes
Hong Kong, China - Markets rallied again Monday following another strong performance on Wall Street, as below-forecast US jobs data fanned...
- All three main indexes on Wall Street jumped Friday after the jobs reading, which also fueled bets on an interest rate cut by June.
- Asian markets tracked the rally in New York, with Tokyo more than two percent higher, while Hong Kong, Wellington, Manila and Jakarta were up more than one percent
Economy
$10 trn of ‘hidden costs’ on food and agriculture system per year, says UN
Paris, France - The food and agriculture system adds at least $10 trillion in "hidden costs" to the global economy every...
- The Food and Agriculture Organization said it conducted an analysis in 154 countries to determine the "true" cost of the agrifood system.
- The global quantified hidden costs totaled around $12.7 trillion in 2020, representing almost 10 percent of the global gross domestic product.
Economy
Expat remittances in Saudi Arabia fall to $2.6bn in September
RIYADH, SAUDI ARABIA - Remittances by expatriates in Saudi Arabia dropped 13 percent year-on-year (YoY) to US$2.6 billion (SAR 9.9...
- On a month-on-month (MoM) basis, expat remittances in the Kingdom declined 8 percent, or US$229 million.
- Remittances by Saudi nationals to other countries also fell 11 percent YoY to US$1.2 billion in September.
Business
First SAF-powered Emirates flights cleared for take-off from Dubai
Dubai, UAE -- The first Emirates flights operating with sustainable aviation fuel (SAF) provided by Shell Aviation have taken off...
- Emirates’ flight EK 412 bound for Sydney on 24th October was among the first to operate with SAF.
- Shell has supplied 315,000 gallons of blended SAF for use at the airline’s hub in Dubai.
Company News
Geopolitical tensions boost oil, weigh on equities
Market Report
RSG, Hyundai Motor ink pact
Business
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ESA, SAP ink agreement
Business
Big Tech’s AI spending rattles markets
Amazon and big tech peers Microsoft and Google saw their stock prices fall on concerns over high AI investment costs....
Exclusive: Green investments lead to tangible returns, says WEF’s Philips
Public-private partnerships are essential for advancing sustainable urban development and meeting net-zero targets, Vivian Brady Phillips, Head of Strategic Initiatives,...
UAE non-oil foreign trade up by 14.6% in 2024 to reach $816bn
Abu Dhabi, UAE -- UAE's non-oil foreign trade increased by a record 14.6 percent in 2024, compared to 2023, reaching...
Business
Most Read
Dubai airport clocks record 92.3 million passengers
A record 92.3 million passengers travelled through Dubai's international airport last year, its operator said on Thursday, extending a post-pandemic...
- The UAE has now been ranked as the world's busiest international air hub for a decade
- The airport was targeting 400 international destinations, up from 272 currently
Business
Borouge 2024 net profit $1.24bn
The company said it will maintain a $1.3bn dividend for 2025.
- EBITDA climbed 14 percent year-on-year to $2.48 billion, driven by a 4 percent year-on-year revenue increase to $6 billion.
- Sales volumes reached their highest-ever level of 5.3 million tonnes, supported by strategic positioning in high-growth markets across Asia, the Middle East and Africa.
World Economic Forum
Risks are interconnected, need collaborative solutions, says WEF’s Mark Elsner
Davos, Switzerland – Mark Elsner, Head, Global Risks Initiative, World Economic Forum sat with TRENDS during WEF’s summit in Davos...
- The Global Risks Report 2025, with insights from over 900 experts, identifies state-based armed conflict as the most immediate risk for 2025.
- The report was circulated ahead of the Davos meeting, which serves as a platform for advancing dialogue, cooperation, and partnerships.