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
Smart cities lead GCC’s IoT boom: NEOM and Smart Dubai in focus
IoT applications are transforming critical sectors such as transportation, where connected vehicles improve traffic management, utilities where smart grids enhance...
Economy
Business
UAE energy ministry awards DEWA for research, innovation
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has been awarded first place in UAE Ministry of Energy and...
- DEWA was honored for its innovative grid-integrated system which regulates photovoltaic inverters for autonomous voltage.
- The approach to innovation, research and development in renewable and clean energy is in line with government strategies, DEWA CEO said.
Business
DFM, ADX account for 20% of Arab exchanges’ liquidity last week
Abu Dhabi, UAE--The Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) accounted for nearly 20 percent of...
- Arab stock exchanges, according to the Arab Monetary Fund, raked in liquidity to the tune of $10.28 billion last week
- ADX’s liquidity shot up by 2.22 percent last week from US$1.489bn to $1.522bn, while DFM’s liquidity surged by 41.4 percent from US$344.4mn to US$486.06mn
Business
Canada to allot US$9.8bn in subsidies for Volkswagen battery plant
Ottawa, Canada--Canadian Prime Minister Justin Trudeau announced Friday up to 13.2 billion Canadian dollars ($9.8 billion) in subsidies over 10 years...
- Terming the funding a "generational investment", Trudeau said that the new plant is expected to generate about Can$200 billion in value
- In order to attract auto makers, Canada has made a big push into batteries for electric vehicles, touting tax incentives and clean energy
Business
Reliance posts Q1 profit rise
It posted better-than-expected profit increase to US$2.35bn.
- According to a poll by an Indian newspaper, the result exceeded analysts' expectations of slower profit growth of around $2.04 billion
- The company's telecom wing reported a 13.01 percent increase in net profit to $574.76 million from a year ago
Economy
US inflation now ‘broad-based,’ top Fed official says
Signaling its resolve to keep fighting price rises, the US central bank has said that interest rates may need to...
- Lisa Cook, Fed governor, said on Friday that overall inflation, and other underlying measures of consumer price increases, remained high
- She noted that interest rate hikes would be determined by the impact of the recent financial sector turmoil on bank lending
Economy
GCC countries take steps to close gender pay gap
TRENDS Twitter poll suggests 48% candidates face discrimination during job recruitment process in the Gulf region, while 30% do not,...
- Recent updates to labor laws in the UAE, Saudi Arabia, and Bahrain aim to bridge the gender pay gap and address discriminatory practices
- These updates include prohibiting discrimination between male and female employees who perform the same job and introducing paternity leave in the UAE
Google stops work on big Silicon Valley campus: report
The internet titan is scheduled to release its most recent quarterly earnings figures next week. A site in San Jose...
- Google's parent company Alphabet early this year announced it would cut about 12,000 jobs globally, citing a challenging economic reality
- Alphabet reported lower revenue and profit than expected in the final three months of last year as harsh economic times cooled its ad business
Business
London seeks to keep Europe fintech crown despite Brexit
London, United Kingdom -- From digital bank Revolut to money-transfer group Wise and payments company Checkout, London is Europe's fintech champion...
- Britain's exit from the European Union without an EU-London deal on financial services has complicated access to the gigantic market and talent.
- The UK last year saw injections of funds into its fintechs slump by 56 percent to just over $17 billion.
Business
UAE conventional banks’ assets $829 billion by end of Jan 2023
Gross assets of the Islamic banks operating in the country increased to AED620.9 billion as of the end of January...
- Conventional banks in the UAE accounted for nearly 83.1 percent of the total assets in the banking sector by the end of Jan 2023.
- The Islamic banks’ deposits increased to AED434.1 billion in Jan 2023, an annual increase of 3.1 percent, compared to nearly AED421 billion in Jan 2022.
Business
P&G earnings solid on higher pricings
Its Q1 profits rose 1% to $3.4 billion, on a 4% increase in revenues.
- P&G shares rose 2.7 percent in pre-market trading following the results, which were better than expected.
- While there was a fall in sales volumes, this was offset by a 10 percent surge in product pricing -- boosting sales gains.
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
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
Company News
Latest News
Mammoet, Aertssen sign agreement
The two firms will provide heavy-lifting solutions in Qatar.
Business
Saudi Arabia, China ink MoU in accounting and auditing
RIYADH, SAUDI ARABIA – The Kingdom and the People’s Republic of China signed on Monday in Beijing a memorandum of...
Geostrategy
China Construction Bank lists $600m green bond in Nasdaq Dubai
DUBAI, UAE - Nasdaq Dubai has welcomed the listing of a US$600 million green bond by China Construction Bank (DIFC...
Business
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Business
DEWA unveils new distribution substations
It commissioned 1,414 substations of 11kv in Dubai.
- The CEO of DEWA said the construction of the substations and related tasks resulted in a total of 996,648 man-hours
- He said DEWA is planning to boost the transmission and distribution networks based on electricity demand forecast until 2030
Business
GCC’s cybersecurity dynamics: The two sides of AI
In the GCC's evolving cybersecurity realm, AI integration is crucial, driving economic growth and transforming defense strategies against complex cyber...
- In the GCC's evolving cybersecurity realm, AI integration is crucial, driving economic growth and transforming defense strategies against complex cyber threats.
- The region's AI strategy in cybersecurity strikes a balance between innovative growth and managing ethical dilemmas, ensuring powerful yet responsible use.
Geostrategy
Five killed in clashes near Lebanon border
JERUSALEM - Three fighters who crossed into Israel from Lebanon and two Israelis were killed in clashes and a strike...
- The Israel-Lebanon border has seen near-daily exchanges of fire between Iran-backed Hizbollah group and Israeli forces.
- Hizbollah leader Hassan Nasrallah, in a televised speech said the Israelis had "failed" to achieve any of its goals in Gaza.