Pausing production, raising prices: Automakers shift gears after Trump tariffs
Paris, France -- Automakers have already started to adapt to the 25-percent tariff imposed on car imports by US President...
Business
Tesla sales tumble in Europe in Q1
The company suffered from boycotts against the policies of Elon Musk.
Business
Business
Ryanair posts bumper profits
Its profit was US$1.5bn in the 12 months to the end of March.
- Profit after taxation soared to $1.5 billion in the 12 months to the end of March, after a net loss of 355 million euros in its previous financial year, Ryanair said
- Revenues more than doubled to 10.8 billion euros on rising fares, as the group reported "strong market share gains" in Italy, Poland, Ireland, Spain and elsewhere in Europe
Business
Data democratization a ‘game-changer’ for businesses
Experts highlight need for data literacy, good governance, and stringent security measures as data democratization revolutionizes decision-making in businesses in...
- Experts highlight need for data literacy, good governance, and stringent security measures as data democratization revolutionizes decision-making in businesses in the region
- Businesses in the region urged to take data security measures like threat detection, encryption, and anomaly detection as essential drills in this era of data democratization.
Economy
Saudi Arabia to invest $3bn in three new solar projects
Riyadh, Saudi Arabia ‒ The Public Investment Fund (PIF) owned Water and Electricity Holding Company (Badeel) and ACWA Power are investing $3...
- The solar projects are part of the National Renewable Energy Program (NREP) which is led and supervised by the Ministry of Energy
- These projects intend to produce a combined capacity of 4.55GWac of renewable energy, powering approximately 750,000 households
Economy
Jordan, Iraq to boost trade through Karama border crossing
Amman, Jordan-- Jordan and Iraq have discussed ways to boost bilateral cooperation in order to develop trade through Karama border...
- The agreement to boost trade exchange came in a meeting between Jordanian and Iraqi ministers in Baghdad, in which other sensitive border issues were discussed too
- The Jordanian minister said the kingdom was constantly focusing on expanding joint cooperation in various fields, particularly in security and economic domains
Business
Mubadala continues to advance UAE’s knowledge economy: Sheikh Mansour
Abu Dhabi, UAE-- Mubadala will continue to advance the UAE's knowledge-based economy in a way that contributes to solutions for...
- Sheikh Mansour noted that the year 2022 marked twenty years since the Abu Dhabi government set up Mubadala to advance a national agenda focused on knowledge creation and innovation
- He said Mubadala's philosphy, agility and long-term investment approach have created a vast array of opportunities for Emiratis that did not exist two decades ago
Geostrategy
Sharjah Chamber to send India bound trade group on 29 May
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) announced it will be sending a trade mission to...
- The initiative aims to bolster economic and trade cooperation, foster mutual investment, and establish promising partnerships between Sharjah and India.
- The upcoming trade mission is expected to support the chamber's strategic goals of driving foreign expansion and exploring new markets.
Geostrategy
Capable of safeguarding Gulf waters in coordination with neighbors: Iran
Iran said it is capable of ensuring the safety of the vital Gulf waters in cooperation with neighboring countries. Iran...
- The Gulf waters, which carry at least a third of the world's seaborne oil, have witnessed a spate of incidents since 2018.
- Recently the commander of the US Navy's Fifth Fleet transited through the Strait of Hormuz in a guided-missile destroyer.
Economy
Art Dubai 2023 generates US$39m in economic impact, says new study
DUBAI, UAE - Art Dubai, the leading international art fair for the Middle East and Global South, on Sunday announced...
- The study showed that Art Dubai 2023 attracted a staggering 23,500 hotel nights bookings to Dubai.
- The event had the strongest-ever participation of regional and international institutional representatives.
Business
Need for big investments dark cloud over ChatGPT revolution
Building something even near the scale of what OpenAI, Microsoft or Google have on offer would require billions in investment...
- Generative AI will be even more dependent on cloud computing and tech giants, leaving the same players in the driver's seat.
- Regulators are hoping that they can keep up, and not leave the giants in charge, imposing their terms on smaller companies.
Business
Emaar EC Q1 losses $45m
The losses, however, narrowed from $141m in Q4 2022.
- Argaam reported that the company's gross operating loss increased by SAR 3.3 million from SAR32.2 million in Q1 2022 to SAR 35.5 million the first quarter of this year.
- Total shareholders’ equity, excluding minority interest, fell to SAR 6.48 billion as of March 31, 2023, from SAR 7.61 billion a year earlier.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Pausing production, raising prices: Automakers shift gears after Trump tariffs
Paris, France -- Automakers have already started to adapt to the 25-percent tariff imposed on car imports by US President...
Business
Company News
Oil prices rise following Red Sea attacks
Market Report
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AviLease, SDH Wings Sign MoU
Business
Innovations, investment spur UAE lab equipment surge
Driven by a growing population, the prevalence of chronic diseases, and significant government investments, the UAE's laboratory equipment market is...
Business
UAE MoD ink deals worth $517m in first two days of UMEX and SimTEX 2024
ABU DHABI, UAE - On the second day of the sixth edition of UMEX and SimTEX 2024, the accumulated value...
Business
Hub71-backed ABHI to set up global headquarters in Abu Dhabi
DUBAI, UAE - With support from the Abu Dhabi Investment Office (ADIO), Hub71-backed ABHI, an embedded finance platform founded in...
Business
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Business
Dubai wins right to host 349 business event in 2023
DUBAI, UAE - Dubai consolidated its status as a central hub for international business events in 2023, with the city...
- Driven by Dubai Business Events, the wins reflected a robust 49 percent increase in successful bids compared to 2022.
- DBE brought a citywide offering to the global market that resonated with the core needs of the business events industry.
Business
ADNOC Drilling begins use of hybrid rigs
The rigs use high-capacity battery to reduce emissions.
- In 2023, the company acquired 16 such rigs for a combined $327 million investment.
- The remaining 14 newbuild rigs are expected to join ADNOC Drilling’s operational fleet progressively throughout the year.
Business
Saudi Arabia’s real estate deals fall 11 percent in 2023: Ministry
Riyadh, Saudi Arabia -- The value of Saudi Arabia's real estate transactions fell year-on-year by 11 percent to nearly SAR...
- The number of real estate transactions reached around 172,070 by the end of 2023, while the total number of sold property reached 177,500.
- Meanwhile, transactions value increased in the remaining five months, led by July at 65 percent.