IHC 9M net profit $4.13bn
Business
Bayer to cut management jobs
Business
Amanat net profit up 73%
Business
Davos25: Kyrgyzstan beckons with lax tax regime, says CEO of country’s tech hub
Davos, Switzerland -- Aziz Abakirov, the CEO of the High Technology Park of the Kyrgyz Republic, represents a unique initiative...
World Economic Forum
Business
Israeli company deploys robots to speed up online shopping
In the south Tel Aviv headquarters of 1MRobotics, young men and women -- nearly all of them graduates of the...
- The robot toils in the custom-made 30-square-metre (320-square-feet) space storing the capsules, fitted with a streetside hatch for couriers and shoppers to collect online orders
- 1MRobotics also builds the containers that will serve as mini-warehouses, with company CEO saying their robots and storage units would soon be working with alcohol shop in Brazil
Business
ADNOC Distribution completes buyout of 50% stake in TotalEnergies Egypt
Abu Dhabi, UAE--ADNOC Distribution announced on Wednesday that it has completed its acquisition from TotalEnergies Marketing Afrique SAS of a...
- TotalEnergies Marketing Egypt is among the leading fuel retail operators in the country
- The partnership includes a diversified downstream portfolio of 240 fuel retail stations, 100+ convenience stores, 250+ lube changing stations, and car washes
Business
Airbnb posts US$319m profit
It made the profit in Q4 last year on revenue of nearly $2bn.
- The home-rental platform said it made a profit of $319 million in the final quarter of last year on revenue of nearly $2 billion
- Airbnb finished 2022 with net income of $1.9 billion compared with a loss of $352 million the prior year, the San Francisco-based company reported
Business
Salama records profit in 2022
The insurance firm posted a net profit of $12.32 million.
- The company attributed the result to its strategy to extend its leadership position in the UAE Takaful industry
- Salama said that it has achieved consistent growth in gross written contributions and prudent underwriting controls, as well as continuing investment in strategic partnerships
Business
Saudi Arabia gleams in bleak GCC projects market
Driven by Saudi Arabia's construction sector, near-term forecast remains positive for the GCC with more than $110bn worth of projects...
- Driven by Saudi Arabia's construction sector, near-term forecast remains positive for the GCC with more than $110bn worth of projects in the tender stage.
- The UAE, Saudi Arabia, and Qatar accounted for a combined 93.6 percent of the total value of contracts awarded in the GCC last year
Business
PIF to invest $1.3 billion in four Saudi construction companies
Riyadh, Saudi Arabia--- Saudi Arabia's sovereign wealth fund, the Public Investment Fund, has announced an investment of $1.3 billion by...
- The companies are Nesma & Partners Contracting Company, ElSeif Engineering Contracting Company, AlBawani Holding Company, and Almabani General Contractors Company.
- The four companies have built a successful track record in executing and managing complex large-scale projects.
Infographics
Egypt ranks globally fifth in remittances
Although the remittances grew by an estimated 5 percent in 2022, they were lower than the 10.2 percent increase in...
- Remittances to low- and middle-income countries withstood global headwinds in 2022, growing an estimated 5 percent to $626 billion.
- The growth was, however, lower than the 10.2 percent increase in 2021, World Bank Migration and Development Brief said in a report in Nov 2022.
Business
Saudi ministry signs investment MoU with Spain’s Orbas
Riyadh, Saudi Arabia-- Saudi Arabia's Ministry of Municipal, Rural Affairs and Housing has signed an MoU with the Spanish company...
- The MoU aims to raise the level of coordination in endeavors that support and promote the development, marketing and implementation of investments.
- The Ministries of Municipal and Rural Affairs and Housing and Investment will work to support the investing company in exploring opportunities.
Market Report
London FTSE hits new record peak at open
LONDON, UK - The London stock market jumped to a record peak Tuesday in a positive open across Europe, after hefty...
- The British capital's benchmark FTSE 100 index of top companies reached as high as 7,986.20 points.
- In the eurozone, Frankfurt's DAX added 0.2 percent to 15,428.55 points and the Paris CAC 40 grew 0.3 percent to 7,231.64.
Business
NBQ 2022 net profit $99m
Umm al Qaiwain, UAE-- National Bank of Umm Al Qaiwain (NBQ) has reported a net profit of AED364.52 million ($99...
- Total assets were at AED 13.605 billion, up 3.5 percent compared to December 2021, with a deposits-to-advances ratio of 126 percent.
- The bank has maintained high liquidity with a stable resources-to-advances ratio of 159.21 percent as of 31 Dec 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
Company News
IHC 9M net profit $4.13bn
Business
Bayer to cut management jobs
Business
Amanat net profit up 73%
Business
Latest News
UAE insurance sector witnessed expansion in 2022: CBUAE
Abu Dhabi, UAE--The insurance sector in the UAE witnessed growth and expansion across various key indicators during 2022, according to...
Business
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...
YEARENDER
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...
Economy
Most Read
Business
New UAE law allows employees merge work years for free
Abu, Dhabi, UAE -- A new UAE law contributes to enhancing insured Emiratis chance in obtaining a retirement pension by...
- The cost of merging service years is paid prior to ending the employment period in one lump sum and within 30 days from the date of approving the merge request.
- GPSSA added that if a pensioner returns to work, he/she may merge the entitled service period by which he/she was entitled to a pension to the new service years.
Business
IsDB, SWCC sign agreement
The collaboration will involve efforts from both parties.
- The agreement includes a mechanism for exchanging knowledge and experiences.
- It would involve transferring the experience of SWCC to the member countries of IsDB.
Business
Dubai’s family businesses get practical guidance with new toolkits
Dubai, UAE -- Three toolkits have been developed for family-owned businesses, which make up approximately 90 percent of the UAE’s...
- Three toolkits have been developed for family-owned businesses, which make up approximately 90 percent of the UAE’s private sector, by the Dubai Centre for Family Businesses.
- The majority of these businesses are expected to undergo a generational transition in the next 5-10 years.