Hong Kong’s property distress hurting banks
Distressed property sales in Hong Kong are beginning to bite banks with average prices of office buildings, shopping malls and...
US$1.5 billion Amazon protection plan launched in Davos
A carbon markets investor backed by Swiss-trading house Mercuria said on Wednesday it had joined with two non-profits to raise...
Business
WEF24: AI-generated drugs promise cost reduction
AI is playing a critical role across the biomedical spectrum, from accelerating drug discovery to improving care delivery systems, says...
- AI is playing a critical role across the biomedical spectrum, from accelerating drug discovery to improving care delivery systems, says Dr Alex Zhavoronkov of Insilico Medicine.
- The latest technology enables end-to-end systems, and today, what we see is the true pinnacle of AI-powered drug discovery: the integration of AI and robotics, he adds
Business
Toyota’s Daihatsu resumes domestic production
It will make the Probox van and Mazda-branded Familia van.
- The Toyota-owned firm's factory in Kyoto resumed manufacturing of the Probox van and Mazda-branded Familia van, a Daihatsu spokesman told AFP
- Daihatsu will resume production of 10 other models on February 26, after the transport ministry confirmed they met safety regulations, it said last week
Business
Barwa Real Estate net profit up
It posted an 8% jump in net profit to US$337m for last year.
- The developer's earnings per share (EPS) amounted to QR0.316 for the year ended December 31, 2023 compared to an EPS of QR0.292 in 2022
- Its board of directors proposed the distribution of a cash dividend of 18 percent of the shares’ par value at the rate of QR0.18 per share
Business
SCCI and Oman Chamber aim to boost investment cooperation
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) and the Oman Chamber of Commerce and Industry (OCCI) discussed ways...
- The two chambers discussed opportunities in several sectors, with a specific focus to support start-ups
- The delegation from Oman invited the private sector in Sharjah to take part in the Suhar Investment Forum
Business
Riyadh Season opens registration for SEVEN Concours 2024 global car auction
Riyadh, Saudi Arabia - The Riyadh Season has announced the commencement of registration for the SEVEN Concours 2024 exhibition, the...
- The season will feature the most prestigious car manufacturers, making it one of the premier events that put Riyadh on the map for hosting international car exhibitions
- The exhibition, scheduled from March 1 to 7 as part of the Riyadh Season activities, brings together the world's rarest, most luxurious, and fastest cars in one venue
Economy
In Middle East, ‘manufacturing’ is a new buzzword
Form Saudi Arabia to the UAE, Qatar to Kuwait, governments of the region compete to jumpstart an industrial sector. But...
- The industrial sector will contribute up to $1trillion annually to the GDP of the region
- Many experts estimate the sector can generate up to 15 million jobs in the next decade
Business
Red Sea Global, Riyad Bank sign agreement on $522m financing
TABUK, SAUDI ARABIA - Red Sea Global (RSG) has completed a US$522 million (SAR2 billion) financing agreement with Riyad Bank,...
- Red Sea Global will develop the highly anticipated Four Seasons Resort at The Red Sea destination.
- The Four Seasons Resort, situated on Shura Island, is set to be a luxury property offering 159 exquisite guest rooms.
Business
MODON attracts US$34m investment to develop military industry in Saudi Arabia
RIYADH, SAUDI ARABIA - The Saudi Authority for Industrial Cities and Technology Zones (MODON) has attracted new investments worth US$34...
- This will be used to localize military aircraft industries, including drones and provide repair, maintenance and overhaul services for ships.
- Securing such capital is one of the authority's objectives and seeks to promote investment opportunities in industrial cities.
Business
Bezos sells $2bn Amazon shares
He reportedly intends to sell, next July, 50 million shares of the group.
- Bezos sold on Wednesday and Thursday some 12 million Amazon shares, at between $168-171 per share.
- A previous stock market document, out Wednesday, reported his intention to sell, next July, 50 million Amazon shares.
Business
Nissan profit drops to US$195m
Its sales in China slumped 35% from April to December.
- The automaker said its profit was $195 million in the last quarter, down from $341 million a year earlier
- Its quarterly sales jumped nearly 10% to 3.1 trillion yen ($21 billion) for the maker of the Leaf electric car
Hong Kong’s property distress hurting banks
Distressed property sales in Hong Kong are beginning to bite banks with average prices of office buildings, shopping malls and...
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Embracer sells Borderlands
Business
US stocks open mixed ahead post fresh economic data
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Tesla to unveil robotaxi in August
Its shares rose more than three percent in after-market trades.
Dubai receives 3.67 million visitors in first two months of 2024
Dubai, UAE--Dubai received 3.67 million overnight visitors in January-February 2024, with an increase of over 18 percent year-on-year (YoY), figures...
Business
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Economy
Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
- Al Multaqa Meetings empower Abu Dhabi to accelerate economic growth, by providing a platform to support investment.
- Supported by private sector and family-owned businesses, Abu Dhabi’s non-oil sectors is going from strength to strength.
Business
CBI, zypl.ai ink partnership
The pact aligns with CBI’s plan to support innovation in UAE.
- CBI, zypl.ai partnership signifies a strategic entry into using AI implementation for advanced credit scoring.
- CBI plans to further enhance operational efficiencies to ensure a swift and seamless lending experience.
Business
Samsung expects 10-fold jump in Q1 profit
It expects operating profits to jump to US$4.89bn.
- The company expects January-March operating profits to climb 931.3 percent to $4.89 billion
- The South Korean firm is expected to release its final earnings report at the end of this month