Saudi Aramco CEO calls energy transition strategy a failure
Pointing to the still paltry share of renewable energy in global supply, the head of Saudi Aramco described the current...
Business
Asian stocks rise on US gains ahead of key China policy meeting
Hong Kong, China - Asian markets mostly rose Monday following US gains and ahead of a Chinese legislative session where Beijing's...
Business
Business
Twitter undergoes complex changes as Meta all set to unveil rival app
PARIS, FRANCE- Elon Musk spent the weekend further alienating Twitter users with more drastic changes to the social media giant, and...
- Since buying Twitter last year for $44 billion, Musk has fired thousands of employees and charged users $8 a month to have a blue checkmark.
- Zuckerberg's Meta group, which owns Facebook, has listed a new app in stores as "Threads, an Instagram app", available for pre-order in the United States.
Business
AllianceBernstein office in DIFC
DIFC provides a platform for AB to expand its wings.
- AB is the latest of an influx of global asset management firms to open regional offices in DIFC.
- The premises will give investors across the region, including institutional clients, distribution partners.
Business
Dubai Chamber, Mastercard unveil cyber security program for companies
Dubai, UAE - A program that enables companies to access innovative and affordable cybersecurity solutions was introduced at a workshop...
- The online session attracted more than 80 attendees and was conducted in partnership with Dubai Police and Mastercard.
- Guest speakers from Dubai Police and Mastercard provided insights into local and global cybersecurity breaches.
Business
Twitter restricts ‘TweetDeck’ to verified users from August
Paris, France - Twitter has announced that TweetDeck, a popular program that allows users to monitor several accounts at once, will...
- TweetDeck, launched more than a decade ago, shows messages in columns and its search and posting functions operate differently to the website or the app
- Twitter bought London-based TweetDeck in 2011, with technology media putting the price tag at $40 million at the time
Business
Meet EU ‘gatekeeper’ definition, say seven tech giants
BRUSSELS, BELGIUM -  Seven tech giants, including Amazon and Apple, have informed the European Union they meet the threshold to come...
- The firms are Google parent Alphabet, Amazon, Apple, TikTok owner ByteDance, Facebook umbrella Meta, Microsoft and Samsung.
- The firms stated they had revenue and user figures big enough to be classed as "gatekeepers", EU internal market commissioner Thierry Breton said.
Business
Subscription opens to Alinma EMF
The subscription is open for 60 days until Aug 31.
- The offering targets collecting SAR 187.5 million (about $50 million) in subscriptions.
- The fund will start operations on Sept. 14, or earlier if the minimum capital requirement of SAR 37.5 million is met.
Business
Saudi Catering, RSG ink pacts
The contracts are valid for 20 years, said Saudi Catering.
- The first contract includes the design, building, operation and transfer of a central laundry to serve hotels, resorts as well as other facilities.
- The second contract includes the design, building, operation and transfer of a central production unit for catering and facilities management services.
Business
Aldar, IHC, ADNEC merge joint businesses
Eltizam Asset Management Group will also join Aldar Estates platform.
- Under the agreement, IHC and ADNEC Group, a subsidiary of ADQ, will become strategic shareholders in Aldar Estates.
- Aldar Properties will retain a majority stake and maintain control over the combined platform.
Business
Facebook owner Meta to launch Twitter-like ‘Threads’ app
Thread's launch comes after a period of uncertainty at Twitter since Tesla owner Elon Musk took over in October, with...
- Listed as "Threads, an Instagram app," the new program should be available in the coming days, and is described on Apple's app store as "Instagram's text-based conversation app"
- Threads is where communities come together to discuss everything from the topics you care about today to what'll be trending tomorrow," says the app's description on the store
Economy
UAE’s financial advisory market to touch US$239 billion in 2023
Dubai, UAE--The UAE's financial advisory market is expected to reach a market volume of nearly $239 billion by the end...
- In 2023, assets under management in the UAE's wealth management market are forecast to cross US$255 billion, according to data
- According to industry analysts, some 4,500 millionaires will shift to the UAE and take residence in the country on a permanent basis
Saudi Aramco CEO calls energy transition strategy a failure
Pointing to the still paltry share of renewable energy in global supply, the head of Saudi Aramco described the current...
Business
Company News
ADX signs MoU with SZSE
Business
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ADQ, ADNEC Group sign agreements
They will buy 40.5% stake in TMG Holding’s hospitality business.
Business
Abu Dhabi real estate deals hit $517 million since Jan 1: DARI
Abu Dhabi, UAE -- Real estate transactions in Abu Dhabi amounted to approximately AED 1.9 billion ($517 million) in the...
Business
Lunate Capital launches Shariah-compliant ETF tracking Indian equities
ABU DHABI, UAE - Lunate Capital announced the launch of the Chimera SP India Shariah ETF, a physical, in-kind, liquid,...
Business
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Business
QNB net profits up 8% in 2023
The QNB Group posted a net profit of $4.25 billion.
- The bank said that earnings per share (EPS) amounted to QR 1.55 as of 31st December 2023 compared to QR 1.44 for the same period in 2022.
- The bank's board has announced the distribution of a cash dividend of 65 percent of the nominal share value (QR 0.65 per share).
Economy
Tawazun Council acquires TASNEEF
Subsidiaries of TASNEEF were also acquired.
- This strategic move aims to enhance the council's role in developing national defense industries, the Council said.
- TASNEEF has established a number of services, including issuing rules of relevance to the classification of ships.
Business
Sharjah, Sfax chambers look to boost ties between UAE and Tunisia
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) and the Chamber of Commerce and Industry of Sfax, Tunisia, held...
- The talks centered upon holding joint events and improving coordination to encourage businessmen to participate in exhibitions
- The Sharjah Chamber received an invitation from the Tunisian side to participate in an exhibition at the Sfax International Fair