ADNOC Gas to pay $3.41bn dividend
It includes $1.7 billion scheduled for distribution in Q2 2025.
Business
Business
Advertising executive Linda Yaccarino is new CEO of Twitter
Elon Musk has chosen top ad executive Linda Yaccarino to take the day-to-day reins of Twitter as he fights to...
- Elon Musk said he would remain in charge of design and technology at Twitter while Yaccarino would focus primarily on business operations
- Linda Yaccarino will face an uphill battle trying to attract major companies to come back to the platform.
Business
Dubai Chambers briefs EU Missions about UAE Corporate Tax Law
DUBAI, UAE - Dubai Chambers has hosted a workshop for commercial attachés of EU Diplomatic Missions to provide them with...
- A workshop on Corporate Tax Law saw the participation of 13 officials from EU embassies and attaché offices in the UAE.
- Dubai Chambers said the workshop will bolster the strong trade and business relations with the European markets.
Business
Salik Q1 net profit $74.89m
Salik recorded the highest level of quarterly revenue-generating trips.
- The company achieved net profit of AED275 million during the quarter, with a net profit margin of 52.9 percent, the company said.
- Toll usage revenue, which contributed 87 percent to total revenue, increased 7.9 percent year-on-year.
Geostrategy
Iraq awaits Turkey’s response to resume Kurdish oil exports
The Kurdish regional government had for years earned billions of dollars in revenues exporting crude oil to Turkey without the...
- Iraq's Oil Minister Hayan Abdel Ghani had on Thursday said that crude exports from the Kurdish region through the Turkish port of Ceyhan would resume Saturday.
- But on Friday the Kurdish natural resources minister, Kamal Mohamed, told a Kurdish television channel that the resumption of exports was still awaiting approval from Ankara.
Business
Tabreed Q1 net profit $64.37m
Tabreed's total connected capacity rose to 1.276 million RT.
- Its revenue increased by 10 percent year-on-year to AED464 million from AED420 million in Q1 2022.
- The company's profit from operation increased by 12 percent to AED172 million compared to AED154 million in Q1 2022.
Economy
UAE tops the world in 5 labor market competitiveness indices
DUBAI, UAE - The UAE has topped several global labor market indices issued by international entities and institutions in a...
- These indices include lack of labor disputes, low cost of severance compensation for workers, and working hours.
- The UAE also stood out for the low cost of severance compensation in the Global Innovation Index 2022.
Business
Europe charges up car battery drive with new plants in Germany, France
The continent has been racing to produce more electric vehicles as part of its green transition, with the clock ticking...
- Sweden's Northvolt will build a multi-billion-euro plant in northern Germany, which will supply around one million electric vehicles with batteries a year.
- In France meanwhile, Taiwanese battery maker ProLogium announced it will invest 5.2 billion euros ($5.7 billion) in building a new factory in Dunkirk.
Business
Dubai records $2.55 billion in weeklong real estate transactions
Dubai, UAE -- A total of 3,112 real estate and property transactions, valued at AED 9.4 billion ($2.55 billion), were...
- The DLD weekly real estate report noted that 170 plots were sold for AED 1.89 billion, while 2,261 apartments and villas were sold for AED 5.34 billion.
- The top three transactions were a land in Al Safouh Second, sold for AED300 million, followed by a land in Saih Shuaib 4.
Business
Allianz Q1 posts net profit $2.2bn
Firm said the profit was driven by higher prices for policies.
- The unit's strong performance helped offset lower revenues at its life and health division and its asset management arm.
- Allianz confirmed that full-year operating profits remained stable at US$15.4 billion, "plus or minus US$1.08 billion".
Business
Toshiba profit down 35%
Operating profit dropped 30.4% to 110.55 billion yen.
- For the year that ended March, the engineering giant booked a 126.57 billion yen ($940 million) net profit, down 35 percent on-year, on sales of 3.36 trillion yen, up 0.7%
- For the current financial year to March 2024, it forecasts a 110 billion yen operating profit, down 0.5 percent from the previous year, on sales of 3.2 trillion yen, down 4.8%
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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
Company News
UAE, Korean firms ink pact
Business
Latest News
Saudi GACA issues air carrier, airport classifications for December 2023
RIYADH, SAUDI ARABIA - The General Authority of Civil Aviation (GACA) issued its monthly classification index for air transport service...
Business
China remains world’s largest logistics market in terms of demand
BEIJING, CHINA - The logistics sector in the country achieved steady recovery in 2023 and the country remains the world's...
Business
Bahrain and Slovakia to ramp up cooperation in urban planning
Manama, Bahrain-- Bahrain and Slovakia are looking to ramp up the ongoing cooperation in urban planning and sustainable development. In...
Economy
Most Read
Business
AI reshapes UAE’s business strategy, workforce skills
Nearly two-thirds (59 percent) of business leaders in the UAE express their commitment to increasing investments in advanced technology, says...
- Nearly two-thirds (59 percent) of business leaders in the UAE express their commitment to increasing investments in advanced technology, says a latest report.
- The Alteryx survey reveals that 47% of UAE business leaders express concerns about data privacy, 40% about transparency, and 36% about data governance.
Business
Tata Group retains IPL sponsorship rights for record $300m
New Delhi, India - Corporate behemoth Tata Group has again been awarded title sponsorship rights of the Indian Premier League for...
- Tata Group already holds the title sponsorship for the IPL and its sister competition, the Women's Premier League, which staged its first tournament last year
- The IPL attracts cricket's top international stars with bumper salaries, and features 10 sides competing in the sport's hugely popular Twenty20 format
Business
Healthcare industry globally faces data hacking threat
DUBAI, UAE - In an age where data is a cornerstone of modern healthcare, the industry faces an escalating threat...
- The IBM Cost of Data Breach Report reveals that in 2023 the average global cost of healthcare data breach reached $10.93 million.
- In the Middle East, the cost implications of data breach reached $9.18 million in 2023, above the regional average across all sectors.