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Humanity is on a tech-fueled trajectory. Data and informed predictions are inspiring, showing how AI is reshaping economies, smart cities...
Analysis
ADNIC okays 45% dividend for 2024
The company achieved its highest ever revenue and net profit.
Business
Business
DEWA shares drop 2.8%
The decline came amid reports of economic slowdown.
- There were over 6.5 million shares traded by 11:37 a.m. local time, with the average volume on the stock declining since it was listed
- The decline came in reaction to fears of an economic slowdown amid tighter monetary policy, causing global financial markets to see volatility
Business
Tesla profit jumps; revenues miss estimates
Tesla watchers are expecting a strong fourth quarter.
- The electric vehicle (EV) maker scored a more than doubling of profits in the third-quarter to $3.3 billion on increased auto deliveries
- The results follow Tesla's disclosure earlier this month that deliveries and production grew solidly in the third quarter
Business
Elon Musk says “excited” about taking over Twitter
Having spent months trying to break free of the $44 billion buyout contract, Elon Musk now says he is "excited"...
- Musk said that he believes Twitter has potential to be worth "an order of magnitude" more than it is now
- Twitter, meanwhile, has sought to prove Musk was contriving excuses to walk away -- simply because he changed his mind
Business
Post Covid, shopping centers in UAE adopt experiential community approach to attract customers
Through the new concept, retailers and shopping centers in the Gulf country are giving a customer a whole experience, in...
- Through the new concept, retailers and shopping centers in the Gulf country are giving a customer a whole experience, in some cases both in-store and online
- The experiential community strategy involves getting businesses via flexibility, where brands can stay for a period and decide whether to remain permanently.
Business
Saudi Center for Debt Management invites investors for bond repurchase
Riyadh, Saudi Arabia---Saudi Arabia’s National Center for Debt Management announced Wednesday that it has invited investors for the first partial...
- The Center said the process is part of the kingdom’s plan in the effective management of the debt portfolio.
- The size of the repurchase will be announced after the end of the period of receiving applications on October 24.
Business
ENOC opens new station in Al Hamriya Port
This would be the eighth marine service station in the emirate.
- The station is equipped with two fuel tanks and two fuel dispensers, offering Diesel, as well as a prefabricated structure featuring a ZOOM convenience store.
- ENOC said the station is equipped with energy efficiency features such as Variable Refrigerant Flow (VRF) air-conditioning to cut down electricity use by up to 35 percent.
Business
Mubadala acquires stake in Skyborn
Skyborn Renewables is the world’s largest private offshore wind developer.
- The investment by Mubadala also includes the acquisition of a stake in GIP’s 50 percent interest in NY Bight Project called Bluepoint Wind.
- In April this year, Mubadala was part of a BlackRock Real Assets-led consortium which agreed to invest $525 million into the renewable energy arm of India’s Tata Power.
Business
Video: Transparency is hallmark of TOP CEO Awards as GCC winners get honored
From among a small pool of short-listed CEOs of listed firms, each winner was picked on the basis of growth,...
- For the process not only to be fair and trustworthy, but also to be seen as such, another layer of transparency and accountability was added by roping in iNseaD business school
- Global auditors were also brought in to ensure full transparency in the work
Business
Aramex acquires eCommerce enabler MyUS
The acquisition integrates MyUS into Aramex’s business.
- The acquisition paves the way for MyUS’s integration into Aramex’s business, operating as a business unit within the Company’s Courier business segment
- MyUS will retain its brand name and will be complementary to Shop & Ship, Aramex’s subscription based last mile e-Commerce solutions platform
Business
Netflix subscriber base grows after chilly start to year
The company said it ended the third quarter with slightly more than 223 million subscribers worldwide, up some 2.4 million,...
- Netflix reported a quarterly profit of $1.4 billion on revenue of $7.9 billion -- a net income slightly less than in the same period a year ago when it brought in more money
- With the launch of cheaper, ad-supported subscriptions, Netflix and Disney+ are expected to bite into the revenue of traditional television channels
The future is already here
Humanity is on a tech-fueled trajectory. Data and informed predictions are inspiring, showing how AI is reshaping economies, smart cities...
Analysis
Company News
Adnoc and Occidental sign deal
Business
Latest News
UAE voted to Category-B membership in International Maritime Organization
LONDON, UK - The UAE has been re-elected to the Council of the International Maritime Organization (IMO) in the Category...
Geostrategy
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...
Business
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...
COP28 UAE
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Business
Defying global trend, UAE leads Middle East IPO surge
The region's IPO momentum is driven by strong performances from entities like Dubai Taxi Company and a significant announcement from...
- The region's IPO momentum is driven by strong performances from entities like Dubai Taxi Company and a significant announcement from Abu Dhabi’s healthcare sector.
- Despite a 54 percent annual decrease, Middle East IPOs raise $8.4 billion in 2023, as the MSCI Gulf States Index climbs 8 percent, defying global economic downturns.
Business
Pure Health announces IPO
The company will offer 1.11bn shares at AED3.26 per share.
- The subscription period will open on 6th December 2023 and will close on 11th December 2023 for both the Tranches.
- The company intends to list its shares on ADX on 20th December 2023.
Business
Mumtalakat, Investcorp ink pact
The firms have jointly launched a climate investment platform.
- The platform will make investments in businesses where they have matured past many of the risks that face earlier stage ventures.
- They must manage and minimize the execution risks associated with expansion in middle-market investments.