World’s only Dragon Ball theme park launched in Saudi Arabia’s Qiddiya City
RIYADH, SAUDI ARABIA – The Board of Directors of the Qiddiya Investment Company (QIC) revealed on Sunday the launch of...
Arts & Culture
EU to tell big tech firms to curb election risks or face fines
BRUSSELS, BELGIUM – The EU will put more pressure on the most popular online platforms, like X and TikTok, to tackle...
Geostrategy
Business
China’s restriction on exports of key metals comes in effect
China accounts for 94 percent of the world's production of gallium -- used in integrated circuits, LEDs and photovoltaic panels...
- From Tuesday, Chinese companies seeking to export gallium or germanium will need to obtain a license from the Chinese government.
- China, which seeks to become self-sufficient in semiconductor design, says those measures are aimed at maintaining US supremacy in the field.
Business
Meta to seek user permission for targeted advertisement
European regulators in January had dismissed the previous legal basis -- "legitimate interest" -- Meta had used to justify gathering...
- It said the changes were to address "evolving and emerging regulatory requirements" amid a bruising tussle with the Irish Data Protection Commission.
- Currently, users joining Facebook and Instagram by default have that permission turned on, feeding their data to Meta so it can generate billions of dollars.
Business
e& H1 net profit $1.27bn
The company's second quarter net profit increased 4% year on year.
- In a statement, the company said its consolidated EBITDA reached AED 12.8 billion, resulting in an EBITDA margin of 48 percent.
- In the UAE, etisalat by e& recorded 13.9 million subscribers, an increase of 5.1 percent compared to the same period of last year.
Geostrategy
Saudi Arabia funds construction of library in Bosnia and Herzegovina
SARAJEVO, BOSNIA AND HERZEGOVINA - Saudi Fund for Development (SFD) Board of Directors Chairman Ahmed Al-Khateeb, laid the foundation stone...
- The funding for construction and equipping of the library has been through a US$22 million grant provided by the Saudi Fund for Development.
- The new library will act as a central hub to connect the university’s 28 sub-libraries and will contribute towards enhancing its educational capabilities.
Business
PIF-funded Nesma & Partners to acquire services provider Kent
Dubai, UAE -- Nesma & Partners, a contracting company funded by Saudi sovereign wealth fund, the Public Invesment Fund, has...
- The acquisition is expected to close by the end of the calendar year, subject to regulatory approvals and satisfaction of customary closing conditions.
- Nesma & Partners and Kent began collaborating in June 2022 to exploit their respective strengths when they established a Joint Venture, NesmaKent, as EPC Champion for Saudi Aramco.
Business
Ooredoo Algeria gets new CEO
Roni Tohme, the Acting CEO, has been confirmed as the CEO.
- Tohme brings over 21 years of experience in telecoms and finance to his new role, having previously served as Ooredoo Algeria’s Chief Financial Officer.
- During his tenure as CFO, he played a vital role in shaping an agile and lean finance department, contributing to the company’s business transformation.
Binance allegations stir up Middle East crypto market
Amidst the escalating crackdown on key cryptocurrency players, the Middle East is emerging as a potential beneficiary and a new...
- Amidst the escalating crackdown on key cryptocurrency players, the Middle East is emerging as a potential beneficiary and a new frontier for the crypto industry
- Bahraini cryptocurrency firm Rain comes to the UAE, while Coinbase CEO's UAE visit hints at potential expansion. Zurich's Julius Baer is also eyeing Middle East
Business
Alpha Dhabi’s H1 net profit $2.8bn
The company's revenue grew by 29 percent year on year.
- The Group's total assets were AED 127.9 billion and cash position strong with AED 17.6 billion.
- Alpha Dhabi joint venture with Mubadala Investment Company aims to co-invest in credit opportunities.
Business
Oil majors still profitable even if 2022 super profits gone
From BP to ExxonMobil to TotalEnergies, none of the oil and gas majors have repeated the exceptional profits posted in...
- Before it, the US giant ExxonMobil saw its second-quarter profits tumble 56 percent to $7.9 billion, while rival Chevron saw a similar fall to $6 billion.
- Shell saw a 64 percent drop in net earnings to $3.1 billion, while TotalEnergies fared better with just a 28 percent slide to $4.1 billion.
Business
Bupa Arabia H1 2023 net profit $149m
Rise was driven by a jump in insurance revenue.
- The corresponding figure in the same period last year - H1 2022- was US$79.8 million.
- The company reported a jump of US$74.9 million YoY in insurance services results.
World’s only Dragon Ball theme park launched in Saudi Arabia’s Qiddiya City
RIYADH, SAUDI ARABIA – The Board of Directors of the Qiddiya Investment Company (QIC) revealed on Sunday the launch of...
Arts & Culture
Company News
Latest News
Saudi GACA issues air carrier, airport classifications for December 2023
RIYADH, SAUDI ARABIA - The General Authority of Civil Aviation (GACA) issued its monthly classification index for air transport service...
Business
China remains world’s largest logistics market in terms of demand
BEIJING, CHINA - The logistics sector in the country achieved steady recovery in 2023 and the country remains the world's...
Business
Bahrain and Slovakia to ramp up cooperation in urban planning
Manama, Bahrain-- Bahrain and Slovakia are looking to ramp up the ongoing cooperation in urban planning and sustainable development.In this...
Economy
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Business
AI reshapes UAE’s business strategy, workforce skills
Nearly two-thirds (59 percent) of business leaders in the UAE express their commitment to increasing investments in advanced technology, says...
- Nearly two-thirds (59 percent) of business leaders in the UAE express their commitment to increasing investments in advanced technology, says a latest report.
- The Alteryx survey reveals that 47% of UAE business leaders express concerns about data privacy, 40% about transparency, and 36% about data governance.
Business
Tata Group retains IPL sponsorship rights for record $300m
New Delhi, India - Corporate behemoth Tata Group has again been awarded title sponsorship rights of the Indian Premier League for...
- Tata Group already holds the title sponsorship for the IPL and its sister competition, the Women's Premier League, which staged its first tournament last year
- The IPL attracts cricket's top international stars with bumper salaries, and features 10 sides competing in the sport's hugely popular Twenty20 format
Business
Healthcare industry globally faces data hacking threat
DUBAI, UAE - In an age where data is a cornerstone of modern healthcare, the industry faces an escalating threat...
- The IBM Cost of Data Breach Report reveals that in 2023 the average global cost of healthcare data breach reached $10.93 million.
- In the Middle East, the cost implications of data breach reached $9.18 million in 2023, above the regional average across all sectors.