ADNOC L&S 2024 net profit $756m
The company's revenue increased by 29 percent to $3.54 billion.
Business
Government chiefs and tech leaders gather in Paris for AI summit
Political and tech industry leaders were set to descend on Paris Monday for a two-day summit on artificial intelligence, hoping...
Crypto-linked bank failures fuel regulation debate
Global finance was rocked by the collapse of Silicon Valley Bank last week, and the digital currency sector was hit...
- The global crypto market stands at more than $1 trillion and has risen sharply in recent months, although it remains far below its 2021 peak of $3 trillion
- Illicit transactions using cryptocurrencies more than doubled last year to almost $21 billion, according to specialist crypto firm Chainalysis
Microsoft adds ChatGPT technology to Excel, Outlook
The Redmond, Washington giant has been swiftly adopting language-based AI, showing less caution than its rivals despite early problems such...
- Microsoft’s latest chatbot, called Copilot, will put ChatGPT-like abilities to work in offices, churning out meeting transcripts, calendar entries or PowerPoint slides instantly
- Microsoft is pouring billions of dollars into OpenAI, the company that is building the technology that powers ChatGPT and that released its latest version, GPT-4, on Tuesday
Qatari delegation visits Man Utd as bidding war for Premier League club intensifies
The rival bidders, Qatari businessman Sheikh Jassim Bin Hamad Al Thani and British billionaire Jim Ratcliffe were invited to visit...
- Qatari businessman Sheikh Jassim Bin Hamad Al Thani and British billionaire Jim Ratcliffe, founder of the INEOS chemicals company, have made separate offers to buy United
- There will be another day of presentations and tours at United on Friday, with boyhood United fan Ratcliffe who will be joined by INEOS co-owners Andy Currie and John Reece
Economy
Conflict may get us before climate, warns Professor Rangan
A multi-plural world that embraces diversity and contradictions is crucial for peaceful coexistence free of conflicts, Prof Subramanian Rangan of...
- A multi-plural world that embraces diversity and contradictions is crucial for peaceful coexistence free of conflicts, Subramanian Rangan of INSEAD tells TRENDS in an interview
- Businesses need to revise their models to integrate income and impact, market and society, and humanity and nature. Also, education is key in using technology responsibly, he adds
Business
DIB declares 30% dividend
The bank’s net profit in 2022 surged 26 percent.
- The bank’s net profit in 2022 surged 26%, the highest ever in its history with a balance sheet of $78 billion, culminating in a five-year CAGR of 7%
- According to Moody's Investors Service's most recent assessment on the GCC banking industry, large GCC lenders are trying to consolidate their market share
Reforms help UAE, KSA lead M&A activities in MENA
Local deals account for 51% of total M&A volume with technology sector at 25% as improved market conditions and pro-business...
- Local deals account for 51% of total M&A volume with technology sector at 25% as improved market conditions and pro-business reforms boost investor confidence in the region
- Rise in oil prices over the past six years, pro-business legislative reforms, and relaxation of government travel restrictions were some other reasons behind strong M&A activities
Business
India’s Bharat Dynamics Limited picks EDGE’s GradeOne as partner
ABU DHABI, UAE - Bharat Dynamics Limited (BDL), a Defense Public Sector Undertaking under India's Ministry of Defense appointed EDGE's...
- Established in 2004, GradeOne specializes in defense trading and services and providing various solutions to the military and defense sectors
- It is part of the Trading & Mission Support cluster within EDGE, one of the world’s leading advanced technology groups.
Business
Saudi finance minister, National Bank head downplay risks to bank sector
"I think large banks are properly supervised and therefore the risk that some people see, I don't see," Finance Minister...
- "To me, the reaction of yesterday was possibly an overreaction simply because the market is very edgy," the minister told AFP in an interview.
- "It's panic, a little bit of panic. I believe completely unwarranted, whether it be for Credit Suisse or for the entire market," said Saudi National Bank chairman Ammar AlKhudairy.
Business
Qatar’s IPI up 3.5 percent in Jan, mining leads the growth
Doha, Qatar -- Qatar's Industrial Production Index (IPI) hit 103 points in Jan 2023, rising by 3.5 percent compared to...
- Issued by the Planning and Statistics Authority, the IPI is a short-term quantitative index that measures the growth of various industrial sectors in economy.
- The key performing sectors under the index were mining (82.46 percent), manufacturing (15.85 percent), electricity (1.16 percent) and water (0.53 percent).
Business
Deliveroo 2022 loss at $355m
The firm's revenue rose 14 percent to nearly US$2.4 billion.
- Deliveroo exited Australia and the Netherlands in 2022, after departing from Spain in 2021.
- The company expanded into Qatar last year as it pursues a growth plan of action in Middle East.
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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
ADNOC L&S 2024 net profit $756m
The company's revenue increased by 29 percent to $3.54 billion.
Business
Company News
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Aramex partners with Bollywood film Dunki starring Shah Rukh Khan
DUBAI, UAE - Aramex, a global provider of comprehensive logistics and transportation solutions, announced a collaboration with the movie, Dunki...
Business
Global maritime trade sails into geopolitical storm
Most large international shipping companies have decided to reroute trading to avoid the Red Sea and Suez Canal through which...
Dubai Center for Family Businesses issues guidelines
DUBAI, UAE – The Dubai Center for Family Businesses, which operates under the Dubai Chambers umbrella, has released a ‘Sample...
Business
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Business
Tesla to recall 1.6m EVs in China
China is a vital component in US-based Tesla's global layout.
- Problems related to assisted driving functions and door-locking systems are said to be the reason for the recall of cars
- The recall also includes 7,538 imported Tesla models made between October 26, 2022 and November 16, 2023
Business
Dubai records $1.57 billion in weeklong real estate transactions
Dubai, UAE -- A total of 1,721 real estate and properties transactions valued at AED 5.8 billion ($1.57 billion) were...
- The DLD weekly report said that114 plots were sold for AED 1.36 billion, 1,183 apartments and villas were sold for AED 3.13 billion.
- A total of 98 properties were granted between first-degree relatives worth AED 617 million.
Business
PIF completes investment in MEPCO
The sovereign wealth fund acquired 23% stake in the firm.
- MEPCO is a manufacturer specializing in the production and recycling of paper-based products in the Middle East and North Africa region.
- PIF aims to expand MEPCO production, enhance its operational efficiency, and support environmental sustainability, through recyclable products, including paper goods.