Chinese auto giant BYD to integrate DeepSeek, broaden self-driving tech
BYD will install its "God's Eye" autonomous driving system in at least 21 models, including the Seagull budget hatchback priced...
Business
Exclusive: Green investments lead to tangible returns, says WEF’s Philips
Public-private partnerships are essential for advancing sustainable urban development and meeting net-zero targets, Vivian Brady Phillips, Head of Strategic Initiatives,...
Business
Saudi Arabia and South Korea sign several MoUs to deepen ties
Riyadh, Saudi Arabia--Saudi Arabia and South Korea have signed multiple memorandum of understandings aimed at supporting SMEs, along with enabling...
- The two minister discussed ways to attract South Korean SMEs to the kingdom as they examined potential investment cooperation opportunities
- The Korean minister said improved ties with Saudi Arabia would encourage businesses in South Korea to tap into the global market
GCC insurance sector growth may slow down this year
The expansion of infrastructure investment and medical insurance coverage will continue to drive premiums in 2023, albeit at a slower...
- The expansion of infrastructure investment and medical insurance coverage will continue to drive premiums in 2023, albeit at a slower pace than in 2022, reports suggest
- Strong premium growth, relatively modest earnings, and high costs to meet new accounting standards and other regulatory demands will erode capital and solvency buffers
Business
Credit Suisse shares down
The bank has lost 81% of its value since Greensill bankruptcy.
- Shares in Switzerland's second largest bank plunged quickly by 14.3 percent to reach 2.139 Swiss francs.
- Despite a huge restructuring effort, the value of Credit Suisse has dropped repeatedly on the stock market.
Business
Europe warned industry will flee unless energy prices lowered
Brussels, Belgium - The European Union must urgently lower energy prices and ease regulations to stop industry fleeing the continent, European...
- The EU is racing to make Europe more attractive for the companies that could be tempted by massive US and Chinese subsidies and lower energy costs.
- German chemical giant BASF said in February it would close several units in Germany because of high energy prices affecting competitivity in Europe.
Infographics
UAE, Qatar least corrupt Arab nations
The 2022 Corruption Perception Index says corruption is undermining democratic processes and fueling violence in the Middle East and North...
- The CPI ranks180 countries and territories around the world by their perceived levels of public sector corruption on a scale of 0 (highly corrupt) to 100 (very clean).
- With a score of 90 and 87 respectively, Denmark and Finland top the CPI, while Somalia and Syria hit rock bottom with a score of 13 and 12 respectively.
Geostrategy
Russia agrees to grain export deal extension for 60 days
Russia has agreed to extend the Ukraine grain export deal following talks with the United Nations - but only for...
- The grain export deal has helped ease the global food crisis triggered by Russia's full-scale invasion of Ukraine in February 2022.
- The invasion saw Ukraine's Black Sea ports blocked by warships until a deal signed in July allowed for the safe passage of exports of critical grain supplies.
Business
Borouge to pay huge dividend
The company has paid a total of $975m in dividends for 2022.
- The final dividend will be distributed to shareholders in April 2023, and the company has committed to paying $1.3 billion in dividends for 2023.
- Borouge reported an increase of 8.2 percent in revenues to $6.7 billion and net profit for the year was $1.4 billion in 2022.
Business
Containers handled by Saudi ports increase by 7.76 percent in Feb 2023
Dubai, UAE -- Saudi ports handled 7.76 percent more containers in Feb 2023, compared to the same period last year,...
- Saudi ports received 100,903 passengers, an increase of 61.16 percent over the corresponding month in 2022, which recorded 62,611 passengers.
- Incoming containers increased by 5.95 percent to reach 193,937 containers compared to 183,051 containers in Feb 2022.
Interview
‘Bad governance, lack of solid regulation fuel blockchain violations’
There is chaos in the crypto market and the dust rises with an episode of failure, but failures must not...
- Dubai not only inspires the world to embrace new financial instruments, but it has been a hub for digital financial products, says Tapscott.
- Banks need to work hard to find ways to avoid intermediation. but we intermediate to create new value in the middle, he adds.
Business
Middle East fragrances market to hit $4.41 billion by 2027
Dubai, UAE -- The Middle East fragrances market is expected to reach $4.41 billion in 2027, from $2.85 billion in 2019,...
- Online sales market is expected to expand in the near future due to rapid growth in online and mobile user customer bases in emerging markets.
- Over the past couple of years, however, the traditional mass market fragrance business has witnessed a decline in its sales as customers seek more upmarket brands.
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
Chinese auto giant BYD to integrate DeepSeek, broaden self-driving tech
BYD will install its "God's Eye" autonomous driving system in at least 21 models, including the Seagull budget hatchback priced...
Business
Company News
Tabreed 9M profit at $218m
Business
Siemens posts record profit
Business
Latest News
Dubai Investment posts profit
Business
Dubai Duty Free achieves all-time record sales of over US$2.16bn in 2023
DUBAI, UAE - The New Year began on a high note for Dubai Duty Free with the announcement of an...
Business
Weyay recognized as ‘Fastest Growing Digital Bank’ in Kuwait by Mastercard
Kuwait City - Weyay was recognized as 'Fastest Growing Digital Bank' in Kuwait by Mastercard on the sidelines of the...
Business
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Business
King Abdulaziz International Airport serves 42.7m passengers in 2023, a 36% growth
Jeddah, Saudi Arabia — King Abdulaziz International Airport served over 42.7 million passengers in 2023, reflecting a remarkable growth rate...
- The total number of flights reached 250,000, a 25% jump compared to 2022, which recorded 200,000 flights
- Its Terminal 1 ranked first with 179.9 thousand flights, a 16% increase compared to 2022, which recorded 154.6 thousand flights
Business
UAE and Jordan discuss boosting trade and investment ties
Amman, Jordan--The UAE and Jordan discussed enhancing trade and investment relations in order to stimulate joint economic growth and create...
- The decision to enhance ties came up in a meeting between the UAE's minister of state for foreign trade, and Jordan's prime minister
- Al Zeyoudi said the two countries wish to develop economies driven by innovation and the unhindered exchange of trade and investment
Business
Dubai leads way as GCC markets show mixed results
Amid market volatility influenced by geopolitical tensions and fluctuating oil prices, pharma, insurance, and healthcare indices led with substantial gains...
- Amid market volatility influenced by geopolitical tensions and fluctuating oil prices, pharma, insurance, and healthcare indices led with substantial gains in 2023.
- In 2023, global equity markets neared record highs, led by the US and Japan, with the Nasdaq index's remarkable surge standing out as a key highlight