UBS reports lower net profit in 2023
The Swiss government pushed it to buy Credit Suisse last year.
Business
Investcorp Capital names new CFO
Rohit Nanda, the new CFO, will take up his new job next month.
Business
Economy
Dubai records over US$653m in realty transactions on Monday
DUBAI, UAE - Dubai real estate market recorded 568 sales transactions worth US$373 million (AED1.37 billion) on Monday, data released...
- Dubai real estate market recorded 568 sales transactions worth US$373 million on Monday.
- The sales included 503 villas and apartments worth US$283 million and 65 land plots worth US$88 million.
Business
ADNOC announces $548m contract for Lower Zakum field
Abu Dhabi National Oil Company (ADNOC) Monday announced the award of a US$548 million (AED2.01 billion) contract to build a...
- The award will increase the Lower Zakum field’s gas production capacity from 430 million to 700 million standard cubic feet per day.
- The project will see the construction of a new subsea pipeline that will run 85 kilometers from Zakum West Super Complex to Das Island.
Economy
Green hydrogen production in UAE to touch 5.7m tonnes in 2030
Innovative technologies to produce green hydrogen using clean and renewable energy are witnessing rapid developments and studies indicate that green...
- The UAE aims to acquire 25 percent of the low-carbon hydrogen market which is expected to reach more than $400 billion.
- The production of green hydrogen is mainly carried out through electrolysis using renewable energy sources.
Business
Saudi rebate program discussed at Venice festival
A seminar organized at the film festival discussed the kingdom's cash rebate program, which is aimed at attracting international producers...
- The officials said there is a high level of coordination between government agencies and the private sector to build the film industry.
- Last May, the Commission launched a cash rebate program to support films with up to 40 percent of the financial refund.
Economy
Saudi Arabian government body launches strategy 2022-2025
The National Center for Government Resources Systems (NCGR) launched its comprehensive strategy (2022-2025).
- The strategy is based on four main pillars which include raising the efficiency and effectiveness of the government in managing its resources.
- It also involves maximizing benefit of NCGR's resources, superiority in providing and using data to support decision-making, excellence in risk management.
Business
Saudi SMEs authority and Aramco center sign cooperation pact
Riyadh, Saudi Arabia—Saudi Arabia’s General Authority for Small and Medium Enterprises (Monsha'at), has signed a cooperation agreement with Aramco’s Center...
- The two sides will provide shared office spaces, financial grants, and business development and mentorship programs to enable SMEs to enter the market.
- Monsha'at works to organize, support and sponsor the small and medium enterprises sector in the Kingdom in accordance with best practices.
Business
FAB, Silver Birch announce partnership
They will offer inventory solutions to their local, international clients.
- This partnership enables FAB and Silver Birch to offer various inventory solutions to suit specific client needs.
- Silver Birch, headquartered in the UK, is a specialist working capital structuring, advisory and execution firm.
Economy
Dubai road-toll operator Salik’s IPO to sell 20% shares
According to its intention-to-float document, the company is selling 1.5 billion shares and the offer price will be confirmed on...
- According to its intention-to-float document, the company is selling 1.5 billion shares and the offer price will be confirmed on September 22
- The Salik electronic toll collection system was introduced in Dubai in 2007 to ease congestion in the regional trading hub
Business
OPEC+ to meet in order to adjust quotas for October
Faced with a bleak global economic outlook, the OPEC+ countries are expected to agree a modest increase in oil production...
- Far from their highs near $140 a barrel, Brent North Sea crude and US WTI crude prices suffered their third consecutive monthly decline in August
- Matthew Holland of Energy Aspects said a cut in production would come up at the next meeting in October
Business
Jahez posts profit of US$14.2m
The food delivery platform saw rise in orders on its app in H1.
- Jahez said the profit surge was mainly driven by a revenue jump of 60 percent to $207 million, from $129.60 million in the corresponding period last year
- Orders made through the app surged by 46 percent to 31.5 million during the six months, as the average number of users soared by 48 percent
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UBS reports lower net profit in 2023
The Swiss government pushed it to buy Credit Suisse last year.
Business
Company News
Arm seeks $52bn valuation
Business
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Business
Saudi Coffee Company launches its first model farm in Jazan
Riyadh, Saudi Arabia - Saudi Coffee Company, a wholly owned subsidiary of the Kingdom’s Public Investment Fund, on Sunday announced...
- The farm is a cornerstone of Saudi Coffee Company’s plans to increase the coffee production capacity from 300 to 2,500 tons annually in 2023
- Over the next ten years, the Saudi Coffee Company intends to invest nearly SAR 1.2 billion ($320 million) to meet its export goals
Opinion
Global AI economy will reach over $32 trillion by 2027
The emergence of AI-managed portfolios marks a notable change in the investment realm. Success in this evolving landscape will require...
- AI-driven portfolio management systems are challenging traditional investment methods.
- The future of investment may lie in a hybrid approach, combining AI with human insight.
Business
Qatar’s business conditions continue to improve in October
DOHA, QATAR – Qatar's non-energy private sector continued to experience improving business conditions at the start of the final quarter of...
- Output, new orders and employment all expanded in October, and the 12-month outlook remained upbeat.
- Profitability improved as firms raised their prices for goods and services at the fastest rate since February.