Google says to buy Wiz for $32 bn
The all-cash deal brings Wiz into the Google Cloud operation.
Business
Gold tops $3,000 for first time on Trump tariff threats
Gold surpassed $3,000 for the first time Friday as US President Donald Trump's trade wars boost the safe-haven asset, while...
Economy
Business
UAE delegation visits Belgium to strengthen economic ties
Abu Dhabi, UAE - A UAE delegation led by Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade,...
- Non-oil bilateral trade between the UAE and EU amounted to US$56 billion in 2022, achieving growth of 9.3 percent.
- Non-oil trade value grew by 28.6 percent and 14.7 percent over the same period in 2020 and 2019, respectively.
Business
Gulf bank Q1 net profit $56.50m
The bank's return on assets improved marginally to 1 percent.
- Gulf Bank recorded an operating income of KD 46.4 million for the first three months of 2023, and an operating profit before provisions of KD 25 million for the same period.
- The operating profit has increased by KD 3.2 million or 15 percent for the first quarter of 2023 compared to the same period of last year.
Business
Ajman real estate transactions reach $930 million in first quarter
Ajman, UAE - Total real estate transactions in Ajman in the first quarter (Q1) of 2023 totaled AED3.4 billion ($930...
- The quarterly report on real estate transactions in the emirate registered 555 mortgage applications worth $207.23 million.
- Meanwhile, Local real estate transactions totaled AED1.4 billion ($380m), a rise of 34 percent compared to January.
Business
NBF Q1 net profit up 151 percent
The bank's operating profit rose by 35.7 percent compared with Q1 2022.
- Operating income reached AED 554.1 million, up 34.2 percent compared to AED 412.8 million in the corresponding period of 2022.
- Loans and advances and Islamic financing receivables rose by 2.3 percent to reach AED 27.5 billion compared to AED 26.9 billion at 2022 year-end.
Business
Boeing Q1 loss $425m
Boeing's loss in the first quarter of 2022 was $1.2 billion.
- Boeing affirmed its full-year outlook for operating cash flow, a key metric, and for 737 plane deliveries in 2023.
- Boeing's revenues came in at $17.9 billion, up 28 percent from Q1 2022 and topping analyst expectations.
Business
One in five cars sold this year will be an electric vehicle: IEA
The International Energy Agency (IEA) said the rapid electrification of road transportation will have big implications for the energy industry as...
- In its annual report on electric vehicles, the IEA said it expects annual sales to rise 35 percent this year to reach 14 million.
- The IEA said the overwhelming majority of electric car sales are concentrated in three markets: China, Europe and the United States.
Business
Britain blocks $69-billion Activision takeover bid by Microsoft
The UK's Competition and Markets Authority prevented the deal "over concerns... (it) would alter the future of the fast-growing cloud...
- Microsoft said it would appeal the verdict over its vast takeover, which has yet to win regulatory approvals in Europe or the US.
- The Xbox-owner launched in 2022 its bid to create the world's third biggest gaming company by revenue with the takeover of Activision.
Business
Xlinks secures $37m funding
The funds will be used in laying subsea cables between UK and Morocco.
- It is one of several first-of-a-kind long-distance renewable energy generation and cross-border export project being planned globally.
- It had secured 25 million pounds of investment from Abu Dhabi National Energy Company (TAQA) and 5 million pounds from Octopus Energy Group.
Business
GSK Q1 profit dips
Revenue dropped more than three percent to $8.74 billion.
- Profit after tax fell to £1.5 billion ($1.9 billion) compared with the first three months of 2022.
- GSK is seeking to concentrate on development of new drugs after overseeing the split of Haleon.
Business
Amanat acquires stake in Sukoon
Amanat will own 85 percent of the post-merger entity.
- The merger creates the largest pan-GCC post-acute care provider with 400 operational beds and an additional 300 bed expansion underway.
- Following completion adjustments, Amanat Holdings will own 85 percent of the post-merger entity.
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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
Google says to buy Wiz for $32 bn
The all-cash deal brings Wiz into the Google Cloud operation.
Business
Company News
Spotify cuts 17% jobs
Business
HPDC, HDC ink agreement
Business
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ENEC, Kazatomprom ink pact
Business
ADNOC-Tabreed G2COOl opens
Business
Sales of $10m-plus homes in Dubai grow by record 92% in 2023
Dubai, UAE -- The total number of US$10 million plus home sales in Dubai grew by 92.4 percent to 431...
Business
Al Arabia subsidiary wins Dubai contract
The contract was awarded by Dubai Roads and Transport Authority.
Business
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Business
Iran wants trade with Saudi Arabia to be highest in region: Ambassador
Riyadh, Saudi Arabia - Iran wants to elevate the levels of trade and investment exchanges with Saudi Arabia to the...
- The remarks assume significance in light of the absence of trade exchanges between the two countries, despite the significant scale of their foreign trade
- In 2022, Saudi Arabia's foreign trade reached approximately $601.1 billion, while Iran's trade volume amounted to about $132.6 billion
World Economic Forum
China looks to woo back global elites at Davos forum
Prime Minister Li Qiang, who will make a special address on Tuesday, will be the most senior Chinese official to...
- The Prime Minister will hold talks with EU chief Ursula von der Leyen
- Li and Zelensky will be among 60 heads of state and government attending Davos
Business
Microsoft becomes world’s largest company
The tech giant's market value has surged by over $1 trillion.
- The company, which along with Nvidia and Amazon placed a significant emphasis on AI, has experienced huge market surges over the past year
- Microsoft's, according to LSEG data, market cap stood at $2.887 trillion, its highest ever, while Apple's market cap was $2.875 trillion