ADNIC okays 45% dividend for 2024
The company achieved its highest ever revenue and net profit.
Business
AI to replace 4,000 jobs in Southeast Asia’s largest bank: DBS
Singapore, Singapore -- Southeast Asia's largest bank DBS said that 4,000 jobs could be cut in the next three years...
Business
Economy
Major oil powers slash production ahead of OPEC+ meet
Cuts by the Saudis, Iraq, UAE, Kuwait, Algeria and Oman from May to the end of the year will total...
- Russia, a member of OPEC+, said it was also extending its cuts of 500,000 bpd to the end of this year, calling it "a responsible and preventive action".
- The cuts were announced despite calls from the US to raise production as consumption rises and as China, the world's biggest oil consumer, reopens after its Covid shutdown.
Business
GKSD to invest in Middle East
The investment was announced during Investopia 2023.
- 'Smart Clinics', which was hailed as one of the key outcomes of the conference, is a new concept in the healthcare sector that focuses on improving life quality.
- Gruppo San Donato, a private hospital group in Italy, and UAE Ministry of Economy, are part of an MoU for the Smart Clinics program.
Arts & Culture
UAE highlights ways to enhance education system at UK meet
DUBAI, UAE - A UAE group highlighted its technological programs and initiatives aimed at boosting the educational system and reviewed...
- The UAE emphasized the significance of the event to explore the future of EdTech and ways to benefit from its applications.
- It has launched initiatives that attract international academic expertise to improve the integrated educational model.
Science
Dubai Chamber reviews software development, Artificial Intelligence sector
DUBAI, UAE - Dubai Chamber of Digital Economy highlighted software development and artificial intelligence (AI) industry in its 10th session...
- Various executives, business leaders and experts of the digital industry discussed at length the challenges and opportunities present in the sector
- Dubai aims to become a top destination for global digital investment and tech talent and is attracting software development professionals,
Business
UBS-Credit Suisse merger could see 36,000 job cuts globally
Geneva, Switzerland -- The merger between banks Credit Suisse and UBS could see up to 36,000 jobs being cut across...
- The takeover of Credit Suisse was arranged by the Swiss government to prevent a global financial meltdown, following fears of contagion from the collapse of banks in US.
- Up to 11,000 jobs could be cut in Switzerland alone, according to the weekly SonntagsZeitung, which did not provide details of which posts could be targeted.
Economy
EU bloc records highest ever trade deficit in 2022
BRUSSELS, BELGIUM - The EU trade in goods registered a large deficit of US$469 billion (€432 billion) in 2022, reaching...
- The deficit was due, in particular, to a steep rise in the value of energy imports, which started towards the end of 2021 and continued through most of 2022.
- Also in 2022, non-EU imports (+41 percent) and exports (+18 percent) reached their highest year-on-year growth rates recorded over the last 10 years.
Business
QatarEnergy acquires 40% interest in Mauritania exploration block
QatarEnergy will hold the interest in the Exploration and Production Agreement pertaining to the C-10 block, while Shell will hold...
- President and CEO of QatarEnergy Saad bin Sherida Al Kaabi said the deal builds on the company's exploration footprint in Africa.
- In October last year, QatarEnergy selected Shell as its second international partner in the North Field South (NFS) expansion project.
Economy
Erdogan vows to build 319,000 homes in quake-hit southern Turkey
Ankara, Turkey--Turkish President Recep Tayyip Erdogan on Saturday pledged to rebuild the country's southern region devastated by powerful earthquakes on...
- The Turkish president promised to erase all traces of the destruction caused by the disaster, and prepare "more strongly" for possible disasters in the future
- The magnitude 7.7 and 7.6 quakes affected more than 13.5 million people in Turkey, as well as many others in northern Syria
Business
Agility posts US$221m profit
Its revenue for 2022 rose to US$2.8bn, a 78% jump.
- The company has ramped up its credit facilities in order to fund its growth plan, which includes the acquisition of John Menzies
- Agility enjoys a healthy balance sheet with $10.72 billion in assets. and the company's net debt stands at $2.60 billion
Business
SWFC to boost Canada-UAE investment partnership
The SWFC will help identify opportunities for strategic capital collaboration and thought leadership between Canadian Public Pension Funds (PPFs) and...
- The Canada-UAE Sovereign Wealth Fund Council aims to harness synergies between Canadian Public Pension Funds and UAE Sovereign Wealth Funds in global markets
- Designed to offer an investment collaboration framework with a more dynamic and flexible structure, the SWFC will benefit Canada and the UAE as two key investment allies
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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
ADNIC okays 45% dividend for 2024
The company achieved its highest ever revenue and net profit.
Business
Company News
Latest News
UAE approves Dubai Metro Blue Line project
Geostrategy
False tweet from US regulator briefly sends bitcoin soaring
The jump in the price of bitcoin to almost $48,000 came immediately after the SEC published a message on its...
Honda unveils futuristic EV series
It will introduce a commercial model in the US in 2026.
Geostrategy
UAE startups eye Saudi Arabia for growth, expansion
With both nations offering substantial markets and supportive environment for innovation, startups are exploring new opportunities in the Kingdom.
Most Read
Business
Middle East air cargo volumes up 13.5% in November
Dubai, UAE - Middle Eastern carriers recorded a 13.5% year-on-year increase in cargo volumes, strongest performance in the world. In November...
- Global demand for air cargo, measured in cargo tonne-kilometres (CTKs), increased by 8.3% compared to November 2022
- Most of the capacity growth is attributed to the increase in belly capacity as international passenger markets continue their post-COVID recovery
Business
Dubai’s RERA signs MoU with Zand Digital Bank
Dubai, UAE--The Real Estate Regulatory Agency (RERA), the regulatory arm of Dubai Land Department (DLD), signed a memorandum of understanding...
- The bank has been authorized by DLD to oversee real estate development escrow accounts and offer associated services
- The chief aim of the escrow account is to streamline the construction process for off-plan units, safeguarding the interests of investors
Business
EU examines Microsoft large investment in OpenAI
Brussels, Belgium - The EU, racing to regulate the fast-moving world of artificial intelligence, said on Tuesday it has started a...
- The early-level examination is "checking whether Microsoft's investment in OpenAI might be reviewable under the EU Merger Regulation," the European Commission said.
- The move is part of efforts by Brussels to make sure its regulatory oversight can catch up with AI developments and stop major players shutting out competitors.