AI to replace 4,000 jobs in Southeast Asia’s largest bank: DBS
Singapore, Singapore -- Southeast Asia's largest bank DBS said that 4,000 jobs could be cut in the next three years...
Business
FAB delivers strong results in 2024 with profit before tax of AED 19.9 billion, up 13% yoy
First Abu Dhabi Bank (FAB) has achieved solid results in 2024 with Group net profit reaching AED 17.1 billion, up...
Business
Saudi Arabia announces bidders for gypsum ore exploration
Riyadh, Saudi Arabia— Saudi National Gypsum Co. and El-Khayyat Gypsum are among the eight qualified bidders to compete for an...
- The site, with an area of 600,00 sq.m, is located south of the Nabat Center in Al Madinah Al Munawwarah region
- Saudi Arabia is expecting its mineral wealth to exceed earlier estimates of $1.3 trillion as it triples spending on the exploration of metals over the next three years
Business
MEmob+, GeoDB partner to launch a Digital Wallet, Blockchain Protocol
The investment reinforces both companies’ shared vision of democratizing data, changing how data is shared and monetized by the users...
- The investment reinforces both companies’ shared vision of democratizing data, changing how data is shared and monetized by the users and brands
- The decentralized wallet will empower people to earn rewards for the data they share and gain control of the data they generate
Business
Asian chipmakers plunge after US unveils China export controls
The announcement on Friday marked the latest volley in a long-running standoff between the two superpowers that has seen them...
- The US Department of Commerce said the measures include export restrictions on some chips used in supercomputing, and toughen requirements on the sale of semiconductor equipment
- South Korean tech titan Samsung Electronics, a major semiconductor maker, dived around three percent in Seoul where DB Hitek was off four percent
Business
LeBron’s 18-year-old son Bronny signs Nike endorsement deal
The younger James, who turned 18 last Thursday, is a guard at Sierra Canyon High School near Los Angeles while...
- LeBron James signed a lifetime Nike deal in 2015 after working with the shoemaker since his own days as an 18-year-old prep prospect
- Bronny James inked an NIL deal for name, image and likeness rights along with four other young basketball guards
Business
Arab designer labels stir up $29bn GCC luxury market
Luxury goods business in the MENA region is seeing a reorganization, surprising market experts, as homegrown brands challenge the hegemony...
- While the Covid pandemic made a big dent in others sectors of the global and the Middle Eastern economies, the luxury business in the GCC region was surprisingly unaffected
- Customers in the GCC region have been pushing for localization even before the Covid pandemic hit the world
Interview
Sustainability key focus of GCC automotive industry
Current trends in the automotive sector such as zero-emission vehicles and carbon-neutral manufacturing demonstrate the growing importance of sustainability, says...
- BMW Group is placing sustainability at the center of their strategic direction across all divisions, says a key BMW Group Middle East official
- By 2030, BMW will release around 10 million fully electric vehicles onto the roads, adds Hamid Haqparwar, Managing Director at BMW Group Middle East
Business
Dubai records over US$435m in realty transactions Monday
Dubai real estate market recorded 445 sales transactions worth US$321 million, in addition to 68 mortgage deals of $121 million...
- Dubai real estate market recorded 445 sales transactions worth $321 million.
- The market witnessed 68 mortgage deals of $121 million and 37 gifts deals amounting to $16 million.
Geostrategy
Saudi Arabian delegation visits Oman, to enhance bilateral ties
A Saudi Arabian delegation led by Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha is on a...
- A Saudi Arabian delegation led by Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha is on a visit to Oman.
- The Saudi delegation met with Oman's Minister of Transport, Communications and Information Technology Saeed Al-Mawali and Minister of Economy Saeed As-Saqri.
Business
Burjeel begins trading on ADX
Shares closed the debut session up 15 percent ($0.62).
- The company raised AED1.1 billion ($299.49 million) after offering a 11 percent stake in an IPO.
- It was oversubscribed 29 times to over AED32 billion after seeing a significant demand from UAE and outside investors.
Geostrategy
Algeria, France hail ‘new dynamic’ in economic ties
The Algerian and French prime ministers hailed a "new dynamic" as they launched a joint economic forum during a visit...
- Borne and her delegation are the latest in a string of top European officials to visit Algeria.
- The two-day business forum was organized by the Algerian Chamber of Commerce and Industry and Business France, a government agency.
AI to replace 4,000 jobs in Southeast Asia’s largest bank: DBS
Singapore, Singapore -- Southeast Asia's largest bank DBS said that 4,000 jobs could be cut in the next three years...
Business
Company News
Global economic concerns hit GCC equity performance
Market Report
Latest News
SUV sales ‘offset’ carmakers’ electric gains: Greenpeace
The SUVs produced by Toyota, Volkswagen, and Hyundai-Kia have all posted sales increases of more than 150% over the past...
Economy
Iran’s exports to African countries register 185 percent growth
Tehran, Iran--Iran’s export to African countries in the first seven months of the current Iranian calendar year registered a 185...
Economy
Amazon releases AI chatbot
"Q" will be available only to the company's AWS cloud.
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Business
ADX set for dynamic growth in 2024 with new listings
"ADX's crucial role in bridging investors with companies, fostering growth opportunities, and reinforcing the UAE and Abu Dhabi's status as...
- Abu Dhabi Securities Exchange anticipates continued growth and new listings in 2024, says CEO Abdulla Salem Al Nuaimi.
- 2023 witnessed notable listings like ADNOC Gas and Investcorp Capital, with more scheduled, including the Phoenix Group.
Business
Abu Dhabi IPO Fund looks to launch three IPOs by end of 2024
Abu Dhabi, UAE--Abu Dhabi IPO Fund (ADIPOF) is working on three initial offerings in the technology, hospitality, restaurants, and financial...
- Al Khawaja said one of the offerings will be for a family business in the financial sector and foreign exchange and remittances
- The fund, according to Al Khawaja, considers family businesses as the key to advancing economic development in Abu Dhabi
Business
GCC banks navigate rising rates with record lending
Despite global credit risks, GCC banks thrive with overall lending growth, bolstered by strong performances in Saudi Arabia and the...
- Despite global credit risks, GCC banks thrive with overall lending growth, bolstered by strong performances in Saudi Arabia and the UAE, and robust economic indicators.
- GCC-listed banks hit a new record with aggregate gross loans reaching US$1.95 trillion by Q3-2023, as strong manufacturing and project awards boost market scenario.