Gaming, esports GCC’s new growth play
Saudi Arabia and the UAE are leading the gaming surge with world-class ecosystems and youth-driven expansion. Across the region, governments...
Economy
Oil prices gain, as equities extend record run higher
Oil prices have experienced choppy trading since the surprise US raid Saturday on Caracas that saw Venezuelan president Nicolas Maduro...
Business
Business
Alphabet and Microsoft see earnings rise on AI-infused cloud
Tech giant Microsoft said Tuesday its profits rose in the latest quarter, boosted by its strength in the closely watched...
- Microsoft saw its shares rise more than 3 percent to $341.11 on earnings that underscored the momentum of its cloud business
- Alphabet reported a quarterly profit of $19.7 billion, powered by money taken in from ads, YouTube, and cloud services
Business
Deutsche Bank profit down
Its net profit for the third quarter dropped to US$1.09bn.
- The bank launched a new effort earlier this year to cut costs and focus on its core strengths
- Its chief executive said the bank has "materially improved capital outlook" thanks to strong results
Business
Investcorp to float IPO
The listing of shares on ADX is set for November 17.
- According to the company, the subscription will be open from November 2 to November 9, 2023
- It plans to offer 321,500,000 new shares while 321,500,000 shares will be sold by selling shareholder, Investcorp S.A
Business
UAE-Zimbabwe trade touches US$2bn, poised to expand more
Abu Dhabi, UAE-- Trade between the UAE and Zimbabwe touched $2 billion last year as the bilateral relations between the...
- The UAE is Zimbabwe's second-largest trading partner and the relations between the two countries are poised to grow further
- Zimbabwe's ambassador to the UAE said that both countries are working to develop a number of sectors, like mining, and energy
Business
Saudi industrial construction potential game-changer
The Kingdom is gearing up for a massive investment in industrial and mega projects, with plans to allocate $180 billion...
- The Kingdom is gearing up for a massive investment in industrial and mega projects, with plans to allocate $180 billion annually from 2025 to 2028, says a latest report.
- With projects like the high-tech NEOM city in the pipeline, the Kingdom is set on diversifying its economy and establishing itself as a leading tourist destination.
Market Report
Markets up, oil down as investors eye Middle East situation
Oil slid but most world stock markets rose in anticipation of a raft of strong US corporate earnings, even as...
- Oil prices drifted down around two percent not least on concerns over where the conflict in the crude-rich Middle East is headed.
- Traders were on a welter of third-quarter earnings, with Microsoft and Alphabet among those due to unload after market close.
Business
RCU inks pact with Artefact, Dassault Systèmes for AI, digital solutions
ALULA, SAUDI ARABIA – The Royal Commission for AlUla (RCU) has reinforced its commitment to technology innovation and cutting-edge digital...
- The pacts are focused on the seamless integration of the latest and emerging digital products within AlUla's maturing technology eco-system.
- The agreement will cover pivotal areas of development, from AI consulting and transformation to establishing a dedicated school of data & AI.
Business
NHC, NAVER Cloud ink pact
The pact aims at establishing advanced digital solutions.
- The agreement aims to boost cooperation, achieve common goals, exchange experience in the application of the innovative solutions.
- The pact will help achieve the strategic visions of the municipal and housing sectors by adopting the best technologies for a sustainable future.
Business
General Motors Q3 profit surge
Revenues rose five percent to $44.1 billion, the company said.
- The big US automaker reported third-quarter profits of $3.1 billion, down seven percent from the year-ago period but better than analyst estimates
- GM notched higher vehicle sales in the United States amid still-strong pricing trends for popular truck and sport utility vehicles
Business
Stora Enso posts loss again
Stora Enso registered a loss of $272m euros in Q2 2023.
- The Finland-based company said it lost 34 million euros in the third quarter, down from the 367-million-euro net profit during the July to September period last year
- After experiencing sales growth in 2021 and 2022, Stora Enso saw sales tumble by 28 percent in the third quarter compared to the same period last year, to 2.1 billion euros
Gaming, esports GCC’s new growth play
Saudi Arabia and the UAE are leading the gaming surge with world-class ecosystems and youth-driven expansion. Across the region, governments...
Economy
Company News
Du, Samsung ink agreement
Business
Nissan, Honda in tie-up for EVs
Business
Latest News
AI as the next frontier: Opportunities for channel partners to lead the way
AI offers an infinite number of selling and upselling opportunities. Resellers with the right strategic long-term approach will clearly develop....
Business
Saudi Arabia partners with World Bank to launch global knowledge hub in RiyadhÂ
According to World Bank Group President Ajay Banga, “The new Knowledge Hub being created by the World Bank Group and...
Business
Software solutions that minimize cost overruns, delays in construction Â
Project management software solutions have emerged as essential tools to streamline construction operations, enhance efficiency, and improve project delivery. They...
Most Read
Economy
UAE firms accelerate AI transformation, new report finds
The real power of AI lies in its careful deployment across diverse business functions, and the UAE is primed for...
- The AI Maturity Index shows that more than 80 percent of enterprises have a shared vision for AI within their organizations
- Only 15 percent have reached a 'transformative' level of AI maturity
Geostrategy
Samsung reshuffles leadership amid challenge in AI chips
Seoul, South Korea - Samsung Electronics reshuffled its leadership on Wednesday as it looks to gain an edge in the production...
- On Wednesday it tapped vice-chairman Jun Young-hyun to lead its memory business and appointed Han Jin-man as the new boss of the chip foundry division
- The reshuffle aims to "strengthen the company's growth and future competitiveness, focusing on the semiconductor business", Samsung said in a statement
Boeing CEO says company can’t afford another mistake: report
Boeing CEO Ortberg told workers a trade war with China would weigh heavily on Boeing. The meeting came about two...
- New CEO Kelly Ortberg said a trade war with China would weigh heavily on Boeing
- On October 12, Boeing unveiled plans to reduce its global workforce by 10 percent