Sheikh Hamdan praises ADNOC’s efforts in using AI in production process
ABU DHABI, UAE - Sheikh Hamdan bin Zayed Al Nahyan, Ruler's Representative in Al Dhafra Region, said that under the...
Business
GASTAT issues FDI statistics of Saudi Arabia for Q4 2023
RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) issued on Friday the Foreign Direct Investment (FDI) statistics for...
Economy
Business
Raydan to cut capital by 53%
The food company will reduce the capital to $42.13 million.
- According to a bourse filing, the company is cutting its capital from $90 million to $42.13 million
- The food company's accumulated losses reached $45 million in the first half of the year, representing 53 percent of its share capital
Business
Saudi Arabia emerges as one of the world’s top eSports hubs
The PUBG Mobile tournament was part of Gamers8, a summer festival spotlighting Saudi Arabia's emergence as a global eSports dynamo...
- Saudi Arabia's interest in gaming and eSports comes from the very top, with Crown Prince Mohammed bin Salman said to be an avid "Call of Duty" player
- Saudi gamers are revelling in their country's newfound status and the eye-watering prize pools it brings
Business
ENOC Group announces 50% Emiratisation during Careers UAE 2022
The various energy career opportunities were revealed during ENOC’s participation at the 21st edition of Careers UAE.
- The various energy career opportunities were revealed during ENOC’s participation at the 21st edition of Careers UAE
- ENOC is recruiting young talented Emirati nationals in the energy sector in specialisations including chemical, mechanical, and electrical engineering
Business
Aviation leaders warn travelers of higher ticket prices
Warning travelers around the world of more price pain, the IATA head and Qatar Airways chief have said that the...
- IATA says airlines posted losses of $180 billion in 2020 and 2021 and expects another $9.7 billion in losses this year
- Akbar Al Baker said Hong Kong's aviation sector had been "devastated" by Covid restrictions, the city was no longer a global aviation hub
Business
Qatar World Cup opens new room for UAE hospitality
Hotels in Dubai are reporting an increase in room bookings ahead of the Qatar World Cup 2022, with many expecting...
- Hotels in Dubai are reporting an increase in room bookings ahead of the Qatar World Cup 2022, with many expecting to be fully booked during the international football event
- Spillover demand will undoubtedly be especially for hotel accommodations in cities such as Dubai, Abu Dhabi, Muscat, and Riyadh, says Faisal Durrani of Knight Frank
Business
TAQA secures $1.09 bn funding to finance Mirfa power plant’s debt
Abu Dhabi, UAE-- Abu Dhabi National Energy Company (TAQA) has secured $1.09 billion in funding to refinance debt for Mirfa...
- Mirfa International Power & Water Company (MIPCO), which owns and operates the plant, secured the dollar-denominated financing from nine international and regional lenders.
- The funding was utilized to refinance the company’s debt raised in 2014 as part of a soft-mini perm structure, an increasingly popular financing model within the region.
Business
Dubai first half dhow trade up 21 percent: PCF Corporation
Dubai, UAE--The Marine Agency for Wooden Dhows has facilitated the entry of more than 6,000 wooden dhows during H1, reflecting...
- Since its establishment in July 2020 by Dubai’s Ports, Customs and Free Zone Corporation (PCFC), the emirate has witness a robust growth in dhow trade, PCFC said.
- he Agency supervised the movement of 6,052 wooden dhows during H1 2022, which ferried 1 million metric tons of merchandise from countries across the MENA region and beyond.
Business
Yahsat to pay $53.5m H1 dividend
The dividend will be paid by 14 Oct to all shareholders.
- The Group said it is on track to deliver a total dividend of at least AED393.3 million for the full 2022 financial year.
- The second and final dividend for 2022 is expected to be paid in April 2023.
Business
Wizz to set up fleet in KSA
It aims to set up a fleet of 50 aircraft in the kingdom.
- More than a quarter of the flights in the unit will be domestic, with about 50 percent focusing on the wider Middle East and the rest primarily on Europe
- The company plans to start its services to Saudi Arabia next week, starting with flights to the Gulf city of Dammam from Rome, Vienna and Abu Dhabi
Business
Spotify plans to sell 300,000 audiobook titles to US users; eyes expansion
Nir Zicherman, Spotify's Vice President and Global Head of Audiobooks and Gated Content said it's a starting point to expand...
- The company's decision to offer audiobooks on a pay-per-download basis is a departure from the monthly subscription model it uses for music and podcasts
- Spotify's expansion places it in competition with other audiobook giants including Audible, an arm of Amazon, which currently dominates the market
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Sheikh Hamdan praises ADNOC’s efforts in using AI in production process
ABU DHABI, UAE - Sheikh Hamdan bin Zayed Al Nahyan, Ruler's Representative in Al Dhafra Region, said that under the...
Business
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BCCI yet to hear officially about Saudi interest for stakes in IPL
NEW DELHI, INDIA - Recent reports of Saudi Arabia expressing an interest in buying a stake in the Indian Premier League...
Business
Japan to invest $13 billion on semiconductors and generative AI
Tokyo, Japan - Japan's government said on Friday that it plans to spend 2 trillion yen ($13 billion) to boost domestic...
Business
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Business
TASI-listed firms report an aggregate net profit of $48.1bn in Q3
RIYADH, SAUDI ARABIA - Tadawul-listed companies reported a US$48.1 billion (SAR 157.09 billion) aggregate net profit for the third quarter...
- Sector-wise, the energy sector contributed the largest portion of the aggregate net profit of Saudi listed companies in Q3 2023.
- The banking sector accounted for 11.5 percent of the market’s aggregate profit, coming in second in terms of the most profitable sectors.
Business
Qatar records real estate contracts worth $60 million in five days
Doha, Qatar - The real estate market in Qatar witnessed a significant surge in trading activity as the Department of...
- The total value of sales contracts specifically for residential units during the same period amounted to above QR 705 million
- Sales were notably concentrated in key municipalities of Al Rayyan, Doha, Al Daayen, Umm Salal, Al Wakrah, Al Khor and Al Dakhira.
Business
ADNOC Distribution Q3 net profit $227m
The EBITDA increased by 28% YoY to $303 million in the third quarter.
- ADNOC Distribution witnessed a healthy 21 percent Y-o-Y increase and a 5 percent quarter-on-quarter (Q-o-Q) growth in total fuel volumes.
- It anticipates paying a minimum of $350 million (AED1.285 billion), or 10.285 fils per share, as the second six-month dividend of 2023 in April 2024.