Borouge proposes share buyback
The company had posted a 24% YoY increase in net profit to $1.24bn.
Business
Electric, hybrid and aerial to entirely transform city life: IIT Madras expert
Easier commutes with faster, quieter, and eco-friendly vehicles would reduce travel times significantly and reduce stress for urban residents, says...
Interview
Business
ACWA Power to build 10 gigawatts wind project in Egypt
Riyadh, Saudi Arabia— ACWA Power Company of Saudi Arabia has signed an agreement with Egypt to build a 10 gigawatts...
- According to the Saudi Ministry of Energy, the agreement has been reached with Egypt’s New & Renewable Energy Authority and Egyptian Electricity Transmission Co
- Saudi Arabia’s ACWA Power has invested $1.5 billion in a wind power plant in Egypt as the company expands its horizons in renewable energy
Business
Google looks to develop AI in one thousand languages
As progress is made on the project, which is estimated to take several years, Google plans to integrate its advances...
- The company wants to mine data in new languages not only from texts available on the internet but also from videos, images and speech
- Meta earlier this year announced a similar plan called No Language Left Behind designed to create translation systems to cover hundreds of world languages
Business
Brewed in Palestine, Taybeh beer comes to the UAE
The beer will not offend religious sensibilities in UAE as it is aimed at foreigners and also because it produces...
- The West Bank's beverage last week passed past an army roadblock on its way to the Israeli port of Ashdod from where it is exported to the UAE
- Selling in the UAE market has both financial and symbolic value for Taybeh, which was launched in 1994 as the first microbrewery in the Middle East
Geostrategy
Restoring banned Twitter accounts may take some weeks: Elon Musk
Twitter users have been watching closely to see whether Musk will reinstate Trump, banned for inciting last year's attack on...
- Since Musk takeover on Twitter, Trump has suggested that he would be sticking with his own Truth Social messaging platform rather than going back to Twitter.
- The new Twitter boss said he had talked to civil society leaders about how Twitter will continue to combat hate and harassment and enforce its election integrity policies.
Business
ADNOC and Siemens Energy to develop low-carbon energy certificates
Abu Dhabi, UAE---Abu Dhabi National Oil Company (ADNOC) and Siemens Energy AG today announced plans to pilot blockchain technology to...
- The the pilot will show how much CO2 was used to make products such as Murban crude, ammonia, and aviation fuels.
- This information will be automatically recorded onto a decentralized blockchain ledger.
Business
Americana to sell 30% stake in IPO
The company will list on ADX and Saudi Tadawul by Dec. 6.
- The company said it will sell 2.5 billion of its existing shares in the IPO, which expected to run from 14-21 Nov. for retail investors in the UAE and Saudi.
- The final offering prices will be determined after the book-building process.
Business
ADNOC Drilling awards $1.6 bn agreement
The award is aimed at upping lower-carbon-intensive production capacity.
- The award covers ADNOC’s onshore and offshore fields and will see an additional $750 million above guidance added to Oilfield Services (OFS) revenue, or $150 million per year.
- The contract award brings the total value of awards confirmed by ADNOC Drilling in 2022 to $8.85 billion.
Economy
Saudi Arabia, Egypt discuss renewable energy cooperation
The two ministers also talked about the progress in the electrical interconnection efforts.
- The two ministers also talked about the progress in the electrical interconnection efforts
- They also discussed ways to improve cooperation between their specialized businesses
Business
Saudi Arabia and Finland to start air services and increase trade
Helsinki, Finland— Saudi Arabia and Finland have signed an agreement to regulate air transport and start air services between the...
- The memorandum aims to boost trade and raise the level of economic partnership between the two nations
- The agreement includes the organizational clauses related to transport rights, the plurality of designating national carriers, determining the number of regular flights
Business
e& posts 1.9% jump in profit
The telecom company's net profit vaulted to $680.5m in Q3.
- The telecom company said that its revenues surged to hit $3.54 billion
- Its subscribers in the UAE reached 13.3 million in Q3 2022, representing an increase of 11 percent over the same period last year
Borouge proposes share buyback
The company had posted a 24% YoY increase in net profit to $1.24bn.
Business
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Birkenstock to list on NYSE
Business
ExxonMobil to acquire Pioneer
Business
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Silal acquires stake in SAFCO
Business
Saudi Arabia offers 30-year tax cut to businesses shifting hqrs to kingdom
Riyadh, Saudi Arabia - Saudi Arabia has rolled out a 30-year tax relief program aiming to lure multinational corporations to...
Economy
Air cargo demand up 3.8% in October
Geneva, Switzerland - Global air cargo demand increased by 3.8% compared to October 2022, the International Air Transport Association (IATA)...
Business
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Business
Volkswagen to reduce workforce
Volkswagen has some 675,800 employees worldwide.
- "Over the coming years, we will need to reduce our workforce in a socially responsible way," the group's human resources chief Gunnar Kilian said
- The focus would be on "partial retirement and early retirement schemes to the maximum extent possible," he added
Business
BAT takes shock $32bn hit
The impairment charge sent BAT shares sinking 7.6 percent.
- Companies like BAT face plunging demand for cigarettes in Western markets, where high taxes, smoking bans and health fears persuade many consumers to give up smoking
- The London-listed company added that its overall revenue growth for the current year was set to be at the "low end" of its previous guidance of between 3 and 5 percent
Business
Airlines expected to carry 4.7 billion passengers in 2024: IATA
"Some 4.7 billion people are expected to travel in 2024, an historic high that exceeds the pre-pandemic level of 4.5...
- Some 4.7 billion people are expected to travel in 2024, an historic high that exceeds the pre-pandemic level of 4.5 billion recorded in 2019," IATA said
- IATA also raised its profit outlook, expecting airlines to post $23.3 billion in net earnings in 2023, more than double the $9.8 billion it forecast in June