Tesla Q1 sales sink 13 percent
The dip occurred amid lower production during factory upgrades.
Business
Vanke reports annual loss of $6.8 bn
The property giant attributes loss to falling sales and shrinking profit.
Business
Gaza beekeeper tends hives by restive border
With 45 percent unemployment in Gaza, according to the International Monetary Fund, Khoudair's bees provide her with a job.
- Despite the dangers, the frontier's farmland offers some of the only areas in Gaza's densely-populated urban environment suitable for beekeeping
- With 45 percent unemployment in Gaza, according to the International Monetary Fund, Khoudair's bees provide her with a job
Business
Foreign, joint investments in Saudi industrial sector reach $144bn
The investments this year account for 37 percent of the sector's total, and 17 percent of the total existing factories,...
- A spokesman of the ministry said in a statement that foreign investors had 930 factories in the kingdom, or 9 percent of the total with over SAR 71 billion investments.
- The number of factories totaled 10,910 with over SAR 1.46 trillion in investments in the five-month period this year.
Elon Musk says Microsoft broke its rules for developers
Twitter called on Microsoft to identify all Twitter content that has been in its control during the past two years;...
- Microsoft stopped accessing Twitter data in April, opting not to pay fees Musk demanded developers pay for APIs that engage with the platform, according to the letter
- Elon Musk, the billionaire boss of Twitter last month fired off a Tweet accusing Microsoft of illegally using Twitter data to train artificial intelligence, writing "lawsuit time"
Hyatt to develop tourist destinations in Saudi Arabia
Riyadh, Saudi Arabia - Saudi Arabia’s Tourism Development Fund (TDF) has announced the signing of a Memorandum of Understanding with...
- The destinations may include beach and urban hotels, as well as mountain, desert and farm retreats
- They will be developed under Hyatt’s existing trademarks, such as Alila Resorts, Park Hyatt, Grand Hyatt etc
Business
OPEC-China alliance key to global oil market stability
A pragmatic framework for cooperation has been established between the two entities, fostering an ongoing exchange of views on mutual...
- OPEC Secretary-General Haitham Al Ghais emphasizes the importance of the dialogue partnership with China, with a plan to reinforce and strengthen it
- A balanced framework for cooperation between OPEC and China has been established, facilitating an ongoing exchange of views on mutual energy issues, he says
Business
UAE bank investments at all-time-high of $147 bn in February
Abu Dhabi, UAE - Bank investments in the UAE hit $147 billion by the end of February, the highest level...
- Held-to-maturity securities accounted for 42.5 percent of the total investments, reaching $52.4 billion
- The bank stock investments reached $3.3 billion in February, a rise of approximately 1.7 percent
Business
Green initiatives, SWFs drive M&A growth across GCC
Saudi Arabia emerges as an appealing market for foreign corporations interested in M&A deals due to rising global crude oil...
- Saudi Arabia emerges as an appealing market for foreign corporations interested in M&A deals due to rising global crude oil demand, Vision 2030, and private sector development
- Digital transformation and ESG considerations are shaping businesses, leading to an upward trend in 'green' related acquisitions in the Gulf as investors get more eco-friendly
Geostrategy
UAE discusses global economic challenges in EBRD meeting
SAMARKAND, UZBEKISTAN - The UAE, represented by the Ministry of Finance (MoF), participated in the 2023 Annual Meeting of the...
- Representatives of member states, private sector, the Board of Directors and the bank's management attended the meeting.
- The UAE said focus should be on enhancing regional, global integration, to facilitate trade, investment and closer economic cooperation.
Business
Dubai records over $462 million in real estate deals
Dubai, UAE -- Dubai real estate market recorded deals worth more than AED 1.7 billion (on Thursday, Dubai Land Department...
- The deals include 451 sales transactions worth AED1.48 billion, in addition to 110 mortgage deals of AED245.8 million.
- April 2023 was the best month in a decade for Dubai's real estate market, both in terms of the number of transactions and the value of these deals.
Business
IFZA, Zoho ink deal to enhance digital use in tax returns
DUBAI, UAE- IFZA Dubai signed an agreement with Zoho to provide the members of the IFZA Free Zone community with...
- Zoho One is a cloud-based platform that enables businesses to perform all their functions on a single interface, accessible from anywhere.
- It is a part of IFZA’s commitment to support its Free Zone community in their compliance to the upcoming implementation of the Corporate Tax.
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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
Tesla Q1 sales sink 13 percent
The dip occurred amid lower production during factory upgrades.
Business
Company News
Nissan to export EVs globally
Business
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ADIB records 45% jump in net profit
Its revenue climbed 36 percent to US$2.53 billion in 2023.
Business
Mocktail mania in Saudi, where dry January lasts all year
Riyadh, Saudi Arabia - The concept was controversial: a pop-up bar offering bellinis and spritzes that, while non-alcoholic, were served in...
Business
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Business
European Union probes Lufthansa’s proposed ITA Airways stake
The European Commission said it had "preliminary concerns that the transaction may reduce competition in the market for passenger air...
- Lufthansa, one of Europe's biggest carriers, last year agreed to pay 325 million euros ($350 million) for a 41 percent stake in ITA
- The deal provided the German company various options to increase its stake or acquire ITA Airways outright at a later date
Business
P&G posts mixed quarterly results
Earnings per share dropped 12 percent to $1.40.
- The company behind Bounty paper towels, Gillette razors and Tide detergent saw its revenue rise three percent from a year ago to $21.4 billion in the quarter ending in December
- This was slightly lower than expected, and analysts are eyeing the performance of P&G and other consumer companies on whether they can keep prices up even as inflation cools
Business
Zee’s shares fall after merger fails
Disagreement over who would lead the new entity led to merger's failure.
- The initial 30 percent plunge saw Zee lose as much as 55 billion rupees ($661 million) in market value.
- "Considering that Zee still has six billion rupees cash on books... we see no bankruptcy risks," an expert said.