Saudi Arabia to donate US$40m for UN agency in Gaza
The funds, according to the King Salman Humanitarian Aid and Relief Centre (KSrelief), would support UNRWA's "humanitarian relief efforts in...
Geostrategy
Google’s new AI for corner kick tactics gets Liverpool approval
PARIS, FRANCE – Liverpool football analysts have given their seal of approval to a new artificial intelligence tool from Google that...
Science
Business
CBD H1 2023 net profit $133m
Profit is a 41.5 percent jump compared to H1 2022.
- This remarkable growth in net profit is attributed to outstanding revenue contribution across net interest and other operating income.
- The economic outlook for the UAE and business confidence continue to be encouraging, powered by buoyant domestic activity.
Geostrategy
Ukraine grain deal failed to achieve objective, says Putin
Russian President Vladimir Putin said the main objective of the deal that allowed Ukrainian grain exports to resume was not...
- A memorandum on unhindered Russian food and fertilizer exports had been signed in parallel to the grain deal.
- "The main goal of the deal, namely the supply of grain to countries in need, including on the African continent, has not been implemented," Putin said.
Business
ADNOC in talks with OMV
Talk merger of shareholdings in Borouge, Borealis.
- Borouge is listed on the ADX with 54 percent owned by ADNOC.
- Borealis is owned 75 percent by OMV with ADNOC holding 25 percent.
Business
60 percent of Jordan’s consumption contains plastic, rubber, says JCI
AMMAN, JORDAN - Plastic and rubber products cover 59.7 percent of the Kingdom's domestic consumption, a report by the Jordan...
- The report indicated that plastic and rubber products are well-established industries in Jordan.
- According to the report, the sector has 641 establishments geographically spread across the Kingdom.
Business
ADX grew 20 percent in 2022, says CBUAE
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE)’s Financial Stability Report for 2022 said the FTSE ADX...
- The Abu Dhabi Securities Exchange (ADX) trading value increased by 21.9 percent to AED 451 billion ($122.78bn)
- Foreign investment in ADX increased, with total net foreign investments recording an inflow of AED 24 billion ($6.53bn) in 2022
Business
UAE-India trade rose to US$384bn in 2013-22
ABU DHABI, UAE - The significant growth in the volume of non-oil trade between the UAE and India signifies the...
- CEPA will help deliver the target of reaching US$100 billion in non-oil trade annually over the next five years.
- During 2020-2022, non-oil trade between the UAE and India has grown from US$27.9 billion to US$51.4 billion last year.
Business
Saudi Arabia’s robotics commercial records rise by 52% in Q2
Riyadh, UAE - Commercial registrations in Saudi provinces for the robot technologies sector increased by 52 percent by the end...
- According to the Ministry of Commerce's recent business sector bulletin, Riyadh City topped Saudi provinces in the issuance of commercial registrations for the sector
- Robotics is one of the Kingdom’s promising sectors and is among the opportunities listed by Saudi Arabia’s Vision 2030 for the business sector
Business
Saudi Arabia sails towards ambitious maritime goals
"The noteworthy achievements include substantial developments in logistics services, fostering a closer relationship with the International Maritime Organization, and supporting...
- Saudi Arabia has made remarkable strides in the maritime sector, says Saudi Ambassador to the UK, Prince Khalid bin Bandar bin Sultan bin Abdulaziz
- The strides include significant developments in logistics services, collaboration with International Maritime Organization, and marine environmental conservation
Business
US banks express caution on economy as Fed rate hikes boost earnings
Results of large US banks released underscored the boon from higher interest rates, as executives described the world's biggest economy...
- JPMorgan and Wells Fargo both reported huge increases in second-quarter profits.
- Citi experienced a drop, citing an anemic investment banking market for revenue drop.
Business
Cryptocurrencies rise in value after United States SEC court loss
The increases came after a federal judge in Manhattan partially dismissed the SEC's case against the creators of the XRP...
- In a second day of gains, Ethereum was up 5.69 percent in the past 24 hours and Elon Musk-supported Dogecoin was up more than 7 percent.
- Bitcoin, the main asset in the crypto space, was up 2.3 percent over the past 24 hours. Coinbase gained nearly 25 percent.
Saudi Arabia to donate US$40m for UN agency in Gaza
The funds, according to the King Salman Humanitarian Aid and Relief Centre (KSrelief), would support UNRWA's "humanitarian relief efforts in...
Geostrategy
Company News
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DEWA extends fibre-optic ducts across Dubai by 364 kms in 2023
Dubai, UAE--The Dubai Electricity and Water Authority (DEWA) has laid over 364 kilometres of fibre optic (FO) ducts across different...
Business
Iran wants trade with Saudi Arabia to be highest in region: Ambassador
Riyadh, Saudi Arabia - Iran wants to elevate the levels of trade and investment exchanges with Saudi Arabia to the...
Business
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Business
Microsoft becomes world’s largest company
The tech giant's market value has surged by over $1 trillion.
- The company, which along with Nvidia and Amazon placed a significant emphasis on AI, has experienced huge market surges over the past year
- Microsoft's, according to LSEG data, market cap stood at $2.887 trillion, its highest ever, while Apple's market cap was $2.875 trillion
Business
Passenger traffic at Sharjah airport jumps to 15.3 million in 2023
Sharjah, UAE--The number of passengers travelling through Sharjah airport reached 15.3 million in 2023, as compared to 13.1 million in...
- The airport's traffic shot up 12 percent with over 98,000 flight movements in 2023 as compared to around 87,000 flight movements in 2022
- The airport also added three new destinations for air cargo including Houston in the United States, Kigali in Rwanda and Nasik in India
Economy
S&P estimates UAE GDP to grow beyond 5% in 2024
According to Tatiana Leskova, Associate Director of Corporate Ratings at Standard and Poor's Global Ratings that the global economy while...
- She said S&P expects continued strong momentum in Dubai's hospitality, wholesale and retail
- There was a sharp increase in Russian buyers becoming one of the largest investor groups in Dubai