Salik 2024 net profit before taxes $348m
The toll operator's revenue increased by 6% to $626 million.
Business
Bitcoin falls below $80,000 first time since November amid market volatility
Hong Kong, China -- Bitcoin sank below $80,000 on Friday for the first time in more than three months as...
Business
Business
Credit Suisse merger the right choice despite risks: UBS
Shareholders of both banks had no say in the mega-merger, which was engineered by the Swiss government, the central bank...
- UBS chairman told the bank's annual general meeting in Basel that although the $3.25-billion takeover was sprung upon them, it would offer overall stability
- Colm Kelleher said the deal was expected to close within a few months and would preserve the critical financial sector as a pillar of Swiss national prosperity
Business
Masdar achieves financial close on three solar projects in Uzbekistan
Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) announced today it has achieved financial close on three solar photovoltaic (PV)...
- The company will begin construction on the plants at once, which will have a combined capacity of around 900 megawatts
- Under the ETAF initiative, a climate finance paltform, Masdar and AIIB have committed capital to the Uzbekistan projects
Business
QatarEnergy to participate in Iraq’s mega natural gas project
Doha, Qatar - QatarEnergy has agreed to hold a 25 percent share in the Gas Growth Integrated Project (GGIP) -...
- The consortium will be composed of Basra Oil Company (30 percent), TotalEnergies (45 percent), and QatarEnergy (25 percent)
- Signed in September 2021, the key strategic project involves investing nearly $10 billion to design and construct facilities
Business
Talent Outsourcing in UAE to touch US$6.8bn by end of 2023
Dubai, UAE-- The total spending by UAE-based organisations on outsourcing services from local and offshore providers was estimated at over...
- The total spending by UAE-based organizations on outsourcing was around $4.8bn in 2018 and is expected to reach $6.8bn in 2023, a report said
- It highlighted the UAE's initiative to diversify its economy toward economic development, cutting-edge innovation, digital transformation, and security
Economy
Saving behavior in the UAE jumps as National Bonds hit 15% growth in 2022
Dubai, UAE - National Bonds, the UAE’s Shari’a-compliant savings and investment company, saw another strong year soaring to an investment...
- The strong growth in 2022 was attributed to several pioneering ideas and solutions, such as the Golden Pension Plan, Global Savings Club, and Sukuk Al Waqf
- The Golden Pension Plan leverages the financial solutions provided by National Bonds to residents, to meet the demand from both employers and employees
Business
Young Libyans take to e-gaming in a big way as tech revolution sweeps the region
Tripoli's mushrooming arcades have driven rapid growth in Libya's nascent gaming community, Mattouss says. The increasingly organized community is "motivating...
- Unlike in other Arab states, "the gaming community was completely dead here" until recently, says Sofiane Mattouss, who runs the business set up in 2022
- Gaming industry experts say the Middle East and North Africa are high-growth regions, with Saudi Arabia, the UAE and Egypt among the largest markets
Economy
UAE Unemployment Insurance Scheme subscribers exceed 1m
DUBAI, UAE - UAE Ministry of Human Resources and Emiratization (MoHRE) announced that the Unemployment Insurance Scheme has exceeded one...
- The Unemployment Insurance Scheme covers employees in the federal government sector and the private sector.
- The scheme provides low-cost job security net that supports the career path and living stability of employees in the UAE.
Business
Italy to investigate Meta over music copyright violations
Meta is accused of exploiting its dominant position in the market "by asking SIAE to accept an inadequate economic offer,...
- The Italian Competition Authority said it was probing Meta's "alleged abuse of economic dependence" of the Italian Society of Authors and Publishers.
- The alleged unfair practices could prevent musical artists from "reaching the ever-widening category of users who enjoy social platforms," it said.
Business
German anti-cartel watchdog puts Apple under surveillance
Products like the hugely successful iPhone meant Apple presided over a "wide-ranging digital ecosystem which is of great importance to...
- The Federal Cartel Office said it had determined Apple to be a company of "paramount significance for competition across markets'.
- Apple joins Amazon, Google parent Alphabet and Meta, the group behind Facebook, in falling under reinforced monitoring.
Business
Jordan’s $1.25 billion Eurobonds oversubscribed six times
Dubai, UAE – Jordan’s Ministry of Finance and Central Bank Wednesday said they have completed the issuance of $1.25 billion...
- The kingdom's finance ministry reduced the coupon rate by 25 basis points from 2022's issue of 7.75 despite the US Federal Reserve raising interest rates seven times since.
- Jordanian media reports said the number of subscribers exceeded 230, including some of the largest global investment houses.
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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
Salik 2024 net profit before taxes $348m
The toll operator's revenue increased by 6% to $626 million.
Business
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Infracorp logs $29.8m profit
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...
Business
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Business
Chinese experts decode Apple’s encrypted AirDrop messaging
Beijing, China - Chinese state-backed experts have found a way to identify people who use Apple's encrypted AirDrop messaging service, according...
- AirDrop allows users to send content to Apple devices in close proximity without an internet connection, encoded so they cannot be viewed by other people
- Chinese officials said experts "cracked the tough technological problem of the transmission of inappropriate information with anonymous traceability via AirDrop"
Business
Saudi Arabia picks bidders for mining exploration sites
Riyadh, Saudi Arabia -- Saudi Arabia Wednesday announced preferred bidders in the fourth series of the licensing rounds conducted as...
- The Ministry of Industry and Mineral Resources stated that the exploration licenses will be issued in accordance with the Mining Investment Law.
- The um Hadid site is located in the Afif region, in the center of the Kingdom. Covering an area of some 246 km2, it includes mineral deposits of silver, lead, copper and zinc.
Business
Bullish Bitcoin: Halving looms, miners face squeeze
Bitcoin’s mass adoption is growing and projected in the next four years to have around 1 billion users.
- Bitcoin has continued its rally in 2024, reaching the $48,000 level on Jan 9 and creeping towards the nearly $70,000 mark it reached in November 2021.
- The next Bitcoin halving event is expected late this April when Bitcoin block rewards drop from 6.25 BTC to only 3.125 BTC per block.