BYD surpasses Tesla with record revenue
The Chinese EV giant's net profit was $5.55 billion for 2024.
Business
DEWA okays $843m in H2 2024 dividend
DEWA had posted a net profit after tax of $1.96 billion for the full year 2024.
Business
Business
Arab Federation for Digital Economy signs deal with Union of Arab Chambers
Abu Dhabi, UAE-- Designed to achieve a common Arab vision for the digital economy, the Arab Federation for Digital Economy...
- The agreement is designed to bolster the Arab digital economy, strengthen intra-Arab trade, and increase the reality of Arab trade exchange
- Rated as the fastest growing market in the world, the e-commerce market in the MENA region was valued at $49 billion at the end of 2022
Business
Top car brands adopt sustainable mobility
Sustainable mobility necessitates taking into account the entire lifecycle of a vehicle, not just the use phase. This includes sustainable...
- Bentley, BMW, Porsche, and Audi lead the way in sustainability by introducing environment-friendly vehicles, aiming to cut CO2 emissions and be sustainable luxury brands by 2030
- BMW Group, for example, aspires to be the world's most sustainable premium car manufacturer by utilizing circular economy principles and secondary materials, says an official
Economy
Abu Dhabi GDP grew by 9.3 percent in 2022, says SCAD in estimates report
ABU DHABI, UAE - The Statistics Center - Abu Dhabi (SCAD) has released the Gross Domestic Product (GDP) estimates report...
- Abu Dhabi's impressive growth across its diverse sectors during 2022 is attributed to its robust economic framework.
- As per the estimates, in Q4 2022, Abu Dhabi achieved real GDP growth of 5.9 percent worth US$75 billion.
Business
Virgin Galactic to restart commercial space flights after two years
Unlike other companies that use vertical-launch rockets, Virgin Galactic uses a carrier aircraft that takes off from a runway, gains...
- The Unity 25 mission will take place in late May with four company employees on board, said Virgin Galactic, which was founded by British billionaire Richard Branson.
- Unity 25 will be the company's fifth trip into space, defined as 50 miles (80 kilometers) above sea level. Virgin's flights launch from Spaceport America in New Mexico.
Business
DEWA Q1 profit $207.8m
Growth in revenue driven by surge in demand for electricity, water.
- By the end of Q1 2023, DEWA served 1,169,713 customers, representing an increase of 12,212 customers from Q4 2022.
- Quarterly revenue growth for electricity, water and cooling services increased by 7.2 percent, 7 percent and 4.6 percent respectively.
Science
Natural capital, conservation should be priority for private sector in region
DUBAI, UAE - The private sector and financial institutions in the Middle East should enhance reporting by including information about how...
- The report indicates that almost half of the Middle East's GDP is either highly or moderately dependent on the environment.
- Middle East faces a number of environmental challenges specific to the region, including scarce water resources and desertification.
Economy
Jordan’s food companies to show off products at Canada fair
Amman, Jordan-- With an eye on boosting its exports to North America, a range of companies from Jordan will showcase...
- Jordan Exporters Association in a statement said that the kingdom's enterprises will network with customers from Canada and other countries at the fair
- JEA President Ahmed Khodari said industrial exports play a vital role in advancing the country's economy by boosting output and growing existing investments
Economy
Iran’s exports touch US$50bn, break record: Raisi
Tehran, Iran--The 13th government has been able to export goods worth more than $50 billion since taking office, breaking the...
- The president speaking at the fifth Export Potential Exhibition of the Islamic Republic of Iran applauded the country's achievements in medical and health sectors
- He said that in spite of obstructions created by "enemies" to hinder Iran's military, nuclear, and scientific goals, it had succeeded in building defense and nuclear industries
Economy
Saudi Arabia looks to widen trade and investment ties with Italy
Riyadh, Saudi Arabia--Saudi Arabia is keen to deepen trade and economic ties with Italy from the current volume of trade...
- The Saudi delegation held meetings with Italian officials and government and private agencies to discuss ways to boost the volume of trade and investment
- The visiting investors took part in the Saudi-Italian Business Forum in Milan, attended by 300 business owners and representatives of government agencies
Business
QGIRCO reports Q1 profit drop
The insurance firm's net profit fell to US$12.36 million.
- Its earning per share amounted to QR 0.051 as of March 31, 2023 as against QR 0.068 for the same period in 2022
- The insurance company also reported a profit drop in the third quarter of 2022, compared to the same period in 2021
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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
BYD surpasses Tesla with record revenue
The Chinese EV giant's net profit was $5.55 billion for 2024.
Business
Company News
ENEC signs MoU with Egypt
COP28 UAE
Latest News
Dubai World Trade Centre to host Japan trade exhibition next week
Dubai, UAE--The first edition of the Japan Kyoto Trade Exhibition 2024 is all set to kick off this Monday, 22nd...
Business
Middle East needs strong Saudi Arabia, says kingdom’s finance minister
Dubai, UAE-- Saudi Arabia's Finance Minister Mohammed Al-Jadaan said the Middle East needs a strong Saudi Arabia to contribute and...
World Economic Forum
UAE firms face AI-driven data management hurdles
In a rapidly evolving digital landscape, 91% UAE business leaders are facing critical challenges in aligning data strategies with their...
Business
Most Read
Economy
Saudi Arabia to host WEF special meeting in April
Davos, Switzerland — Saudi Arabia will host a special meeting of the World Economic Forum (WEF) in Riyadh this April, Saudi...
- Speaking at the panel 'Saudi Arabia: The Course Ahead', Saudi minister Faisal Al Ibrahim said the event will focus on global collaborations
- He underlined Riyadh's emerging role as a hub for various sectors and as a center for global thought leadership.
Business
IEA says oil production to rise but demand to be halved in 2024
Paris, France - World oil supply will continue to rise this year, the International Energy Agency said on Thursday, as it...
- Much of the slowing demand has mirrored falling demand for post-pandemic travel demand in China, which drives much of the world's oil demand growth.
- IEA added the world's oil supply will continue to grow due to "record-setting output" from the United States, Brazil, Guyana and Canada.
Business
UAE ranks first in Arab world in labor-resilient countries, says report
Dubai, UAE - Against the backdrop of the World Economic Forum in Davos, Whiteshield announces the release of the Global Labor...
- As the world confronts the challenges of global warming and the transition to a sustainable future, the impact on labor markets looms large.
- The direct consequences of climate change, including displacement, migration, and fluctuations have become increasingly pervasive.