Air traffic in Saudi Arabia surges 16 percent in 2023
Riyadh, Saudi Arabia - Saudi Arabia's aviation sector soared to new heights in 2023, with a significant increase in both...
Business
Will sign US$13.7bn deal with Airbus, says Korean Air
SEOUL, SOUTH KOREA – South Korean flag carrier Korean Air said on Thursday it will sign a US$13.7 billion deal with...
Business
Business
ADNOC Drilling H1 profit $379mn
The firm's revenue increased 13 percent to US$1.27 billion
- ADNOC Drilling revenue increased 13 percent to US$1.27 billion compared to the same period last year
- First half EBITDA was $580 million, up 16 percent year-on-year, with a market-leading margin of 45.7 percent
Google outage reported by tens of thousands of users
More than 40,000 users, including in New York City and Denver, Colorado, reported disruptions when trying to use Google's services,...
- On Twitter, some users posted screenshots of the 500 error message they received while trying to use Google
- Downdetector tweeted that user reports indicate Google Maps is having problems since 0136 GMT
Business
Kurdish Iraqi farmer sprouts online advice, green awareness
The mustachioed 50-year-old with almost half a million Facebook followers posts weekly videos on topics such as protecting fruit trees,...
- The mustachioed 50-year-old with half a million Facebook followers posts weekly videos on topics such as protecting fruit trees and helping people get more from their farms
- With Iraq already witnessing record low rainfall and high temperatures in recent years, Muhamad warned that if the government doesn't act now, the damage will be done
Business
SABIC profit surges to $2.1bn
The Saudi firm's net profit was fueled by higher sales volume.
- Analysts had predicted a 23-percent decrease in profit along with a 25.7 percent surge in sales
- SABIC Agri-Nutrients, which posted a 262 percent rise in quarterly profit, also beefed up the company’s performance
Business
IHC H1 profit surges to $3bn
The company slew of acquisitions helped its earnings.
- The performance across all IHC subsidiaries has resulted in a strengthening of the conglomerate’s balance sheet
- The company's strategic acquisition of companies in H1 2022 had a positive impact on the organisation's net worth
Business
Apple to open outlet in Riyadh
The firm will sell its full range of products and spare parts.
- The Saudi investment minister Khalid Al-Falih told media that said several international companies, including Google, Alibaba, Microsoft and IBM, intend to invest in the kingdom
- The minister said that investments will be coupled with the development of human resources through partnership of these companies with academies, universities and training centers
Business
Mubadala to buy Canada Cartage
Canada Cartage provides national fleet solutions.
- Canada Cartage has a wide network of 33 facilities across Canada and has two business segments, Dedicated Transportation and Logistics
- Mubadala's Head of Private Equity Adib Martin Mattar said Canada Cartage operates in a sector in which "we have significant expertise, which is business services"
Opinion
Global disruptions shift focus to new work models
Organisations can either view recent global disruptions such as Covid-19 pandemic as a death sentence or as a chance to...
- A large proportion of businesses across the world have felt the damaging effects of the Covid-19 pandemic
- Recent research has revealed that 87 percent of small business owners have lost money over the last two years
Analysis
Challenger banks struggle for market share in GCC
Net sentiment for traditional banks is higher than those for challenger banks as the former have a long history in...
- Net sentiment for traditional banks is higher than those of challenger banks as the former have a long history in the market and have proved to be trustworthy and reliable.
- Today consumers expect speed, efficiency and reliability from banks. The digital revolution also creates an opportunity to increase financial inclusion in the Gulf region
Business
Qatar Chamber to promote investment in country during world cup
Qatar Chamber would issue a guide to economic and commercial activities in Qatar 2022, aiming to promote its economy and...
- Qatar Chamber General Manager Saleh bin Hamad Al Sharqi stressed the promotion of economy and investment climate.
- Bin Hamad noted FIFA WC 2022 is a key opportunity to introduce the Qatari economy and the advantages of investment in Qatar.
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
Air traffic in Saudi Arabia surges 16 percent in 2023
Riyadh, Saudi Arabia - Saudi Arabia's aviation sector soared to new heights in 2023, with a significant increase in both...
Business
Company News
Latest News
Saudi Arabia selected as member of UN’s AI Advisory Body
New York, United States-- United Nations Secretary-General António Guterres Friday announced the selection of Saudi Arabia to the UN Advisory...
Geostrategy
Qatar records real estate sales contracts worth $84m in five days
Doha, Qatar -- Qatar recorded real estate trading volume in sales contracts worth QR 308 million ($84.59 million) for the...
Business
UDC posts net profit of US$63m
The net profit has been reported for the first nine months of 2023.
Business
Most Read
Business
PIF to reveal complementary auto projects soon, says top official
Riyadh, Saudi Arabia -- The Public Investment Fund will soon announce complementary projects for the automobile industry, mainly batteries, said...
- PIF is currently focusing on attracting industries related to the automobile system, such as tires, glass, and plastics to Saudi Arabia.
- The PIF has established three factories, Ceer, Lucid and Hyundai, finalizing the first phase of its mega project related to attracting the car manufacturing industry.
Air France-KLM posts profit jump
Turnover increased nearly seven percent to 8.7 billion euros.
- The group reported profit in the third quarter of 931 million euros, double the same period last year, as the group benefited from robust demand for air travel
- Between July and September this year the group transported 26.9 million people - an increase of 7.6 percent compared to the same period the previous year
Intel beats earnings expectations
Net income of US chip giant tallied $300 million.
- Intel reported revenue of $14.2 billion, which was 8 percent less than the amount seen in the same quarter a year earlier but ahead of forecasts
- Net income of US chip giant tallied $300 million, compared with $1 billion profit in the same period in 2022, earnings figures showed