UBS reports lower net profit in 2023
The Swiss government pushed it to buy Credit Suisse last year.
Business
Business
‘Jordan not affected by India’s decision to restrict rice exports’
President of Foodstuff Traders Association (FTA), Khalil Haj Tawfiq, said India's decision to restrict its exports of some rice varieties...
- India's decision will not affect availability of rice in Jordan's local market, neither hike its prices.
- The decision of banning export of certain varieties of rice are not imported by Jordanian traders.
Science
World Green Economy Summit 2022 theme revealed
Dubai Electricity and Water Authority (DEWA) and the World Green Economy Organization (WGEO) announced that the theme of the 8th...
- The theme reflects the UAE’s vision of advancing climate action and strengthening partnerships.
- It also reflects international efforts to achieve climate goals.
Business
Crypto firm Blockchain.com set to operate in Dubai
According to the company, it has signed an agreement with Dubai's Virtual Assets Regulatory Authority (VARA) and will soon open...
- According to the company, it has signed an agreement with Dubai's Virtual Assets Regulatory Authority (VARA) and will soon open an office in the region and hire staff
- As economic competition heats up in the Gulf region, the UAE is developing virtual asset regulation to attract new forms of business
Business
Whistleblower payment is latest Musk reason to drop Twitter deal
A termination letter sent to Twitter accused the firm of not informing him about a multi-million dollar severance payment it...
- Musk's lawyers argued that failing to seek his consent before paying Zatko provides another legal basis to break the merger deal with Twitter
- Musk has been locked in a bitter legal battle with Twitter since announcing in July that he was pulling the plug on the purchase of the company
Business
Mubadala, TAQA Group to invest in power sector in Uzbekistan
The binding agreements will see Mubadala and TAQA each acquire a 40% stake in two gas-fired power plants.
- The binding agreements will see Mubadala and TAQA each acquire a 40% stake in two gas-fired power plants
- The agreements follow the 2020 agreement with Uzbekistan’s Ministry of Investment and Foreign Trade
Business
Aramco sets new profit record.
The Saudi firm made $279.4bn in profit in 12 months.
- The figure is equal to the combined profits of Apple, Google’s parent company Alphabet, and Microsoft
- Apple, the leader among global companies in terms of market capitalization, ranked second in the profitability index, with profits of $120.5 billion during the 12 months
Business
Ukraine rebuilding to cost US$350bn: report
It will cost some $350 billion to rebuild Ukraine from the devastation caused by the Russian invasion, according to a...
- The report estimates that $105 billion will be needed to address urgent needs such as restoring education and health systems and infrastructure
- Ukraine Prime Minister Denys Shmyhal said reconstruction already was underway in the de-occupied territories but will require help from international partners
Business
Qatar tests US$675m stadium with first sellout crowd
Almost two months before the start of World Cup, Qatar put the $675 million stadium, the venue for the final,...
- The stadium, shaped like a traditional Arabic bowl, is at the heart of a new city being built north of the tiny Gulf state's capital
- FIFA president Gianni Infantino has said it will be the "best-ever" World Cup and that foreign fans will have an experience like a "child going to Disneyland for the first time"
Business
Qatar World Cup to kick up region’s economic growth
The FIFA World Cup, which is likely to boost tourism across GCC, is all set to increase revenues for Gulf...
- The FIFA World Cup, which is likely to boost tourism across GCC, is all set to increase revenues for Gulf airlines, hotel and restaurant industries and domestic transportation
- Beside Saudi Arabia, Dubai would benefit the most from the expected tourism boom in the Middle East during the World Cup, suggest latest reports
Business
Stocks and oil prices rally, as dollar drops
Stock markets and oil prices rallied Friday, with investors largely pricing in more interest rate hikes aimed at taming runaway...
- The more confident mood across equity and oil markets was reflected in a cooler dollar.
- The greenback's softness came after Federal Reserve chief reasserted the US central bank's determination to keep hiking interest rates to fight prices
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
Bank of China opens in Riyadh
Business
Rani R Raad is new CEO of IMI
Business
Latest News
Enbridge inks $14bn pact
Business
AD Ports Group acquires 10 offshore vessels for $200 million
Abu Dhabi, UAE -- AD Ports Group (ADPORTS) has purchased 10 offshore vessels for $200 million that will bolster offshore...
Business
Fertiglobe Q3 revenue of $525m
The firm recently launched steps to optimize its cost structure.
Business
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Business
Saudi Real Estate Market records transactions worth $14.92bn
Riyadh, Saudi Arabia -- More than 70,000 transactions worth SAR 56 billion ($14.92 billion) have been conducted on Saudi Arabia's...
- The traded real estate areas amounted to about 550 million square meters (sqm), Argaam reported. Real Estate Market provides its services around the clock.
- Launched two months ago, It allows easy buying and selling of properties, in addition to helping beneficiaries to leverage mortgage services electronically.
Business
Batelco launches mobile peering service in MENA region
Manama, Bahrain - Batelco, part of the Beyon Group, announces its latest service “Mobile Peering” for members of the platform....
- The many benefits of this service include enhanced network efficiency and reduced latency by establishing direct connections between mobile providers
- Exchanging mobile traffic directly with other mobile networks results in a better roaming experience for the mobile operators’ end users
OpenAI sees a future of AI ‘superpowers on demand’
Dreams of the benefits of generative AI -- along with fears of the technology's risks -- have been hot topics...
- OpenAI is rolling out the ability to create custom "agents," called "GPTs," capable of handling specific tasks such as business negotiation advice
- Later this month, OpenAI will launch a GPT "store," and plans to add a way for developers to make money based on how many people use their GPTs