Iraq father begins legal action against BP over son’s cancer death
Rumaylah, Iraq - Hussein Julood is taking legal action against British energy giant BP after he lost his son to...
Business
Apple’s latest iPad signals the company’s AI-powered future
San Francisco, United States - Apple on Tuesday announced a line of new iPad tablets revamped with a powerful AI chip...
Business
Geostrategy
UAE-India manpower technical panel discuss collaboration
DUBAI, UAE - The UAE-India joint technical committee for manpower held its first meeting where it explored areas of collaboration...
- Both parties highlighted their keenness to enhance cooperation to ensure a safe, organized and legal transition of Indian laborers.
- The UAE delegation presented key insights on its job market, which is one of the preferred global destinations for work.
Business
Yahsat reports double digit revenue
The company posted an EBITDA of $189 million.
- The company also announced a normalised net income of $76 million, up 39 percent year-on-year
- It also posted an adjusted EBITDA of AED694 million ($189 million), up 10 percent year-on-year
Business
BinDawood’s profit falls by 74%
Its net profit tumbled to $16m in first nine months.
- The company attributed the weak figures to lower gross profit and higher operating expenses combined
- For the third quarter of the year, BinDawood accrued losses of $12.80 million from profits of $18.66 million in the same period of last year
Business
Sony to begin plastic packaging phase-out next year
The Japanese conglomerate wants to eliminate the material from all containers for newly designed smaller goods by 2025, a spokeswoman...
- From April 2023, plastic packaging will not be used for some new products weighing one kilogram or less
- Sony eventually wants to eliminate plastic packaging for larger products like televisions, but no specific time frame has been decided yet
Business
Al-Othaim’s profit up by 436%
Its profit rose to $235m in the first nine months of 2022.
- The company’s share price went up 1.57 percent to SR116.80, after releasing its earnings report on Monday
- Thanks to a 13 percent increase in revenue to $1.86 billion, the retailer’s profit surged 486 percent from $40 million in the same period last year
Business
Investcorp of Bahrain to boost India investments to US$5bn
The company hopes to elevate its investments in India to $5 billion within the next five years, up from just...
- Manama-based private equity company's investments in India represents just 1.5 percent of the $42.7 billion in assets managed by the firm globally
- The plan to ramp up investments in India is a part of Investcorp’s strategic move to expand its assets to $100 billion
Business
Renault to reorganize towards electric future
The electric vehicle market is expected to grow rapidly in response to consumers' worries about climate change, putting pressure on...
- Investors on Monday expressed their interest in Renault's transformation, with the group's shares climbing 3.77 percent on the Paris stock market
- Renault still needs large investment to accelerate its electric transformation, according to plans it presented in 2020
Business
ITA Air chief quits amid clash over sale
Chairman Alfredo Altavilla was accused of obstructing an offer by US investment fund Certares, Delta Airlines and Air France-KLM in...
- According to Italian media, the Certares consortium had proposed buying nearly 56 percent of ITA for around 600 million euros ($599 million)
- Lufthansa and Swiss-Italian shipping group MSC had meanwhile offered 850 million euros for 80 percent of ITA, which replaced loss-making national carrier Alitalia
Business
Global financial industry leaders set to descend on Abu Dhabi
Key speakers from global investment and financial companies include Nouriel Roubini, Chief Economist at Atlas Capital Team L.P and, Hazem...
- Key speakers from global investment and financial companies include Nouriel Roubini, Chief Economist at Atlas Capital Team L.P and, Hazem Ben-Gacem, Co-CEO of Investcorp
- The event now has Abu Dhabi Islamic Bank (ADIB), HSBC Bank, Mubadala and Standard Chartered as official partners, MidChains and OKX as supporting partners
Business
US seizes US$3.4bn in bitcoin stolen from Silk Road
New York, United States— The US government announced Monday it had seized $3.4 billion in bitcoin from a real estate developer...
- Agents recovered the digital money when they raided Zhong's house in Gainesville, Georgia, in November last year
- Prosecutors say Zhong defrauded Silk Road by triggering quick transactions from roughly nine anonymous accounts
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Iraq father begins legal action against BP over son’s cancer death
Rumaylah, Iraq - Hussein Julood is taking legal action against British energy giant BP after he lost his son to...
Business
Company News
Ford lays off 300 US workers
Business
Adnoc Gas awards contract
Business
Latest News
Sonatrach sacks CEO
Business
JABEEN signs contracts with Retal, Abyatna
The firms will build primary and secondary infrastructure works.
Business
Abu Dhabi hosts ‘Fortune Global Forum’ to debate challenges to global economy
Abu Dhabi, UAE-- The world's top heads of multinational companies, policy-makers, and investors will gather in Abu Dhabi today to...
Business
Key contender Riyadh eyes Expo 2030 win tomorrow
Saudi Arabia -- competing against Busan, Korea, and Rome, Italy -- bids for Expo 2030 with a focus on innovation,...
Business
Most Read
Business
Qatar’s North Field expansion fuels optimistic outlook
"Looking ahead, our focus is on the North Field Expansion and sustainability projects. We are collaborating with our contractors to...
- QatarEnergy's North Field Expansion Project to increase LNG production from 77 to 126 million tons per year.
- A 27-years partnership agreement has been signed with Sinopec for North Field South (NFS) expansion.
Business
Infracorp logs $29.8m profit
The company specializes in social infrastructure.
- Infracorp is currently restructuring its industrial portfolio to support its expansion in developing vital industrial infrastructure in Bahrain
- The company is expanding its investment portfolio in the hospitality sector and attracting several international names, including ROKA and Avli by tashas
Business
AD Ports Group expands operations in Kazakhstan with two new oil tankers
Abu Dhabi, UAE--AD Ports Group in collaboration with KazMorTransFlot (KMTF) has announced the acquisition and commencement of operations of two...
- The acquisition of two vessels represent a combined investment of US$35 million, and are specifically tailored for the Caspian Sea's shallow draft
- The new investment by AD Ports Group and KazMorTransFlot brings the total number of oil tankers operating under the KMTF agreement to five