Trump says urged Apple to manufacture in US not India
Doha, Qatar - US President Donald Trump said Thursday he urged Apple to manufacture its products in the United States...
Business
Trump Organization inks deal to build a golf course and villas in Doha
Doha, Qatar -- The Trump Organization signed on Wednesday its first development deal in Qatar to build a golf course...
Business
Business
ADNOC Distribution 2022 net profit $748m
The EBITDA grew by 15 percent to reach AED3.52 billion.
- Total fuel volumes continued to increase during the year, recording an 8 percent year-on-year growth through 2022 – with commercial fuel volumes up by 19 percent.
- The Company’s Board of Directors has recommended distributing a cash dividend of AED1.285 billion (10.285 fils per share), for the second half of 2022.
Business
ArcelorMittal 2022 profit $9.3bn
Profit was affected as demand for steel fell and production hit.
- ArcelorMittal took a $1 billion hit after suspending production at its Ukrainian factory in Kryvyi Rig.
- The conflict "resulted in low levels of production, sales and income and created significant uncertainty about the timing and ability" of operations.
Economy
Saudi Industrial Production Index rises by 7.3 percent in Dec 2022
Riyadh, Saudi Arabia-- Saudi Arabia's industrial production index (IPI) for December 2022 witnessed a 7.3 percent increase compared to the...
- A surge in mining, quarrying, and manufacturing activity helped the growth in IPI.
- Manufacturing activity also increased by 18.5 percent in December 2022 compared to the same period last year.
Business
Inma Holding’s profit spikes
Its net profit jumped 61.7%, touching $2.69m in 2022.
- Its earnings per share (EPS) amounted to QR 0.173 as of December 31, 2022 versus EPS of QR 0.107 for the same period in 2021
- Its board of directors has recommended to distribute cash dividends 5% of the capital to shareholders, equivalent to 5 dirhams per share
Business
QIMC profit rises by 9.8%
Its profit rose to $42m during 2022 as against $38m in 2021.
- Its earnings per share amounted to QR 0.32 as of December 31, 2022 versus earnings per share QR 0.29 for the same period in 2021
- The net profit of the Doha Insurance surged 39.35% during 2022 to reach $28 million
Unicorns benefit as KSA, UAE diversify investments
The two Gulf countries expect new strategy to result in a rapid economic transformation and offer new revenue stream, allowing...
- The two Gulf countries expect new strategy to result in a rapid economic transformation and offer new revenue stream, allowing them to cut down reliance on crude oil income
- The first Arab company to be dubbed a "unicorn" in the Arab world was Emirati "Souq.com," which received $300 million in funding in February 2016
Business
$580m investment, 2 tech skills academies pledged at LEAP 23
Riyadh, Saudi Arabia--Investment and funding programs worth $580 million were announced on the third day of LEAP 23 Tech Conference,...
- WIRPO which specializes in technology services and consulting subsequently announced $110 million investment to expand the service of their cloud studios.
- Damac Company announced the expansion of its investments in the Kingdom's big data centers with a total capacity of more than 55 Mega Watts.
Business
Istanbul exchange to shut for five days, first time in 24 years
Istanbul, Turkey---The Istanbul stock exchange announced on Wednesday that it would close for five days in response to this week's deadly...
- The last time it suspended trading was after a 1999 quake which killed more than 17,000 people.
- The exchange cited an "increase in volatility and extraordinary price movements after the earthquake disaster" in its decision.
Business
Equinor posts record profit
Output slipped by 2% to 2.04 million barrels per day of oil equivalent.
- Net profit more than tripled to $28.7 billion, boosted mainly by skyrocketing gas prices.
- Equinor said it plans to invest $10-11 billion in 2023 and increase its oil and gas production by three percent.
Business
Dana Gas 2022 net profit $182m
The rise in adjusted net profit driven by high energy prices.
- Excluding other income and impairments, the company reported an adjusted net profit of $196 million as compared to $128 million in 2021, an increase of 53 percent.
- The increase in revenues is due to higher realized prices and production output in the Kurdistan Region of Iraq.
Trump says urged Apple to manufacture in US not India
Doha, Qatar - US President Donald Trump said Thursday he urged Apple to manufacture its products in the United States...
Business
Company News
Dubai Investment posts profit
Business
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Alstom to cut 1500 jobs
Business
Bitcoin surpasses $47,000, first time since March 30, 2022
Abu Dhabi, UAE - Bitcoin surged above $47,000 on January 9, marking its highest value since March 30, 2022, as...
Business
Etihad Airways spreading wings to embrace new skies
"Our goal is to usher in a new era of sustainable growth, anchored by a solid strategic plan," he adds,...
Business
CBB Sukuk Al Salam securities oversubscribed by 372%
Manama, Bahrain--The Central Bank of Bahrain (CBB) announced that the monthly issue of the Sukuk Al Salam Islamic securities has...
Business
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Business
Apple’s Vision Pro headset available in US on February 2
WASHINGTON, US - Apple on Monday said it will release its highly anticipated Vision Pro mixed reality headset in the United...
- Announced in June, the Vision Pro will cost a hefty $3,499 before tax, more than double the price of Meta's top-of-the-range Quest Pro headset.
- The headset has been in development at Apple for years, and is seen as a much needed boost to a segment that Facebook-owner Meta has struggled to grow.
Business
Energy companies to test CO2 capture in Brazil undersea oil field
PARIS, FRANCE  - A consortium of Brazilian, British, French and Chinese energy firms will test new technology aimed at capturing CO2...
- The pilot unit will separate oil from CO2-rich natural gas at the bottom of the ocean and reinject the gas directly into the reservoir, TotalEnergies said.
- The company said the high pressure subsea separation (HISEP) technology has the potential to reduce the intensity of greenhouse gas emissions.
Business
A short history of the Boeing 737 MAX
The plane, which suffered a dramatic blowout of a fuselage panel during a flight over the US state of Oregon,...
- Boeing begins developing the MAX in August 2011 to try to catch up with European rival Airbus in the lucrative market for single-aisle planes used on short and medium-haul flights.
- Airbus had been swamped with orders since launching a new version of its A320 model offering fuel savings of up to 20 percent -- the A320 Neo -- a year earlier.