Business

Agthia 9M profit nearly triples

Third-quarter revenue increased 14.4 percent.

UAB nine-month profit rises 6%

Loan growth, lower impairment charges boost earnings

du 9M profit up 10.8%

Revenue grows as connectivity demand supports earnings

Al Rajhi Bank 9M profit up

Revenue growth lifts earnings despite higher provisions

Mashreq prices Dim Sum bond

UAE bank raises offshore renminbi funding

Saudi Arabia’s merchandise imports rise 8 percent to $19.34bn in Jan

Riyadh, Saudi Arabia -- Saudi Arabia’s merchandise imports increased 8 percent year-on-year (YoY) to SAR 72.6 billion ($19.34 billion) in...

Meta to start using Europeans’ data for AI training May 27

Paris, France -- Meta will start using public posts and comments by its European users to train generative artificial intelligence...

Business
Business

Jordanian-Bahraini business forum explores investment opportunities

AMMAN, JORDAN - The Jordan Chamber of Industry (JCI) organized the Jordanian-Bahraini Business Forum in Bahrain's capital, Manama, to increase...
  • The Jordan Chamber of Industry stressed on the role of the private sector as a driver of the economy.
  • The JCI described the level of trade between Jordan and Bahrain as "below aspirations," amounting to less than US$300 million.
Economy

ADJA delivers training program on drafting contracts, legal memos

ABU DHABI,  UAE - The Abu Dhabi Judicial Academy (ADJA) has conducted a specialized training program on drafting and writing...
  • This was done to develop the skills and competencies of practitioners engaged in the legal profession.
  • The program will help the professionals to improve the quality of their service.
Business

ADIB ups ownership in ADIB Egypt

ADIB acquired 9.6m shares from National Investment Bank.
  • ADIB acquired 9.6 million shares from National Investment Bank (NIB), representing 2.4 percent of ADIB Egypt’s share capital.
  • The deal has raised ADIB UAE’s ownership in the Egyptian unit to 52.607 percent.
Business

NBF introduces ‘CVVkey’

It will shield customers from fraud and online threats.
  • CVVkey will be a key element in NBF's efforts to improve cybersecurity across its operations and protect its customers from fraud and other online threats
  • Every few hours, the CVVkey app provides a unique 3-digit dynamic security code for each card enrolled in the service
Business

Stellantis to build electric ‘air taxis’ with Archer

Called Midnight, the vehicle looks like a small plane with several rotors on its wings and is designed to make...
  • Stellantis will invest up to $150 million in Archer and its vertical takeoff and landing aircraft (eVTOL) designed to carry four passengers in addition to the pilot
  • The two groups had previously partnered in 2021 but on a more limited scale, with Stellantis expected to provide technical assistance and access to its supply chain
YEARBOOK 2023

GCC investment in non-oil sectors grew in 2022

GCC countries witnessed the launch of massive economic and development projects in various sectors last year as part of their...
  • GCC countries witnessed the launch of massive economic and development projects in various sectors last year as part of their strategy to diversify their economies
  • The Kingdom's NEOM introduced the energy and water company Inwa, while the Saudi Ports Authority launched 12 private sector investment opportunities last year
Business

dnata begins building warehouse

The facility will be capable of processing 100,000 tons of cargo annually.
  • The facility represents an investment of US$14 million and will create up to 50 additional, direct jobs with dnata in Iraq.
  • The foundation stone for the cargo warehouse is scheduled for completion in September 2024.

Ex-crypto boss Bankman-Fried pleads not guilty to fraud

The United States has charged Bankman-Fried with conspiracy, wire fraud, money laundering and election finance violations. Prosecutors allege he cheated...
  • The 30-year-old former digital currency billionaire, who is out on bail, entered the plea in federal court in Manhattan before New York judge Lewis Kaplan
  • FTX and its sister trading house Alameda Research went bankrupt in November, dissolving a virtual trading business that at one point had been valued by the market at $32 billion
Science

Qatar recycles 80% of waste collected during World Cup

Doha, Qatar-- Qatar has recycled some 80 percent of waste collected from stadiums during the FIFA World Cup games. According...
  • Nearly 54 percent of the waste has been converted into compost, 22 percent into plastic, 14 percent into paper and cardboard, and 8 percent into glass
  • She said the climate change issues and the optimal utilization of natural resources are among the top priorities of the Sustainability Department at the SC
Business

Sustainability key for next-gen data center models

At present, the data center industry as a whole uses approximately 150 billion kilowatt-hours of electricity annually, which is about...
  • At present, the data center industry as a whole uses approximately 150 billion kilowatt-hours of electricity annually, which is about 3 percent of the world’s electricity usage
  • Data centers must operate as efficiently and sustainably as possible to eliminate any potential harm to the environment.

Saudi Arabia’s merchandise imports rise 8 percent to $19.34bn in Jan

Riyadh, Saudi Arabia -- Saudi Arabia’s merchandise imports increased 8 percent year-on-year (YoY) to SAR 72.6 billion ($19.34 billion) in...

Company News

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New York Times sues OpenAI, Microsoft in copyright clash

Through their AI chatbots, the companies "seek to free-ride on The Times' massive investment in its journalism by using it...
Business

UAE’s budget carrier Air Arabia to launch daily flights to Kabul

Last month flydubai, another low-cost Emirati airline, became the first international carrier to resume flights to Afghanistan since the chaotic...
Geostrategy

AD Ports, RSPA to develop and operate terminal in Egypt’s Safaga Port

Cairo, Egypt -- AD Ports Group (AD Ports) has signed a concession agreement with the Red Sea Ports Authority (RSPA)...
Business

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Business

Yango shakes up UAE transportation sector with innovative tech and safety features

DUBAI -- In the heart of the UAE, a significant transformation is taking place in the transportation sector. As the...
  • The firm emphasizes on safety with advanced technologies like speed control and driving-style monitoring systems.
  • Beyond ride-hailing, Yango offers last-mile delivery solutions and an AI Arabic-speaking assistant, Yasmina.
Business

SAMA seeks public feedback on financial governance amendments

Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has invited interested parties and specialists concerned with “Key Principles of...
  • The amended key principles aim to keep alignment with the latest regulatory changes and updates in the new Companies Law and its Implementing Regulations.
  • Suggestions and observations on the draft will be received within (15) days of this announcement for assessing their relevance in finalizing the draft, SAMA added.
Business

India’s L&T secures EPC contract for Saudi Arabia’s Amaala project

New Delhi, India - Larsen & Toubro (L&T) secured a major Engineering, Procurement, and Construction (EPC) contract for the Amaala...
  • The contract, awarded by the consortium of Masdar and EDF, involves the establishment of renewable energy generation, power utilities, and water systems
  • L&T, as the turnkey contractor, inked the EPC agreement with Amaala's developers, Masdar, and EDF, reports in Indian media said