GCC a key player in global freight and logistics industry, says Trukkin’s Dalmia
The region leverages a strategic major hub, advanced infrastructure, and economic diversification to fuel logistics demand, says Janardan Dalmia, Founder...
Interview
Salik 2024 net profit before taxes $348m
The toll operator's revenue increased by 6% to $626 million.
Business
Economy
Global debt growing due to US, China, says IMF
Global government debt is on track to reach levels not seen since the height of the COVID-19 pandemic, the International...
- In the US, government debt as a percentage of economic output is expected to surpass its pandemic-era peak by 2027.
- China's debt burden is forecast to be almost double its pre-pandemic levels by 2028, the IMF said.
Business
RAKEZ wins award for Best RPA Excellence during Future Data Summit 2023
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) received the 'Best RPA Excellence Award' during the Future...
- RAKEZ has embarked on its automation journey by utilizing virtual bots to handle visa-related services.
- These virtual bots have successfully reduced the time needed for some of the processes by 1.5 days, completing them within 12 hours.
Masdar expands US footprint with 50% stake in renewables project
The Big Beau project, located in California, comprises a 128-megawatt solar plant and a 40 MW/160 MWh battery energy storage...
- The Big Beau project, located in California, comprises a 128-megawatt solar plant and a 40 MW/160 MWh battery energy storage system
- It is one of eight projects that Masdar and EDF Renewables have agreed to jointly partner in, with a combined capacity of 1.6 gigawatts (GW)
Economy
Dubai sees heavy influx of medical tourists in 2022, spending US$270m
DUBAI, UAEI--Dubai saw remarkable growth in medical tourism in 2022 with 674,000 medical tourists spending $270 million in the year....
- Some 39 percent patients came from Asian countries, 22 percent from Europe and the Commonwealth of Independent States, and 21 percent from Arab and the GCC
- The head of Dubai Health Authority attributed the arrival of medical tourists to the city's ability to provide quality acre, making it the top healthcare destination
Volvo shares up after Q1 profit
The firm's net Q1 sales rose by 24.8 percent.
- In a preliminary report on its first-quarter earnings, released late Tuesday, Volvo announced an operating profit of $17 billion, an increase of 44.9 percent year on year
- In January, the truck-maker reported a slightly lower profit for 2022, despite a rise in sales, and warned that the "global supply chain for components is still unstable"
Business
Twitter working on AI despite Musk call for global pause: report
Musk has bought thousands of powerful, costly computing processors and hired AI engineering talent, Insider reported, while another tech-focused outlet,...
- The Insider report came less than two weeks after Twitter boss Elon Musk joined experts in signing a letter calling for a hiatus in the development of AI
- Generative AI could also be put to work as a search or advertising tool, but it remained unclear what Musk intended its purpose to be at Twitter, the report said
e&’s board declares dividend
The dividend for H2 of 2022 will be at AED 0.4 per share.
- The chairman said the group's core businesses have posted solid performance even as mergers and acquisitons have contributed to the company's success
- The consolidated revenue at $14.26 billion and a record net profit of $2.72 billion strengthened the company's financial performance during the year
Economy
IMF chief economist warns inflation could remain high until 2025
Washington, United States--The underlying drivers of historically-high global inflation could persist until 2025, the International Monetary Fund's chief economist told AFP...
- Following the fast reopening of the global economy after the Covid pandemic, prices around the world have risen exponentially
- Inflation in many countries in the world has remained well above the two percent target, despite central banks raising interest rates
Business
Boeing delivers 130 aircraft in Q1
It edged out its rival Airbus by just three aircraft.
- In order to reach its target of 720 units for the year, Airbus needs to picke up the pace in order to go past the 661 number in 2022
- In mid-March Boeing restarted deliveries of its long-haul 787, which were temporarily halted at the end of February by the Federal Aviation Administration
Move over Pegasus, new Israeli spyware comes along to target journalists, politicians
Spyware like Pegasus has been widely used by governments and other actors to spy on opponents, media and activists. The...
- The spyware and related exploit or hacking software was created by the little-known firm QuaDream Ltd
- Citizen Lab, which studies the abuse of digital technologies, said it identified five people targeted by QuaDream
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
GCC a key player in global freight and logistics industry, says Trukkin’s Dalmia
The region leverages a strategic major hub, advanced infrastructure, and economic diversification to fuel logistics demand, says Janardan Dalmia, Founder...
Interview
Company News
Latest News
Ooredoo, QNBN sign agreement
Business
Tesla suspends production in Germany
Houthi attacks in the Red Sea caused a shortage of parts.
Business
Wars to cast pall over meeting of global VIPs in Davos
Paris, France - The world's political and business elites will convene in Davos next week, with wars in Gaza and Ukraine...
Business
UAE and Costa Rica conclude talks on signing CEPA
Dubai, UAE-- The UAE and Costa Rica have concluded negotiations to sign a comprehensive economic partnership agreement. In this connection,...
Business
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Geostrategy
Saudi Arabia signs MoUs with four countries for development in mining industry
RIYADH, SAUDI ARABIA – The Ministry of Industry and Mineral Resources has signed four Memorandums of Understanding (MoUs) with the...
- The roundtable highlighted the need for governments and industry to achieve economic and social development for local communities.
- A total of 79 governments, 13 international organizations, 15 NGOs and seven business associations took part in the roundtable.
Business
Infosys lowers revenue forecasts
Its net profit fell 7.29% Y-o-Y in the three months to December.
- It reported a decline in profit for the October-December quarter, and revised its revenue growth guidance to 1.5-2.0 percent in constant currency terms
- A big employer of India's engineering graduates, the company upset markets last quarter after it said it would halt campus hiring in an effort to cut costs
Business
OYO New Year Eve bookings up 64%
Oman emerges top performer in the GCC region.
- Saudi Arabia with 59 percent and United Arab Emirates with 31 percent growth were the other top performers.
- Siniya Island Resorts, a luxurious property in Dubai, was one of the most preferred destinations for new year celebrations.