Borouge proposes share buyback
The company had posted a 24% YoY increase in net profit to $1.24bn.
Business
Electric, hybrid and aerial to entirely transform city life: IIT Madras expert
Easier commutes with faster, quieter, and eco-friendly vehicles would reduce travel times significantly and reduce stress for urban residents, says...
Interview
Business
Novartis Q1 profit at $2.3bn
Heart disease, cancer medicines helped enhance revenue.
- Novartis said that its operating profit would likely increase in the high single-digits this year.
- The group would prioritize "high-value" medicines" across five core areas to drive its productivity.
Iran claims foreign demand for its military equipment has gone up
Tehran, Iran— Claiming that Iran has received numerous “requests” from different countries for purchase of its defense equipment and cooperation,...
- Iran could not purchase weapons from outside because of the Western sanctions, but today it can produce them on its own
- The Islamic Republic has succeeded in keeping the country’s military and commercial jets airborne in spite of the sanctions
Business
Samsung SDI unveils $3bn JV with GM
The firm will build an electric vehicle battery plant in the US.
- The location of the facility has not yet been determined but it is expected to be in full gear and ready to start mass production in 2026.
- It was expected to create thousands of jobs and the new factory would be equipped with "an annual production capacity of more than 30 gigawatts-hour".
Business
Saudi Arabia tops MENA region’s hotel construction boom, UAE close behind
Dubai, UAE -Taking advantage of the boom in the tourism sector in the Middle East, Saudi Arabia and the UAE...
- Saudi Arabia is building more than 42,000 hotels rooms in order to cater to tourist demand in the country
- The MENA region’s hotel construction will see some 119,505 new rooms being added in the near future
Business
ADAFZ reports two-fold rise in leased-out spaces, properties
Abu Dhabi, UAE - Abu Dhabi Airports Free Zone (ADAFZ), a subsidiary of Abu Dhabi Airports, has recorded a two-fold...
- The strong performance was driven by growth in leased spaces and properties, where ADAFZ signed contracts for a total of 163,580 m2
- Properties included commercial spaces, land development plots, and administrative facilities, resulting in an increase in annual leases by 256%
UBS hopes to complete Credit Suisse takeover before July
Analysts polled by the Swiss financial newswire AWP expected UBS's first quarter net profit to tick in at around $1.7...
- Net income of UBS for the first quarter was reduced by an increase in litigation provisions of $665 million to settle an old dispute linked to the subprime crisis
- UBS said it saw a net inflow of new money into its global wealth management division of $28 billion, of which $7 billion came in the last 10 days of March
Netflix to invest $2.5 bn in South Korean content
Netflix, which spent more than 1 trillion won ($750 million) developing Korean content from 2015 to 2021, had previously said it...
- Sarandos said that Netflix had great confidence that South Korea's creative industry would continue to tell great stories, pointing to the recent success of "The Glory"
- Yoon Suk Yeol, who arrived in Washington Monday for a six-day state visit, said the new investment will be a great opportunity for Korean content industry, creators, and Netflix
Economy
ADB operations cross $20bn
Financial results were published in ADB’s Annual Report 2022.
- The $20.5 billion comprised loans and guarantees, grants, and equity investments provided to governments and the private sector
- The bank made wide-ranging investments in quality infrastructure as well as in education, health, and other social sectors
Business
Coca-Cola profits surge
Coca-Cola's profits came in at $3.1 billion, up 12% from 2022.
- Sales volumes grew three percent thanks to increases at sporting events, movie theaters and other away-from-home venues.
- The company benefited from the reopening of China's economy, but noted that activity is still below pre-pandemic levels.
Business
Saudi Fund for Development to provide $130m loans to Kyrgyzstan
Two loan agreements were signed in the Kyrgyz capital Bishkek by the SFD CEO Sultan bin Abdulrahman Al-Marshad with the...
- The first agreement worth $100 million involves financing the construction of 3000 housing units covering an area 255,000 square meters.
- The second agreement is related to financing of the Taraz-Talas Road Project (Phase 4), which aims to reconstruct 93 km of road to improve road safety.
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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
Borouge proposes share buyback
The company had posted a 24% YoY increase in net profit to $1.24bn.
Business
Company News
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Microsoft becomes world’s largest company
The tech giant's market value has surged by over $1 trillion.
Business
Passenger traffic at Sharjah airport jumps to 15.3 million in 2023
Sharjah, UAE--The number of passengers travelling through Sharjah airport reached 15.3 million in 2023, as compared to 13.1 million in...
Business
S&P estimates UAE GDP to grow beyond 5% in 2024
According to Tatiana Leskova, Associate Director of Corporate Ratings at Standard and Poor's Global Ratings that the global economy while...
Economy
Most Read
Business
Aramco Digital, Intel to join hands
The aim is to help develop of Open RAN technologies.
- The facility is expected to drive innovation, foster technological advancements and contribute to the digital transformation landscape in the Kingdom.
- This collaboration aims to align with Saudi Arabia's Vision 2030, which focuses on technological advancements and economic diversification.
Business
Stock markets: Germany drags Europe down, Tokyo rises again
In Asia, Tokyo rose for a sixth successive day to build on last week's advances, which saw the Nikkei break...
- "European stock markets were softer... as the week got off to a relatively quiet, risk-averse start," noted Neil Wilson, chief market analyst at Finalto trading group
- In Asia, Tokyo rose for a sixth successive day to build on last week's advances, which saw the Nikkei break above 35,000 points for the first time since 1990
Business
Saudi Arabia unveils 45,000-seat multi-use stadium in Qiddiya City
RIYADH, SAUDI ARABIA - The Board of Directors of the Qiddiya Investment Company (QIC) announced on Monday the launch of...
- Upon opening, the stadium is anticipated to host some of Saudi Arabia’s biggest sports, entertainment, and cultural events.
- It aims to draw visitors from across the globe and revolutionize the traditional stadium experience with its immersive design.