As ‘news deserts’ spread, US journalism fights on
Baltimore, United States - Baltimore Banner reporter Matti Gellman is first to leap in with questions during a recent press appearance...
Business
Special economic zones are a new craze in Middle East
Vast swathes of land across the desert region are seeing the sprouting of new special zones to entice big business...
Business
Business
Musk seeks changes at Twitter as he finalizes takeover
After changing his Twitter bio to "Chief Twit," Musk reportedly worked over the weekend with software engineers from Tesla to...
- Musk's team has reportedly been attempting to monetize Twitter's identity verification feature, which gives certain users a prized blue check mark
- According to another Twitter document filed with the SEC, Saudi Prince Al-Waleed Bin Talal has become the site's second-largest shareholder
Business
Saudi Arabia issues permits for projects worth US$1.1bn
Riyadh, Saudi Arabia—Saudi Arabia has issued permits for non-oil industrial projects worth $1.1 billion in August. The licenses issued in...
- The licenses issued in August were for chemicals, metals, machinery, furniture, home appliances and other light-medium products
- While 85 percent of the projects issued with permits were owned by locals, the remaining 15 percent were owned by foreigners or as joint ventures
Business
Emirates Steel Arkan Q3 net profit $28m
The net profit for the first nine months of 2022 was $104m.
- Revenues for the first nine months of 2022 rose to AED7.12 billion, while the revenues rose 29 percent to AED2.51 billion in the third quarter.
- The Group's Q3 2022 EBITDA gained 224 percent year-on-year (YoY) to AED269 million. The Group reported EBITDA of AED863 million.
Business
BP underlying Q3 profit at $8.2bn
BP, flush with cash, revealed a $2.5 billion share buyback.
- Profits were weaker than the second quarter due to a dip in oil prices.
- BP is meanwhile seeking to pivot towards cleaner energy and away from fossil fuels.
Business
Saudi Aramco, IBM partner to establish Innovation Hub in Kingdom
The partnership will support tech-driven economic growth in the Kingdom by promoting cutting-edge emerging technologies.
- The partnership will support tech-driven economic growth in the Kingdom by promoting cutting-edge emerging technologies
- New York-based IBM has worked with the energy industry since 1947, when the first computer was installed in Aramco
Business
du revenues vault 10.5%
It posted $863.17m in revenues for the first nine months of 2022.
- Mobile service revenues continued their recovery increasing by 10.7% to $393 million while equipment sales generated revenues of $48 million
- Fixed services revenues soared 22.2% to $243 million, buoyed by the continued strong performance of the consumer segment
Business
Aramco posts 39% rise in profits
The third quarters profits were boosted by higher oil prices.
- Its net income totalled $42.4 billion, up from $30.4 billion during the same period last year
- The company's CEO Amin Nasser touted the firm's "strong earnings and record free cash flow" of $45 billion, up from $28.7 billion at this time last year
Business
Toyota leaves net profit forecast unchanged despite production woes
Tokyo, Japan— Toyota kept its annual net profit forecast unchanged on Tuesday, as the weaker yen offsets supply-chain disruptions that have...
- The automaker said it now expects to sell half a million fewer vehicles in the current financial year because of the global chip shortage and other problems
- The country's exporters have reaped the benefits of a cheaper yen, which has lost more than 20 percent of its value against the dollar this year
Economy
UN says Afghanistan poppy cultivation surges as prices rise
More than a year after it took power, Taliban has failed to curb opium poppy cultivation in the country as...
- According to the Vienna-based UNODC, the 2022 poppy crop was also "the most profitable in years"
- The income made by farmers from opium sales more than tripled from $425 million in 2021 to $1.4 billion in 2022, the report said
Business
Egypt’s Sovereign Fund accumulates assets worth $621m
Riyadh, Saudi Arabia— Egypt's Sovereign Fund has accumulated assets worth $621-660 million as it seeks to double it by the...
- The CEO of the fund said that the issued capital of the fund has been fully covered at $5 billion
- The army-owned companies Safi and Wataniya would not be seeking stock exchange listings this year, according to the CEO
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
As ‘news deserts’ spread, US journalism fights on
Baltimore, United States - Baltimore Banner reporter Matti Gellman is first to leap in with questions during a recent press appearance...
Business
Company News
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$9.9bn transport investments boost Qatar’s logistics efficiency
Dubai, UAE -- Qatar Chamber has underscored Qatar's significant strides in the transport sector, positioning the nation as a formidable...
Business
Saudi oil and non-oil exports fall by above 17 percent in Sept
Dubai, UAE -- Saudi Arabia’s oil exports fell by 17.1 percent (SAR 17.2 billion or $4.58 billion) in September, mainly...
Business
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Business
EGA begins work on pilot plant to convert bauxite residue into manufactured soil
ABU DHABI, UAE – Emirates Global Aluminum (EGA) on Thursday announced the construction of a pilot plant to convert bauxite...
- The pilot plant will use technology to neutralise caustic bauxite residue into an environmentally benign raw material in hours.
- This optimised bauxite residue is the main ingredient for the manufactured soil, which EGA calls turba.
Business
Masdar City completes first net-zero energy commercial building in region
ABU DHABI, UAE - Masdar City, a sustainable urban community and a business and technology hub here, has just completed...
- NZ1 is designed to consume 53 percent less energy than an equivalent conventional building.
- Solar panels will generate 101 percent of the building’s annual energy needs, making it net-zero energy.
Business
Bahrain’s BIBF partners with UpGradelle to boost digital transformation
Manama, UAE--The Bahrain Institute of Banking and Finance (BIBF) has partnered with UpGradelle, a leading French-based consultancy firm, to develop...
- The BIBF intends to equip the country's financial and business sectors with skilled leaders that can "catalyse the change in business operations"
- CEO of the BIBF said the collaboration will strengthen their position as a leader in delivering state-of-the-art training and development solutions