Chinese electric car maker BYD aims for Europe boost
Chinese carmaker BYD on Thursday vowed to conquer Europe with a new compact electric model and super-fast charging capability to...
Business
ADNOC Drilling approves $788m dividend
The final cash dividend of $394m for 2024 was approved at the AGM.
Business
Business
Germany bans chipmaker’s sale to Chinese firm
Fears have been growing in Europe's economic powerhouse about an over-reliance on Beijing, and letting critical infrastructure fall into the...
- Chinese company Sai MicroElectronics had been seeking to buy the Dortmund factory of Elmos through its Swedish subsidiary Silex.
- The German government had rejected the planned takeover because "the purchase could endanger the order and security of Germany.
Business
UAB posts $32.39 million net profit
Third quarter operating income grows by 4 percent.
- In a statement, the bank said the growth in net profit is a result of improved operating performance and lower expected credit losses.
- The bank returned to profitability due to the execution of an effective strategy, said Sheikh Faisal bin Sultan bin Salem Al Qassimi, Chairman of the Board of Directors UAB.
Business
Meta lays off 11,000 staff, Zuckerberg calls it the ‘most difficult change’
Zuckerberg said the cuts represented 13 percent of Meta's workforce and would affect its research lab focusing on the metaverse...
- The tech industry is currently in a serious slump and several major firms have announced mass layoffs -- Twitter's new owner Elon Musk fired half its staff last week.
- Ad-supported platforms such as Facebook and Google are suffering from advertisers' budget cuts as they struggle with inflation and rising interest rates.
Business
Dana Gas net profit up 64%
The company reported net profit of $161m for 9M of 2022.
- In a bourse disclosure, the company said the gross revenue for the same period increase by 24 percent year on year to AED1.521 billion ($415 million).
- The gains in profit were driven by higher realized prices, “prudent cost control and strong operational performance in the Kurdistan Region of Iraq (KRI)”, the filing said.
Business
Villas, apartments form major chunk of $598m Dubai realty deals Tuesday
Dubai, UAE---Dubai real estate market recorded realty deals worth AED2.2 billion ($598 million) on Tuesday, according to the data by...
- The deals include 544 sales transactions worth AED1.64 billion, in addition to 78 mortgage deals of AED590.54 million.
- Residential properties in the UAE remain a top priority for international real estate investors.
Business
Al Arabia’s profit up 43%
Its profit rose to $52 million in first nine months.
- The Riyadh-based firm, partly owned by media giant MBC group, saw its revenue jump 64 percent to $216 million
- It added that the results were bolstered by the company's efforts to enhance regional expansion and enter new projects and strategic partnerships
Business
Saudi signs agreements with Oman, Egypt to boost energy ties
Sharm el-Sheikh, Egypt—Saudi Arabia has signed two separate agreements with Oman and Egypt to boost ties in the energy field....
- The MoU between Saudi Arabia and Oman also includes cooperation on hydrogen as well as enhancing digital transformation in the energy field
- The Saudi-Egypt deal aims to enhance cooperation in the production and export of electricity from renewable energy, transport of clean hydrogen, and electrical interconnection
Business
Elon Musk sells nearly $4bn in Tesla stock: SEC filing
Musk has been searching for ways for the social media platform to make money after the buyout, including an idea...
- Documents filed with the SEC indicated that he had disposed of more than 19 million shares, worth in excess of $3.9 billion
- Musk has been pushing for ways to pay for the massive deal, for which he took on billions of dollars in debt and earlier sold $15.5 billion worth of shares in Tesla
Business
Crypto billionaire Sam Bankman-Fried falls prey to Binance
Described by his admirers as the white knight of a sector plunged into turmoil, SBF suddenly saw its star fade...
- Bankman-Fried has pledged to donate almost all of his fortune to his favored causes, like animal welfare and the fight against global warming
- Just over 24 hours after denying rumors of trouble, Bankman-Fried announced on Twitter that he had reached a "strategic transaction" with Binance
Business
Disney+ gains 12m subscribers as losses pile up
Although its subscriber base has swelled by 12 million users, Disney+ has seen its operating losses touch $1.47 billion for...
- Disney+, fast on the heels of Netflix, is about to launch a cheaper but ad-supported subscription offering to attract even more viewers
- Sales and profit for the entertainment group as a whole were below analyst expectations and shares in Disney fell as much as 7.9 percent in late trading
Chinese electric car maker BYD aims for Europe boost
Chinese carmaker BYD on Thursday vowed to conquer Europe with a new compact electric model and super-fast charging capability to...
Business
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Nakilat profit jumps 4.8%
Business
COP28 focused on achieving balanced package in negotiations: Majid Al Suwaidi
Dubai, UAE-- The COP28 Presidency is focused on achieving a balanced package in the negotiations, according to Ambassador Majid Al...
COP28 UAE
Cloud security challenges haunt firms in UAE and KSA
Rapid cloud adoption in the two GCC countries is accompanied by increased security risks, leading to costly data breaches, reveals...
NDMC secures syndicated international loan worth $11bn
Riyadh, Saudi Arabia -- The National Debt Management Center (NDMC) completed the arrangement of a syndicated international loan worth $11...
Business
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COP28 UAE
ENEC signs MoU with Egypt
They will explore to advance the use of nuclear energy.
- The UAE's nuclear body is focused on strategic investments, research and development, and innovative approaches to cater to the need for clean energy sources
- It is cooperating with local stakeholders to determine deployment pathways, and with international partners for both technology and project collaboration opportunities
Regenerative business models keep UAE ahead globally
With 57% of C-suite executives in the UAE prioritizing regenerative models, the country is leading the global shift towards sustainable...
- With 57% of C-suite executives in the UAE prioritizing regenerative models, the country is leading the global shift towards sustainable and regenerative business practices.
- This trend, especially notable in the retail and energy sectors, marks a significant paradigm shift in how businesses approach sustainability and societal impact.
COP28 UAE
OPEC implores members to oppose any COP28 deal targeting fossil fuels
Dubai, UAE--The head of OPEC has urged members of the oil cartel to reject any deal at UN climate talks...
- The OPEC chief urged members to reject any text or formula that "targets energy i.e. fossil fuels rather than emissions"
- On Friday, negotiators released an updated text that still includes various options for exiting oil, gas and coal