Alpha Dhabi acquires interest in NCTH
The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.
Business
Business
Capital One to buy Discover for US$35.3bn
Its shareholders will own 60% of the combined company.
- Under the deal, Discover shareholders will receive 1.0192 Capital One shares for each Discover share, a premium of 26.6 percent over Discover's closing price on Friday
- Acquisition of Discover will help "build a payments network that can compete with the largest payments networks and payments companies," said Capital One founder and CEO
Business
BP to pour US$1.5bn into Egypt oil exploration
It plans to hike investments in the country to US$5 billion.
- Its CEO said the company plans to maximise the benefit from the current facilitation on oil and gas exploration activities in land and sea areas
- The production plans are being stepped up to meet the growing demand of the local market and to support Egypt's endeavours to export the surplus energy
Business
BHP net profit tumbles 86%
Its sales jumped 6% to US$27.2bn in half-year results.
- The company's net profit dropped 86 percent to $927 million as it took a hammering from exceptional items
- The mining giant said last week that it was writing down its Western Australian nickel assets because of a market slide
Business
Consumer products sector grows amid rising prices
The consumer products sector enjoys tremendous growth, with retail sales value for the industry globally rising by close to 10...
- The consumer products sector enjoys tremendous growth, with retail sales value for the industry globally rising by close to 10 percent year on year in 2023, says a report.
- However, the sector remain at a crossroads, with inflation, digital transformation, and sustainability shaping the future, adds the latest report by Bain & Company.
Business
stc 2023 revenues is $19.28bn
Gross profit for 2023 rose 1.1 percent compared to 2022.
- The growth was mainly attributed to the increase in commercial unit revenues by 5.1 percent
- It was also due to rise in carriers and wholesale unit revenues by 1.4 percent in stc KSA,.
Business
Construction in China-Saudi Arabia ethylene project begins
FUZHOU, CHINA - Construction of the main complex of a joint-investment ethylene project, which involves petrochemicals giant Saudi Basic Industries...
- The project is being built in the Gulei petrochemicals base in Zhangzhou city, in eastern China’s Fujian Province.
- The project entails a total investment of $6.3 billion from SABIC and Fujian Energy Petrochemical Group Co. Ltd.
Business
Iran-EU trade surpasses US$5bn in 2023, says Eurostat
TEHRAN, IRAN - The Statistical Office of the European Union (Eurostat) reported that Iran and the 27 European Union member...
- Trade between Iran and member states of the EU recorded a decrease of 9 percent from January to December 2023.
- During that period, the exchange of products between Iran and the EU member states was valued at US$5 billion.
Business
KEZAD Group, Al Ghurair Group’s APT ink lease pact to set up manufacturing facility
ABU DHABI, UAE – Khalifa Economic Zones Abu Dhabi (KEZAD Group) and Al Ghurair Group subsidiary Automotive Precision Technology (APT)...
- The 30,000 square meters advanced manufacturing facility for APT in KEZAD will be located adjacent to Emirates Global Aluminum.
- The facility will be one of the largest manufacturers of aluminum in the world and will be operational by early 2025.
Business
Passenger traffic could exceed earlier figures, says Dubai Airports’ CEO
DUBAI, UAE – The airport here has "every chance" of breaking its record for passenger traffic this year after surpassing pre-pandemic...
- Dubai International, the world's busiest airport for international passengers for nearly a decade, hit 87 million visits in 2023.
- Dubai Airports' official forecast for 2024 stands at 88.8 million passengers, despite the Israel- Hamas war which began in October.
Business
SCC committee discusses issues related to Sharjah’s economy and tourism
SHARJAH, UAE - The Financial, Economic and Industrial Affairs Committee of Sharjah Consultative Council (SCC) held a meeting to discuss...
- The committee addressed the outcomes of its recent visit to Sharjah Commerce and Tourism Development Authority.
- The committee was briefed about the authority’s efforts to stimulate tourism by conducting events throughout the year.
Alpha Dhabi acquires interest in NCTH
The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.
Business
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Liberty Media buy MotoGP
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OpenAI reveals new GPT-4o model that is faster and free for all users
OpenAI on Monday launched a new AI model and desktop version of ChatGPT, along with an updated user interface, the...
Business
Iraq now gas self-sufficient, paves the way for surplus exports
Iraq has now become self-sufficient in liquid gas and the surplus is usually exported abroad, strengthening the Iraqi economy.
Business
Apple’s latest iPad signals the company’s AI-powered future
San Francisco, United States - Apple on Tuesday announced a line of new iPad tablets revamped with a powerful AI chip...
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Gaza truce talks resume in Egypt, without Israel for now
Mediators from Qatar, Egypt and the United States have been waiting for Hamas to respond to a proposal that, according...
- The WHO says 1.2 million people, half of Gaza's population, have sought refuge in Rafah, which has been repeatedly threatened by Israel with an invasion.
- US has reiterated its objections to a Rafah offensive, saying Israel has not presented a plan to protect the civilians sheltering there.
Business
Audi’s sustainable Middle East luxury drive
The Arab countries are experiencing a significant surge in the adoption of electric vehicles (EVs), particularly favoring premium models, says...
- There's also a discernible penchant for high-performance and sports models, reflecting the region's enthusiasm for dynamic driving experiences.
- In the Arab world, customers prioritizing eco-friendly options in luxury cars is rising, although it remains somewhat nascent.
Business
As ‘news deserts’ spread, US journalism fights on
Baltimore, United States - Baltimore Banner reporter Matti Gellman is first to leap in with questions during a recent press appearance...
- For more than two decades, since the internet upended the advertising and print model on which newspapers had been based, the industry has been in crisis
- Nearly half of US counties have just one news source, the report said, often a weekly newspaper. And 228 are on a so-called "watch list" at high risk of losing even that