All six lines of Riyadh Metro are now operational
The Royal Commission for Riyadh City (RCRC) announced that the phased rollout of Riyadh Metro culminated as of Sunday, Jan....
AI as the next frontier: Opportunities for channel partners to lead the way
AI offers an infinite number of selling and upselling opportunities. Resellers with the right strategic long-term approach will clearly develop....
Business
Business
ADIB net profit in 2022 is $985m
ADIB's revenue increased by 23% to US$1.8 billion in 2022.
- ADIB reported a 60 percent growth in the fourth quarter of 2022 with a net profit of US$326 million.
- The bank's revenue in 2022 was driven by a 43 percent increase in fees and commissions and a 24 percent growth in funded income.
Business
YahClick, Canar sign 6-year pact
The $15 million pact will expand YahClick's presence in Africa.
- The deal will make Sudan's Canar Telecom one of YahClick’s largest service providers across the region.
- Under the agreement, Canar has procured significant satellite capacity from YahClick.
Economy
UAE launches project to establish centralized database of industrial companies
ABU DHABI, UAE - UAE Ministry of Industry and Advanced Technology (MoIAT) Monday launched the Industrial Census project, in collaboration...
- The project aims to create a comprehensive database of all establishments that practice industrial activities.
- The project will help create new investment opportunities for manufacturers, investors and owners of industrial companies.
Business
Saudi Arabia’s Al Rajhi bank reports a net profit of $4.58 bn in 2022
The net profit was up 16 percent from $3.92 billion in 2021.
- In a bourse filing, the bank attributed the rise in net profit to an increase in the total operating income by 11.12 percent.
- The bourse filing said loans and advances in 2022 stood at 568.34 billion riyals, up 25.5 percent over 2021.
Business
Adani fails to stem stock rout at Indian business empire
Mumbai, India--Gautam Adani's vast Indian business empire lost billions of dollars more in value on Monday after its rejection of...
- The slump was sparked by a report by Hindenburg Research that last week alleged "brazen stock manipulation and accounting fraud scheme over the course of decades".
- The three-day selloff has now erased about $71 billion in market value, according to Bloomberg News. Last week Adani's firms recorded a slump of around $50 billion.
Business
Philips to cut 6,000 jobs
It suffered losses caused by a recall of faulty sleep respirators.
- The Dutch company unveiled net losses of $114 million for the fourth quarter of 2022 and 1.6 billion euros for last year as a whole, largely due to the recall
- Chief Executive Roy Jakobs said the company needed to improve performance and for that reduction in its workforce is required for 6,000 roles globally by 2025
Economy
More than 2,000 contestants to take part in Spinneys Dubai 92 Cycle Challenge
Dubai, UAE-- Over 2,000 cyclists from the UAE and overseas are expected to participate in the 13th edition of the...
- The cycling event will be organized on 19th February 2023 with the support of the Dubai Sports Council and the UAE Cycling Federation
- The Spinneys Dubai 92 Cycling Challenge comprises an outrider race for amateurs with a short distance of 40 km
Business
Indian Adani empire strikes back after fraud report
The slump in the company's stocks was sparked by a report by US short-seller investment group Hindenburg Research that alleged...
- Last week's slump saw Adani -- who is seen as close to Prime Minister Narendra Modi -- tumble from third on the Forbes real-time rich list
- On Monday the 60-year-old was at 11th position in the ranking, which put his wealth at $90.7 billion, below fellow Indian tycoon Mukesh Ambani
Business
Toyota stays top automaker
It retained lead over the rival Volkswagen for the third year.
- In spite of the chip shortage and Covid-related supply chain disruption, Toyota and its subsidiaries sold nearly 10.5 million vehicles last year
- The automaker pioneered hybrid cars, but some critics say the company has been slow to make the shift to battery-powered engines even as demand soars
Business
UAE’s EHS to showcase innovative health projects during Arab Health 2023
DUBAI, UAE - The Emirates Health Services (EHS) will showcase its 19 innovative healthcare projects during Arab Health Exhibition 2023,...
- Arab Health Exhibition is one of the largest forums that hosts major corporations, authorities and companies from all over the world.
- The forum provides an opportunity to achieve the goals of national strategies and projects that seek to turn the UAE into a global hub for health care.
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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
All six lines of Riyadh Metro are now operational
The Royal Commission for Riyadh City (RCRC) announced that the phased rollout of Riyadh Metro culminated as of Sunday, Jan....
Company News
SABIC 9M net loss $277m
Business
Disney to buy stake in Hulu
Business
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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...
Business
Angola departure a blow for OPEC+ as cartel tensions rise
Despite slashing oil production for months on end and announcing new cuts in late November, the Organization of the Petroleum...
Geostrategy
UAE consumer spending expected to rise by 5% in 2024: Mastercard report
Dubai, UAE -- Consumer spending in the UAE is expected to increase by 5 percent in 2024, while consumers and...
Economy
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Business
Saudi Arabia’s holdings of US Treasuries up $399 million in Oct 2023
Riyadh, Saudi Arabia -- Saudi Arabia’s holdings of US Treasuries reached $117.5 billion in October 2023, up $399 million month-on-month...
- The Kingdom kept the 17th place among the largest holders of US Treasuries for the month, Argaam reported.
- Saudi Arabia’s holdings of US Treasuries were distributed among long-term bonds worth $102.3 billion.
Sony PlayStation 5 sales cross 50 million units
Since releasing the first PlayStation in 1994, Sony has grown into a titan of console gaming, a market whose revenues...
- The PlayStation 5 was launched in November 2020 and its sales initially suffered because of widespread supply chain problems and a global chip shortage
- PS5 reached the 50-million-unit milestone in almost the same period as its predecessor, the PS4, with Sony saying its flagship console enjoyed "strong momentum" in 2023
X users report global outage: monitoring site
With no way to post on X, social media users published updates about the outage on rivals including Facebook, Threads,...
- Reports of the platform's troubles began spiking just before 0600 GMT on monitoring site Downdetector
- Timelines on the platform were emptied and no new posts visible, although the twitter.com site was available