Fifth France-Arab Summit: Forging partnerships for a sustainable tomorrow
As the world grapples with uncertainty, the summit offers a much-needed space for cooperation and innovation, led by the Franco-Arab...
Business
UAE firms accelerate AI transformation, new report finds
The real power of AI lies in its careful deployment across diverse business functions, and the UAE is primed for...
Economy
Economy
US economy slows in 2022, may result in lower Fed rate hikes ahead
Household spending and business investment remained positive in the final quarter last year though they slowed, while inventories and net...
- Economic activity has been moderating as the US central bank hiked the benchmark lending rate seven times last year.
- Against this backdrop, the world's largest economy expanded 2.1 percent for all of 2022, down from the figure in 2021.
Market Report
DGCX reports 16% growth in total volume of trades in 2022
DUBAI, UAE - Dubai Gold and Commodities Exchange (DGCX) Thursday announced its full-year market statistics for 2022, reporting 8.239 million...
- The DGCX is the largest and most diversified derivatives exchange in the Middle East.
- DGCX saw steady trading in Indian Rupee, as market participants looked to hedge their exposure to one of the world’s fastest-growing economies.
Business
Emirates Islamic 2022 net profit $337m
The profit was driven by funded and non-funded income.
- The bank also reported a 36 percent increase in operating profit and a 15 percent increase in total assets to AED 75 billion.
- The bank's total income went up 33 percent year-on-year driven by higher funded income and non-funded income.
Business
Nokia 2022 net profit $4.7bn
The company's Q4 net profit surged to US$3.4 billion.
- Nokia's annual net sales grew 12 percent to US$27.1 billion (24.9 billion euros)
- The company is engaged in a major competition to install 5G networks around the world
Business
FAB 2022 net profit $3.64 bn
The total income was up 10 percent year on year.
- The fourth quarter 2022 net profit was AED2.5 billion, compared to AED2.9 billion in the previous quarter.
- The total income reached AED23.9 billion, up 10 percent yoy, driven by 23 percent growth in net interest income.
Economy
New UAE commercial agency law will help in improving business environment
ABU DHABI, UAE - The UAE is determined to foster the attractiveness and competitiveness of the business environment in order...
- The UAE aims to offer a legislative framework to enable companies to promote the new economic model, particularly the commercial agencies sector.
- With innovative projects and crucial commercial activities, this sector significantly contributed to the country's development during the past several years.
Business
Over 4,200 new companies set up base at RAKEZ in 2022
Ras Al Khaimah, UAE-- Ras Al Khaimah Economic Zone (RAKEZ) welcomed over 4,200 new companies to its business community in...
- The economic zone recorded a 206 percent growth in new general trading companies, with 413 licenses issued.
- Companies operating from RAKEZ also witnessed exponential growth in 2022, with 160 companies expanding their operations in various sectors.
Business
IBM to lay off 3,900 workers
It posted profit of $2.9bn in the final three months of last year.
- The company said it would take a one-time $300 million charge in its first quarter this year
- It announced late last year that it will invest $20 billion in semiconductors, quantum computing and other cutting-edge technology in New York state
Business
QIIB profit surges by 7%
The board of directors has proposed a cash dividend of 40%
- The earnings per share (EPS) amounted to QR 0.64 as of December 31, 2022 versus EPS of QR 0.59 in 2021
- The board of directors has proposed a cash dividend of 40% of paid-up share capital after the approval of QCB
Business
GIS, DIG halt merger talks
The talks for the merger have not yielded a "common vision."
- According to a statement, the two groups have decided to end negotiations and to withdraw completely from the proposed merger partnership deal
- The potential merger would have created one of the largest local insurance companies with highly competitive potential and financial strength
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Fifth France-Arab Summit: Forging partnerships for a sustainable tomorrow
As the world grapples with uncertainty, the summit offers a much-needed space for cooperation and innovation, led by the Franco-Arab...
Business
Company News
NMDC, AD Ports Group ink MoU
Business
Latest News
Bupa Arabia’s 9M 2023 up 27%
Business
Ooredoo net profit up
Business
Arabian Travel Market ties up with ICCA, GBTA as business set to touch US$1.8trn
Dubai, UAE--Arabian Travel Market (ATM) has entered into a partnership with the International Congress and Convention Association (ICCA) and the...
Business
US pushes naval coalition as Yemen rebels vow to attack more ships
The United States pushed to build up a multinational naval task force to protect a key global shipping lane from...
Geostrategy
Most Read
Business
DIFC Innovation Hub 2023 graduates raise $600 million in funding
Dubai, UAE -- More than 200 start-ups graduating from the programs of DIFC Innovation Hub in 2023 have collectively raised...
- In 2023, the program also saw a record-breaking number of participants with over 700 applicants for a single cohort, out of which 19 start-ups graduated.
- DIFC Innovation Hub is home to the first and largest financial technology accelerator in the Middle East, Africa and South Asia (MEASA) region.
Business
Bayanat, Yahsat to merge
It will benefit from revenue synergies, economies of scale.
- The merger will create an AI-powered space technology champion in the MENA region with an implied market capitalization of over US$4 billion.
- The combined entity will be vertically integrated and optimally positioned to capture regional, global opportunities in geospatial and mobility solutions.
Business
Australia’s Starc, Cummins set salary records at IPL auction
Before Tuesday, England all-rounder Sam Curran was the most expensive player after being bought for $2.23 million last year by...
- The Australian cricketer Starc was snapped up by Kolkata Knight Riders for 247.5 million rupees ($2.98 million), setting an all-time IPL auction record
- He broke the record set by Cummins earlier in the day when Sunrisers Hyderabad paid 205 million rupees ($2.47 million) for the World Cup-winning skipper