The future is already here
Humanity is on a tech-fueled trajectory. Data and informed predictions are inspiring, showing how AI is reshaping economies, smart cities...
Analysis
ADNIC okays 45% dividend for 2024
The company achieved its highest ever revenue and net profit.
Business
Business
Salik approves H2 2022 dividend
The company reported a net profit of $144m for the period.
- Salik reported a net profit of $144 million for the second half of 2022
- Salik’s revenue increased 11.8 percent Year on Year to $515 million
Business
UAE, Vietnam begin process for economic partnership pact
Abu Dhabi, UAE - The UAE and Vietnam signed Thursday a declaration of intent to start negotiations for a comprehensive...
- The UAE is the leading trade partner of Vietnam in the Arab region, accounting for 39 percent of Vietnamese trade with the region’s countries.
- The two sides discussed ways of strengthening their cooperation in the areas of trade, investment, the new economy, industry and energy.
Business
TikTok parent firm ByteDance’s founder lost $17bn in 2022
ByteDance's success in China's highly competitive internet sector has been largely thanks to its popular short video app Douyin.
- The reasons for the losses are unknown, but Zhang is still the second-richest entrepreneur in the world under the age of 40.
- Zhang co-founded ByteDance in Beijing in 2012, but resigned from the group in 2021 in the midst of regulatory tightening.
Business
Switzerland to probe what led to Credit Suisse collapse
The economy committee of the National Council, the lower house of parliament, asked the government for an analysis of the...
- The emergency takeover by UBS has sparked unease and criticism within Switzerland, where Credit Suisse was a pillar of the country's totemic banking sector.
- Following a string of scandals, the collapse of three US regional banks in March left Credit Suisse looking shaky amid fears of contagion and shares nosedived.
Business
Dubai records $626 million in realty transactions: Land Department
Dubai, UAE -- Dubai recorded real estate deals worth AED2.3 billion ($626 million) on Wednesday, according to Dubai Land Department....
- The deals included 502 sales transactions worth AED1.44 billion, in addition to 95 mortgage deals of AED898.52 million.
- The sales included 465 villas and apartments worth AED1.1 billion, and 37 land plots worth AED340.65 million.
Economy
‘Global growth to fall below 3 percent in 2023’
A continued slowdown in almost all the world's advanced economies is expected to drag global growth below three percent this...
- Global growth almost halved last year to 3.4 percent as the impact of Russia's invasion of Ukraine rippled through the world economy.
- Asia's emerging markets are expected to see substantial increases in economic output with India and China to account for half of all growth.
Business
DEWA, Siemens Energy discuss enhancing cooperation
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer discussed enhancing cooperation...
- DEWA is implementing clean and renewable energy and water desalination projects.
- The firm attaches great importance to research in sustainable and renewable energy.
Economy
CBUAE issues new AED1000 banknote, depicts UAE’s space ambitions
Dubai, UAE -- The Central Bank of the UAE (CBUAE) issued a new banknote of AED1000 denomination and made of...
- The new banknote will be available at banks and exchange houses from 10 April 2023.
- It will be in circulation alongside the current AED1000 note whose value is guaranteed by the UAE law.
Business
Airbus to open second plane assembly line in China, double output
"It makes a lot of sense for us, as the Chinese market keeps growing, to be serving local for the...
- The framework accord for the new site was later signed by Faury at a ceremony attended by Macron and Chinese President Xi Jinping, an AFP journalist saw.
- The new assembly line in Tianjin for Airbus’s hugely popular A320 medium-haul jets will begin operations in late 2025.
Business
UAE decision on Small Business Relief aims to support startups
Dubai, UAE – UAE’s Ministry of Finance has announced a decision on Small Business Relief (SBR), which is aimed at...
- The decision is also aimed at supporting other small or micro businesses by reducing their corporate tax burden and compliance costs.
- The Relief will not be available once a taxable person exceeds the AED3 million revenue threshold in any tax period.
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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
The future is already here
Humanity is on a tech-fueled trajectory. Data and informed predictions are inspiring, showing how AI is reshaping economies, smart cities...
Analysis
Company News
Beltone 9M net profit at $2.7m
Business
Latest News
Houthi attacks idle Suez Canal, deepen Egypt’s economic woes
The man-made waterway - which officially opened in 1869 - is crucial for Egypt, earning it $9.4 billion in transit...
Amazon cuts hundreds of jobs
The cull will reach 27,000 positions across the company.
UAE, Saudi Arabia lift up Arab stock markets, post US$493bn in gains in 2023
Abu Dhabi, UAE-- Stock markets across the Middle East posted record highs in 2023, with combined gains of $493 billion,...
Business
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Business
DP World signs MoUs in India
The agreements worth US$3bn were signed with Gujarat.
- The agreements would result in the development of new ports, terminals, and economic zones in the western Indian state
- DP World CEO said that during the last 20 years, the company has invested almost $2.5bn and "we are going to invest more"
Business
Emerging crypto hub UAE shapes digital assets’ future
"As 2024 unfolds, we anticipate that both private and public enterprises will increase their investments in the infrastructure and services...
- Bitcoin marked a 134 percent increase in the year 2023, signifying a resurgent crypto market.
- The UAE thawed the crypto winter, with institutional investments driving cryptocurrency deals.
Business
Global air travel reaches 99% of 2019 levels: IATA
IATA’s Director-General Willie Walsh said that international travel is 5.5% below pre-pandemic levels, but that gap is narrowing fast. "And...
- In November 2023, the total traffic rose 29.7 percent compared to November 2022
- Middle Eastern airlines saw an 18.6 percent traffic rise in November