Robot dogs, flying cars: five takeaways from the Munich auto show
Companies including Germany's Holon and Estonia's Auve Tech displayed small self-driving buses, designed for routes where larger buses with drivers...
Business
Mistral cements AI lead in Europe with cash infusion
Paris, France -- France's Mistral on Tuesday cemented its position as Europe's top AI hope against far larger US and...
Business
Economy
In Asia expansion push, Masdar to develop 2GW clean energy in Malaysia
Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) and Citaglobal Berhad have signed a memorandum of understanding (MoU) for developing...
- The two companies will join hands to build projects across the renewable energy mix in the picturesque Malaysian state of Pahang
- Masdar sees Southeast Asia as a key investment destination, where it has already built the region's biggest floating solar facility in Indonesia
Business
KPC posts bumper profits
The oil firm and its subsidiaries posted a net profit of US$8.4bn.
- The oil company's CEO Sheikh Nawaf Saud Al-Sabah said that the profits were the highest in the past ten years
- He added that results were driven by the country's success in running new projects that raised output of crude oil
Business
Boursa Kuwait profit declines
It fell to US$25.6 million in H1 of 2023, a 21.4 percent drop.
- The stock exchange in a statement said that lower trading activity was responsible for the decline in the net profit
- Its Chairman Hamad Al-Humaidhi said that the bourse showed "remarkable resilience in adapting to market fluctuations"
Business
Ooredoo posts 20% profit rise
The net profit surged to US$493 million in the first half of 2023.
- It attributed the results to strong revenue growth, free cash flow, increased customer base and a lower CAPEX spend
- The company's earnings per share amounted to QR 0.56 as of June 30, 2023 versus earnings per share (EPS) QR 0.47 last year
Arts & Culture
Egypt energy-saving measures evoke satirical reaction among citizens
Sweltering without air conditioning during the day and plunged into darkness at night, many Egyptians have responded with anger and...
- After 11 days of daily blackouts, Prime Minister Mostafa Madbouli ordered civil servants to work from home once a week.
- He announced scheduled power outages at least through August, and proposed other solutions to Egypt's energy crisis.
Geostrategy
UAE finance ministry unveils new corporate taxation rules
ABU DHABI, UAE - The UAE Ministry of Finance (MoF) on Saturday announced administrative penalties for violations related to the...
- The penalties will be imposed on Taxable Persons, whether an individual or a legal entity, who do not comply with their obligations.
- Penalties also apply in cases of failing to properly keep records or submitting the required records and other information specified in the Tax Law.
Business
Seventh Al Dhaid Date Festival witnesses huge turnout
SHARJAH, UAE – The seventh edition of Al Dhaid Date Festival continues to captivate participants and visitors alike, in a...
- The event has been organized by the Sharjah Chamber of Commerce and Industry and is hosted at Expo Al Dhaid.
- The date festival has also attracted various official delegations and representatives from government institutions.
Business
UAE is fourth biggest market for Indian spices
NEW DELHI, INDIA -Â The UAE ranked fourth in the world among the top 12 markets for Indian spices in...
- World Spice Congress 2023 is being organized on the sidelines of the G20 Summit to be held in New Delhi in September.
- India produces 75 spices out of the 109 varieties listed by the International Organization for Standardization (ISO).
Business
Waha Capital H1 2023 profit up 221%Â
The company's total operating income was $135m.
- The company recorded total operating income of $135 million in the first six months of 2023
- Its total assets under management (AUM) stood at $2.43 billion at the end of June 2023
Business
Larsen & Toubro to collaborate with banks in the Middle East
Dubai, UAE - Larsen & Toubro (L&T), a Mumbai-based Indian company, has announced plans to collaborate with banks in the...
- The primary objective of this tie-up is not to seek financing for projects, as L&T will continue to self-finance its project execution in the Middle East
- By partnering with regional banks, L&T aims to build strong relationships in the Middle East and ensure smoother project operations
Robot dogs, flying cars: five takeaways from the Munich auto show
Companies including Germany's Holon and Estonia's Auve Tech displayed small self-driving buses, designed for routes where larger buses with drivers...
Business
Company News
KEZAD to build new warehouses
Business
Latest News
Ghitha 2023 revenue at $1.2bn
Business
Dubai Investments buys GFP stake
Business
Over 105m people visit Dubai Mall in 2023
DUBAI, UAE – Dubai Mall welcomed a record 105 million visitors in 2023, a jump of over 19 percent on...
Business
Asian markets mostly down as China sets 5 percent growth goal
Hong Kong, China - Asian markets largely fell on Tuesday after China set an ambitious five percent annual growth target and...
Business
Most Read
Business
TECOM 2023 net profit $299m
Revenue in 2023 grew by 10 percent YoY to $599 million.
- The approved cash dividend payment is in line with the dividend policy set out in the IPO prospectus
- TECOM Group committed to paying a dividend amount of $217 million per annum through September 2025.
Food dispatch app Uber Eats launches robot deliveries in Tokyo
Uber Eats' boxy robots have square headlights for eyes and three wheels on each side to navigate kerbs as they...
- Starting Wednesday, robot deliveries will be offered in a small area of the city by the US-based food app, which hopes to eventually roll out the service more widely in Japan
- Japan changed traffic laws last year to allow delivery robots on public streets and other companies including Panasonic are also trialing cute new machines to transport goods
Business
ADNOC partners with Viola Communications
They will utilize outdoor media-leasing spaces for advertising.
- Viola will set up and operate outdoor media advertising solutions on ADNOC assets in strategic locations across the capital
- The company's diverse assets are expected to boost the local business ecosystem and introduce innovative revenue streams