The next chapter in branded residences: A deep dive with top experts
Experts predict continued growth, with developers increasingly seeking partnerships for brand prestige, service excellence, and higher premiums.
Business
Elon Musk buys $1 billion in Tesla shares, stock prices go up 6%
New York, United States - CEO Elon Musk bought about $1 billion worth of shares in Tesla, according to a...
Business
Business
Sony hikes sales and profit forecasts on strong music business
The Japanese electronics-to-entertainment conglomerate said its annual net profit for the year to March 2024 should reach 860 billion yen...
- Sony's music segment was seen enjoying both stronger sales and a one-off accounting gain related to a subsidiary, Japanese electronics-to-entertainment conglomerate said
- For three months to June, Sony said its net profit fell 16.7 percent to 217.9 billion yen, as losses in the financial and movies businesses overwhelmed strong gains on music side
Economy
CBUAE revokes licenses of currency exchange house, commercial broker company
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) has revoked the license of Dirham Exchange, an exchange...
- The administrative sanctions followed after the entities were found in violation of the UAE laws on combating money laundering crimes, the financing of terrorism, etc
- The findings showed that the entities had a weak compliance framework and failed to comply with their regulatory obligations and to report regulatory breaches to the CBUAE
Business
ADNOC Gas awards $3.6bn contract to expand its gas processing infrastructure
Abu Dhabi, UAE: ADNOC Gas, the integrated gas processing company, announced on Wednesday the award of a $3.6 billion (AED13.1...
- Over 70% of the award value will flow back into the UAE’s economy under ADNOC's successful In-Country Value (ICV) program
- The scope of the contract includes the commissioning of new gas processing facilities which will enable an optimized supply to the Ruwais Industrial Complex
Business
Oman Air approves restructuring program to lower rising debt
Muscat, Oman--Looking to address its mounting debt, Oman Air has backed a restructuring program to reduce its losses by 15...
- In the month of May, the airline said it will reduce its net loss by a further 56 percent in 2023, compared to a reduction of 35 percent in 2022
- Its chairman said the program stands on four pillars: financial sustainability, corporate governance, commercial factors, and human capital
Business
Sharjah Chamber and FDI Office discuss ways to promote real estate sector
Sharjah, UAE--The Real Estates Sector Business Group has discussed with the Sharjah FDI Office (Invest in Sharjah) ways to promote...
- The discussion centered on how the sector can benefit from the Sharjah FDI Office's expertise to promote real estate ventures in the emirate
- Sharjah Chamber noted the remarkable growth in the sector, emphasizing how real estate is acting as a backbone to the emirate's economic prosperity
Sharjah Business Women Council connects 500+ women to UAE’s business ecosystem in H1 2023
Sharjah, UAE - It's been a busy start to the year for members of the Sharjah Business Women Council (SBWC),...
- Sharjah Business Women Council has a member community of 2,000+ business women and aspiring entrepreneurs
- The council has brought members closer to new prospects in fashion, F&B, perfumes, and other sectors
Business
Zain Group profit jumps 14%
Its net profit for Q2of 2023 rose to US$187m.
- The company during the period also received a first-ever cash dividend of $42 million from Zain KSA
- For H1 the group generated consolidated revenue of $3.03 billion, an increase of 12% YoY
Business
UAE leads world in mobile and omnichannel shopping
The UAE scored 134 on the Global Digital Shopping Index, exceeding the global average of 125, as 94% of adults...
- The UAE scored 134 on the Global Digital Shopping Index, exceeding the global average of 125, as 94% of adults in the country use digital shopping features, say a survey
- Free shipping, competitive prices, convenience remain key drivers of UAE's online shopping as merchants focus on improving digital experiences, fostering a cohesive ecosystem
Business
6 MNCs among new businesses attracted by Dubai Chamber in H1
Dubai, UAE - Dubai International Chamber attracted 56 businesses to the emirate during H1 2023, including six multinational corporations and...
- It also supported the expansion of 15 local and national companies into global markets, either by increasing their exports or helping them to establish a presence abroad.
- During H1 2023, Dubai International Chamber inaugurated six global representative offices in Hong Kong, Australia, the United Kingdom, Indonesia, South Africa, and Singapore.
Business
Germany leads Europe push to boost chip manufacturing
Paris, France -- Taiwanese chipmaker TSMC agreed Tuesday on a multibillion-dollar deal to build a plant in Germany, part of a...
- Taiwanese chipmaker TSMC agreed Tuesday on a multibillion-dollar deal to build a plant in Germany.
- US firms accounted for 48% of the global industry, South Korea second and Europe third.
The next chapter in branded residences: A deep dive with top experts
Experts predict continued growth, with developers increasingly seeking partnerships for brand prestige, service excellence, and higher premiums.
Business
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Naver profit jumps 129% in Q4
Business
Xiaomi announces release date for EV
It will be its first foray into the electric vehicle sector.
Business
UAE construction market soars to $94bn in 2023
Abu Dhabi, UAE--The UAE construction market size was $94 billion in 2023 and the market will achieve an AAGR of...
Economy
Supply chain challenges hit Ramadan retail rush
Logistical adaptations, strategic planning, and forecasting essential for addressing the unique demands of increased consumption during Ramadan, says Aramex's Tarek...
Business
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Musk says will ‘open source’ Grok chatbot, a rival to ChatGPT
Tech investors are increasingly in split camps on the development of AI and how the technology should advance. Companies such...
- The multi-billionaire unveiled Grok late last year as he attempts to catch up with OpenAI which he helped create in 2015 along with its CEO Sam Altman
- He left OpenAI a few years later and last week filed a shock lawsuit against the company for breaking its original non-profit mission to make AI research available to all
Business
Abu Dhabi launches technology investment company MGX
ABU DHABI, UAE – The Artificial Intelligence and Advanced Technology Council (AIATC) announced on Monday the creation of MGX, a...
- Mubadala and G42 will serve as foundational partners in the creation of the new company.
- MGX will invest to accelerate the development and adoption of AI and advanced technologies.
Business
Jafza reports 28% year-on-year growth in 2023 of new Indian companies
DUBAI, UAE – Jebel Ali Free Zone (Jafza) is a major contributor to the growing trade between India and the...
- Over 190 new Indian businesses and a total of more than 1,500 Indian companies have set up business in Jafza.
- This move aims to assist Indian businesses in accessing markets across the Middle East, Africa, and Europe.