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
Eurozone business activity stabilizes in March
Brussels, Belgium - Business activity in the eurozone stabilized in March thanks largely to a "modest recovery" in the service sector,...
Economy
Business
Dubai records $2.88 billion in weeklong real estate transactions
Dubai, UAE -- A total of 3,252 real estate transactions worth over AED 10.6 billion ($2.88 billion) were conducted during...
- The DLD report showed that 319 plots were sold for AED 1.92 billion, while 2,137 apartments and villas were purchased for AED 5.75 billion.
- The total value of mortgaged properties for the week reached AED 2.53 billion. Meanwhile, 283 properties were granted between first-degree relatives worth AED 495 million.
Business
PIF sets up tourism firm Asfar
Firm Saudi Tourism Investment Company has been set up.
- The company will invest in new tourism projects and develop attractive destinations with hospitality, tourist attractions.
- The company will leverage Saudi Arabia’s unique strategic location between the three continents of Asia, Africa and Europe
Business
Italy’s Eni Q2 profits down
Adjusted net profit also fell down 49 percent in the second quarter.
- Like its competitors, Eni benefited last year from the spike in gas and oil prices, fuelled by the economic recovery after the pandemic and Russia's invasion of Ukraine.
- Eni posted a record net profit of 13.8 billion euros in 2022, its best result in more than two decades.
Business
Tabreed H1 23 net profit $105m
New customers and projects were added in H1 2023.
- In the first half of the year, Tabreed's revenue increased by 9.4 percent YoY to US$290 million, from US$265 million in H1 2022.
- Earlier this month, Tabreed started operating the cooling infrastructure, officially commencing its first operations in India.
Business
SAB H1 profit up 59%
The bank's profit in Q2 increased by 43% compared to Q2 2022.
- SAB’s net profit dropped by 12.2 percent from SAR 1.76 billion in Q1 2023.Â
- H1 profit rise was mainly due to an increase in net special commission income, income from FVSI financial instruments.
Business
Borouge Q2 net profit $231m
The company posted first-half revenues of $2.8 billion.
- Second-quarter revenue increased by 2.5 percent quarter-on-quarter, to reach $1.4 billion, and declined on a year-on-year basis.
- The company's board has endorsed a dividend of $650 million to be approved by the shareholders during the second half of the year.
Ford raises 2023 profit outlook
Profits in the second quarter were $1.9 bn.
- Profits in the second quarter were $1.9 billion, nearly triple the year-ago level on revenues of $45 billion
- Ford slowed its timeframe for ramping up EV production, pushing back the timeframe to reach 600,000 per year in 2024
Business
Iran carmaker Saipa supplies 2nd batch of cars to Venezuela
Tehran, Iran – Iran's second-largest carmaker, Saipa, has successfully delivered another batch of cars to Venezuela as part of an...
- The shipment consisted of 1,000 completely build-up (CBU) cars, which were sent to Venezuela during the Iranian calendar month ending in late June
- Iran will supply a total of 200,000 cars to customers in Venezuela over the next five years as per the agreement between the two countries
Business
UAE leads the charge in GCC’s electric vehicle market
Despite making up just over 1% of the UAE car market, EV popularity is growing, with plans to boost the...
- Despite making up just over 1% of the UAE car market, EV popularity is growing, with plans to boost the electric charging network by 170% by 2025, says a latest report
- Ranked eighth globally for electric mobility readiness, the UAE's EV market is set to grow 30% annually from 2022-2028, with over 30% of residents considering EV purchases
Business
European Commission orders probe into Microsoft over Teams
Brussels, Belgium - The European Commission on Thursday announced an antitrust probe into Microsoft bundling its Teams communication app with its...
- The investigation will check whether the US software giant is bundling its Teams communication app with its popular Office suite, on concerns it could be cutting out competitors.
- Teams is a platform that allows users to communicate through messages, video calls and file sharing.
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
Company News
Empower, ASHRAE form alliance
Business
Latest News
DEWA awards pipeline contract
Business
GIB, KSA wrap up Sukuk debut
Business
Sony to decide on Zee merger
The tie-up is aimed at helping both firms compete with streaming rivals.
Business
Middle East only region to overcome pre-Covid tourism levels: UNWTO
"International tourism is expected to fully recover pre-pandemic levels in 2024, with initial estimates pointing to 2.0 percent growth above...
Business
Tesla’s Musk throws down the gauntlet
Amid declining sales and safety concerns, CEO covets more control, seeking solace in SpaceX's success.
Business
Most Read
World Economic Forum
Middle East needs strong Saudi Arabia, says kingdom’s finance minister
Dubai, UAE-- Saudi Arabia's Finance Minister Mohammed Al-Jadaan said the Middle East needs a strong Saudi Arabia to contribute and...
- The World Economic Forum meeting in Saudi Arabia will address economic issues, international cooperation and global challenges
- The kingdom's finance minister said the region requires a strong Saudi Arabia to contribute and that future outlook looks positive
Business
UAE firms face AI-driven data management hurdles
In a rapidly evolving digital landscape, 91% UAE business leaders are facing critical challenges in aligning data strategies with their...
- In a rapidly evolving digital landscape, 91% UAE business leaders are facing critical challenges in aligning data strategies with their business goals, says a latest report.
- Only 44% of UAE businesses are confident in their data's accuracy, leading to increased investment in data training and governance to address these concerns, it adds.
Business
Sharjah Islamic Bank profit surges
It posted a 31% jump in net profit to US$229.13m in 2023.
- The bank's operating profits also recorded a 23 percent rise, reaching $554 million for 2023, up from $435 million in 2022
- Its board of directors has proposed a 10 percent cash dividend, subject to approval at the upcoming general assembly meeting