Davos25: Kyrgyzstan beckons with lax tax regime, says CEO of country’s tech hub
Davos, Switzerland -- Aziz Abakirov, the CEO of the High Technology Park of the Kyrgyz Republic, represents a unique initiative...
World Economic Forum
Latifa bint Mohammed awards UK’s Simon Squibb with ‘One Billion Award’ at 1 Billion Followers Summit
Dubai, UAE - Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority, presented the...
Business
Market Report
Kuwait leads GCC market gains amid regional tensions
Despite challenges from regional tensions and fluctuating oil prices, sectors like F&B and pharma see notable increases, showcasing the diverse...
- Despite challenges from regional tensions and fluctuating oil prices, sectors like F&B and pharma see notable increases, showcasing the diverse impacts on regional markets.
- Kuwait led with a 6.6% gain, while declines in Qatar, Saudi Arabia, and Abu Dhabi were balanced by other markets, amid notable drops in energy, materials, and real estate.
Business
Alibaba share buyback program up $25bn
Following the announcement, the firm's shares rise 5% in trading.
- In the quarter ending Mar 31, Alibaba posted sales of 260.3 billion yuan ($36.7 billion), up five percent year on year, the firm said -- but below analysts' forecasts.
- Based in eastern China's Hangzhou, Alibaba is a key player in the country's digital sector and is considered a barometer of consumer spending in the world's second-largest economy.
Business
Czech farmer cull 140,000 birds to halt spread of bird flu outbreak
Prague, Czech Republic - Czech farmers have killed about 140,000 birds since the start of the year in a bid to...
- The infected birds had the highly pathogenic H5N1 bird flu strain, which is potentially transmissible to humans
- The three commercial farms, all in central Czech Republic, have had to cull 50,000 ducks and 90,000 chicken
Business
Dubai Land Department records $172bn in realty deals in 2023
Dubai, UAE -- The Dubai Land Department (DLD) records an all-time high of 1.6 million transactions worth AED 634 billion...
- Real estate investments' value grew by 55 percent during the same period, reaching approximately AED 412 billion.
- There were 157,798 investments attributed to 113,655 owners, including 71,002 new investors, indicating a 20 percent increase.
Business
ADNOC Distribution posts record EBITDA
The EDITDA of $1bn benefited from OPEX saving of $28m.
- The company said it successfully delivered on the five-year target it communicated to the market during its first Capital Markets Day in May 2019.
- The company recommended a dividend of $350 million for the second half of 2023.
Business
Gaza solidarity boycott hits global food chains
As customers in the Middle East shun international restaurants, local businesses report they have benefited from the boycott.
- Starbucks sales grew at their slowest pace in a year, and profits fell short of Wall Street estimates as a spending slowdown took its toll.
- McDonald's shares declined for the second day after the company failed to achieve targeted sales for the first time since 2020 due to the war in the Middle East.
Business
Equinor reports 59% fall in net profit
Its earnings were US$36.2bn, half of what is was in 2022.
- The company's net profit slumped 59 percent last year to $11.9bn, dragged down by a decline in energy prices
- Anders Opedal, the company CEO, said that in 2023 the group "continued to contribute to energy security in Europe"
Business
TotalEnergies reports record annual profit
Net profit came in at $21.4 bn, an increase of 4% over 2022.
- Net profit came in at $21.4 billion, an increase of four percent over 2022, with the the energy giant proposing a 7.1 percent increase in its annual dividend
- After adjusting for non-recurring items, net profit stood at $23.2 billion, a fall of 36 percent from 2022 when the company withdrew from Russia
Business
Qatar and Egypt discuss ways to boost economic, trade ties
Doha, Qatar-- Qatar and Egypt are looking to boost trade and economic ties between the two countries, besides exploring ways...
- The Qatar Chamber first vice-chairman said Egypt offers abundant opportunities, which are attractive to Qatari investors
- The Egyptian official said that his country has brought in a host of reforms relating to investment for foreign investors
Business
ADNOC Drilling to expand fleet
The company aims to reach 142 operational rigs this year.
- The company's CEO said that it was looking to support ADNOC's 5 million-barrels-per-day-capacity target
- It has assembled one of the largest multi-disciplined fleets in the world, backed by the latest innovations
Davos25: Kyrgyzstan beckons with lax tax regime, says CEO of country’s tech hub
Davos, Switzerland -- Aziz Abakirov, the CEO of the High Technology Park of the Kyrgyz Republic, represents a unique initiative...
World Economic Forum
Company News
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OPEC+ decides to keep oil production levels unchanged
Vienna, Austria--The participants of the 53rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum...
Business
Turkish Airlines profits soar
In December, the airline ordered 230 Airbus planes.
Rising threat: DDoS attacks demand proactive defense
"Threat actors can employ artificial intelligence (AI) and machine learning (ML) algorithms to identify vulnerabilities and adapt their tactics in...
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Business
EasyLease buys stake in United Trans
This helps EasyLease expand its presence in mobility sector.
- United Trans has been at the forefront of transforming the regional transport spectrum.
- The company collaborates with major global organizations across all modes of transport.
Business
flynas receives 50th jetliner out of 120 Airbus A320neo ordered
RIYADH, SAUDI ARABIA – flynas, the Saudi air carrier and the leading low-cost airline in the Middle East and the...
- The deal with Airbus was a strategic step for flynas, consolidating its position as a leading low-cost airline in the Middle East.
- The company is moving forward in its plan to double the fleet size after getting approval to purchase 250 aircraft.
Business
Iran-Turkey trade expands to US$930m in first two months of 2024
Tehran, Iran--The trade exchanges between Iran and Turkey in the first two months of 2024 reached $930 million, showing a...
- According to a report, Turkey’s exports to Iran in January and February reached $580 million, recording a 23 percent increase
- Turkey’s imports from Iran however registered a 22 percent decline and fell from $450m in January-February 2023 to $350m