Business
AD Ports Group, CMEC ink MoU
The two companies will explore opportunities globally.
- The two companies will cooperate in various fields including global industry and infrastructure development, financing, building.
- The agreement will be valid for three years and will focus on achieving complementary advantages, sharing resources.
Business
Volvo Cars Q2 net profit $342m
Firm in profit despite high inflation, rising interest rates.
- Volvo Cars reported a 25 percent increase in retail sales, with 178,800 units sold in the second quarter.
- Central banks have been raising interest rates in efforts to cool consumer price increases.
Business
Netflix adds 6m subscribers
The spike in numbers comes after password crackdown.
- The streaming giant finished the recently ended quarter with a total of 238 million subscribers and a profit of $1.5 billion, according to an earnings release
- Netflix in May expanded its crackdown on users sharing passwords with people beyond their immediate family as it seeks to shore up revenue after a rough patch last year
Tesla earnings rise to $2.7bn
Revenues surged 47 percent to $24.9 billion.
- Revenues surged 47 percent to $24.9 billion - a record for the company as auto deliveries surged 83 percent to 466,140 vehicles
- Total gross margin came in at 18.2 percent, down from 19.3 percent in the prior quarter and below the 18.8 percent expected by analysts
Economy
Egypt to resume exports of LNG by October: Tarek El Molla
Cairo, Egypt-- Egypt is looking to resume exports of liquefied natural gas exports by October, according to the country's petroleum...
- Egypt uses the gas at home during summer months when the temperatures are high, but in winter months it has excess levels of gas available for export
- El Molla said that summer exports surged last year because the government switched from using natural gas in power stations to mazut fuel oil
Business
GCC project awards surge by 86% to $49.7bn in Q2
The highest quarterly project awards value in over five years showcases the region's determination for diversification, and reflects the strength...
- The highest quarterly project awards value in over five years showcases the region's determination for diversification, and reflects the strength of GCC economies
- Saudi Arabia leads as GCC's largest projects market, while the UAE experiences a 127 percent surge, reaching US$12.2bn in the second quarter of 2023
Business
VMware takeover by Broadcom okayed
Broadcom is seeking to expand into the software market.
- The Competition and Markets Authority said the deal "would not weaken competition in the supply of critical computer server products".
- The CMA in March said the deal could harm innovation and drive up the cost of computer parts used by key clients including banks, retailers and telecoms.
Business
Turkey, UAE sign agreements worth over $50bn
Earlier this year, the two countries signed a Comprehensive Economic Partnership Agreement with the aim of boosting trade to $40...
- The non-oil intra-trade between the two nations amounts to over US$103 billion from 2013 to 2022.
- This includes imports valued at US$56 billion, exports exceeding US$35 billion, and re-exports totaling over US$12 billion.
Business
Goldman Sachs Q2 profits at $1.1bn
Profit fell due to anemic M&A market, weakness in trading.
- The big investment bank has essentially abandoned a once-touted push to compete with retail banks for Main Street consumers.
- Goldman also suffered a drop in its other main division, asset and wealth management, citing net losses and markdowns in real estate.
Business
Microsoft, Activision gaming deal deferred
July 18 was the cut off point to finalize the $75bn deal.
- The deal for Microsoft to acquire Activision now gets pushed by three months to October 18.
- In return, Microsoft agreed to pay Activision an increased break-up fee in case either side walks away from the deal.
Company News
Latest News
Emirates Steel Arkan signs $2bn deal
The 5-year, iron-ore pellets supply deal was signed with BSC.
Business
Aramco injects $4 billion into its global venture capital arm
Dhahran, Saudi Arabia -- Aramco has allocated an additional $4 billion to its global venture capital arm Aramco Ventures, more...
Business
UAE launches new ‘EcoMark’ green accreditation framework for MSMEs
Davos, UAE - The UAE has announced plans to develop the first-ever sustainability accreditation framework explicitly for micro, small and...
Economy
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Economy
Gold extends slide after Fed dampens March rate cut hope
Dubai, UAE - Gold prices extended losses on Wednesday as the US dollar strengthened after comments from a Federal Reserve...
- Spot gold was down 0.2% at $2,023.49 per ounce, as of 0415 GMT, after stooping 1.3% in the previous session - its biggest single-day decline since 4th December 2023
- The US Dollar Index, which gauges the dollar's strength against a basket of major currencies from key US trading partners has surpassed the 103.30 level
Business
Qatar Islamic Bank profit up
It posted a 7.5% jump in net profit to US$1.18bn last year.
- The bank's basic earnings per share for the year 2023 are QAR 1.73 compared to QAR 1.62 for 2022
- Its board of directors proposed a dividend distribution to shareholders of QAR 0.725 per share
Business
Mawani reports rise in container handling
The growth aligns with the aims of national logistics strategy.
- Saudi Arabia's overall ports recorded a 9.01% increase in annual container handling for 2023, reaching 11,380,302 TEU compared to 10,439,620 TEU in 2022
- Transshipment containers also experienced an 8.96% increase in volume, with 3,237,490 TEU transshipped in 2023 compared to 2,971,233 TEU in 2022