DeepSeek sparks AI stock selloff
Global investors dumped tech stocks following the emergence of a low-cost Chinese AI assistant startup DeepSeek that would threaten Nvidia....
Davos25: Qatar, Saudi, UAE to lead GCC transformation, says Cytomate COO
DAVOS, Switzerland -- Bilel Al Souaied is an entrepreneur and venture capitalist. He is the COO of Cytomate, a leading...
Interview
Business
Company launched to develop world’s largest modern downtown in Riyadh
Launched by Saudi Crown Prince Mohammad bin Salman, the New Murabba project will offer more than 25 million sqm of...
- The project will offer a unique living, working and entertainment experience within a 15-minute walking radius and will have its own internal transport system.
- Mukaab, a tech landmark, will be one of the largest built structures in the world, standing 400m high, 400m wide, and 400m long.
Business
Dubai Airport retains top spot as the region’s busiest
The DXB achieved the highest growth rate among the top 10 airports in the number of international passengers worldwide, according...
- The DXB achieved the highest growth rate among the top 10 airports in the number of international passengers worldwide, according to OAG Aviation company
- The latest data shows that the number of airports served by the DXB has increased by 113 percent and has returned to its pre-pandemic levels
Business
Milaha’s profit up by 40%
The company's net profit in 2022 jumped to $278 million.
- The earnings per share (EPS) amounted to QR 0.89 versus EPS QR 0.64 for the same period in 2021
- The board of directors decided to recommend to the general assembly to distribute a 35% cash dividend of the par value of a share, equivalent to QR 0.35 per share
Business
Emaar Properties sales boom
Driven by new projects, its sales in 2022 touch $9.5bn.
- EBITDA and net profit for 2022 increased by 18 percent and 80 percent, respectively, to AED 9.8 billion (US$ 2.7 billion) and AED 6.8 billion (US$ 1.9 billion) compared to 2021
- It reported revenue of AED 24.9 billion (US$ 6.8 billion) in 2022, supported by the continuous strengthening of the Dubai real estate market and growth
Business
Aramco’s digitalization drive set to transform Saudi Arabia’s energy sector
The launch of Aramco Digital follows months after the energy company announced preliminary plans for a strategic collaboration with the...
- The company's journey toward comprehensive digitization began in 2017 when it announced the launch of the Digital Transformation Program
- The launch of Aramco Digital during the seventh edition of IKTVA marks a new and significant stage in digital transformation of Saudi Arabia's energy sector
Business
ADNOC delivers first Middle East LNG cargo to Germany
Abu Dhabi, UAE-- ADNOC and RWE Aktiengesellschaft (RWE) Wednesday announced the successful delivery of the first shipment of Liquefied Natural...
- The shipment of 137,000 cubic meters of LNG is the commissioning cargo for the new floating LNG terminal in Brunsbüttel in Germany.
- The cargo is sufficient to produce approximately 900 million kilowatt hours of electricity, enough to supply approximately a quarter million German homes for a year.
Business
Oil demand to hit record as China reopens, air travel recovers: IEA
Demand is expected to reach 101.9 million barrels per day on average in 2023, an increase of two million barrels...
- The Asia-Pacific region accounts for most of the increase in demand, with China alone accounting for nearly half of the expected 2023 growth after it lifted its zero-Covid policy.
- China's reopening is also expected to boost air travel, which has yet to recover to pre-pandemic levels, driving demand for jet fuel up by 1.1 million barrels per day.
Business
Saudi authority signs aviation safety pact with British CAA
Riyadh, Saudi Arabia-- The General Authority of Civil Aviation (GACA) has signed an agreement with the British Civil Aviation Authority...
- The agreement will help GACA keep up to date with the constant developments in the aviation sector, including issues related to safety.
- The agreement shows GACA’s keenness to ensure the transfer of knowledge and train national professionals in the field, SPA reported.
‘Someone else’ could be running Twitter this year, says Musk
Musk paid $44 billion for his favorite social media platform and exiting day-to-day operations would allow him to deflect criticism...
- Since Musk took full ownership of Twitter on October 27, the platform has been riven by chaos, with mass layoffs, the return of banned accounts and the suspension of journalists
- Musk's takeover also saw a surge in racist or hateful tweets, drawing scrutiny from regulators and chasing away big advertisers, Twitter's primary source of revenue
Business
AD Ports Group 2022 net profit
The Group's revenue grew by 41 percent to AED5.5 billion.
- EBITDA (Earnings before interest, taxes, depreciation and amortization) increased to AED2.2 billion in 2022, up 37 percent YoY.
- Operationally, in the Ports Cluster, container throughput grew to 4.33 million TEUs (twenty-foot equivalent units) in 2022.
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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
DeepSeek sparks AI stock selloff
Global investors dumped tech stocks following the emergence of a low-cost Chinese AI assistant startup DeepSeek that would threaten Nvidia....
Company News
Aramex Q3 net profit down
Business
Rabigh 9M net loss $879m
Business
Latest News
IHC 9M net profit $4.13bn
Business
Bayer to cut management jobs
Business
Amanat net profit up 73%
Business
Apple to appeal US watch ban
The company contends that the ITC finding was in error.
Bahrain emerges as a thriving hub for tech startups
Entrepreneurs equipped with the right skills, a robust business strategy, and the ability to forge meaningful collaborations are well-positioned to...
Opinion
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YEARENDER
IPOs, investments help GCC markets prosper in 2023
Regional markets are reflecting a transition from oil dependency to diversified economies with six IPOs raising $419 million in in...
- Regional markets are reflecting a transition from oil dependency to diversified economies with six IPOs raising $419 million in in Q3 2023, led by Saudi Arabia and Qatar.
- The change is part of a broader strategy, including Dubai Taxi Company's IPO and Saudi Arabia's Vision 2030 initiatives, signaling a new era in the GCC's economic narrative.
Economy
Oman year-on-year growth rate touches 15.4 percent
Muscat, Oman - Oman's achieved a 15.4% year-on-year sector growth, as reported by the National Center for Statistics and Information...
- The growth revolves around a rapidly evolving landscape, propelled by strategic investments and diversification endeavors.
- Omani Maritime freight was at the forefront, commanding a significant 54.8% share of all inbound goods in 2022.
Business
US bans import of Apple Watch due to patent clash
A US import ban on certain Apple smartwatch models came into effect, after the Biden administration opted not to veto...
- Apple last week paused its US sales of Apple Watch Series 9 and Apple Watch Ultra 2.
- The move came into effect on the online Apple Store on December 21, with retail locations ceasing sales December 24.