Perplexity eyes TikTok buy
TikTok faces a deadline to divest from its Chinese owner or be banned in the US.
Business
Saudi table egg production crosses 8 billion, achieves 100% self-sufficiency
Riyadh, Saudi Arabia -- Saudi Arabia's poultry sector has reached complete self-sufficiency in table egg production, with output surpassing 8...
Business
Business
Saudi Arabia and Switzerland look to boost ties in industrial, mining sectors
Bern, Switzerland-- Seeking to expand its industrial base, Saudi Arabia is keen to widen cooperation with Switzerland in the industrial...
- They discussed boosting of ties in industry and mining sectors and how they can contribute to diversifying the economic base
- The two countries continue to have strong ties in petrochemicals, construction materials, medicines, consumer products, manufacturing of precious metals, and jewelry
Business
Bank of Sharjah to boost capital
The US$218mn capital infusion will foster bank's growth.
- With the infusion, Sharjah Asset Management, the investment arm of the Sharjah government, will be the main beneficiary, raising its stake in the bank to 40% from 17.16%
- The chairman of the bank said total capital of the bank now stands at US$816 million, bolstering its financial position and increasing its ability to pursue new investments
Business
UAE is on track to become global hybrid working hub: report
Dubai, UAE - The UAE is on track to become a global hybrid working hub, a new report by Workspace...
- 98 percent of UAE businesses reveal that they would invest in hybrid workplace technology by 2024, compared to 89 percent globally
- Employers are adopting a hybrid work system that is effective and efficient, with key steps being taken to create an effective hybrid strategy
HSBC shareholders defeat proposal to split the bank
Ping An had called on HSBC to engage in a "strategic restructuring" that would see it create a separately-listed bank...
- Of the shareholders who voted, more than 80 percent opposed the call to break up the Asia-focused bank, HSBC said in a statement
- The vote took place during HSBC's annual general meeting in Birmingham, central England, which faced disruption from climate protesters
Business
Alpha Dhabi logs $2bn profit
Revenues also grew significantly to reach $3.26 bn.
- Alpha Dhabi continues to pursue acquisitions and investments as part of its growth strategy and to this end the company partnered with Mubadala
- The two companies aim to collectively deploy up to $2.5 billion over the next five years, leveraging Mubadala’s long-term and strategic partnership with Apollo
Business
Sharjah exhibits futuristic tourism technologies at ATM 2023
Sharjah, UAE-- Sharjah showcased its technology-enabled approach to the tourism industry at the Arabian Travel Market (ATM) 2023, highlighting the...
- The emirate displayed cutting-edge technologies and groundbreaking concepts, offering a glimpse into the emirate's tourist destinations
- A robot known as "Shj Al Guide" offered information, pictures, and promotional videos of events, activities, and tourist attractions in the emirate
Business
UAE delegation explores investment opportunities in US
“The United States is a long-standing trade and investment partner for the UAE – and an important ally in the...
- The delegation held multiple meetings with leading Austin-based start-ups, deploying technologies such as AI, blockchain and quantum computing.
- UAE minister Thani bin Ahmed Al Zeyoudi highlighted UAE’s unique innovation ecosystem during his meetings with US businesses.
Business
EIIC acquires additional 7.6% stake in Abu Dhabi Islamic Bank
Abu Dhabi, UAE - Emirates International Investment Company (EIIC) has acquired a 7.6 percent stake in Abu Dhabi Islamic Bank...
- ADIB reported a growth in net profit of 54 percent to reach AED1.1 billion (0.29 billion), driven by significant growth as well as higher margins
- The strong financial results for the Q1 2023 demonstrate ADIB's ability to weather challenging economic conditions and deliver robust financial performance
British Airways slashes loss
The airline was helped by "strong" demand from holidaymakers.
- Net losses totalled $96 million in the first three months of 2023, down sharply from 787 million euros a year earlier, the aviation conglomerate said
- Operating profit before exceptional items hit 9.0 billion euros in the quarter, which contrasted with a loss of 718 million last time around
Adidas posts Q1 loss
Its operating profit came in at 60m euros.
- The company booked a net loss of $43 million from January to March, compared to a profit of 482 million euros in the period a year earlier
- Its operating profit came in at 60 million euros, a fall of more than 85 percent from a year earlier, while sales were almost flat at 5.28 billion euros
Most Read
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
Perplexity eyes TikTok buy
TikTok faces a deadline to divest from its Chinese owner or be banned in the US.
Business
Company News
Shell eyes $6bn in Nigeria
Business
Latest News
KPMG to merge UK, Swiss ops
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...
Business
Akasa Air orders 150 Boeing planes
Akasa Air will buy 737 MAX planes, which no Indian airline uses.
Business
Demand for lifestyle experiences in GCC has increased: SHG CEO
Dubai, UAE -- Sunset Hospitality Group (SHG) is more than just a collection of hotels, restaurants, and beach clubs. Renowned...
Business
Most Read
Economy
Qatar’s IPI declines by 1.5 percent in November 2023
DOHA, QATAR – The Industrial Production index (IPI) of Qatar in November 2023 reached 91.7 points which is a fall...
- The IPI, which is released by the Planning and Statistics Authority, is a short-term quantitative index that measures the growth of various industrial sectors in the economy.
- The relative weight of main economic sectors under this indicator include mining (82.46 percent), manufacturing (15.85 percent), electricity (1.16 percent), water (0.53 percent).
Business
EDGE Group, São Paulo government partner on public security initiative
Abu Dhabi, UAE -- EDGE, one of the world’s leading advanced technology and defense groups, has announced that it will...
- The partnership was announced during a high-level delegation visit by senior government members to EDGE Group headquarters in Abu Dhabi.
- The ‘Proof of Concept’ (PoC), with an initial phase of six months to validate the plan and facilitate adjustments, will have three strategic targets.
Business
Oman Investment Authority launches fund worth US$5.19 billion
Muscat, Oman--The Oman Investment Authority (OIA) has unveiled a new fund called “Future Fund Oman” valued at US$5.19 billion. The...
- The fund, according to Oman News Agency, has a capital of $5.19bn to be utilised over five years, with $1bn every year
- It will allocate 90 percent of its capital to invest in new or existing investment projects that prove to be economically viable