UAE raises $299 million in Islamic Treasury Sukuk auction
Abu Dhabi, UAE — The UAE Ministry of Finance (MoF), in collaboration with the Central Bank of the UAE, has...
Business
Stocks rise on $5 billion Nvidia-Intel deal, Fed rate cut
Nvidia announced a $5 billion investment in struggling US rival to jointly develop chips for PCs and data centers. The...
Business
Geostrategy
Turkey, Saudi Arabia exports vault 630% after normalization in ties
Istanbul, Turkey - Turkey's exports to Saudi Arabia have skyrocketed by an astonishing 630 percent in the first seven months...
- Data compiled by the Turkish Exporters Assembly (TIM) revealed that exports to the kingdom reached an impressive $1.25 billion
- Saudi Arabia's move to invest in Turkey's central bank with a $5 billion deposit earlier this year has contributed to stabilizing Turkey's economy
Business
Saudi real estate gets non-oil boost
The Saudi commercial real estate market is set for a significant upswing in 2023, propelled by the government's vision to...
- With the office market seen as the most lucrative and the luxury retail sector witnessing a surge, the Kingdom's real estate landscape is undergoing a transformative phase
- The Saudi commercial real estate market is on the brink of a significant expansion in 2023, driven by the government's economic diversification efforts, suggest reports
Business
EIH gives $27.2m dividend
The company's net profit for H1 2023 stands at US$121.221 million.
- The company's net profit for H1 2023 stands at US$121.221 million, up from US$6.535 million in 2022
- EIH's assets grow from US$21.171 million in H1 2022 to US$607.19 million in the first half of 2023
Business
QAMCO’s H1 net declines 60.7%
Average selling prices stood at US$2,743 per metric ton.
- Earnings Per Share for QAMCO stands at US$0.0118 as of 30th June 2023, compared to US$0.0302 in 2022.
- Decline in profits is attributed to a 24% drop in average selling prices and a slight decrease in sales volumes
Disney streaming service sees subscribers fall again
Disney+ finished the quarter with 146.1 million subscribers, compared with just shy of 158 million in the first three months...
- Disney shares were up more than 2 percent to $90 in after market trades despite the drop in streaming service subscriber numbers
- The unusual quarterly loss for the company was due to charges related to ending licensing agreements and yanking content from its streaming platforms
Business
PIF-owned Saudi tourism company to sponsor Al-Hilal Club
Riyadh, Saudi Arabia -- The Saudi Tourism Investment Company (ASFAR), a Public Investment Fund (PIF) portfolio company, has announced a...
- Under the terms of the agreement, ASFAR will serve as the official sponsor of the Al-Hilal Saudi Club until the end of the 2025-2026 season
- Founded in 1957, Al-Hilal Saudi Club is the most decorated football club in Saudi Arabia and the most successful Asian club
Opinion
Generative AI brings challenges and opportunities
"New technologies like generative AI bring both opportunities and risks. A holistic AI strategy ensures privacy, security, and compliance, considering...
- The rise of ChatGPT has ignited immense interest in generative AI, with numerous businesses integrating it enterprise-wide
- AI technology is proliferating at an unprecedented pace, surpassing any other technology, writes Gail Coury, SVP and CISO, at F5
Business
Dubai Municipality parks attract more than 15m visitors in H1
Dubai, UAE-- More than 15 million people visited Dubai Municipality public parks, neighborhood parks, lakes, and recreational facilities for the...
- The record-breaking trend marks a 50 percent increase in the same period of 2022, which recorded approximately 10 million visitors
- The spike in the number of visitors to the parks and other recreational facilities is made possible by their location and ease of access
Business
Black Cobra signs MoU with NFFSP to make military footwear in MENA region
Abu Dhabi, UAE--Black Cobra Military Supplies (BCMS) and the National Factory for Safety and Security Products (NFFSP) have signed a...
- Aided by the Emirates Defence Companies Council (EDCC), the MoU looks to offer a sustainable platform that supports the strategic goals of the two companies
- NFFSP's CEO said the agreement will enable the two companies to produce modern, high-quality items "that fulfill the needs of the region's military and security forces"
Business
Saudi Arabia organizes trade mission to Japan to drive non-oil exports
Riyadh, Saudi Arabia--The Saudi Export Development Authority organized a trade mission to Japan under the theme of "Saudi Made" in...
- The Saudi Export Development Authority's initiative to organize the campaign in Japan is designed to boost non-oil Saudi exports
- The kingdom's non-oil exports to Japan totaled $438 billion over the past five years (2018-2022), including $99.20 billion last year
UAE raises $299 million in Islamic Treasury Sukuk auction
Abu Dhabi, UAE — The UAE Ministry of Finance (MoF), in collaboration with the Central Bank of the UAE, has...
Business
Company News
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Latest News
Parkin to give more shares to retail investors in its IPO
Dubai, UAE - Parkin Company on Tuesday announced an increase in the number of shares offered in the UAE Retail...
Business
Qatar real estate trading volume amounts to US$382m in February 2024
DOHA, QATAR – The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at...
Business
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Business
UAE, NeoNautica collaborate to develop Blue Pass platform
DUBAI, UAE – The Ministry of Energy and Infrastructure has signed a collaboration agreement with NeoNautica, a company specialized in...
- This will help enhance the competitiveness of the national maritime sector, promote its attractiveness to international investors.
- This strategic expansion aims to position the UAE as the premier logistical partner for global trade and further consolidate its leadership in the lindustry.
Business
Microsoft to train Philippine women in AI
It will partner with local schools to provide the training.
- In a statement, Philippine Trade Undersecretary Rafaelita Aldaba said the training could "help to bolster cybersecurity and trust in tech adoption"
- Microsoft said it would roll out an AI-powered reading progress tool for around 27 million Philippine students, in partnership with Philippine education department
Business
Xiaomi announces release date for EV
It will be its first foray into the electric vehicle sector.
- The Beijing-based firm announced in 2021 its planned foray into the electric vehicle sector
- The announcement was accompanied by a photo of the new vehicle, first unveiled in December