Aramco, unit and Sinopec ink $4bn deal
The two companies will establish a joint venture company.
Business
Google, Apple disappoint as tech earnings hit by gloom
Google parent Alphabet's revenue of $76 billion in its fourth quarter and profit of $13.6 billion were below what it...
- Google saw a slump in its crucial advertising sales, which were slightly better than analysts had projected, according to data compiled by Factset
- Apple's revenue was $117.1 billion, down 5.4 percent from a year ago for the same quarter a year earlier, missing what analysts had forecast
Adani Enterprises shares suspended as price slumps again
Adani himself has seen his fortune plummet by tens of billions of dollars, dumping him out of the real-times Forbes rich...
- Adani Enterprises fell 10 percent at the open, while Adani Power, Adani Green Energy, Adani Total Gas and Adani Transmission were also suspended when they hit their trading stops
- The conglomerate's combined market capitalization has plummeted by more than $100 billion since US short-seller Hindenburg Research released an explosive report last week
Business
QAMCO’s profit surges by 10%
Earnings per share amounted to QR 0.165 in 2022.
- The company, which was established in December 2018, added in a statement on the Qatar Stock Exchange website that the earnings per share (EPS) amounted to QR 0.165 in 2022
- The board of directors recommended distributing cash dividends to shareholders for the year 2022 at QR0.09 per share, a nine percent of the share's nominal value
Business
KSA, UAE play well as e-gaming trends across GCC
The gaming markets in Saudi Arabia, the UAE and Egypt is expected to be worth $3.14bn by 2025, according to...
- The gaming markets in Saudi Arabia, the UAE and Egypt is expected to be worth $3.14bn by 2025, according to California-based market research and consulting firm Niko Partners
- By 2025, the GCC will contribute roughly 1.5 percent of the income generated by the global gaming sector as the industry is anticipated to grow at a CAGR of 22.5 percent
Business
Iraq hopes talks can resolve hitches in US$10bn Total deal
Iraq admitted it had differences with France's TotalEnergies over a US$10-billion contract, including over the distribution of investments, but expressed...
- The French energy giant had signed the US$10-billion contract with Iraq in September 2021.
- The partnership has struggled to materialize amid reported signs of discord between the two sides.
Economy
Iraq calls for more economic cooperation with Saudi Arabia
Baghdad is currently heavily dependent on neighboring Iran for its electricity and gas and has sought to diversify its energy...
- Iraq's foreign minister said Riyadh was ready to back Saudi companies investing in Iraq and welcomed it.
- Despite being oil-rich, Iraq suffers from crumbling infrastructure and public services, after decades of conflict.
Business
DHA, DIEZ ink MoU to support healthcare sector
DUBAI, UAE - Dubai Health Authority (DHA) has signed a Memorandum of Understanding (MoU) with Dubai Integrated Economic Zones Authority...
- The MoU aims to enhance the private health sector’s investments in Dubai and consolidate the sector’s role in the ongoing development of health facilities.
- DHA, DIEZ will develop a special framework to pinpoint innovation standards of healthcare start-ups in Dubai.
Business
ADNOC signs 23 agreements
Under the pact, the companies will manufacture products in UAE.
- The products are part of the AED70 billion ($19 billion) worth of products in ADNOC’s procurement pipeline that the company identified for domestic manufacturing in July 2022.
- Last year, ADNOC signed agreements for local manufacturing commitments worth over AED25 billion ($6.8 billion) with UAE and international companies.
Business
Telenor 2022 net profit at $4.5bn
Merger of its Malaysian subsidiary with a firm helped.
- Telenor said it had made good progress in the planned merger of its subsidiary Dtac with True in Thailand.
- The firm maintained its earnings forecast for the current year and proposed a slight increase in its dividend for 2022.
Business
Santander 2022 profit at $10.6bn
The bank's profit got a boost due to higher interest rates.
- Shareholders would receive a payout of around 40% of the group's underlying profit, divided equally between cash dividends and share buybacks
- Central banks have hiked interest rates worldwide in an effort to tame runaway inflation.
Company News
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ACWA Power, SEC sign PPAs
Business
Germany ready to sell Eurofighter jets to Saudi Arabia: minister
"We do not see ourselves, as the German federal government, opposing British considerations on other Eurofighter (sales)," Baerbock told journalists...
GCC telecom firms turn to Europe, Asia for expansion
Wielding piles of cash and cutting-edge technology, many Arab telecom firms are scouting overseas markets to expand business beyond home...
Business
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Business
Avalon sets sights on Tadawul listing
The firm will offer 6 million shares in its Initial Public Offering.
- The book-building process for Avalon Pharma's IPO will commence on January 14th and conclude on January 18th.
- In the event that there is sufficient demand by Individual Investors, the number of shares initially allocated to participating parties will be reduced to 5.4 million shares.
Business
Utilizing AI is only possible if skill gap is bridged, says expert
DUBAI, UAE - The Artificial Intelligence (AI) revolution is upon us, with AI becoming a pervasive force in our daily...
- As the rate of AI adoption increases, humans are essential to guiding the technology’s implementation and usage of these technologies.
- Executives estimate that up to 40 percent of their workforce may need to reskill as a result of implementing AI or automation over the next three years.
Business
Rules are fine but educate public about generative AI: Expert
Dubai, UAE -- Regulations alone will not safeguard the public against nefarious uses of Artificial Intelligence, people also need to...
- Investors, inventors and users of this technology need to take a lead in this task of educating the public, says Victor Riparbelli, CEO Synthesia.
- The companies providing AI technology must educate through exposure to positive use cases of AI as quickly as possible, he added.