Dubai targets $87 trillion wealth pool as investors rethink portfolios
Dubai, UAE -- Dubai is positioning itself as a global hub for private wealth as high-net-worth individuals rethink where and...
Business
Professional events are becoming West Africa’s new innovation engine
Innovation doesn’t happen by decree. It happens when people collide, when ideas rub up against each other, when unlikely conversations...
Interview
Business
Foreign investments rise in NE China due to several projects
SHENYANG, CHINA – Investments in the country’s northeast have grown over the past years as several multinational corporations put in...
- Aramco and JV partners NORINCO Group and Panjin Xincheng Industrial Group have a mega Saudi-Chinese petrochemical project in Liaoning Province.
- The project is a 300,000 barrels per day refinery and a petrochemical complex with an annual production capacity of 1.65 million metric tons.
Business
Bupa Arabia’s 9M 2023 up 27%
The third quarter net profit fell 23% compared to the Q3 2022.
- Compared to the second quarter of 2023, the insurer's Q3 2023 declined 25.9 percent from SAR 371.35 million.
- Insurance service result grew 41.02 percent year-on-year (YoY), or by SAR 232.01 million, driven by higher insurance revenue.
Business
Ooredoo net profit up
Its revenue rose to US$4.72bn in the first 9 months of 2023.
- The company posted a 28 percent rise in net profit to $741 million, compared to $576 million last year
- It made strategic investments in Oman, Iraq, Tunisia and Maldives to drive growth in these markets
Economy
Saudi Arabia’s Q3 real GDP falls by 4.5% on decreased oil activities
Riyadh, Saudi Arabia -- Saudi Arabia's real Gross Domestic Product (GDP) decreased by 4.5 percent in the third quarter of...
- Non-oil activities and government activities grew by 3.6 percent and 1.9 percent respectively in the third quarter due to a 17.3 percent fall in oil activities.
- Seasonally adjusted real GDP decreased by 3.9 percent in the third quarter compared to the previous quarter, due to a decrease in oil activities and government activities.
Business
Burjeel Holdings profit surges
Its revenue spiked to US$898m in the first 9 months of 2023.
- The company posted a162.6 percent increase to $37.30 million during the third quarter of 2023
- It plans to set up two medical centres in Dubai and Abu Dhabi and one Burjeel Day Surgery Centre in Al Dhafra
Samsung Q3 profit down 77.57%
The company's third-quarter profit was well above the first quarter's 640 billion.
- Samsung announced third-quarter operating profits of "2.4 trillion won ($1.7 billion) based on strong sales of flagship models in mobile and strong demand for displays"
- The company said net profit dropped 37.7 percent year-on-year to 5.8 trillion won -- though it represents a rebound from the second quarter's 1.7 trillion won
Business
Stocks mixed, oil subdued as traders eye Mideast and central banks
There is a sense of relief on trading floors that the Israel-Hamas conflict has been contained so far, with optimism...
- With worries about supplies from the crude-rich Middle East subsiding for now, both main oil contracts edged up slightly Tuesday
- Data showing China's factory sector activity shrank in October weighed on sentiment, dragging on Hong Kong and Shanghai
Business
EITC Q3 profit soars 57.7%
Its revenues grew 3.7% to US$896 million in the quarter.
- The company posted a 57.7% jump in net profit to $137.23m, its highest quarterly level over the last three years
- The company has been pushing further the deployment of 5G network which reached 98.5% coverage
Business
Politics in fashion: Luxury brands react to Gaza crisis
From L'Oréal's controversy involving model Amena Khan to Chanel's significant financial pledge, the fashion industry is deeply entwined in political...
- From L'Oréal's controversy involving model Amena Khan to Chanel's significant financial pledge, the fashion industry is deeply entwined in political discourse amid Gaza crisis.
- As luxury brands navigate the delicate balance amid the ongoing Israel-Hamas conflict, the role of social media influencers and corporate philanthropy comes to the forefront.
Geostrategy
Saudi civil aviation authority announces economic policy of sector
RIYADH, SAUDI ARABIA - The General Authority of Civil Aviation (GACA) has announced the economic policy of the civil aviation...
- The economic policy aims to increase the operational performance of the Kingdom's airports and improve the performance of national carriers.
- This is to help change the Kingdom into a global destination for transport and shipping services by providing infrastructure attractive to foreign investment.
Dubai targets $87 trillion wealth pool as investors rethink portfolios
Dubai, UAE -- Dubai is positioning itself as a global hub for private wealth as high-net-worth individuals rethink where and...
Business
Company News
ADX partners with Eureeca
Business
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Masdar to buy stake in Terra-Gen
Business
Hong Kong’s property distress hurting banks
Distressed property sales in Hong Kong are beginning to bite banks with average prices of office buildings, shopping malls and...
Davos2025: 33 industrial clusters from 16 countries commit to economic growth, jobs creation and emissions cuts
The Transitioning Industrial Clusters initiative aims to improve collaboration and develop a shared vision among co-located companies and public institutions,...
Economy
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Interview
Davos25: Qatar, Saudi, UAE to lead GCC transformation, says Cytomate COO
DAVOS, Switzerland -- Bilel Al Souaied is an entrepreneur and venture capitalist. He is the COO of Cytomate, a leading...
- Since the discovery of hydrocarbons, GCC has been experiencing several economic models. Some of them proved to be working, some not.
- "We do have one of the most advanced educational ecosystems. Qatar is leading the way in terms of that," Bilel said.
World Economic Forum
Davos25: Kyrgyzstan beckons with lax tax regime, says CEO of country’s tech hub
Davos, Switzerland -- Aziz Abakirov, the CEO of the High Technology Park of the Kyrgyz Republic, represents a unique initiative...
- Companies in Kyrgyzstan High Technology Park enjoy 1% tax on turnover and zero tax on certain activities, including crypto.
- Our main focus is to attract partners who value skilled talent and are looking to collaborate with us, Abakirov said.
US$1.5 billion Amazon protection plan launched in Davos
A carbon markets investor backed by Swiss-trading house Mercuria said on Wednesday it had joined with two non-profits to raise...
- The Amazon closer to the point where it becomes a net emitter of carbon emissions
- EU's 27-nation bloc will stick to the landmark Paris climate accord