Iraq holds its first census in nearly 40 years
The Iraqi census is scheduled for Wednesday and Thursday, and will provide sorely needed up-to-date demographic data for the country...
AI-Driven technologies drive operational excellence, helping meet sustainability goals
Industrial AI and digital technologies are revolutionizing energy infrastructure, helping companies across asset-intensive sectors achieve operational excellence
Business
Business
Saudi approves Implementing Regulations of New Companies Law
Riyadh, Saudi Arabia--Saudi Arabia's Capital Market Authority's has approved the Implementing Regulations of the New Companies Law for listed joint...
- The approval is based on the authority the Law granted to the CMA to regulate the matters and subjects stipulated in the law related to joint stock companies.
- It also included stipulating the provisions that aim to raise the level of governance of the board of listed joint stock companies.
Business
Woqod posts 10% profit rise
The firm's profit jumped to $294 million at the end of last year.
- The company said in a statement that the earnings per share amounted to QR 1.08 as of Dec. 31, 2022 versus EPS of QR 0.98 for the same period in 2021
- Woqod CEO and Managing Director Saad Rashid Al Muhannadi attributed the increase in net profit and earnings per share to the increase in the volume of sales
World Economic Forum
Golden age of AI is underway and will redefine work: Microsoft CEO
Davos-Klosters, Switzerland-- Satya Nadella, Microsoft Chairman and CEO, believes that a golden age of AI is underway and will redefine...
- Nadella said that the future of work is not just about technology and tools but about new management practices
- The cutting-edge chatbot ChatGPT is capturing the world’s imagination and the new artificial intelligence site amassed 1 million users in just five days after its recent launch
Business
Musk-owned Twitter sells bird statue for $100,000 in auction
An online auction of "surplus corporate office assets of Twitter" that lasted slightly more than 24 hours also featured a...
- Musk in December said that severe cost cuts at Twitter had repaired the company's dire finances as he set out to find a new CEO for the social media giant
- Musk said his strategy is to massively reduce costs while building up revenue, and that a new $8 subscription service called Twitter Blue would help with that goal
YEARBOOK 2023
E-commerce registers 200 percent growth in GCC
The sector gains meteoric traction, largely due to structural shift in consumer interests and partly because of the pandemic-induced accelerated...
- E-commerce gains meteoric traction, largely due to structural shift in consumer interests and partly because of the pandemic-induced accelerated digitalization, says an expert
- The retail industry in the UAE is projected to develop at a compound annual rate of 5.1 percent from 2022 to 2026, reaching US$ 113.8bn, says an Alpen Capital report
Business
Microsoft to lay off 10,000 workers as economic gloom deepens
The tech giant will lay off some 10,000 employees in the coming months as the economic downturn continues to punish...
- The layoffs were "in response to macroeconomic conditions and changing customer priorities," the maker of the Windows operating system said in a US regulatory filing
- It already made two rounds of layoffs, one in July, which affected less than one percent of the workforce, and a second one in October that targeted less than one thousand
Interview
A true leader embraces meritocracy, shuns nepotism, says Vision 3 head Khalid Abdulla-Janahi
Khaled Abdulla-Janahi , an international Arab thought leader, feels strongly about changing the traditional perception encompassing the concept of leadership.
- Khaled Abdulla-Janahi , an international Arab thought leader, feels strongly about changing the traditional perception encompassing the concept of leadership
- Before the book was done, Khalid said, he worked and collaborated closely with a few people to look into leadership attributes.
Business
Geopolitical instability may lead to catastrophic cyberattack: Report
Over 93 percent of cybersecurity experts and 86 percent of business leaders believe “a far-reaching, catastrophic cyber event is likely...
- The Global Cybersecurity Outlook 2023 findings were based on surveys, workshops and interviews with over 300 experts and C-suite executives.
- Half of the companies surveyed said the current landscape is making them re-evaluate the countries in which their organization does business.
Business
Work begins on world’s first fully sequestered CO2 injection project
The project, which is expected to begin injecting CO2 in the second quarter of this year, will initially fully sequester...
- The CO2 injection well project builds on ADNOC's experience with its carbon capture facility at Al Reyadah, which has the capacity to capture up to 800,000 tons of CO2 per year.
- The project will also be monitored and assessed, using advanced technology at ADNOC's Thamama Digital Centre of Excellence, ADNOC said.
Business
TA’ZIZ signs ammonia agreement
The pact was signed with Fertiglobe, GS Energy and Mitsui & Co.
- Low-carbon ammonia is made from hydrogen derived from natural gas feedstocks and nitrogen, with the carbon dioxide produced captured and stored.
- The total investment in the first phase of TA’ZIZ will be in excess of $5 billion (AED18 billion), with most of the chemicals produced to be created in the UAE for the first time.
Most Read
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
Iraq holds its first census in nearly 40 years
The Iraqi census is scheduled for Wednesday and Thursday, and will provide sorely needed up-to-date demographic data for the country...
Company News
Elm net profit up 43%
Business
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Chevron Q3 profit falls
Business
ACWA Power signs $800m agreement for South Africa renewable project
Dubai, UAE -- Saudi-listed renewable energy giant ACWA Power has signed a $800 million power purchase agreement for ACWA Power Project...
Business
BCI’s subsidiary secures US$100m loan from SIDF
RIYADH, SAUDI ARABIA - Basic Chemical Industries Co.'s (BCI) subsidiary Chemical Marketing and Distribution Co. Ltd. secured a loan from the Saudi...
Business
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Business
Nissan to export EVs globally
It would sell China-developed EVs all over the world.
- The automaker is looking to export the line-up of existing internal combustion engine vehicles and pure electric and hybrid cars
- China accounted for just over a fifth of Nissan's worldwide sales of about 2.8 million vehicles over the first 10 months of the year
Business
GCC media outlets think outside the box to stay afloat
Reeling from a calamitous drop in advertisement revenues and public trust, news media organizations are reworking strategies to create "niche"...
- Many believe news media outlets have been distracted from their role to safeguard space for informed debate on public issues
- Several well trusted media outlets with deep pockets are battling against thinning revenues and being forced to think differently
Business
Fintech leads MENA startup boom with historic funding
Startups in the MENA region secured a staggering $764 million in funding in November 2023, demonstrating the region's growing influence...
- Startups in the MENA region secured a staggering $764 million in funding in November 2023, demonstrating the region's growing influence in the global startup ecosystem.
- This surge, led by the fintech sector and supported by global investors, underscores the vibrant entrepreneurial spirit and innovation driving the MENA region's growth.