The future of logistics: Insights from DHL’s Amadou Diallo
The future of logistics is a convergence of technology, sustainability, and human ingenuity, which are transforming supply chains into more...
Interview
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.Â
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
The future of logistics: Insights from DHL’s Amadou Diallo
The future of logistics is a convergence of technology, sustainability, and human ingenuity, which are transforming supply chains into more...
Interview
Company News
Samsung profits plunge
Business
Latest News
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...
Business
People-positive approach needed in clean power transition: WEF paper
Dubai, UAE --Â Building massive infrastructure for clean power projects in pursuit of climate goals will need nearly $4.5 trillion in...
Business
KSA offers 30-year tax holiday for global corporations as regional HQ program fuels investment boom
The approaching 1 Jan deadline has seen investments on headquarters hit $242m in the first nine months of 2023 alone,...
Business
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Business
UAE banks align with global sustainability standards
“The pledge made by our UBF Chairman, Abdulaziz Al Ghurair, to mobilize over AED 1 trillion in sustainable finance, represents...
- UBF pledges over AED 1 trillion ($272 billion) for sustainable finance by 2030.
- The pledge reflects collective efforts of national banks towards a sustainable future.
COP28 UAE
Saudi Electricity Company targets net zero emissions by 2050
Dubai, UAE - The Saudi Electricity Company (SEC), the largest producer, transmitter, and distributor of electrical energy in the Middle...
- The announcement was made during a special event SEC organized on the sidelines of the United Nations COP28 climate-change summit in Dubai
- The SEC said it has signed seven agreements with leading local and international companies, including LUCI, Al-Fanar, Sal Italy, CHINT Saudi Arabia, Siemens, etc
Business
Meta, IBM tie up to develop AI
They will defend a collaborative method for AI's future.
- Meta is one of the biggest believers in the open-source model and argues against keeping AI's future holed up in the secretive labs of a few tech giants
- Unlike OpenAI's GPT-4, the model behind ChatGPT, Meta has made its LLaMA models easily available for researchers and startups to tinker with and perfect