Russia not in danger of trading oil at a loss, says Lavrov
MOSCOW, RUSSIA – Russia does not see the risk of trading oil at a loss due to the redistribution of...
Business
Saudi Arabia to donate US$40m for UN agency in Gaza
The funds, according to the King Salman Humanitarian Aid and Relief Centre (KSrelief), would support UNRWA's "humanitarian relief efforts in...
Geostrategy
Business
Airbus cancels A350 aircraft contract with Qatar Airways
European aircraft maker Airbus has cancelled its contract to deliver 19 A350 planes to Qatar Airways, a source close to...
- Airbus had already cancelled a multi-billion-dollar order of 50 planes from Qatar Airways, a major customer, earlier in the year.
- Qatar Airways has been locked in dispute with Airbus over degradation of exterior fuselage surfaces on some of its A350 planes.
Economy
France warns companies might have to cut energy use this winter
The French government warned Wednesday that companies might have to reduce energy use this winter even with the country's natural...
- Moscow has slashed its exports to Europe in response to punishing Western sanctions over the invasion of Ukraine by Russian forces.
- France is less reliant on Russian supplies than other EU countries, but its industrial sector still relies on gas and millions of people use it.
Business
OPEC+ meeting in focus as it decides on oil production strategy
After cutting production in 2020 in response to falling prices during the Covid pandemic, OPEC+ began to modestly raise it...
- The cartel led by Saudi Arabia and Russia has so far resisted US pressure to ramp up production significantly.
- Biden visited Saudi Arabia in July to convince the Kingdom about producing more oil and stabilizing market.
Business
UAE accounts for 25 percent of MENA digital media subscriptions: Report
UAE’s publishing sector has grown by 150 percent during the current decade and it will reach $650 million in 2030,...
- UAE’s publishing sector has grown by 150 percent during the current decade and it will reach $650 million in 2030.
- The global media and entertainment services sector will reach $2.4 trillion in 2023.
Business
Etihad orders 7 A350F freighters
The freighters will upgrade Etihad's freight capacity.
- With this order, Etihad adds to its existing order of the largest passenger version of A350-1000s, five of which have been delivered.
- Etihad has also firmed up a long-term agreement for Airbus' Flight Hour Services (FHS) to support its entire A350 fleet.
Business
45 types of dates on auction at Buraidah Dates Festival in Saudi
More than 45 types of dates have been placed at the auction grounds at the Buraidah Dates Festival, which began...
- The auction yards also witnessed the arrival of more than 3000 thousand cars and 950 tons of dates within three days.
- Agriculture is still the cornerstone of the economy in Buraidah. Thousands of farmers and young people depend on the income generated from date farming.
Business
Ajman posts 16 percent growth in new licenses in first half of 2022
The Department of Economic Development in Ajman (Ajman DED) has said the number of new economic licenses grew by 16...
- The number of industrial licenses increased by 51 percent to 83, compared to 55 licenses in H1 2021.
- While Ajman accounted for 91 percent of licenses, Masfout area accounted for 5 percent and Manama 2 percent.
Business
Airbnb revenue tops $2 billion
The company logged a net income of $379 million.
- The home rental platform logged a net income of $379 million in what it touted as the most profitable second quarter in its history
- As a sign of confidence in its future, the San Francisco-based company announced it will devote $2 billion to buying back shares
Ooredoo to pay 3% interest
Group EBITDA for the period was QR4.5 billion.
- The company will pay the accrued interest of 3.25 percent to the bondholders amounting to $1 billion and due on Feb. 21, 2023
- Ooredoo revenue for the half year ended 30 June 2022 stood at QR11 billion, an increase of 4 percent compared to the same period last year
Business
stc profit jumps to $1.6bn in H1
The Saudi Telecom Co. will pay $532m in quarterly dividend.
- According to Olayan Alwetaid, the CEO of the company, DARE 2.0, a company specialized in cloud computing, was established with SR894 million capital
- The telecom giant’s profit jump from SR5.77 billion in the same period a year ago came on the back of a 7 percent surge in sales
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
Russia not in danger of trading oil at a loss, says Lavrov
MOSCOW, RUSSIA – Russia does not see the risk of trading oil at a loss due to the redistribution of...
Business
Company News
Latest News
The Arab Open Banking market to grow by 25% annually over next 5 years: report
Dubai, UAE - The Arab Open Banking is expected to experience 25% annual growth over the next five years, a...
Business
Most Read
Business
Thuraya, nybl sign MoU
They will deploy AI in Thuraya and Yahsat satellites
- nybl provides various AI and ML sector-specific modules, including Oil and Gas, Security and Surveillance, with robust support for ESG.
- Under the MoU, both parties will focus on testing, certifying, and enabling the nybl platform over Thuraya and Yahsat satellites.
Business
Alphabet and Microsoft see earnings rise on AI-infused cloud
Tech giant Microsoft said Tuesday its profits rose in the latest quarter, boosted by its strength in the closely watched...
- Microsoft saw its shares rise more than 3 percent to $341.11 on earnings that underscored the momentum of its cloud business
- Alphabet reported a quarterly profit of $19.7 billion, powered by money taken in from ads, YouTube, and cloud services
Business
Deutsche Bank profit down
Its net profit for the third quarter dropped to US$1.09bn.
- The bank launched a new effort earlier this year to cut costs and focus on its core strengths
- Its chief executive said the bank has "materially improved capital outlook" thanks to strong results