AI, robotics, energy systems, sensor networks: Four technologies driving the future of work
The report, Jobs of Tomorrow: Technology and the Future of the World's Largest Workforces, developed by the WEF's Global Future Council on...
Business
Silver price hits decades high as gold rush eases
Stock markets, meanwhile, were mixed as traders weighed a slew of issues: massive AI investments, corporate results, US interest rates,...
Business
UBS gives peek at operations after Credit Suisse merger
Analysts have said UBS's own operating results will surely "take a backseat" to interest in how the integration process is...
- UBS's second-quarter income statement will mark the first results presented since the mega-merger that rocked Swiss banking earlier this year
- Investors and employees alike are also eager for clues as to the fate of Credit Suisse's Swiss division, as well as what level of job cuts to expect
Business
Gulf Bank to up paid-up capital
It will be hiked by US$79.6m through a public offering.
- According to a bank statement, the offering will be at a nominal value of 100 fils, in addition to a share premium of 130 fils for each share
- The bank posted a net profit of $56.50 million for the first three months of the current year, a 15 percent rise as against the same period of 2022
Business
Shams signs MoU with South Korean firm to develop media content
Sharjah, UAE--Sharjah Media City (Shams) has signed a memorandum of understanding (MoU) with Munhwa Broadcasting Corporation (MBC), the largest television...
- The agreement is designed to advance media content in both countries in accordance with regulations and legislation
- Rashid Abdullah Al Obed, Managing Director of Sharjah Media City, said his firm will continue to build ties with global media companies
Business
Alantra sets up base in DIFC
The global firm will provide investment banking services.
- With a base in Dubai, Alantra will have direct access to diverse opportunities fueled by the tide of emerging markets trade and investment
- Its investment banking branch provides advice on M&A, debt advisory, financial restructuring, and capital markets transactions
Business
Dubai’s realty builds on innovation and sustainability
Dubai's skyline epitomizes modern development, with its appeal bolstered by strong property management and developers capitalizing on increasing sales.
- Dubai's skyline epitomizes modern development, with its appeal bolstered by strong property management and developers capitalizing on increasing sales
- COVID-19 and innovations have transformed property management, with a surge in demand for larger apartments and villas, says Deyaar Development's VP
Geostrategy
EU okays updated Pfizer and BioNTech’s anti-Covid vaccine
Adults and children over five require a single shot "irrespective of their Covid-19 vaccination history" while younger children may get...
- The European Medicines Agency said it "has recommended authorizing an adapted Comirnaty vaccine targeting the Omicron XBB.1.5 subvariant".
- Known as Comirnaty Omicron XBB.1.5, the mRNA vaccine is to be used to prevent Covid-19 in adults and children from six months.
Business
Lego first half profit dips 17%
But the toy giant's market share grew as sales rose slightly.
- The company's CEO said revenue surged 10 percent faster than the market, as its revenue touched $4 billion in the first half of 2023.
- Lego credited the growth in revenue to success of products like Star Wars and Lego Icons, also including Lego City, Lego DREAMZzz.
Business
Another Saudi sports push: PIF buys stake in US mixed martial arts league
Combining elements of everything from boxing to judo and Muay Thai, mixed martial arts (MMA) had a limited following in...
- It is the first deal sealed by SRJ Sports Investments, a new company unveiled earlier this month by the Saudi fund known as the Public Investment Fund.
- Sports have been a major component of the oil-rich Gulf kingdom's effort to rebrand as a global business and tourism destination under the Vision 2030 reform agenda.
Business
GCC asset management market $500bn by 2026
Strong capital inflows, a young and growing population and growing awareness about asset management will drive the sector's growth in...
- The rise of a middle class is increasing the demand for investment products and services.
- Strategy& Middle East estimates that currently more than 70 percent of regional private wealth is in offshore accounts.
Business
UAE first half non-oil foreign trade hits all-time high of $337 billion
The results are buoyed by record non-oil exports, which reached AED 205 billion in H1 2023, an 11.9 percent growth...
- Imports increased to AED 693 billion, up 17.5 percent compared to the first half of 2022 and 2.6 percent more than the second half of 2022.
- China has retained its position as the UAE’s leading global trading partner, followed by India, the US and Saudi Arabia.
AI, robotics, energy systems, sensor networks: Four technologies driving the future of work
The report, Jobs of Tomorrow: Technology and the Future of the World's Largest Workforces, developed by the WEF's Global Future Council on...
Business
Company News
ADNOC Drilling profit soars 29%
Business
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Passenger air traffic has reached pre-pandemic levels, says ICAO
MONTREAL, CANADA – In the first quarter of 2024, the International Civil Aviation Organization (ICAO) projected that passenger air traffic...
Business
Nike’s long international struggle with Adidas
German newspapers reported that the American sports equipment giant overcame their rival's home advantage with a bid of around 100...
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
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Business
Air traffic in Saudi Arabia surges 16 percent in 2023
Riyadh, Saudi Arabia - Saudi Arabia's aviation sector soared to new heights in 2023, with a significant increase in both...
- Passenger numbers saw 26% jump, reaching 112 million compared to the previous year's 88 million, surpassing pre-pandemic levels
- Currently, Saudi Arabia boasts connections to 148 destinations with at least 52 daily flights to and from the country
Business
Italy’s Enel doubles net profit
Its net profit spiked to US$3.7 billion in 2023.
- Enel said that before exceptional items, profit rose 21 percent to $7.04 billion, in line with the company's objectives
- The company's revenue fell 32 percent to $103.62bn as prices declined as part of a "normalization of the energy sector"
Business
Reforms help Saudi banking sector post robust growth
The financial sector plays vital role in the Kingdom's economy, with a 9.5% surge in operating income and 10.9% increase...
- The financial sector plays vital role in the Kingdom's economy, with a 9.5% surge in operating income and 10.9% increase in non-interest income in FY 2023, says a report.
- With a promising outlook based on strong capitalization, loan growth, and improving asset quality, the sector is well-positioned to continue its upward trajectory, it adds.