Lab-grown diamonds robbing southern Africa of riches
Johannesburg, South Africa -- Botswana and southern African peers that built much of their prosperity on diamonds are scrambling for...
Business
Stock markets strike records despite geopolitical unrest
Gains for oil prices were relatively modest, while gas futures were unmoved after Israel's strikes Tuesday against Hamas in gas-rich...
Business
Business
China’s restriction on exports of key metals comes in effect
China accounts for 94 percent of the world's production of gallium -- used in integrated circuits, LEDs and photovoltaic panels...
- From Tuesday, Chinese companies seeking to export gallium or germanium will need to obtain a license from the Chinese government.
- China, which seeks to become self-sufficient in semiconductor design, says those measures are aimed at maintaining US supremacy in the field.
Business
Meta to seek user permission for targeted advertisement
European regulators in January had dismissed the previous legal basis -- "legitimate interest" -- Meta had used to justify gathering...
- It said the changes were to address "evolving and emerging regulatory requirements" amid a bruising tussle with the Irish Data Protection Commission.
- Currently, users joining Facebook and Instagram by default have that permission turned on, feeding their data to Meta so it can generate billions of dollars.
Business
e& H1 net profit $1.27bn
The company's second quarter net profit increased 4% year on year.
- In a statement, the company said its consolidated EBITDA reached AED 12.8 billion, resulting in an EBITDA margin of 48 percent.
- In the UAE, etisalat by e& recorded 13.9 million subscribers, an increase of 5.1 percent compared to the same period of last year.
Geostrategy
Saudi Arabia funds construction of library in Bosnia and Herzegovina
SARAJEVO, BOSNIA AND HERZEGOVINA - Saudi Fund for Development (SFD) Board of Directors Chairman Ahmed Al-Khateeb, laid the foundation stone...
- The funding for construction and equipping of the library has been through a US$22 million grant provided by the Saudi Fund for Development.
- The new library will act as a central hub to connect the university’s 28 sub-libraries and will contribute towards enhancing its educational capabilities.
Business
PIF-funded Nesma & Partners to acquire services provider Kent
Dubai, UAE -- Nesma & Partners, a contracting company funded by Saudi sovereign wealth fund, the Public Invesment Fund, has...
- The acquisition is expected to close by the end of the calendar year, subject to regulatory approvals and satisfaction of customary closing conditions.
- Nesma & Partners and Kent began collaborating in June 2022 to exploit their respective strengths when they established a Joint Venture, NesmaKent, as EPC Champion for Saudi Aramco.
Business
Ooredoo Algeria gets new CEO
Roni Tohme, the Acting CEO, has been confirmed as the CEO.
- Tohme brings over 21 years of experience in telecoms and finance to his new role, having previously served as Ooredoo Algeria’s Chief Financial Officer.
- During his tenure as CFO, he played a vital role in shaping an agile and lean finance department, contributing to the company’s business transformation.
Binance allegations stir up Middle East crypto market
Amidst the escalating crackdown on key cryptocurrency players, the Middle East is emerging as a potential beneficiary and a new...
- Amidst the escalating crackdown on key cryptocurrency players, the Middle East is emerging as a potential beneficiary and a new frontier for the crypto industry
- Bahraini cryptocurrency firm Rain comes to the UAE, while Coinbase CEO's UAE visit hints at potential expansion. Zurich's Julius Baer is also eyeing Middle East
Business
Alpha Dhabi’s H1 net profit $2.8bn
The company's revenue grew by 29 percent year on year.
- The Group's total assets were AED 127.9 billion and cash position strong with AED 17.6 billion.
- Alpha Dhabi joint venture with Mubadala Investment Company aims to co-invest in credit opportunities.
Business
Oil majors still profitable even if 2022 super profits gone
From BP to ExxonMobil to TotalEnergies, none of the oil and gas majors have repeated the exceptional profits posted in...
- Before it, the US giant ExxonMobil saw its second-quarter profits tumble 56 percent to $7.9 billion, while rival Chevron saw a similar fall to $6 billion.
- Shell saw a 64 percent drop in net earnings to $3.1 billion, while TotalEnergies fared better with just a 28 percent slide to $4.1 billion.
Business
Bupa Arabia H1 2023 net profit $149m
Rise was driven by a jump in insurance revenue.
- The corresponding figure in the same period last year - H1 2022- was US$79.8 million.
- The company reported a jump of US$74.9 million YoY in insurance services results.
Lab-grown diamonds robbing southern Africa of riches
Johannesburg, South Africa -- Botswana and southern African peers that built much of their prosperity on diamonds are scrambling for...
Business
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UPS says will cut 12,000 jobs
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Pfizer reports loss in Q4
Business
Saudi Arabia transfers 8% Aramco stake to PIF-owned firms
Saudi Arabia said it transferred an additional eight percent stake from oil giant Aramco to firms owned by the kingdom's...
Business
Nationwide offers to buy Virgin Money
Nationwide has offered US$3.7 billion for Virgin Money.
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Business
Saudi tech show LEAP 2024 to close on ‘record-breaking’ note
Riyadh, Saudi Arabia--The biggest tech show in the Middle East, LEAP 2024, hosted by Saudi Arabia in Riyadh, is preparing...
- The tech show featured hundreds of speakers, more than 600 startups, besides 170,000 participants from around 180 countries
- HONOR, Chinese consumer electronics brand, announced regional expansion plans with an investment of US$100 million
Gold, bitcoin pull back from records as US stock markets slip
On Wall Street, the Dow and the S&P 500 both finished 1.0 percent lower, while the tech-rich Nasdaq composite ended...
- Gold hit a new record of $2,140 an ounce in early trading, before giving up some of its gains to trade close to $2,128 at around 2130 GMT
- Among digital assets, bitcoin briefly hit a record high above $69,000 - beating a record of $68,991 struck in November 2021
Business
Trailblazing women transform finance in Arab world
Extraordinary Arab women are breaking barriers and setting new precedents in the traditionally male-dominated sectors of banking, finance, and investments.
- Extraordinary Arab women are breaking barriers and setting new precedents in the traditionally male-dominated sectors of banking, finance, and investments.
- The leadership of these daring females not only drives economic growth but also inspires a new generation of women to pursue careers in finance in the region.