Cricket’s Indian Premier League value surges to $18.5 bn: report
New Delhi, India -- The Indian Premier League's business value has been estimated at $18.5 billion with reigning champions Royal...
Business
Algeria’s Sonatrach and Italy’s ENI sign $1.35 billion deal
Algiers, Algeria - Algeria's state-run hydrocarbon company Sonatrach and the Italian energy company Eni on Monday signed a production sharing...
Business
Business
Dana Gas posts fall in profit
Its net profit fell 7 percent to US$50 million in Q1 of 2023.
- Its revenue also plunged to $122 million in Q1 as against $140 million in the same period of last year
- The company attributed the decline in revenue and net profit to a fall in energy prices from high levels
Disney Plus stems financial loss but sheds subscribers for second straight quarter
Analysts had foreseen an increase in subscribers for the period, but a hike in prices sent customers turning away from...
- Total subscribers to Disney Plus fell to 157.8 million, the Burbank, California-based group said, with the company losing $659 million in its streaming unit
- Disney said that despite the fall in subscribers, revenue per customer had increased and added it believed the subscribers would again pick up
Business
Union Properties profit is $3.3m
Revenue increased to $33.21 million, up 16 percent.
- Revenue increased to $33.21 million, up 16 percent compared to the same period last year
- Administrative and general expenses declined 21 percent year-on-year to $4.5 million
Economy
Rise of ChatGPT: GCC might lose 10 million jobs in 5 years
Its transformative power to reshape life has left people awestruck across the world, but the technology that powers ChatGPT might...
- According to a Goldman Sachs economist, more than 65 percent of occupations will be partially or fully automated in the coming years
- Critics of generative artificial intelligence that powers chatbots argue that it can never be able to replace the genius of human mind
Business
Savola Group net profit up 45%
The company posted a net profit of $104 million for the quarter.
- The net profit was up despite higher operating expenses, higher net finance cost and higher zakat and income tax expenses.
- Revenues increased in the Retail, Food Processing and Frozen Food segments by 11 percent, 2 percent and 15 percent, respectively.
Business
ADNOC, Baker Hughes partner to boost green hydrogen development
Abu Dhabi, UAE - ADNOC and Baker Hughes announced Wednesday a deal to accelerate the development and commercialization of technology...
- ADNOC will leverage Baker Hughes’ extensive hydrogen expertize and broad portfolio to test and develop solutions to produce low-cost green hydrogen.
- Baker Hughes has been a longstanding strategic partner to ADNOC, deploying advanced technologies and solutions across the energy value chain.
Business
First-ever Dubai-Palestine business meet focuses on startups
Dubai, UAE - A delegation of Palestinian business executives including 21 start-up representatives visited Dubai Chamber of Digital Economy. It...
- The event included demonstration of key steps to set up a digital-first business in Dubai, and trade opportunities with Dubai companies.
- Participants at the event included Hashim Shawa, Chairman of Bank of Palestine Group, and; Linda Tarzi, Board Member at Bank of Palestine Group.
Rare Hebrew Bible, Rousseau up for sale in New York
At Christie's, the star lot is Henri Rousseau's "Les Flamants," which is set to smash the record price at auction...
- Codex Sassoon, the most expensive historical document to ever go under the hammer and is tipped to fetch up to $50 million at Sotheby's on May 17
- Other Sotheby's highlights include Jean-Michel Basquiat's 1985 ode to jazz "Now's the Time," which is predicted to achieve more than $30 million
Business
ADNIC records 17% profit rise
The firm's net profit soared to US$27.14mn in Q1 of 2023.
- The insurance company's total revenue took a dive to $273 million in Q1 of 2023 from $300 million for the same period in 2022
- Its net income from investment however shot up 94.0% to $12.60 million compared to $6.50 million for the same period in 2022
Business
ADNOC to float 15% minority stake in ADNOC Logistics & Services on ADX
Abu Dhabi, UAE -- ADNOC has announced its intention to float a 15 percent minority stake in ADNOC Logistics &...
- The offering is expected to open on May 16, 2023, subject to regulatory approvals and other relevant considerations
- ADNOC L&S is alogistics services provider to ADNOC Group, offering highly-specialized services across the energy value chain
Cricket’s Indian Premier League value surges to $18.5 bn: report
New Delhi, India -- The Indian Premier League's business value has been estimated at $18.5 billion with reigning champions Royal...
Business
Company News
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IMF says Red Sea shipping down one-third due to Houthi attacks
"Container shipping... has declined by almost 30 percent," said Jihad Azour, director of the IMF's Middle East and Central Asia...
Geostrategy
Middle Eastern carriers record 1.6% increase in air cargo demand: IATA
Geneva, Switzerland -- Middle Eastern carriers reported a 1.6 percent increase for global and international demand in 2023 compared to 2022...
Business
CBD posts record net profit of $721m
The bank has proposed record cash dividend of 44.38 fils per share.
Business
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Business
TECOM Group net profit up 49%
The company recorded its highest-ever revenue of AED 2.2 billion.
- The lease of industrial lands witnessed a strong demand in 2023, as the occupancy rate rose to 94 percent, compared to 81 percent in 2022.
- The company has recommended a dividend payout of AED400 million to the company's shareholders for the second half of 2023.
Business
Banco Santander posts US$12bn profit
It made record profit on the back of higher interest rates.
- The Spanish lender added five million customers last year, bringing the total to 165 million worldwide
- Lenders across Europe have reported bumper earnings after central banks worldwide hiked rates
Microsoft revenue surges
The company said sales leaped to $62 billion in Q3.
- The company said sales leaped to $62 billion for the October to December period, up 18 percent year-on-year and above the $61.1 billion projected by analysts
- Revenue for Microsoft's Azure cloud services jumped by 30 percent in the period, driven by the bigger computing needs that come with the adoption of AI