Saudi Arabia’s sports fund invests in DAZN streaming service
Paris, France - Saudi Arabian sports investment fund SURJ, linked to the kingdom's sovereign wealth fund, has acquired a minority stake...
Business
Business
DP World 2023 profit is $1.5bn
The company's revenue grew 6.6 percent to $18.25 billion.
- DP World logged a 13 percent decarbonization in Scope 1 and Scope 2 carbon emissions.
- The cash generated from the company's operating activities rose to $4.5 billion in 2023.
Geostrategy
UAE, Hungary ink pact to enhance trade, investment ties
ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade...
- The UAE-Hungary economic cooperation agreement aims to deepen bilateral ties between the two nations and drive growth.
- The agreement between the two countries also aims to boost non-oil trade, which has seen a significant increase in recent years.
Business
Foxconn net profit jumps 33%
Its net profit for October-December rose to US$1.6bn.
- The company said net profit for October-December rose to Tw$53.1 billion (US$1.6 billion)
- The strong figures follow better-than-expected profits in its third quarter thanks to rising demand
OpenAI partners with Le Monde and Prisa Media
Prisa Media chief executive Carlos Nunez called the OpenAI alliance a "step toward the future of news" where technology and...
- OpenAI will be able to use content from Le Monde and Prisa Media publications including El Pais, Cinco Dias, and El Huffpost to train the models powering its AI
- In the coming months, ChatGPT users will be able to get summaries of news content from the publishers along with links to original articles, according to OpenAI
Business
ADNEC to organize first Bitcoin MENA Conference in Abu Dhabi
Abu Dhabi, UAE--ADNEC Group has announced the launch of the region's first Bitcoin MENA Conference 2024 set to take place...
- The even will be co-organised by Capital Events and BTC Inc., the parent company of Bitcoin Magazine and the Bitcoin 2024 conference
- The hosting of the conference marks a significant milestone in the world's largest Bitcoin conference’s expansion into the MENA region
Business
Ramadan influences consumer habits, retail strategy
The ongoing fasting month brings traditional practices and modern shopping habits together, impacting market trends significantly in the Gulf region.
- The ongoing fasting month brings traditional practices and modern shopping habits together, impacting market trends significantly in the Gulf region.
- From altered shopping hours to a rise in e-commerce and spending on traditional foods and gifts, Ramadan shapes retail landscape in unique ways.
Inditex posts record net profit
Inditex, the world's biggest fashion retailer, is owned by Zara.
- The net profit of Inditex reached 5.4 billion euros ($5.9 billion) last year, up 30 percent from 4.1 billion euros in 2022
- The figure was in line with the expectations of analysts polled by financial data firm FactSet, who predicted profits of 5.36 billion euros
Business
Adidas posts 2023 loss
In 2024, it expects sales to grow at a "mid-single-digit rate".
- The loss of 75 million euros ($82 million) followed a profit of 612 million euros the previous year
- Two Yeezy sales in 2023 brought in 750 million euros, well below the 1.2 billion euros of revenue the logo had generated in 2022
Business
Volkswagen profit up
It delivered some 9.2 million cars to customers in 2023.
- Its profit rose 13.1 percent to $19.6 billion from the previous year
- The German auto giant expects vehicle deliveries to advance this year
Business
Over 70% report revenue surge in UAE from digital payments, Visa finds
Dubai, UAE - More than 70% of surveyed retailers in the UAE have experienced increased revenue and higher customer footfall since...
- The study focused on two groups of merchants - those accepting digital payments for 1-4 years and those exclusively dealing in cash transactions
- 95% of digital payment-accepting merchants believe that the value derived from digital payment acceptance are on par with or exceed the associated costs
Saudi Arabia’s sports fund invests in DAZN streaming service
Paris, France - Saudi Arabian sports investment fund SURJ, linked to the kingdom's sovereign wealth fund, has acquired a minority stake...
Business
Company News
Latest News
Global VC investment falls to lowest level in nearly seven years
 Global VC investment fell from a five-quarter high of US$95.5 billion in Q2'24 to a nearly seven-year low of US$70.1...
Business
Troubled Boeing faces investors and awaits strike vote
Boeing, the beleaguered aviation giant announces what is expected to be its biggest quarterly loss in four years, and striking...
Business
Microsoft unveils autonomous AI agents for business tasks
San Francisco, United States - Microsoft on Monday said it was enhancing its AI offerings with new autonomous agent capabilities as...
Science
Most Read
Boeing to cut 10% of workforce
The company has projected a large third-quarter loss.
- The aviation giant must "reset our workforce levels to align with our financial reality," Chief Executive Kelly Ortberg said
- The company announced a series of belt-tightening measures and production delays in the wake of the nearly monthlong strike of 33,000 workers
Business
Riyadh Season 2024 signs sponsorship agreements with local, global partners
Riyadh, Saudi Arabia-- A signing ceremony for Riyadh Season 2024 sponsorships was held on Thursday at Via Riyadh.General Entertainment Authority...
- Riyadh Season provided a sponsorship worth SAR2 million to the Association of Saving Food
- It is a major opportunity for companies to achieve maximum exposure in global and local markets
Business
US considering Google breakup following monopoly ruling
The US Department of Justice (DOJ) made recommendations for Google’s search engine business practices on Tuesday, according to US media....
- Structural remedies that would prevent Google from using products such as Chrome, Play, and Android
- Google will likely appeal, drawing out the process potentially for years