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
FAB delivers strong results in 2024 with profit before tax of AED 19.9 billion, up 13% yoy
First Abu Dhabi Bank (FAB) has achieved solid results in 2024 with Group net profit reaching AED 17.1 billion, up...
Videos
UAE and Saudi to lead GCC e-commerce boom
The UAE is likely to remain the top e-commerce market in the GCC in 2023 but Saudi represents the largest...
- E-commerce in the GCC, according to a recent research report, has expanded by 22 percent over the previous two years.
- Over 46 percent of online buyers in Saudi Arabia and the UAE planning to continue relying on online retail stores rather than visiting shopping malls.
Economy
Bahrain posts highest real GDP growth in nearly a decade
The kingdom witnessed 6.2 percent non-oil real GDP growth, the highest since 2012 and higher than the 5 percent annual...
- The kingdom also reported a drop in deficit to GDP to -1.1 percent, a drop in debt to GDP to 100 percent and a primary surplus of 3.3 percent.
- The Economic Recovery Plan is one of Bahrain’s biggest programs, with over $30 billion catalyzed for investment and reforms made to improve ease of doing business.
Business
ADNOC, BP place $4bn bid for half of Israel’s NewMed Energy
The participation of Emirati firm ADNOC is the latest sign of the quickening normalisation of relations between Israel and the...
- NewMed, which holds 45% of Israel's Leviathan offshore gas field, said the offer was received on Monday, noting it had appointed an audit committee to examine the deal
- BP said that together with ADNOC, it has made offer to take NewMed through an acquisition of the free float and a partial acquisition of its holding company Delek
Economy
Russian oil sales to India surge as European buyers turn to other markets
Moscow, Russia--Russian oil sales to India surged more than twentyfold last year as European buyers turned to other markets following the...
- When EU nations began ending thier reliance on Russian energy supplies, Moscow shifted its oil exports to India and China
- Compared to last year, Russia's oil-export revenue dropped by almost half in February, according to the International Energy Agency
Business
Borouge supplies ‘made in UAE’ materials worth $32m in MENA
Abu Dhabi, UAE -- Borouge is supplying sustainable “Made in UAE” polyethylene materials worth AED120 million ($32 million) that are...
- Borouge’s contribution to these mega projects is driven by collaboration with the local manufacturing companies.
- The pipes used in these projects were made from various grades of Borouge BorSafe™ PE100 polyethylene materials.
Business
Qatar opens new derivatives market, investors can trade options, futures
Doha, Qatar--Qatar's bourse intends to open a new derivatives market that will allow investors to trade options and futures on...
- The country's financial regulator has issued a new regulatory framework for listed derivatives after a long consultation with investors and market participants
- Qatar is now focused on building its equities market by opening it up to a wider investor base and introducing more listings
Business
G42 is leading listings of tech companies on ADX: Presight chairman
Abu Dhabi, UAE - Mansour Ibrahim Al Mansouri, Mansour Ibrahim Al Mansouri, Chairman of the Board of Directors of Presight,...
- Al Mansouri said that Presight has a plan for regional and international expansion and the provision of solutions to customers in big data and artificial intelligence
- Group 42 (also known as G42) is an artificial intelligence and cloud computing company that was founded in Abu Dhabi, United Arab Emirates in 2018
Business
Presight stock jumps 143%
The stock rocketed to AED3.7 from an offer price of AED1.34.
- Its initial public offering (IPO), which was oversubscribed 136 times, received total gross demand amounting to US$25.8 billion
- The company's listing gives investors a chance to buy shares in the region’s leading international big data analytics company powered by AI
Business
Sovereign wealth set to boost M&A activity in MENA
The region's corporate/M&A activity is expected to grow this year on the back of an unprecedented Sovereign Wealth movements in...
- The region's corporate/M&A activity is expected to grow this year on the back of an unprecedented Sovereign Wealth movements in Abu Dhabi and Saudi Arabia, says an expert
- The region continues to defy the global declining trend, with a 13% rise in M&A transactions in 2022, adds Fraser Dawson, CFA, Partner at Corporate Finance, Addleshaw Goddard
Business
EU closer to banning fossil fuel car sales after Berlin lifts veto
Brussels, Belgium - The 27 EU member states approved Monday a deal between Brussels and Germany that lifted Berlin's block on...
- The ban on internal combustion engines is key to the EU's ambitious push to become a "climate neutral" economy by 2050, with net-zero greenhouse gas emissions.
- Germany blocked the deal at the 11th hour, calling for an exemption for cars that run on synthetic fuels.
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
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
Company News
Latest News
CES gadget fest a showcase for AI-infused lifestyle
The annual Consumer Electronics Show gathering boasts more than 3,500 exhibitors and is expecting some 130,000 visitors. Companies big and...
Business
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Business
Samsung expects profit dip
The tech giant forecasts profit to fall to US$2.1bn for Q4.
- The tech giant said in October that it expected better conditions for the memory market in 2024
- The South Korean firm is expected to release its final earnings report for 2023 at the end of this month
Business
Bitcoin surpasses $47,000, first time since March 30, 2022
Abu Dhabi, UAE - Bitcoin surged above $47,000 on January 9, marking its highest value since March 30, 2022, as...
- Bitcoin, originating in 2008 under the pseudonym Satoshi Nakamoto, operates as a decentralized digital currency
- The robust trading volumes in Bitcoin mining firms signal a heightened investor interest, underlining the increasing prominence of cryptocurrencies
Business
Etihad Airways spreading wings to embrace new skies
"Our goal is to usher in a new era of sustainable growth, anchored by a solid strategic plan," he adds,...
- Etihad plans to expand its global network with new destinations like Boston and Nairobi as part of the 'Etihad Airways 2030' strategy.
- The airline bolsters its strategic growth, providing premium services and connecting Abu Dhabi to 117 international destinations.