US$1.5 billion Amazon protection plan launched in Davos
A carbon markets investor backed by Swiss-trading house Mercuria said on Wednesday it had joined with two non-profits to raise...
1 Billion Followers Summit: AI’s transformative role in content creation highlighted by YouTube, Meta, Duolingo
Dubai, UAE - The 1 Billion Followers Summit, the world’s largest event dedicated to the content creator economy, brought together...
Business
Business
Maqta acquires stake in Dubai Technologies
The majority stake was acquired for $7.6 million.
- The founder will retain a 40 percent stake in the company, and the existing leadership team will remain in management to deliver on the strategic growth plans.
- The company's FY2023 financial performance recorded revenues of AED70.5 million and EBITDA of AED8.4 million.
Business
BP posts US$15.2bn net annual profit
It will deliver US$1.75bn in buybacks for Q4 of last year.
- Its profit after tax surged to $15.2 billion last year from a net loss of $2.5 billion in 2022
- The bumper profit came after slumping into a loss the prior year on its exit from Russia
Business
Toyota expects to book profit of US$30bn
Its third-quarter net profit jumped to US$7 billion.
- The weak yen is also boosting earnings for the auto titan, which now expects to book a net profit of 4.5 trillion yen ($30 billion) this financial year
- Last week, Toyota announced record vehicle sales of 11.2m across its brands in 2023, maintaining its crown as the world's top-selling automaker
Business
WEF24: Understanding regional nuances key to success
Industries are increasingly investing in transformative technologies, including cybersecurity, sustainable solutions and AI, Sapthagiri Chapalapalli tells TRENDS in an interview.
- Industries are increasingly investing in transformative technologies, including cybersecurity, sustainable solutions and AI, Sapthagiri Chapalapalli tells TRENDS.
- Proactive approach in building reference architectures and industry-specific AI use cases positions TCS as a leader in designing tomorrow's technology, he adds.
Business
Ghitha Holding buys stake in MNG Airlines
The acquisition of 44% stake is valued at US$211.20 million.
- The buying of stake in the airline is expected to mark a significant stride towards diversifying Ghitha Holding’s robust portfolio
- The Turkish airline offers specialized services including scheduled and block space charter, aircraft, crew, maintenance and insurance
Business
Abu Dhabi Airports appoints Elena Sorlini as Managing Director and CEO
Abu Dhabi, UAE - Abu Dhabi Airports, the operator of Abu Dhabi's five commercial airports, has announced the appointment of...
- Since joining Abu Dhabi Airports, Sorlini has overseen the successful opening of Abu Dhabi International Airport's new state-of-the-art Terminal A
- Additionally, she has played an important role in maintaining the steady increase of passenger traffic numbers, which continue to experience year-on-year growth
Business
Investors eye UAE’s booming sustainable finance sector
"Numerous opportunities exist in sustainable investments, especially in sectors like building systems, renewable energy, water, food and agriculture, shipping, among...
- The UAE is experiencing remarkable growth in sustainable finance, according to Barclays Private Bank UAE CEO Rasha Badawi.
- Sustainable investment opportunities expanding in the UAE across various sectors including renewable energy and agriculture, she adds.
Business
Jeddah Central Development Company signs 4 contracts worth $3bn
Jeddah, Saudi Arabia - The Jeddah Central Development Company, a company owned by the Public Investment Fund (PIF), signed four...
- The Jeddah Central Development Company will open the Jeddah Central destination to receive visitors at the end of 2027 from inside and outside the Kingdom
- The destination will include the Stadium, the Opera House and the Oceanarium, in addition to a sandy beach, a pier, a seafront promenade, and a marina
IHC net profit soars to US$8.9bn
The company's revenue for the year 2023 stood at US$16.33bn.
- The company's earnings per share (EPS) witnessed a huge rise, more than doubling from AED 6.81 to AED 12.36
- The group said that its preliminary revenue rose to $16.33 billion, marking an 18% increase from the previous year
Business
Gulf realty navigates opportunities and challenges
The GCC real estate sector enters 2024 amidst a complex interplay of global economic challenges and regional opportunities, says a...
- The GCC real estate sector enters 2024 amidst a complex interplay of global economic challenges and regional opportunities, says a latest report.
- With Dubai defying global trends and Saudi Arabia's Vision 2030 spurring growth, the landscape is ripe with potential. Qatar, however, faces correction.
US$1.5 billion Amazon protection plan launched in Davos
A carbon markets investor backed by Swiss-trading house Mercuria said on Wednesday it had joined with two non-profits to raise...
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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...
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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...
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Central Bank of Bahrain Sukuk Al Ijara oversubscribed by 186 percent
Manama, Bahrain--The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al...
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FAB, Microsoft forge partnership
The two will work to develop AI-based banking capabilities.
- The new AI Innovation Hub will focus on innovation, sustainability, and customer experience
- It will accelerate the adoption of new innovations and AI technology into financial services
Google to delete incognito search data
The suit filed in June of 2020 sought US$5bn in damages.
- The lawsuit, filed in a California court in June 2020, claimed Google's practices had infringed on users' privacy by intentionally deceiving them with the incognito option
- The settlement calls for no cash damages to be paid but leaves an option for Chrome users who feel they were wronged to sue Google separately to get money
Business
ADQ launches new firm in healthcare sector
Arcera will aim to improve the quality of "human life."
- It will seek to build a global life sciences powerhouse set to make significant contributions to realizing Abu Dhabi’s 2030 Healthcare Life Sciences Vision
- With a workforce of over 6,500 people in 90 countries all over the world, Arcera aims to offer groundbreaking solutions that foster longer and healthier lives