AI chip giant Nvidia becomes world’s first $5 trillion company
New York, United States -- AI chip juggernaut Nvidia became the world's first $5 trillion company on Wednesday, as investors...
Business
TotalEnergies approves restart of $20-bn Mozambique gas project
Paris, France -- France's TotalEnergies said Saturday the consortium it leads to build a $20-billion liquified natural gas project in...
Geostrategy
Business
Global economy lost $32bn due to credit card frauds, says AMF
Abu Dhabi, UAE - The Arab Monetary Fund said Wednesday that global credit card fraud losses incurred by financial institutions...
- The losses increased substantially by 13.8 percent compared to the previous year, WAM reported.
- The report urges financial institutions to foster cooperation by sharing data and pooling resources in their fraud detection efforts.
Business
Birkenstock to enter stock market
Birkenstock employs around 6,200 workers globally.
- The footwear brand announced Tuesday it was preparing to take another step into the big leagues with an IPO in New York.
- Birkenstock's most famous sandal is the Arizona, which features two wide straps with buckles, on trademark cork and latex soles.
Business
ACWA Power signs clean energy agreements with Chinese firms
Riyadh, Saudi Arabia/Guangdong, China -- Saudi-listed ACWA Power has signed MoUs with two Chinese firms to bolster collaboration in China...
- The agreements were signed with state-owned China Southern Power Grid International Company and clean energy integrated solution provider MingYang Smart Energy Group Limited.
- ACWA Power has a history of collaborations with Chinese companies such as installing the largest wind turbine in Central Asia with China Energy Engineering Corporation (CEEC).
Business
UAE banks’ investments reach $157 billion by July end
Abu Dhabi, UAE -- Investments of banks operating in the UAE reached AED 580 billion ($157.90 billion) at the end...
- The data showed that investments of banks operating in the country increased by 18.8 percent on an annual basis, from AED 487.7 billion in July 2022.
- On a monthly basis, investments of banks increased by 0.91 percent, from AED 574.3 billion in June 2023.
Business
Saudi capital market assets under management rise by $14bn in Q2
Riyadh, Saudi Arabia -- The total assets under management (AUM) held by capital market institutions licensed by Saudi Arabia’s Capital...
- The total AUM held by licensed capital market institutions in Q2 2023 are the largest in years, according to Argaam.
- Dom Capital led the way with a 100 percent increase in AUM in Q2 2023. Sidra Capital followed with a 195 percent rise.
Business
15m electric cars will be shipped globally in 2023: report
Dubai, UAE - Nearly 15 million electric cars, including both battery electric and plug-in hybrid vehicles, are expected to be...
- Electric cars are predicted to represent a significant portion of this growth, accounting for 97% of total EV shipments in the upcoming year
- Battery electric vehicles (BEVs) are poised for substantial growth, increasing from 9 million units in 2022 to an estimated 11 million units by the end of 2023
Market Report
Healthcare, F&B and telecom companies spoil GCC stockmarkets’ three-month party
GCC equity markets saw their first decline in three months during August, influenced by global market performance and hawkish Fed...
- GCC equity markets saw their first decline in three months during August, influenced by global market performance and hawkish Fed policies, says a report
- Despite some sectors showing gains, the overall trend was downward, with Qatar leading the decline and Dubai emerging as the best performing market
Economy
Qantas loses court fight over Covid lockdown layoffs
The airline is already under fire over soaring ticket prices, allegations it sold tickets for cancelled flights, and claims that...
- The court said Qantas had failed to disprove that one reason for the mass sacking was to prevent the workers from taking industrial action in the future
- The Transport Workers Union (TWU), which took Qantas to court over the layoffs, hailed the decision and called for the airline's board to be replaced
Business
WTO says era of de-globalization is closer than it appears
Geneva, Switzerland - The de-globalization of international trade is far from being a reality, but "the first signs of fragmentation" are...
- After this phase of slowing globalization, the question is "whether we are moving towards a phase of deglobalization", said WTO official Ralph Ossa.
- "We're quite far away from deglobalizing, but at the same time, you start seeing... the first cracks in the system," the WTO official said.
Business
US govt face Google in landmark antitrust lawsuit
Washington, US - A landmark case pitting the US government against Google over the dominance of the company's world-dominating search engine...
- "This case is about the future of the internet and whether Google will ever face meaningful competition in search," said Justice Department lawyer Kenneth Dintzer
- The US government launched its case against Google during the Trump administration and the suit carried over in the transition to President Joe Biden
AI chip giant Nvidia becomes world’s first $5 trillion company
New York, United States -- AI chip juggernaut Nvidia became the world's first $5 trillion company on Wednesday, as investors...
Business
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Walmart to buy TV maker Vizio
Business
UAE and Kenya sign agreement to enhance digital, tech cooperation
Abu Dhabi, UAE--The UAE and Kenya have signed an investment memorandum establishing a framework for investment cooperation in digitalisation and...
Turkish Airlines restarts Libya flights after almost a decade
Istanbul, Turkey - Turkey's flagship carrier, Turkish Airlines, has resumed flights to Libya's capital, almost 10 years after they were suspended...
Business
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Business
Huawei profit tops $12bn
The profits more than doubled compared to 2022.
- Huawei has been at the center of an intense standoff between China and the United States, with Washington warning its equipment could be used for espionage.
- Sanctions since 2019 have cut Huawei's access to US-made components and technologies, forcing it to diversify.
Business
Amanat FY 2023 revenue $195m
The company's revenue grew by 40 percent year-on-year.
- Amanat announced a proposed dividend of US$13 million for FY 2023, with additional interim dividends planned for 2024.
- The balance sheet reached US$158 million in cash at year-end, and low leverage provided significant capital for deployment.
Business
UAE earns first spot in Global Entrepreneurship Monitor 2024 report
Abu Dhabi, UAE-- The United Arab Emirates has been ranked first globally for the third consecutive year in the Global...
- The report said the UAE was the best place to start and conduct new business ventures, surpassing many advanced economies
- The report put Saudi Arabia on the third spot, Qatar at fifth, and Estonia South Korea, Switzerland, and China following them