ADNOC Drilling secures $1.15bn contract
The contract for two jack-up rigs begins in the second quarter.
Business
Anthropic’s Claude AI gets smarter — and mischievious
San Francisco, United States -- Anthropic launched its latest Claude generative artificial intelligence (GenAI) models on Thursday, claiming to set...
Business
Business
ADIB to pay $462m cash dividend
The bank had posted a net profit of $985 million for 2022.
- This represents an increase from 31 fils per share in 2021 and constitutes 49.2 percent of the bank's net profit for the year.
- The bank posted a net profit of $985 million (AED3.62 billion) in 2022, a 55 percent increase from the previous year.
Business
KEZAD, Emtelle ink agreement
Emtelle to invest $50m to build manufacturing facility.
- The pact is the latest step in the expansion of Emtelle in the Middle East, following the acquisition and rebrand of AfriPipes Middle East in 2021.
- Emtelle is undertaking a major expansion into North America with the opening of a manufacturing facility in North Carolina, US.
Business
EGA posts $2 billion profit
The Aluminum producer claimed 2022 results as its strongest ever.
- EGA said the adjusted EBITDA for 2022 was up 37 percent to a record $3.4 billion, compared to $2.5 billion in 2021.
- The company paid shareholders E$1 billion in dividend --,an interim dividend of $600 million in July and further $400 million at the end of 2022.
Business
Agility launches data center sites in Saudi, Kuwait and Egypt
Dubai, UAE--Agility Logistics Parks (ALP) today announced the launch of data center campus sites in Saudi Arabia, Kuwait, Egypt and...
- The company is preparing the sites at ALP warehousing complexes in fast-growing markets and mega-cities that are looking to add hyperscale data center capacity
- It is a market leader in industrial real estate in the Middle East, South Asia and Africa with 1.5 million SQM of warehousing and 12 million SQM of industrial land
Business
UAE, Saudi Arabia to lead IPO MENA markets: EFG Hermes
The investment bank is working on five diverse sectoral IPOs in the GCC market which will be launched between the...
- The investment bank is working on five diverse sectoral IPOs in the GCC market which will be launched between the second and fourth quarters of the year
- The UAE’s IPO pipeline was very strong last year with a number of public and private sector entities listing on the Dubai and Abu Dhabi stock exchanges
Business
Crypto markets under pressure as factors that led to FTX Corp’s collapse feared to create new failures
Market players may mitigate risks by adopting the best industry practices, securing their reserves and abiding by regulations, an expert...
- Market players may mitigate risks by adopting the best industry practices, securing their reserves and abiding by regulations, an expert tells TRENDS in an interview
- The only way FTX could re-emerge after its bankruptcy proceeding is by finding new investors or is bought out, says Elizabeth Rayment of Your Mind Media Agency
Infographics
Fewer GCC women achieve leadership roles
Young women in the MENA region are more likely to be in the workforce, while the GCC countries — particularly...
- A PwC survey last year found that a large group of younger women are more likely to go to work and remain in employment to fulfil their ambitions in MENA region.
- Saudi Arabia has witnessed a 35.6 percent increase in the women's economic participation. Still, the gender gap in leadership roles is huge.
Business
Dubai Land Department launches new feature to streamline procedure
DUBAI, UAE - The Dubai Land Department (DLD) has launched the Instant Sale feature, which utilizes smart evaluation technology in...
- The aim of the new feature is to streamline procedures and improve the experience of DLD's customers.
- The feature requires all parties to be present at the real estate registration trustee office to sign contracts.
Business
Norway earns record oil, gas revenue after Ukraine war prices rise
Norway earned 1.5 trillion kroner ($140 billion) in revenues from oil and gas, according to estimates by Statistics Norway (SSB)....
- The exceptional revenues have sometimes earned Norway the label of "war profiteer", a label that Oslo rejects.
- Norway has pledged 75 billion kroner in civil and military aid to Ukraine over the next five years (2023-2027), or 15 billion kroner per year.
Business
Majid Al Futtaim profit down 2%
The Group reported a 12 percent increase in revenue.
- Majid Al Futtaim Properties' revenue increased by 43 percent to AED 5.8 billion, while EBITDA grew 16 percent to AED 3 billion.
- Majid Al Futtaim Retail reported a 7 percent increase in revenue to AED 28 billion in 2022, driven by renewed consumer confidence.
ADNOC Drilling secures $1.15bn contract
The contract for two jack-up rigs begins in the second quarter.
Business
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Five killed in clashes near Lebanon border
JERUSALEM - Three fighters who crossed into Israel from Lebanon and two Israelis were killed in clashes and a strike...
Geostrategy
Global personal computer shipments decline 14.8 percent in 2023
DUBAI, UAE - Worldwide PC shipments totaled 63.3 million units in the fourth quarter of 2023, a 0.3 percent increase...
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Business
Several MoUs signed at Future Minerals Forum in Saudi Arabia
RIYADH, SAUDI ARABIA – The third edition of the Future Minerals Forum (FMF), organized by the Kingdom’s Ministry of Industry...
- The Ministry of Industry and Mineral Resources and the Japan Organization for Metals and Energy Security signed an agreement.
- The first day of the forum also saw the announcement of unexplored mineral estimates, rising from $1.3 trillion to $2.5 trillion.
Business
Elie Saab to showcase Riyadh Season Fall Collection 2025
Riyadh, Saudi Arabia -- Renowned fashion designer Elie Saab will unveil the Riyadh Season Fall Collection 2025 after signing an...
- Elie Saab and General Entertainment Authority CEO Faisal Bafarat signed an MoU in London.
- The Authority said the MoU will create a one-of-a-kind experience that intertwines fashion and entertainment during the upcoming Riyadh Season.
Business
Dubai records $2.74 billion in weeklong real estate transactions
Dubai, UAE -- The real estate and properties transactions valued at 10.1 billion ($2.74 billion) in total during the week...
- A total of 209 plots were sold for AED 2.19 billion, 2,100 apartments and villas were sold for AED 4.84 billion.
- The sum of the amount of mortgaged properties for the week was 2.28 billion, with the highest being a land in Al Raffa, mortgaged for AED 269.5 million.