Social media’s evolving role in GCC spotlighted at Doha conference
Doha, Qatar – The Qatar Investment and Innovation Conference, held on Wednesday, at Barahat Msheireb in Msheireb Downtown Doha, brought...
Content creation key to awareness, culture, human development: Dubai ruler
Dubai, UAE -- Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, attended part of...
Business
Business
McDonald Q4 profit up
McDonald's cited war in the Middle East as a drag.
- Profits in the quarter grew seven percent to $2.0 billion, while revenues increased eight percent to $6.4 billion.
- Global comparable sales grew 3.4 percent in fourth quarter, down from 8.8 percent in the third quarter and below the annual average
Business
Vodafone Q3 revenue dips
Poor display across Italy, Spain is said to be the reason for loss.
- Revenues dipped 2.3 percent to 11.4 billion euros ($12.3 billion) in the three months to the end of December, compared with a year earlier.
- "We maintained... revenue momentum in the third quarter," said chief executive Margherita Della Valle, adding the group had made "good strategic progress".
Business
Investment in Qatar free zones reaches US$1.3bn, says QFZ chairmanÂ
DOHA, QATAR - Minister of State and Chairman of Qatar Free Zones Authority (QFZ) Dr. Ahmad bin Mohammed Al Sayed...
- The QFZ chairman held a meeting with a delegation led by First Vice-Chairman of Qatar Chamber Mohamed bin Ahmed bin Twar Al Kuwari.
- The delegation paid a field tour to the Ras Bufontas Free Zone to explore the investment benefits and business opportunities within the free zones.
Business
European markets surge as US jobs data batter rate cut hopes
"The markets continue to forge ahead despite a blowout jobs report from the US last Friday which seems to have...
- Fed policymakers had left traders disappointed last week when they said after a meeting that they were unlikely to loosen policy at their next gathering.
- Most of Asia struggled again, however, with Hong Kong and Shanghai extending a sell-off fueled by growing concerns about the Chinese economy
Business
QatarEnergy, Mitsui ink pact
The agreement provide for a rise in condensate volumes.
- The 10-year supply agreement stipulates the supply of up to 11 million barrels of condensates per annum, starting from April 2024.
- The agreement highlights QatarEnergy's strategy of establishing longer-term strategic business relationship and cooperation.
48 Middle East and North Africa IPOs raise $10.7bn in 2023: Report
Five listings, mainly in the energy and logistics sectors, contributed 58 percent towards the total IPO proceeds raised, said the...
- During Q4 2023, 19 IPOs raised US$4.9bn in proceeds. ADES Holding Company raise the most funds and contributed 25% to the overall IPO in Q4.
- Saudi Arabia dominated IPO activity in the region with 14 of the 19 listings in Q4 2023. ADES was the biggest with US$1.2bn in proceeds.
Business
Total M&A market drops to US$3.2trn in 2023, says report
DUBAI, UAE - The total M&A market dropped 15 percent, to US$3.2 trillion, the lowest level in a decade, as...
- Many of the assets that did not come to market last year will fuel active dealmaking in 2024.
- The collapse of technology M&A has been the biggest drag on strategic mergers and acquisitions.
Business
Mubadala invests in Manipal Health
Manipal Health offers multispecialty care through 30 hospitals.
- Temasek, a Singapore-headquartered global investment company, will continue to hold a majority stake in Manipal.
- Employing more than 5,000 doctors, the company is India’s second-largest hospital chain by number of beds.
Business
Societe Generale to slash 900 jobs
The bank employs 117,500 people around the globe.
- The bank said that five percent of its head office staff would be cut as part of organizational changes
- The slashing will be carried out "through internal transfers, end-of-year support or voluntary departures"
Business
Irbid chamber industrial exports up
The value of certificates of origin issued stood at US$65m.
- Al-Hassan Industrial Estate, as per ICI's report, took the lead in export volume last month, contributing $59.5 million
- Irbid's exports to the United States accounted for 63.5 percent of the total export volume, exceeding $41.5 million
Social media’s evolving role in GCC spotlighted at Doha conference
Doha, Qatar – The Qatar Investment and Innovation Conference, held on Wednesday, at Barahat Msheireb in Msheireb Downtown Doha, brought...
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Tesla reports drop in auto sales
The decline was in part due to a weak sales market in China.
Business
Google to delete incognito search data
The suit filed in June of 2020 sought US$5bn in damages.
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Economy
Gross written premium rises by 12.7% in Q4 2023 to US$14bn, says CBUAE
ABU DHABI, UAE - The UAE insurance sector continued to grow in Q4 2023, as reflected by the increase in...
- The number of licenced insurance companies in the UAE remained at 60, the CBUAE announced in its quarterly economic report.
- The insurance of persons and fund accumulation premiums decreased by 12.4 percent YoY.
Business
New shipping service in Saudi Arabia launched
RIYADH, SAUDI ARABIA - The Saudi Ports Authority (Mawani) has announced the addition of the new shipping service 'NRS' by...
- The NRS shipping service will link Jeddah Islamic Port to Yanbu Commercial Port, Neom Port, Aqaba Port in Jordan, and Sokhna Port in Egypt.
- This will further establish the Kingdom's position as a global logistics hub that bridges three continents,
Business
Liberty Media buy MotoGP
Formula One owners paid US$4.5 billion for the deal.
- The acquisition is expected to be completed by the end of 2024 subject to clearances and approvals.
- MotoGP said Liberty Media would acquire "approximately 86 percent" stake from Spain-based owners Dorna.