Saudi Arabia partners with World Bank to launch global knowledge hub in Riyadh
According to World Bank Group President Ajay Banga, “The new Knowledge Hub being created by the World Bank Group and...
Business
Boeing CEO says company can’t afford another mistake: report
Boeing CEO Ortberg told workers a trade war with China would weigh heavily on Boeing. The meeting came about two...
Geostrategy
Lebanese protest as local currency hits new low
Lebanese protesters blocked roads and burnt tires near the central bank in Beirut as the local currency plummeted to a...
- Lebanese banks have imposed draconian restrictions on withdrawals since the country's economy collapsed three years ago.
- Dozens of protesters gathered Wednesday near the central bank headquarters amid heavy deployment of security forces.
Business
DEWA, SAP senior management discuss cooperation in Dubai
DUBAI, UAE - Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA), received Christian Klein,...
- DEWA MD and CEO highlighted the firm's projects and programs to anticipate and shape the future in line with the UAE Centennial 2071.
- He emphasized on the importance of exchanging global best practices and experiences between the two sides.
Business
UAE’s largest bank issues $600 million bond, second in 2023
Abu Dhabi, UAE---The First Abu Dhabi Bank, UAE’s largest bank, has issued a 5.25-year $600 million bond at US Treasury,...
- This marks FAB’s second dollar issuance in a space of 10 days following the $500 million RegS five-year Sukuk issued on 9 January 2023.
- The bond received orders of $1.75 billion, meaning it was oversubscribed three times with 76 percent of the issue placed with high-quality investors outside the MENA region.
Business
ASML posts yearly profit of $6.1bn
The profit in year 2022 is 4.4 percent lower than in 2021.
- The maker of lithography machines that print microchips, said it expects strong growth for 2023, with net sales rising more than 25 percent.
- The United States restricted exports of semiconductor technology to China last year and wants the Netherlands and Japan to follow suit.
Business
AD Ports, Tosyali sign MoU
They will collaborate in shipping, logistics and ports services.
- Potential joint investment in new port facilities to support Tosyali's export operations is part of the MoU.
- Tosyalı is one of Türkiye’s largest private steel producers, which has operations in three continents.
Business
Small businesses, big dreams: Iraq’s women entrepreneurs
The International Organization for Migration said in an October report that "prevailing customs and traditions... limit women's activities to their...
- Iraq's private sector is still embryonic, making more tedious and lengthy the steps to set up a company
- Iraq has 13 million employment-aged women yet only around one million are working
Business
Microsoft quarterly results saved by cloud computing
Microsoft chief executive Satya Nadella last week said he was laying off about five percent of the company’s workforce, just...
- Microsoft said overall sales rose just two percent in the October-to-December period, to $52.7 billion, the slowest rise in six years
- Net profit of the tech giant landed at $16.4 billion for the quarter, down 12 percent year-on-year, according to its earnings release
Money from Middle East forcing Liverpool, Man Utd to seek new investment
The American Glazer family, United's owners, began looking for new investment with British billionaire Jim Ratcliffe's company INEOS entering the...
- The American Glazer family, United's owners, began looking for new investment with British billionaire Jim Ratcliffe's company INEOS entering the bidding process
- Fenway Sports Group, Liverpool's owners, have also stated that they will "consider new shareholders" as the Anfield club struggles to qualify for the Champions League next season
Justin Bieber sells music rights for $200 mn
Contemporary stars including Justin Timberlake and Shakira have sold large stakes in their work - both also struck deals with...
- Hipgnosis did not publicly disclose terms of the deal, but a source close to the matter told AFP it was worth around $200 million
- The company said they acquired Bieber's interest in his publishing copyrights to his 290-song back catalog - all of his music released prior to December 31, 2021
US sues Google over dominance of online ad market
In this latest suit, prosecutors took aim at Google's extremely profitable advertising business, asking that it be broken up to...
- The federal case follows state lawsuits against Google that have alleged it illegally dominates the markets for online search, advertising technology and apps on the Android mobile
- The recent case is the second federal lawsuit against Google over alleged antitrust violations and the first since US President Joe Biden took office two years ago
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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
Saudi Arabia partners with World Bank to launch global knowledge hub in Riyadh
According to World Bank Group President Ajay Banga, “The new Knowledge Hub being created by the World Bank Group and...
Business
Company News
Burjeel Holdings profit surges
Business
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EITC Q3 profit soars 57.7%
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...
Business
15% increase in air traffic at UAE airports during COP28, says GCAA
ABU DHABI, UAE – Airports in the country witnessed a 15 percent increase in air traffic during the 28th Conference...
Geostrategy
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Business
Mubadala Energy makes gas discovery
This is the company's second successful well in the Andaman area.
- The latest discovery comies after the success of Timpan-1 in Andaman-II, which itself came after the success of Cengkih-1 in our SK320 in Malaysia.
- The well encountered an extensive gas column with a thickness of over 230 meters in an Oligocene sandstone reservoir.
Business
Apple pauses sale of watch models
The pause comes as it fights a patent battle over technology.
- The move comes more than a month after the USITC recommended banning imports of Apple Watch models that appear to infringe patents held by Masimo Corp
- A presidential review is underway regarding the USITC order regarding imports of Apple Watch models with the blood oxygen sensing feature at issue in the patent dispute
Business
Aldar ties up with Yellow Door Energy
They will supply solar power to 45 properties in the UAE.
- As part of Aldar's Net Zero Plan, the switch to solar power will prioritise on-site clean energy generation
- Starting in 2024, the transition to solar will reduce 23,000 tonnes of CO2 emissions in its first year