ADNOC L&S 2024 net profit $756m
The company's revenue increased by 29 percent to $3.54 billion.
Business
Government chiefs and tech leaders gather in Paris for AI summit
Political and tech industry leaders were set to descend on Paris Monday for a two-day summit on artificial intelligence, hoping...
Business
Dubai real estate market performance in Aug best in decade
A total of 9,720 real estate sales worth $6.62 billion were recorded during the month, an increase of 69.57 percent...
- The top areas searched for sales in August were Dubai Marina, Downtown Dubai, Business Bay, Palm Jumeirah, Jumeirah Village Circle, and Jumeirah Lake Towers.
- Most searched areas for villa/townhouse sale were Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, DAMAC Hills (Akoya by DAMAC), Mohamed bin Rashid City and Dubai Land.
Business
Large turnout of visitors at WETEX, Dubai Solar Show
The Water, Energy, Technology and Environment Exhibition (WETEX) and Dubai Solar Show (DSS) saw a large turnout of visitors in...
- A total of 1,750 companies from 55 countries worldwide participated in the exhibition.
- Latest global solutions, technologies, innovations in energy, water, sustainability, renewable and clean energy were highlighted in the event.
Business
India to host MotoGP for first time in 2023: organisers
India represents a key market to expand the sport, organizers said, citing a population of 1.4 billion people and more...
- The race is scheduled to take place at Buddh International Circuit in Uttar Pradesh, to the south of New Delhi
- The track has already played host to Formula One, staging three F1 grands prix between 2011 and 2013
Business
Qatar launches Tatween platform for job localization in private sector
Qatar has launched a forum, Tatween Platform, on job localization in the private sector, with the participation of representatives of...
- Services, tourism and hospitality, IT technology, finance, health and education, finance, health and education are some of the sectors involved.
- Tawteen platform provides a space and a dialogue platform for actors to exchange ideas and best practices in the field of job localization, labor minister Dr. Ali bin Saeed said.
Business
ACWA’s investments surge
The Saudi utility now boasts of $67bn investment portfolio.
- The company, which builds power and desalinated water plants, currently has 60 percent of its projects in progress and 40 percent in development stages
- According to its CFO, Abdulhameed Al-Muhaidib, it has invested $10 billion in the UAE renewable energy, water desalination, and clean gas projects,
Business
Qatar hopes to make US$17bn in profit from World Cup
The 2022 World Cup may prove to be a big windfall for Qatar as it hopes to make some $17...
- The CEO said that between 3 and 4 billion people around the world will watch the Qatar World Cup 2022
- He said that Qatar is expecting nearly one million people, including 12,000 from the media, during the World Cup
Business
Google to shut down cloud gaming service Stadia
Google said it will refund purchases of Stadia hardware, such as controllers, as well as game content bought through its...
- Xbox-maker Microsoft, meanwhile, offered a rival Game Pass service "with a ton of games," making it a more tempting option for players
- Microsoft recently announced that the ability to play Xbox games will be built into Samsung smart televisions in its latest cloud gaming move
Business
GCC investors park wealth in real estate: poll
A TRENDS poll on Twitter revealed that 43.9 percent of voters preferred real estate, followed by technology at 37.4 percent.
- The age range of the voters was 37.5 percent between 20 and 29 years, 42.9 percent for 30-39 years, 13.4 percent for 40-49 yrs, ad 6.3 percent for voters over 50 years old
- According to JLL, among the top fifty real estate markets worldwide, Saudi Arabia has remained stable, validated at the regional level
Business
Meta to freeze hiring to tighten budget: report
Big tech platforms have been suffering from the economic climate, which is forcing advertisers to cut back on marketing budgets,...
- Zuckerberg said during an earnings call that teams would shrink in order to "reallocate our energy" as it battled a turbulent economy and the rising phenomenon of TikTok
- Meta had long delivered seemingly endless upward growth, but reported early this year its first decline in global daily users
Business
Salik begins trading on DFM, after large investor interest
Dubai, UAE— Salik, Dubai toll operator, has listed on Dubai Financial Market under the name of "SALIK", after the offering...
- It is the third public offering and listing on the DFM in 2022 as part of the plan to develop financial markets in the country
- The strong demand toward the issuance prompted the company to raise the offered shares to 1,867,500,000 shares representing 24.9 percent of its share capital
ADNOC L&S 2024 net profit $756m
The company's revenue increased by 29 percent to $3.54 billion.
Business
Company News
Binance selling Russia business
Business
Latest News
AD Ports Group expands operations in Kazakhstan with two new oil tankers
Abu Dhabi, UAE--AD Ports Group in collaboration with KazMorTransFlot (KMTF) has announced the acquisition and commencement of operations of two...
Business
Bank of Sharjah joint lead manager for $350m Ittihad sukuk
SHARJAH, UAE - Bank of Sharjah announced its selection as joint lead manager and bookrunner in the debut US$350 million...
Business
SEVEN to build $347m entertainment destination in Saudi Arabia’s Aseer
Riyadh, Saudi Arabia -- Saudi Entertainment Ventures (SEVEN), a PIF subsidiary, has announced the fifth entertainment destination in the Kingdom,...
Business
Most Read
Geostrategy
International migration flows to OECD countries at record highs in 2022
Paris, UAE -- Permanent migration to OECD countries reached 6.1 million in 2022, a 26 percent increase compared with 2021,...
- Fifteen 15 out of the 38 OECD countries registered in 2022 their highest levels of permanent migration over the past 15 years.
- Over two million new asylum applications were lodged in OECD countries in 2022, well above the previous record of 1.7 million in 2015.
Economy
China begins probe into indebted asset management firm
Zhongzhi Enterprise Group managed assets worth more than one trillion yuan ($141 billion), according to investment bank Nomura. But the...
- Police in Beijing, where the group is headquartered, said late Saturday they had opened an investigation into unspecified "alleged offences"
- Zhongzhi declared itself insolvent on Wednesday with its arrears estimated at nearly $66 billion, according to a letter to investors cited by local media
Business
Conflict hits regional gas supply and infrastructure
The Israel-Hamas conflict has halted gas production at the Tamar plant, significantly impacting the region's infrastructure and disrupting Israel's gas...
- The Israel-Hamas conflict has halted gas production at the Tamar plant, significantly impacting the region's infrastructure and disrupting Israel's gas exports.
- The conflict poses risks to the regional energy sector, potentially affecting Egypt's gas supply and oil and gas prices due to tensions in the Strait of Hormuz.