Saudi Aramco says foreigners grab ‘majority’ of share offering
Riyadh, Saudi Arabia - Oil giant Saudi Aramco said Sunday that international investors had snatched up the bulk of shares sold...
Business
Airlines expect over $30 bn in profits and passengers to hit nearly five billion in 2024: IATA
The International Air Transport Association (IATA) announced strengthened profitability projections for airlines in 2024 compared with its June and December...
Business
Arts & Culture
There won’t be another World Cup like Qatar 2022
Few countries could have afforded the $200 billion-plus bill that the tiny but super-wealthy emirate has paid for its spectacular...
- The World Cup has become such an expensive and controversial behemoth that FIFA may struggle to find a single country ready to shoulder the task of hosting.
- The tournament is expanding to 48 teams when the circus moves to the United States, Canada and Mexico in 2026.
Business
Amazon confirms it has begun laying off employees
US media have previously reported that the platform and its various branches will lay off about 10,000 employees. Amazon did...
- A reduction of 10,000 employees would represent a little less than one percent of the group's total payroll, which had 1.54 million employees worldwide
- Many technology companies that had been hiring heavily during the pandemic have recently announced job cuts, including Meta, Twitter, Stripe and Lyft
Business
Dubai Islamic Bank, Al Ramz Corporation announce strategic alliance
Dubai Islamic Bank will now provide brokerage and related services to its clients through Al Ramz Capital.
- Dubai Islamic Bank will now provide brokerage and related services to its clients through Al Ramz Capital
- The brokerage service was earlier provided through its subsidiary Dubai Islamic Financial Services
Business
Twitter exodus begins after Musk ‘hardcore’ ultimatum
Esther Crawford, the platform's director of product development and one of the few managers who have not been fired, who...
- Musk, also the CEO of Tesla and SpaceX, has come under fire for radical changes at the social media company
- He has already fired half of the company's 7,500 staff, scrapped a work-from-home policy and imposed long hours
Business
Deepening synergies to further strengthen bilateral economic and commercial ties between Sharjah, India
He was speaking at the Sharjah–India Business Roundtable -- organized by the Sharjah FDI Office (Invest in Sharjah), in collaboration...
- The roundtable sought to promote investment opportunities in competitive sectors and highlighted the range of services and facilities offered by various government organizations
- With 15,868 Indian firms operating in mainland Sharjah and 10,000 across its specialized free zones, the economic and commercial relations between the two has strengthened
Business
‘Ambush marketing’ may spoil the game as businesses across GCC get ready to gain from Qatar World Cup
As the world gears up for the FIFA World Cup 2022 in Qatar, the positive ripple effect is being felt...
- As the world gears up for the FIFA World Cup 2022 in Qatar, the positive ripple effect is being felt in the business fraternity across the Gulf region, especially in the UAE
- The mega sporting event is set to benefit almost every sector of the regional economies with tourism, hospitality, F&B, retail, real estate and entertainment gaining the most
Economy
UK rolls out budget full of tax hikes as recession seeps in
Britain unveiled a painful budget with $65 billion of tax hikes and spending cuts despite confirming its economy was in...
- Finance minister Jeremy Hunt said the measures were needed to bring financial stability after recent markets turmoil.
- The pound had hit a record-low close to parity against the dollar in late September after Truss failed to reveal the impact of her tax cuts on growth and inflation.
Business
Educational Holding net profit $20.3m
The profits grew by 1,3 percent compared to 9M period last year.
- The Group provides educational services in Kuwait in accordance with Shariah principles.
- Earlier this month, Kuwait Capital Markets Authority approved the merger between Educational Holding Company and Boubyan Petrochemical Company.
Business
Alibaba posts Q3 loss of $2.9bn
Firm's result is seen as a gauge of Chinese consumer sentiment.
- The heavy net loss attributable to ordinary shareholders was primarily due to a decrease in market prices of its equity investments in publicly traded companies.
- Alibaba said it achieved revenue growth by "enhancing operating efficiency" as well as through the expansion of its logistics and services businesses.
Business
Mawani felicitated at the Maritime Standard Awards 2022
RIYADH, SAUDI ARABIA - The Saudi Ports Authority (Mawani) won an award at the ninth edition of the Maritime Standard...
- The awards is an annual industry event that felicitates top performers in the shipping, ports, and related sectors in the Middle East and the Indian subcontinent.
- The award crowns Mawani’s efforts in revolutionizing the Saudi maritime ecosystem and facilitating global trade.
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Saudi Aramco says foreigners grab ‘majority’ of share offering
Riyadh, Saudi Arabia - Oil giant Saudi Aramco said Sunday that international investors had snatched up the bulk of shares sold...
Business
Company News
Latest News
UAE presents its maritime contributions at IMO meet in UK
DUBAI, UAE - Presenting its category B candidacy in the International Maritime Organization (IMO) Council at the organization’s focus group...
Business
Eve Air Mobility, flynas ink MoU
The firms will explore starting eVTOL services in Saudi Arabia.
Business
Google to pay Canadian media $73m annually after a deal with Ottawa
Ottawa, Canada -- The Canadian government and Google have reached a deal to support the country's media, heading off an...
Business
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Business
Saudi Arabia’s PIF to buy 10 percent stake in London’s Heathrow airport
Saudi Arabia's sovereign wealth fund is to buy 10 percent of London's Heathrow airport from Spanish infrastructure giant Ferrovial, whose...
- Heathrow, which is one of the world's busiest airports, is owned by the consortium FGP Topco Limited.
- Ferrovial bought its stake in Heathrow in 2006 and initially held 56 percent of the hub, before reducing its interest.
Business
Aster to separate its India and GCC businesses
Dubai, UAE - Aster, an integrated healthcare provider, is separating its India and GCC businesses, subject to regulatory and corporate...
- Under the plan, a consortium led by Fajr Capital has entered into an agreement to acquire a 65% stake in the ownership of the GCC business
- The separation plan will unlock value for the shareholders by allowing both the India and GCC businesses to adopt a market-focused strategy
Economy
SUV sales ‘offset’ carmakers’ electric gains: Greenpeace
The SUVs produced by Toyota, Volkswagen, and Hyundai-Kia have all posted sales increases of more than 150% over the past...
- Greenpeace report said that SUVs emit approximately 12 percent more carbon dioxide than sedans
- Volkswagen SUV sales soared by 270% over the last 10 years, while Toyota SUV sales have risen by 158%