UAE firms accelerate AI transformation, new report finds
The real power of AI lies in its careful deployment across diverse business functions, and the UAE is primed for...
Economy
TikTok makes AI driven ad tool available globally
San Francisco, United States - TikTok on Thursday began letting all marketers on its platform use an artificial intelligence-powered tool for...
Business
Economy
Saudi economy, GDP see upswing in H1 2022
Real GDP increased at a growth rate of 11.8% in Q2 2022, driven by the significant increase in oil activities...
- The report says Saudi Arabia's economy and GDP are on an upswing due to several factors
- Even the World Economic Outlook July 2022 projected the Kingdom to record highest GDP growth among G20 countries.
Business
Halwani Bros’ profit falls by 65%
The profit fell to $5m in HI due to rising cost of raw materials.
- The food company said the devaluation of the Egyptian currency also weighed on profits from its subsidiary in Egypt
- The rising raw material costs and increased marketing costs due to global inflation were also responsible for weaker financial results
Business
Saudi Arabia’s Kingdom Holding to invest $3.4bn in next 3 years
The company completed its earlier investment program during the period between the second quarter of 2020 and Q2 2022.
- The company completed its earlier investment program during the period between the second quarter of 2020 and Q2 2022
- It invested in diverse sectors with a proven track-record of growth and strong financial position
Business
Sharjah unveils ‘Holiday Homes Project’ to boost economy
The first phase of the project includes organizing field visits and inspection campaigns, as well as electronic or digital follow-up...
- SCTDA has mandated that the residential units be rented out on a rotational basis, regularly.
- The project will also empower prospective users with a new source of income recognized by the Government of Sharjah
Business
Clean beauty sector grows, so are greenwashing risks
In a positive development, the cosmetic industry at large is becoming greener. Approaches, however, are not always uniform or holistic...
- In a positive development, the cosmetic industry at large is becoming greener. Approaches, however, are not always uniform or holistic across the board, say experts
- Greenwashing generates skepticism in consumer mind when they find out that something they thought was true is not, add industry players
Business
Sanction partners: Iran’s top automaker eyes Russian market
Russia has come under increasingly tough sanctions since its February invasion of Ukraine, while Iran has faced stringent sanctions reimposed...
- The two countries have responded to the sanctions by boosting cooperation in key areas to help prop up their economies.
- "We are going to pay special attention to the Russian market, and we are also thinking of partnering with Russian investors," said Iran Khodro CEO Mehdi Khatibi.
Business
GIG H1 net profit $48.9 million
Improvement in underwriting and investment push profits up.
- The company said the rise in net profit was due to the improvement in the Group’s underwriting and investment performance compared to the same period last year.
- The total assets for the first half of the current year reached KD 1.34 billion, compared to KD 0.8 billion, an increase of 67.3 percent.
Economy
In Dubai 305m riders use public transport in H1 2022
Dubai’s Roads and Transport Authority (RTA) announced that the number of riders using public transport and shared mobility clocked nearly...
- The number of riders using public transport was 36 percent for Dubai Metro and 29 percent for taxis
- March 2022 was the busiest of all months recording 62 million riders
Economy
Electronic payments overtake cash in Saudi Arabia in 2021
The Saudi Central Bank (SAMA) said a study revealed that electronic payments increased from 44 percent in 2019 to 62...
- The Saudi Central Bank said a study revealed that electronic payments increased from 44 percent in 2019 to 62 percent by volume in 2021
- In the business sector, the share of electronic payments reached a substantial 84 percent of all payments in 2021
Business
AD Ports Group Q2 net profit $81.67m
The year-on-year growth in net profit was 59 percent.
- Capex reached AED 1.6 billion, in line with the Group’s capital investment plans to spend more than AED 15 billion across all clusters over the 2022-26 period, the statement said.
- Container volumes grew by 30 percent YoY while Ro-Ro and cruise passenger volumes continued their healthy recovery post COVID-19 disruptions.
UAE firms accelerate AI transformation, new report finds
The real power of AI lies in its careful deployment across diverse business functions, and the UAE is primed for...
Economy
Company News
Latest News
stc buys stake in Telefónica
Business
L’Occitane shares nosedive
Business
Japan to invest $13 billion on semiconductors and generative AI
Tokyo, Japan - Japan's government said on Friday that it plans to spend 2 trillion yen ($13 billion) to boost domestic...
Business
Dubai’s weeklong real estate transactions exceed AED10.3bn
Dubai, UAE -- The total value of real estate transactions conducted in Dubai during the week ending 10 November 2023,...
Business
Most Read
Business
Qatar records real estate contracts worth $60 million in five days
Doha, Qatar - The real estate market in Qatar witnessed a significant surge in trading activity as the Department of...
- The total value of sales contracts specifically for residential units during the same period amounted to above QR 705 million
- Sales were notably concentrated in key municipalities of Al Rayyan, Doha, Al Daayen, Umm Salal, Al Wakrah, Al Khor and Al Dakhira.
Business
ADNOC Distribution Q3 net profit $227m
The EBITDA increased by 28% YoY to $303 million in the third quarter.
- ADNOC Distribution witnessed a healthy 21 percent Y-o-Y increase and a 5 percent quarter-on-quarter (Q-o-Q) growth in total fuel volumes.
- It anticipates paying a minimum of $350 million (AED1.285 billion), or 10.285 fils per share, as the second six-month dividend of 2023 in April 2024.
Business
MIS net profit $7.1m in 9M 2023
Riyadh, Saudi Arabia -- Al Moammar Information Systems Co. (MIS) recorded a net profit of SAR 26.7 million ($7.1 million) in the...
- The lower profit was attributed to an increase in impairment loss on contract assets and trade receivables during the quarter, Argaam reported.
- In Q3 2023, the company swung to a net loss of SAR 69.4 million against a net profit of SAR 25 million in Q3 2022.