New-Age Growth Comes Home to the GCC
The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading...
Opinion
Abu Dhabi real estate transactions reach $4.69bn in Jan, Feb 2025
Abu Dhabi, UAE -- Real estate transactions in Abu Dhabi reached AED17.24 billion ($4.69 billion) in the first two months...
Business
Business
Nokia Q3 profit at $419m
The Finnish company reports net sales of $6billion.
- Finn company Nokia reported a 22-percent rise in profit to $419 million
- Nokia CEO Pekka Lundmark said the quarter demonstrated that he was delivering on the ambition to accelerate growth.
Business
Ericsson Q3 profit at $480m
Firm is making 'pricing adjustments' as inflation soars.
- Ericsson's shares closed down 15 percent on the Stockholm stock exchange.
- The lower profits were partly due to Ericsson's $6.2 billion acquisition of US cloud communications company Vonage.
Business
SABB nine-month net profit $926m
The net profit for the same period last year was $738m.
- The bank said the total operating profit grew 19 percent to SAR 6,966 million and net special commission income grew 19 percent to SAR 5,117 million.
- SABB’s shareholders’ equity remained stable at SAR 53 billion with total assets of SAR 300 billion, said Lubna Olayan, Chair of the Board of Directors SABB.
Economy
Dubai to host 3 healthcare events next week
The United Arab Emirates is set to host three healthcare events next week in Dubai where over 4,000 healthcare professionals...
- Over 4,000 healthcare professionals and participants are expected to attend.
- Around 140 expert speakers will deliver 110 scientific sessions and over 40 participating countries will also be present.
Economy
Turkey’s central bank reduces policy rate for third month
The decision comes right after President Recep Tayyip Erdogan said the central bank would keep cutting rates every month for...
- The Turkish central bank said it was cutting its one-week repo rate to 10.5 percent from 12 percent
- President Erdogan wants interest rates to lower down to single digits by the end of the year
Business
Aramco launches Taleed program to accelerate SMEs growth in Saudi
Riyadh, Saudi Arabia--Aramco said on Thursday it has launched Taleed program to accelerate the growth of Small and Medium Enterprises...
- Aramco said the program targets sustainable SME growth across multiple sectors through a portfolio of 20 initiatives.
- It also aims to deliver funding and financial solutions to existing and new businesses through five funds, with a combined capital exceeding $800 million.
Business
American Airlines posts Q3 profit of US$483m
American Airlines third quarter revenues rose to $13.5 billion.
- American scored a 13 percent jump in revenues compared with the 2019 period on high ticket prices.
- US carriers have begun to prosper in 2022 as more governments pare back restrictions.
Business
High investments in H1 2022 for DEWA transmission substations
Dubai Electricity and Water Authority (DEWA) recorded substantial growth of 22 percent in investments allocated to transmission substations during the...
- From January this year to June 2022, DEWA commissioned a new 400 kV transmission substations.
- Now the total number of 400 kV transmission substations in Dubai has risen to 26.
Business
SABB posts 26% profit rise
The profit touched $931m in the first nine months of 2022.
- The bank said in a bourse filing that it recorded a profit of $746 million in the same period of the last year
- SABB said the rise in associate earnings also contributed to the results
Business
How gaming firm Ubisoft mashed ‘Rabbids’ into ‘Mario’ world
The game merges Nintendo's Mario, the Italian plumber who has given his name to an entire universe of games, with...
- The first game in the series, "Mario + Rabbids: Kingdom Battle", has garnered more than 10 million players since its release in 2017, said Manzanares
- The idea of fictional universes colliding is far more developed in cinema franchises and comic books than in video games
New-Age Growth Comes Home to the GCC
The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading...
Opinion
Company News
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Adnoc and Occidental sign deal
Business
Innovations, regulatory shifts make Bitcoin resilient
In 2023, the crypto market sees a surge in blockchain advancements, regulatory shifts, and a notable rebound in Bitcoin, signaling...
Business
AD Ports, Kazakhstan Railways form venture to boost services
Abu Dhabi, UAE - AD Ports Group signed an agreement with Kazakhstan Temir Zholy JSC (Kazakhstan Railways to form a...
Business
50 oil and gas companies pledge to cut operational emission in COP28 meet
DUBAI, UAE - Fifty oil and gas companies representing 40 percent of global production pledged to decarbonize their operations by 2050...
COP28 UAE
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Business
IMF to revise regional outlook over Israel-Hamas conflict
Dubai, UAE--The IMF announced Friday that it will revise its economic outlook for the Middle East and North Africa region...
- The IMF staff wrote in a blog post that Israel-Hamas conflict will have wide-ranging consequences for "both people and economies" in the region
- The IMF officials said countries like Lebanon that are heavily dependent on tourism saw hotel occupancy rates drop by 45 percentage points in October compared to a year ago
COP28 UAE
Masdar ties up with RWE in US$14bn investment to develop wind projects in UK
Dubai, UAE--Abu Dhabi Future Energy Company, also known as Masdar, is part of a $14 billion investment into the UK’s...
- The $14 billion investment is expected to shore up the UK economy and also demonstrate the UAE’s long-term commitment to supporting net-zero goals in Britain
- The new project will generate enough power to light up to three million UK homes and is expected to create 2,000 jobs during construction, and a thousand more later
COP28 UAE
World Bank allots 45% of its financing to climate projects
The bank, according to a statement, "is putting to work more than $40 billion", around $9 billion more than previously...
- The bank said that it is helping people to hold off the devastation of climate change
- It has earmarked the financing for the fiscal year that runs from July 1, 2024, to June 30, 2025