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
Creators HQ, X announce strategic partnership to produce authentic, meaningful content
Dubai, UAE - Creators HQ in the UAE, the world’s first international hub for the content economy’s creators and entrepreneurs,...
Business
Business
Russia to slash oil output by 5% over Western price cap
Russia is part of an alliance with OPEC that meets regularly to decide on oil output levels. As a result...
- The international benchmark, Brent North Sea crude, leapt 2.3 percent to $86.48 per barrel. New York contract WTI soared 2.5 percent to $80.01.
- "Russia will voluntarily reduce production by 500,000 barrels per day in March. This will help restore market relations," Deputy PM Alexander Novak said.
Business
Multiply Group 2022 net profit
Growth in profits driven by investments and rise in operating portfolio.
- The Group said that most of its subsidiaries showed growth in operating profits in 2022.
- It deployed more than AED12 billion in 2022, making investments in high-growth industries such as energy.
Business
ADEO signs $121m green finance agreements with Angola
Abu Dhabi, UAE--- The Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), signed...
- The financing is provided in cooperation with Standard Chartered Bank.
- One relates to the acquisition of an analytical platform, main data center, backup data center and national cloud platform to strengthen the Angolan IT sector.
Meta completes virtual reality deal after US court win
A spokesperson for the Federal Trade Commission told AFP on Thursday that it would not appeal the February 1 decision....
- The courtroom loss was seen as a setback for FTC head Lina Kahn, who has been an advocate of imposing tougher scrutiny on Big Tech companies on antitrust matters
- The FTC filed a complaint in federal court in July, arguing that Meta was trying to buy advantage in the VR market with the purchase of Within, maker of fitness app "Supernatural."
Business
Remote work, hybrid workplace boost telecom demand
Demand for technologies including 5G, AI, ML, IoT, and advanced data analytics will continue to rise in the UAE this...
- Demand for technologies including 5G, AI, ML, IoT, and advanced data analytics will continue to rise in the UAE this year, du CEO Fahad Al Hassawi tells TRENDS
- To meet the evolving demands of customers and businesses the telecom industry is continually revising its roadmap to match the evolving network transformation, he adds
Business
Credit Suisse 2022 loss $7.9bn
Since March 2021, bank's stock lost over 75% of value.
- The Zurich-based lender had waved goodbye to more than eight billion Swiss francs during the global financial crisis 15 years ago
- Credit Suisse recorded net asset outflows of 110.5 billion Swiss francs in the fourth quarter of last year alone, mostly in October
Business
Norway’s sovereign wealth fund pulls out of troubled Adani Group
The fund, which is set up to put the country's oil and gas revenues to work, held some $200 million...
- Between 2014 and 2023, the fund had already divested from six subsidiaries of the Adani conglomerate, mainly for environmental reasons.
- The business empire of Indian billionaire Gautam Adani lost around $120 billion in value after Hindenburg Research accused it of artificially inflating share prices.
Business
AstraZeneca 2022 profit $3.3bn
The firm's revenues rose to US$44.4 billion in 2022.
- Investors welcomed AstraZeneca's earnings update, with its share price rallying five percent to US$13.7 in London.
- The annual net profit was boosted by cancer treatments and the integration of biotech unit Alexion following a takeover.
Business
SIRC, Tadweer sign MoU on waste management and recycling
Riyadh, Saudi Arabia--The Saudi Investment Recycling Company (SIRC) has signed a joint memorandum of understanding with the Abu Dhabi Waste...
- They will explore joint options for adopting technology and ideal recycling solutions, activating operational activities in the waste sector.
- Through this and other MoU, SIRC Group seeks to activate the circular economy initiative to achieve the goals and programs of the Kingdom's Vision 2030.
Business
Volvo Cars 2022 net profit $1.6bn
Revenue climbed by 17 percent to a record US$31.8 billion.
- Electric cars accounted for 11 percent of sales last year, compared to four percent in 2021.
- Volvo Cars accelerated towards the aim of becoming a fully electric car company by the end of the decade and climate neutral by 2040.
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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
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Agthia Group revenue soars
Business
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Business
KPMG’s global revenue touches $36bn
The company has outlined a collective investment of $4.2b.
- The announcement came in after KPMG International declared the annual globally aggregated revenues for KPMG firms of US$36b for FY23
- The financial figures highlight robust year-on-year growth of the company, reinforced by a multi-disciplinary approach
Business
Makkah, Morocco’s Beni Mellal-Khenifra Chambers of Commerce ink pact
MAKKAH, SAUDI ARABIA - The Makkah Chamber of Commerce and Industry and the Chamber of Commerce, Industry, and Services of...
- Beni Mellal Chamber of Commerce, Industry and Services delegation head said that Saudi Arabia is Morocco's largest trading partner.
- In 2022, the volume of Saudi Arabian exports reached US$4.6 billion, while the value of imports was US$87 million.
Business
Institutional investors purchase $1.9bn in UAE stocks during 2023
Abu Dhabi, UAE -- Institutional investors boosted their acquisition of domestic stocks in 2023, purchasing nearly AED 7 billion ($1.9...
- This figure reflects a total purchase of AED 302.7 billion compared to total sales of approximately AED 295.8 billion.
- Institutional investors dominated the UAE equity market in 2023, capturing nearly 78 percent of total trading activity.