Business
TikTok search results rife with misinformation: report
Toxicity and false claims are a "significant threat" at TikTok, which is becoming a go-to online venue for young people...
- NewsGuard in September analyzed the top 20 results from 27 TikTok searches on news topics, finding that 19.5 percent of the videos suggested contained false claims
- Researchers said that they compared TikTok and Google results from searches for information about school shootings, abortion, Covid-19, US elections and Ukraine war
Business
Huge fine against Google upheld
The General Court, however, reduced the fine to $4.1bn.
- The court "confirms European Commission's decision that Google imposed unlawful restrictions on manufacturers of Android mobile devices" in order to benefit its search engine.
- The levy remains the EU's biggest ever despite Google's arguments that the commission's case was unfounded and falsely relied on accusations.
Business
Lufthansa back in private hands
The German government sold its last shares in the company.
- To save Lufthansa from bankruptcy during Covid, Germany took a 20-percent stake in the group under a nine-billion-euro (dollar) state aid package.
- Germany agreed to sell the stake by 2023, but with Lufthansa's finances stabilizing, Berlin was able to start selling its holdings by November last year.
Business
Saudi Arabia plans seeks to create over 200 smart cities: Minister
Riyadh, Saudi Arabia - Saudi Arabia plans to establish more than 200 smart cities, Majed Al Hogail, Minister of Municipal,...
- The cities will use AI systems in numerous fields, including inspection, waste management, parking, and spatial planning.
- The minister explained that cities will depend on their interconnectedness and interaction to improve services quality.
Business
JAFZA facilitates more than a third of Dubai automotive volume
Dubai, UAE-- Jebel Ali Free Zone (Jafza), part of DP World Group, has facilitated over 1.2 million metric tons (MT)...
- This is equivalent to $12.4 billion, more than a third of the total trade worth $31.3 billion.
- Dubai hosts the region’s biggest automotive trading hub and the largest used car market.
Economy
Adoption of new technologies tops Saudi Maritime Congress agenda
The purpose of the event is to highlight the most significant advancements in the digital transformation and adoption of cutting-edge...
- The purpose of the event is to highlight the most significant advancements in the digital transformation and adoption of cutting-edge technological solutions in the sector
- This edition is the first to be organised in person after the pandemic and the recovery of global economies from its unprecedented effects on the supply chain
Business
AD Ports ups stake in Egypt firms
The majority stake in the two companies was valued at $140m.
- The group acquired a 70 percent equity stake in Transmar International Shipping Company (Transmar) and Transcargo International.
- Transmar is a regional container shipping company that operates across the Middle East, Red Sea, Arabian Gulf and Eastern Coast of Africa
Business
First phase of ADNOC Refining’s WHR project nears completion
ADNOC Refining's Waste Heat Recovery (WHR) project is designed to capture exhaust heat from the gas-powered turbines at ADNOC Refining's...
- The firm is looking to reduce its greenhouse gas (GHG) emissions intensity by 25% by 2030, aligned to the UAE Net Zero by 2050 Strategic Initiative
- ADNOC has announced partnerships to decarbonise its operations at scale, with up to 100% of the company's grid power being supplied by clean nuclear and solar energy sources
Business
Dubai records realty transactions worth $517 million: Land Department
Dubai, UAE--- Dubai real estate market recorded 344 sales transactions worth AED1.77 billion ($481 million), in addition to 67 mortgage...
- The sales included 286 villas and apartments worth AED600.16 million, and 58 land plots worth AED1.17 billion.
- The emirate's real estate market recorded a total of 7,092 transactions in July 2022, which is its best performance in the past decade.
Business
EU court to rule on record antitrust fine against Google
The decision by the Luxembourg-based General Court could undo or demand modifications to the landmark decision, taken by the European...
- Google urged a panel of EU judges last year to throw out the decision it argued was unfounded and falsely relied on accusations it imposed its search engine
- Google insisted that downloading rival apps was only a click away and that customers were in no way tied to Google products on Android
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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
Company News
Latest News
Oil slumps below $80 for first time since July, stocks wobble
Brent crude, the main international contract, briefly dropped more than 2 percent to hit $79.80, before bouncing back above $80...
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...
Business
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Business
IHC 9M net profit $4.13bn
The Group's third-quarter revenues grew by 9.5 percent.
- In Q3 2023, IHC grew its total assets by 3.3 percent and reduced total liabilities by 1.3 percent (compared to December 2022).
- The Group intends to remain focused on optimizing its balance sheet and improving shareholder returns, IHC said in a statement.
Business
Bayer to cut management jobs
The company recently reported a net loss of US$4.9bn in Q3.
- The chief executive Bill Anderson said in a statement that the company was not happy with "this year's performance"
- Bayer said it plans to remove "multiple layers of management and coordination" by the end of the year
Business
Amanat net profit up 73%
The company posted a 44 percent growth in revenues for 9M-period.
- Revenu growth was driven by strong performance at the Education platform up more than two times, boosted by contribution from the recently acquired Human Development Company.
- Amanat reported an increase in EBITDA by 65 percent year-on-year to AED173.7 million in 9M 2023, on track to significantly exceed the AED188 million recorded in full year 2022.