UHNWIs drive Dubai’s luxury real estate growth
"The ultra-high-net-worth individuals (UHNWIs) have transformative impact on the real estate market. These individuals, with their discerning tastes and substantial...
Opinion
Business
How the tide turned on promising data centers in Europe
Energy-guzzling Data centers or bit barns across Europe are facing the heat because of energy shortage sparked by the Ukraine-Russia...
- The industry sucked up 14 percent of Ireland's power last year, while Amsterdam said it simply had no more room for the warehouses.
- Some question whether data centres were the best target for criticism when cryptocurrencies were so wasteful.
Business
Rosneft H1 net profit up 13%
The energy giant's H1 net profit rose to $7.2 billion.
- Having processed 45.8 million tonnes of oil this semester, Rosneft said its debt decreased by 12 percent from the beginning of the year.
- The company' revenues increased by 32.5 percent, reaching $86.7 billion.
Business
Thai SC dismisses Toyota appeal
The court dismisses appeal over $270m import tax bill.
- The case relates to Toyota Motor Thailand's importation of parts for its Prius model at a reduced tax rate between 2010 and 2012.
- While Thailand's Central Tax Court ruled in favor of Toyota in 2017, the decision was later overturned.
Business
Ethereum blockchain completes software upgrade to cut energy use
Leading cryptocurrency figures hailed on Thursday the completion of one of the biggest software upgrades the sector has ever attempted,...
- Developers had spent years working on an energy-efficient version of Ethereum, a digital ledger that underpins tens of billions of dollars worth of cryptocurrencies, etc.
- Ethereum is the second most important blockchain after bitcoin, but it has faced criticism for burning through more power each year than New Zealand.
Economy
Sharjah to host International Jewelry Designers Forum
Expo Centre Sharjah has said that it will host the International Jewelry Designers Forum on October 7.
- The forum will discuss a number of thematic topics, including future trends in jewelry and gem designs.
- It will also discuss important techniques used in combining stones and lab-created diamonds.
Arts & Culture
TV series ‘The Crown’ brings mourners closer to royals
First aired in 2016, it charts the queen's journey from nervous 25-year-old neophyte to national institution as she guided the...
- First aired in 2016, it charts the queen's journey from nervous 25-year-old neophyte to national institution as she guided the monarchy through decades of scandals and upheaval
- The last season to air drew some criticism in UK for taking too much artistic license and allegedly portraying Charles excessively negatively over his treatment of his ex-wife
Business
Saudi Arabia to enhance wheat storage capacity
Saudi Arabia is looking to enhance wheat storage capacity in the kingdom by building new silos. Once it is done...
- At present, Saudi Arabia’s wheat storage capacity amounts to 3.5 million tons, distributed across 14 branches in the kingdom
- A project to construct silos in NEOM city has also been awarded to enhance the kingdom’s storage capacity.
Business
Al-Ittefaq plans an IPO
The $2bn worth Saudi steel giant will list on Tadawul.
- The value of the company is estimated at over $2 billion
- A deal with the financial adviser to manage the company’s initial public offering is expected soon
Business
DMCC doubles Chinese companies over last five years
The free zone is home to 703 Chinese businesses, representing nearly 12 percent of the Chinese companies in the UAE.
- The free zone is home to 703 Chinese businesses, representing nearly 12 percent of the Chinese companies in the UAE
- DMCC has created an integrated infrastructure including the establishment of the Yingtian Chinese Business Centre that caters to the Chinese business community
Business
The melting fortunes of OSN
A once market leader that everyone looked up to, OSN is now a paler version of its former glory. It...
- Moody's warned in 2020 that there was "slow progress achieved in turning around Orbit Showtime Network’s performance since November 2018, which remains unprofitable"
- Aside from its financial troubles, OSN’s top management has been in a state of flux, with three CEOs changed during the last five years
Most Read
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
Company News
ADNOC looks to buy Covestro
Business
Latest News
Middle East companies moving towards cloud adoption
Adoption is driven by government initiatives, global cloud providers, and the need for agility and scalability in the region.
Business
UAE rides property-market boom as demand soars
Global firms looking to hire space for offices and demand from govt, local dwellers have turbocharged the sector, driving property...
Business
Most Read
Business
Dubai Investments acquires 7.68% more stake in Monument Bank
Dubai, UAE - Dubai Investments, the leading investment company listed on the Dubai Financial Market (DFM), acquired additional 7.68 percent...
- This increases the Group’s holding in the Bank from 9.25 to 16.93 percent, although the investment is subject to necessary regulatory approvals
- The Monument Bank is a UK Based Digital Bank regulated by the Financial Conduct Authority (UK) and the Prudential Regulation Authority
Business
Rabigh 9M net loss $879m
The firm said unfavorable market conditions affected margins.
- In addition, Petro Rabigh complex was partially shut down for scheduled turnaround of its Phase II units starting Dec. 1, 2022, to Jan. 23, 2023, according to Argaam.
- The company narrowed Q3 2023 loss to SAR 1.14 billion from SAR 1.41 billion a year earlier, mainly due to improved refined products margin
Business
Zain posts highest-ever quarterly revenue
Tower infrastructure sale among factors responsible for the performance.
- The Q3 report also reveals a net profit of SAR 285 million, showcasing a growth of 234 percent compared to the corresponding period in 2022.
- The company said it has not only experienced growth in 5G revenue but also witnessed increased demand for consumer services.