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
Deepfakes can clone your voice in 5 seconds, tech firms mount defense
Las Vegas, United States -- Tech firms are fighting the scourge of deepfakes, those deceptively realistic voices or videos used...
Geostrategy
Business
Dubai based Astra Tech launches ‘Ultra app’ Botim
Dubai, UAE - Dubai-based consumer technology holding group Astra Tech has launched the world's first "Ultra app" - Botim 3.0. ...
- The app is a combination of fintech, e-commerce, and GPT, built on top of a communication platform
- Botim GPT is an executional GPT that leverages AI to execute tasks and process transactions through conversation
Business
Beema’s Q1 profit soars
The firm recorded a jump in the net profit to US$3.73mn.
- In 2022, Beema achieved gross written premiums of $108 million, an increase of 6.8 percent from 2021
- It reported a total shareholders' income of $28.46 million and a total shareholders' profit of $15.54 million in 2022
Business
World’s longest submarine cable lands in Jeddah, Yanbu
Jeddah, Saudi Arabia -- Center3, a connectivity company owned by stc Group, and Meta Company announced on Tuesday the landing...
- The project, a part of the 2Africa subsea cable consortium, is geared tow making Saudi Arabia a global digital hub linking three continents of the world - Asia, Africa and Europe.
- With over 45,000 km of length, the project will connect 33 countries by the completion of the project in 2024, delivering reliable connectivity and internet services
Business
Turkey discovers oil field with 100k barrels daily capacity: Erdogan
The oil field discovery is set to yield a daily production of up to 100,000 barrels that will help Turkey...
- Erdogan said in a speech that Turkey has already begun supplying "high-quality" oil to refinery, with a productivity rate reaching about 100,000 barrels per day
- The president said that with reserves worth "tens of billions" of dollars, it will shore up Turkey's energy prospects and contribute to its economic growth
Business
e& profit at US$600mn in Q1
Its consolidated revenues rise to US$3.53bn in Q1 of 2023.
- Etisalat by e& added 13.9 million subscribers in the UAE, a 6 percent increase as against the same period of last year
- According to Brand Finance, e& has strengthened its position as the most valuable brand in the MENA region
Business
Growth key focus as CSPs navigate digital landscape
“These positive growth levels are driving both the urgency and confidence for communication service providers (CSPs) to undertake significant investment...
- Communication service providers are focusing on upgrading network security, expanding services to underserved communities, and capitalizing on new market opportunities.
- Challenges include maintaining quality service, addressing API risks, and ensuring app availability and security. Also, IPv6 transition isn't easy due to scarcity of IPv4 addresses
Business
Pfizer Q1 profit at $5.5bn
Profit fell on declining COVID-19 vaccine revenues.
- Shares of the pharma giant edged higher as Pfizer CEO touted an "unprecedented" number of new launches.
- Revenues fell 29 percent to $18.3 billion following a $10 billion drop from COVID-19 vaccine Comirnaty.
Economy
Federal Reserve begins rate talks that could hearld end of hikes
With the Federal Open Market Committee (FOMC) widely expected to raise its base rate a quarter-point on Wednesday, analysts will...
- In March, the Fed held off a larger rate hike, instead opting for a quarter-point rise amid a banking crisis unleashed by SVB's collapse.
- Like the Fed's previous rate decision, the meeting on May 2 and 3 takes place shortly after one of the largest bank failures in American history.
Economy
DIFC, PwC launch program to boost tax settlement knowledge
DUBAI, UAE- DIFC Academy announced a collaboration with PwC’s Academy to offer a globally recognized diploma program aimed at upskilling...
- Under the deal, DIFC Academy will offer the UAE Corporate Tax Diploma Program in collaboration with PwC’s Academy.
- The program was announced in preparation for the UAE Federal Corporate Tax Law, which comes into effect June 1, 2023.
Economy
Eurozone banks toughen lending criteria, says ECB
FRANKFURT, GERMANY - Eurozone banks tightened lending criteria in the first quarter at their fastest pace since the 2011 sovereign debt...
- A net 27 percent of banks reported a tightening of credit standards for loans to companies, meaning it is harder for the enterprises to borrow.
- Demand for housing loans declined, while there was a smaller decrease in consumer credit and other lending to households.
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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
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
Company News
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Masdar eyes Europe for growth
Business
Volkswagen to reduce workforce
Business
Apple loosens grip on iPhone apps
Apple will permit developers to include buttons or links in apps.
Business
Sharjah Chamber discusses collaboration with AAAID on trade, investment
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) has held discussions with the Arab Authority for Agricultural Investment and...
Business
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Interview
Government, financial sectors top cyberattack targets
The Middle East's oil and gas sector also stays on hit list of of cyberattackers, Trellix CEO Bryan Palma tells...
- The Middle East's oil and gas sector is a key target for cyberattacks, Trellix CEO Bryan Palma tells TRENDS, stressing the need for widespread cybersecurity investments.
- He emphasizes the critical risks faced by the public sector and financial services, and discusses how XDR and AI technologies are advancing cybersecurity in the region.
Business
Maersk and Hapag-Lloyd ink deal
The cooperation deal between the two will begin February 2025.
- The cooperation, which is set to start in February 2025, will comprise a fleet pool of nearly 300 vessels with a combined capacity of 3.4 million containers
- The CEO of Maersk Vincent Clerc said the agreement will offer a "flexible ocean network" and "strengthen our integrated logistics offering"
Business
Qatar to set up Centre for Fourth Industrial Revolution
Davos, Switzerland -- The war in Ukraine, tensions in the Middle East, monetary policy in 2024, jobs, equitable economic growth,...
- A Centre for the Fourth Industrial Revolution will also be established in Vietnam.
- WEF and GovTech Campus Deutschland announces the establishment of the Global Government Technology Centre Berlin.