Middle East oil policies not dictated by US, says Russia
MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the...
Geostrategy
Business
Saudi club Al-Ettifaq signs English footballer Jordan Henderson
Liverpool, United Kingdom - Liverpool captain Jordan Henderson completed his move to Saudi Pro League side Al-Ettifaq on Thursday, becoming the...
- The 33-year-old, who played 492 matches for Liverpool, scoring 33 goals, has finalized a deal with reported wages of up to £700,000-a-week.
- Liverpool are due to receive an initial £12 million ($15.5 million) from the Saudi club. The England international will be reunited in Saudi with Gerrard, who is Al-Ettifaq coach.
Business
Water loss, river pollution threaten Syrian fishermen’s livelihood
The battered country, where half a million died in the conflict, has also suffered the impacts of climate change, from...
- Syria has endured more than a decade of civil war, and the nearby town of Raqa was the center of the Islamic State group's brutal "caliphate" until their ouster in 2017.
- Raqa province received only 208 mm per month of rainfall last year, according to the UN Food and Agriculture Organization.
Business
Major energy firms post sliding profits as oil and gas prices dip
Gas prices had soared last year after Russia cut gas shipments to Europe while oil markets were also rocked by...
- Shell on Thursday said its profit after tax came in at $3.13 billion in the second quarter (Q2), down 80 percent compared with Q2 last year.
- French group TotalEnergies said its net profit dropped 28 percent to $4.1 billion in the second quarter from a year earlier.
Business
ADIB posts 61% net profit growth in H1
The bank's revenue grew by 50 percent to AED 4.3 billion.
- The bank's cost to income ratio was managed down with an improvement of seven percentage points to 33.9 percent.
- Total assets increased 28 percent to AED 182 billion, driven by 18 percent growth in gross financing and 22 percent growth in investments.
Videos
Upskilling key to offset AI banking job losses
Increasing adoption of Artificial Intelligence in banking operations could lead to automation of nearly 52 percent of jobs by 2025....
- AI can be used to automate many of the routine tasks that are currently performed by bank employees, such as processing transactions, responding to customer queries.
- While AI could lead to job losses in some areas, it could also free up employees to focus on more complex and challenging tasks.
Business
Realty projects worth $1.10 billion completed in H1 in Dubai
Dubai, UAE -- Dubai witnessed the completion of nine real estate projects worth AED 4.06 billion ($1.10 billion) in H1...
- According to data issued by the Dubai Land Department (DLD), 392 real estate projects are currently being developed in the emirate.
- In the first half of 2023, the Dubai Land Department issued 4,416 real estate licenses, reflecting increasing demand for licenses for real estate various activities.
War-weary Yemenis drown torment in specialty coffee
The Arab world's most impoverished country, locked in an eight-year conflict between Houthi rebels and forces supporting the internationally recognized...
- Legend has it that Sufi mystics on Yemen's western coast were the first people to brew coffee beans back in the 15th century
- Yet Yemeni entrepreneurs have until recently focused on exporting their best product to wealthy overseas markets
Business
Meta posts big earnings
It posted a profit of US$7.8bn in the recently ended quarter.
- Meta reported a profit of $7.8 billion on $32 billion in revenue during the recently ended quarter, as the number of people using Facebook monthly rose to 3.03 billion
- Meta is seeing "good progress" in bringing in money from Reels, with the video snippets played more than 200 billion times daily across Facebook and Instagram, Zuckerberg said
Israel troops kill Palestinian teen in West Bank: ministry
So far this year, violence linked to the Israeli-Palestinian conflict has killed at least 203 Palestinians, 27 Israelis, one Ukrainian and one Italian,...
- The shooting occurred in the city of Qalqilya in the northern West Bank where the army confirmed it had conducted "counter-terrorism activity"
- The Palestinian health ministry identified the dead teenager as Fares Abu Samrah, 14, and said he died of bullet wounds to the head
Samsung Q1 profit falls 95%
This is firm's worst quarterly profit since Q1 2009.
- Samsung's second-quarter net profit fell 84.5 percent to 1.72 trillion won, and sales dropped 22.3 percent to 60 trillion won
- The firm blamed weak demand for its chips and mobile phones, but offered an optimistic outlook for the remainder of the year
Middle East oil policies not dictated by US, says Russia
MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the...
Geostrategy
Company News
DEWA awards pipeline contract
Business
GIB, KSA wrap up Sukuk debut
Business
Latest News
Dubai World Trade Centre to host Japan trade exhibition next week
Dubai, UAE--The first edition of the Japan Kyoto Trade Exhibition 2024 is all set to kick off this Monday, 22nd...
Business
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...
World Economic Forum
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...
Business
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Economy
Saudi Arabia to host WEF special meeting in April
Davos, Switzerland — Saudi Arabia will host a special meeting of the World Economic Forum (WEF) in Riyadh this April, Saudi...
- Speaking at the panel 'Saudi Arabia: The Course Ahead', Saudi minister Faisal Al Ibrahim said the event will focus on global collaborations
- He underlined Riyadh's emerging role as a hub for various sectors and as a center for global thought leadership.
Business
IEA says oil production to rise but demand to be halved in 2024
Paris, France - World oil supply will continue to rise this year, the International Energy Agency said on Thursday, as it...
- Much of the slowing demand has mirrored falling demand for post-pandemic travel demand in China, which drives much of the world's oil demand growth.
- IEA added the world's oil supply will continue to grow due to "record-setting output" from the United States, Brazil, Guyana and Canada.
Business
UAE ranks first in Arab world in labor-resilient countries, says report
Dubai, UAE -Â Against the backdrop of the World Economic Forum in Davos, Whiteshield announces the release of the Global Labor...
- As the world confronts the challenges of global warming and the transition to a sustainable future, the impact on labor markets looms large.
- The direct consequences of climate change, including displacement, migration, and fluctuations have become increasingly pervasive.