A hospitality trailblazer talks resilience in a shifting global landscape
Duncan O’Rourke, CEO, Premium, Midscale, and Economy Division for Middle East, Africa and Asia Pacific at Accor, spells out the...
Interview
MENA Mergers & Acquisitions deal value up 66% in Q1, hits $46 Billion
Dubai, UAE -- The Middle East and North Africa (MENA) region has kicked off 2025 with a record-breaking first quarter...
Business
Business
Expo 2020 likely to add $42bn to UAE’s economy by 2042: Report
The pre-event phase contributed around one-quarter of GVA, the event itself added almost 13%, while the lion’s share of benefits...
- The Expo is also expected to support approximately 1,039,000 full-time equivalent (FTE) job years, equal to more than 35,000 FTE jobs per annum.
- The global event made history as the first World Expo to be held in the Middle East, Africa and South Asia region and the first to be hosted by an Arab nation.
Geostrategy
Japan plans export control measures for chip equipment
TOKYO, JAPAN - Japan on Friday unveiled planned export controls on 23 items used to make semiconductors, following US pressure for...
- The move to curb export of chip equipment comes as Japan confirmed its top diplomat will visit China this weekend.
- As the second- and third-largest economies of the world, China and Japan are key trading partners.
Business
Huawei posts 69% fall in profits
Its net profit recorded a drastic drop to US$5.2 billion.
- Its rotating chairman said that during 2022 Huawei's operations have been hit by a challenging "external environment and non-market factors"
- In the US, Britain and Japan, the company's 5G gear has been blocked over security concerns, which Huawei has attempted to dispel
Business
ADNOC Gas records earnings’ rise
ADNOC sold 5% stake in ADNOC Gas to investors through an IPO.
- In an initial public offering early this month, the energy giant raised $2.5 billion by selling a 5 percent stake in ADNOC Gas to investors
- The company in a bourse filing revealed that its pro forma adjusted core earnings for the last year were $8.7 billion, up from $6.6 billion in 2021
Business
Saudi ministries ink MoU with Korean NAVER Group for joint digital projects
Riyadh, Saudi Arabia - The Saudi Ministry of Municipal, Rural Affairs, and Housing and the Ministry of Investment have signed...
- Naver will help the Saudi Arabian government with digital transformation projects, possibly involving robotics
- The company pitched its smart building technology used in the Naver 1784 building during the trip to Saudi Arabia
Science
Saudi Arabia presides over CSTD session to advance science, technology
Riyadh, Saudi Arabia--Saudi Arabia has presided over the 26th session of the Commission on Science and Technology for Development (CSTD)...
- The participants deliberated on ways to develop science, technology, innovation for the environment, and development of society
- The session also took a review of the progress made in implementing the World Summit on the Information Society (WSIS) outcomes
Economy
EU parliament adopts tough rules to tackle gender pay gap
Women earn on average nearly 13 percent less per hour than men for the same work in the 27-nation European...
- Other rules stipulate that if a company has at least 100 employees, they must publish information regularly on the gender pay gap.
- Companies must also negotiate with staff representatives if there is a discrepancy of five percent. Those who break any of the rules face sanctions, including fines.
Business
UK warns against protectionism after US green energy subsidy
London, United Kingdom - Britain on Thursday warned against the threat of protectionism as it slammed the United States for leading...
- UK Finance Minister Jeremy Snape said the threat of protectionism is making a comeback in the world in the form of subsidy.
- US President Biden has launched $370bn initiative of subsidies for green energy and tax cuts for US manufactured e-cars, batteries.
Business
Petrofac shares surge
Petrofact and Hitachi Energy secured a $14.1bn energy deal.
- European electricity grid operator TenneT awarded the pair multi-year projects to expand offshore wind capacity in the Dutch-German North Sea.
- Shares in Petrofac soared 58% to 77.5 pence after the group's outgoing CEO Sami Iskander said the deal would "deliver affordable clean energy for millions of European homes".
Business
UAE launches new weekly shipping service to Qatar, Kuwait
Abu Dhabi, UAE - The AD Ports Group has launched a new weekly shipping service that facilitates commercial and logistic...
- Through the new service, AD Ports aims to enhance commercial and logistic connectivity with Qatar and Kuwait.
- AD Ports Group would provide customers with a digital appointment booking system for the new service through the Advanced Trade and Logistics Platform (ATLP).
A hospitality trailblazer talks resilience in a shifting global landscape
Duncan O’Rourke, CEO, Premium, Midscale, and Economy Division for Middle East, Africa and Asia Pacific at Accor, spells out the...
Interview
Company News
Latest News
Google to invest US$1bn in UK data centre
It will meet growing demand for internet services in the region.
Business
AI reshapes UAE’s business strategy, workforce skills
Nearly two-thirds (59 percent) of business leaders in the UAE express their commitment to increasing investments in advanced technology, says...
Business
Tata Group retains IPL sponsorship rights for record $300m
New Delhi, India - Corporate behemoth Tata Group has again been awarded title sponsorship rights of the Indian Premier League for...
Business
Most Read
Business
Cinema ticket prices in Saudi Arabia decline by 16% in 2023
Riyadh, Saudi Arabia - The average cinema ticket prices decreased by over 16% in 2023 compared to the previous year,...
- With 627 screens across 69 venues nationwide, Saudi Arabia's cinema sector is expanding at one of the fastest rates globally
- In 2022 and 2023, box office sales exceeded $240 million annually, with over 17 million cinema tickets sold in 2023 alone
Business
Crypto market sees drop in scams, stolen funds
The cryptocurrency sector recorded a promising recovery in 2023, with a significant decline in crypto scams and stolen funds revenue,...
- The cryptocurrency sector recorded a promising recovery in 2023, with a significant decline in crypto scams and stolen funds revenue, says a latest report.
- Revenues for crypto scamming and stolen funds fell significantly in 2023, with total illicit revenue down 29.2 percent and 54.3 percent, respectively, it adds.
Business
Dubai posts real estate transactions worth $3.5bn in week ending January 19
DUBAI, UAE - The real estate and properties transactions valued at US$3.5 billion (AED13 billion) in total during the week...
- The sum of transactions was 3,697 and 184 plots were sold for US$547 million.
- 2,770 apartments and villas were sold for US$2 billion (AED 7.46 billion).