Dubai vs Doha: The Battle for Creator Economy Supremacy and Innovation in the Middle East
Dubai’s aggressive initiatives like the 1 Billion Followers Summit and specialized creator visas put it ahead in attracting global talent,...
Business
Lootah Biofuels inks MoU
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stc, Microsoft to collaborate
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Cybersecurity in 2024: From talent shortages to resilience against emerging tech risks
In 2024, cybersecurity remained central, addressing skill gaps and the impact of generative AI. A Strategic Cybersecurity Talent Framework offered...
Business
Major UAE solar plant to go online before COP summit, says energy firm
ABU DHABI, UAE - One of the world's biggest solar plants will become fully operational this year in the oil-rich United...
- The UAE, a major oil exporter, is spending billions to develop enough renewable energy to cover half of its needs by 2050.
- State-owned Emirati companies TAQA and Masdar own 60 percent of the project, which they describe as the world's largest single-site solar plant.
Business
Dubai records over $571 million in real estate transactions
Dubai, UAE -- Dubai real estate market recorded deals worth AED2.1 billion on Tuesday, Dubai Land Department said. The deals...
- The deals included 471 sales transactions worth AED1.87 billion, in addition 70 mortgage deals of AED122.36 million.
- The sales included 451 villas and apartments worth AED1.56 billion, and 20 land plots worth AED316.57 million.
ADCB 2022 net profit $1.75 bn
The bank’s net profit for Q4 2022 was up 23%.
- The bank's net interest income was to the tune of AED 10.194 billion, an increase of 15 percent compared to 2021.
- The Board has recommended a dividend of AED 0.55 per share, equivalent to 60 percent of net profit.
Business
UK’s biggest retailer Tesco to cut 2100 jobs as inflation hikes costs
Tesco plans to cut about 1,750 management roles.
- Tesco recently posted bumper revenue for the key Christmas season, even as customers switched to less expensive rivals.
- Tesco has benefitted from passing on some of its own rising costs to consumers, many of whom appear willing to stay loyal to the group.
Business
ExxonMobil 2022 profit at $55.7bn
Results reflect higher production of oil, natural gas.
- The huge profits by oil companies have sparked pushback from governments.
- In 2022, ExxonMobil put $29.8 billion into shareholder distributions, evenly split between dividends and share repurchases.
Business
World’s largest wealth fund lost record $164 billion in 2022
"2022 was a truly dramatic year in the world. It affected financial markets and hence it also affects our global...
- The fund has shares in more than 9,000 companies in nearly 70 countries, including Apple, Microsoft and Alphabet, the parent company of Google.
- At the end of 2022, the value of the fund, which is financed by taxes paid by the nation's oil and gas industry, still amounted to a whopping 12.43 trillion kroner.
Business
UniCredit 2022 net profit at $7bn
Bank said it would pay out US$5.6 billion to shareholders.
- The news sent the bank's share prices zooming more than eight percent higher in morning trading.
- The European Central Bank has been lifting interest rates since last year to tackle inflation and tame consumer price growth.
Business
Strong demand seen for first 2023 auction of UAE treasury bonds
Abu Dhabi, UAE-- The first auction of the UAE treasury bond program in 2023 has been oversubscribed by 6.2 times,...
- In 2022, the Ministry of Finance, the issuer, had issued bonds totaling AED 9 billion across tenors of two years, three years and five years.
- The auction has been oversubscribed by 6.2 times, receiving bids worth $1.76 billion.
Business
UBS Q4 net profit at US$1.7bn
Net profits at the banking giant rose 23% in Q4 of 2022.
- For the full year 2022, UBS meanwhile saw its net profit inch up to $7.6 billion from $7.5 billion a year earlier.
- As revenues generated by global markets dwindled, UBS's investment bank saw revenues shrink 24 percent in the fourth quarter.
Business
Adani firm gains 5.26% after UAE’s IHC announces $400m investment
IHC announced it would be investing $400m into Adani Enterprise's $2.5 billion Further Public Offering. IHC said in a statement...
- This is the second investment deal International Holding Company has completed with India's Adani Group after last year's Dh7.3 billion ($2 billion) investment.
- Media reports said the FPO so far received 3 percent subscription amid the rout Adani Group has been facing since a report by US investment group Hindenburg Research.
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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
Dubai vs Doha: The Battle for Creator Economy Supremacy and Innovation in the Middle East
Dubai’s aggressive initiatives like the 1 Billion Followers Summit and specialized creator visas put it ahead in attracting global talent,...
Business
Company News
Lootah Biofuels inks MoU
Business
stc, Microsoft to collaborate
Business
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ACWA Power 9M net profit up 22%
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TAQA, GS Inima and EWEC seal deal
Abu Dhabi's Shuweihat 4 desalination project secures $444 million.
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Ottawa approves RBC takeover of HSBC’s Canadian operations
Canadian Finance Minister Chrystia Freeland said RBC would be required to establish "a new integrated banking center" in Vancouver, eliminate...
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Tesla launches Shanghai battery plant project
The project was announced in April after Tesla chief Elon Musk presented a vague but ambitious plan to investors to...
- The plant is expected to make 10,000 units of Tesla's Megapack batteries per year, and "break ground in the first quarter of 2024 and start production in the fourth quarter"
- Tesla says its Megapacks are intended to store energy and stabilize supply for power grids, with each unit able to store more than 3 megawatt-hours of power
Nike shares tumble after cost cuts
Nike promised up to $2 billion in cost savings Thursday.
- Shares fell heavily in after-hours trading as Chief Financia officer described the environment as "highly promotional" during a conference call with analysts
- Profits for the quarter ending November 30 jumped 19 percent to $1.6 billion, while revenues edged up one percent to $13.4 billion
Business
44 large direct deals on IHC worth $1.205 bn at ADX Thursday
Abu Dhabi, UAE – A wave of 44 large direct deals swept over the International Holding Company (IHC) shares on...
- Large direct deals are trades that are executed outside the order book and do not affect the closing price of the relevant company's stock
- They also do not affect the highest and lowest prices executed during the session and during the last 52 weeks