DIFC records 25 percent rise in registered firms in H1 2025
Dubai, UAE --Â Dubai International Financial Centre (DIFC), the leading global financial center in the Middle East, Africa and South...
Business
First foreign firm takes ownership of Saudi football club
The Harburg Group -- led by American Ben Harburg -- said it had "officially completed the 100 percent acquisition of...
Business
Business
Dana Gas to hike its foreign ownership limit to 100 percent
Sharjah, UAE--With an aim to bolster the country's capital markets, the Sharjah-based company Dana Gas has revealed that it will...
- Listed on the Abu Dhabi Securities Exchange, the firm said that it had secured the approval of the regulatory authorities ro raise the percentage of ownership from 49% to 100%
- The company's chairman said the decision will bolster the UAE's vision of strengthening its dynamic capital markets by attracting greater numbers of international investors
Business
Meeza to offer 50% shares in IPO
The company will follow it up with a listing on QSE.
- Meeza, in a statement, said that it will offer 50 percent of the shares, 324.49 million, at an offer price of QR 2.17 per offer share
- Before the offering, it doled out 37.41% of the offer shares to a set of qualified investors according to the book building mechanism
Business
DP World partners with Standard Bank to expand trade finance in Africa
Dubai, UAE-- In order to fulfill demand for working capital in Africa, DP World has partnered with Standard Bank, the...
- Companies across the continent can now borrow working capital from Standard Bank through the DP World Trade Finance platform
- The group chairman of DP World said Africa is a key market for the company and the partnership will strengthen development in Africa
Business
Holiday homes in Dubai to get ‘QR Code’ to improve transparency
Dubai, UAE - Dubai on Monday launched a new QR Code initiative for holiday homes, as part of efforts to...
- As part of the initiative, owners of Holiday Homes will now be required to display a QR code on the main entrances of their vacation properties in Dubai
- This code enables visitors and guests to conveniently scan it and access essential information about the operator of the Holiday Home
Business
Coffee machines brew demand as global crises sip in
Key challenges faced by coffee equipment makers in the GCC include market competition, customer price sensitivity, and managing complex distribution...
- Key challenges faced by coffee equipment makers in the GCC include market competition, customer price sensitivity, and managing complex distribution and logistics networks.
- Csaba Henter, General Manager of La Marzocco in the UAE, sees a rising appreciation for specialty coffee and sustained demand for premium coffee machines in the Gulf region
Business
QCC, Setup in Abu Dhabi partner to strengthen SMEs export capability
ABU DHABI, UAE - Abu Dhabi Quality Conformity Council (QCC) has joined Setup in Abu Dhabi, a comprehensive SME enabling...
- The partnership will strengthen SMEs exporting capabilities by benefiting from in-depth consulting which is backed by research and expertise.
- Setup in Abu Dhabi was launched by Creative Zone in 2022 with Abu Dhabi Department of Economic Development, other government and private entities.
Business
Yanbu Cement to pay $62.93m in dividends
The cash dividend of SAR1.50 per share will be paid for H1 2023.
- In a Tadawul filing, the firm said the eligibility and distribution dates for the cash dividends will be 31 May and 20 June 2023, respectively.
- The company had posted a net profit of SAR51 million for the first quarter of 2023, a 31 percent increase from SAR 39 million in Q1 2022.
Business
UAE-India Business Forum discusses investment opportunities
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has embarked on a landmark trade mission to India,...
- The UAE-India Business Forum brought together key business leaders, government officials and industry experts from both Sharjah and Mumbai.
- The trade mission's first leg commenced with the highly successful UAE-India Business Forum held in Mumbai, India's bustling commercial capital.
Business
Saudi SEZs attract $12bn in investments since launch in April
An additional $31 billion in investments are in progress, the Special Economic Zones Investment Forum in Riyadh was told Tuesday....
- Saudi Arabia's Minister of Investment Khalid Al-Falih said kingdom closed deals worth SAR 285 billion ($76 billion) in 2022 across sectors ranging from agriculture to aerospace.
- The Special Economic Zones Investment Forum in Riyadh was told Tuesday that an additional $31 billion in investments in the SEZs are in progress.
Business
World at tipping point of new computer era: Nvidia chief
Jensen Huang unveiled a raft of AI-related products in his first public speech in four years at Taiwan tech trade...
- The new supercomputer will -- in theory -- help the tech industry as it seeks to create more AI-related products, which require more complex computing tasks.
- “We're so excited that Google Cloud, Meta and Microsoft will be the first companies in the world to have access," Huang added.
DIFC records 25 percent rise in registered firms in H1 2025
Dubai, UAE --Â Dubai International Financial Centre (DIFC), the leading global financial center in the Middle East, Africa and South...
Business
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Disney profit beats forecasts
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Unilever annual profit drops 15%
Group revenue dipped 0.8 percent to 59.6 billion euros.
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Shipping giant Maersk’s profit sinks
The company warned of "uncertainty" due to Houthi attacks.
- Maersk said its net profit reached $3.8 billion last year, slightly more than forecast by analysts but down sharply from the $29.2 billion logged in 2022
- The group lowered its 2024 forecast for its core profit -- earnings before interest, tax, depreciation and amortization -- to a range of between $1 billion and $6 billion
Uber posts first annual net profit
The company reported $37.3 billion in sales in 2023.
- Uber booked a net profit of $1.9 billion in 2023, compared with a loss of $9.1 billion in 2022, according to a statement
- The company's shares were down slightly in trading on Wednesday, but they have doubled in value in the past year
Market Report
Kuwait leads GCC market gains amid regional tensions
Despite challenges from regional tensions and fluctuating oil prices, sectors like F&B and pharma see notable increases, showcasing the diverse...
- Despite challenges from regional tensions and fluctuating oil prices, sectors like F&B and pharma see notable increases, showcasing the diverse impacts on regional markets.
- Kuwait led with a 6.6% gain, while declines in Qatar, Saudi Arabia, and Abu Dhabi were balanced by other markets, amid notable drops in energy, materials, and real estate.