Samsung reshuffles leadership amid challenge in AI chips
Seoul, South Korea - Samsung Electronics reshuffled its leadership on Wednesday as it looks to gain an edge in the production...
Geostrategy
Data Integrity: The foundation of true data freedom
Ensuring data integrity has become more challenging, leaving organizations at risk of data loss and corruption. during migration
Business
Business
NADEC records $11m profit
The jump in profit was driven by growth in sales of dairy.
- There was a 21 percent revenue increase due to a high growth in sales of dairy and food processing
- The company had posted losses of $2.9 million in the same period last year
Business
Aramco posts record profit of $48.4bn in Q2
Net income leapt 90% for the world's biggest oil producer, which clocked its second straight quarterly record after announcing $39.5bn...
- Aramco said its income rose 22.7 percent from Q1 in "strong market conditions"
- The quarterly profits, the highest since Aramco's IPO in late 2019, beat analyst forecasts of $46.2 billion
Business
Emaar H1 revenue 3.69 billion
H1 2022 EBITDA up 66 percent $1.6 billion.
- Q2 EBITDA up 53 percent to reach $798 million compared to $523 million in the same period of 2021.
- Emaar’s international real estate operations recorded property sales of $661 million in H1 2022 and contributed revenue of AED2.068 billion ($563 million
Business
Tadawul posts 23% fall in profit
The profit fell to $74 million in H1 in a year of record listings.
- It reported an 8.3 percent decline in revenue to $157 million, mainly due to the decrease in trading services and post-trade services
- Higher salaries and employee-related benefits further weighed on profit during the six-month period, leading to a rise of 9.8 percent in expenses to $80 million
Economy
Jordan industries’ use 24m cubic feet gas daily in 2021
The average natural gas consumption for Jordan's industries amounted to 24 million cubic feet (CF) per day during 2021, according...
- Gas production from Risha Field, eastern Jordan, reached about 6,510 million cubic feet during 2021 at a daily rate of 17.8 million cubic feet
- The capacity of Risha Field has been raised to about 32 million cubic feet per day, as Risha Wells 53, 51, 50 have entered production in 2021
Geostrategy
Jordan, Morocco to launch hospitality training facility
A Jordanian-Moroccan hospitality and tourism training project will be launched in the Hashemite Kingdom as part of the strategic partnership...
- The Moroccan ambassador stressed on Jordan's pivotal role in joint Arab efforts and regional issues.
- The envoy stressed on the partnerships between Jordan and Morocco in tourism, agriculture, renewable energy
Geostrategy
President invites Swiss President to visit the UAE
President of the Swiss Confederation Ignazio Cassis, has received a written message from President Sheikh Mohamed bin Zayed Al Nahyan...
- The UAE is keen on strengthening bilateral relations with Switzerland
- Sheikh Abdullah has delivered the written message of the UAE President to the Swiss President
Business
DEWA smart services receive wide praise from customers
Dubai Electricity and Water Authority (DEWA) smart services have helped customers raise the efficiency of their electricity and water consumption...
- The customers praised DEWA’s efforts to provide all means to promote a culture of sustainability and raise awareness about protection of natural resources
- They lauded the company's digital channels, including DEWA’s website and smart app, that help them to complete their transactions easily and smoothly
Economy
Qatar World Cup will be most luxurious yet, says hospitality firm boss
Jaime Byrom, who has sold millions of hotel rooms over 10 World Cups, said wealthy supporters will be flocking to...
- Jaime Byrom, who has sold millions of hotel rooms over 10 World Cups, said wealthy supporters will be flocking to the tiny Gulf state from around the globe
- Packages range from $700 for a top ticket with a slap-up meal, to bills of a million dollars-plus for big groups staying in top hotels and watching several matches
Business
OPEC sees demand for oil tanking this year
OPEC warns that the demand growth for 2023 will slow further to 2.7 million bpd, leaving its forecast unchanged from...
- OPEC said that the cut in growth forecast is attributed to the economic impact due to Russia’s invasion of Ukraine and high inflation
- The global oil market, according to OPEC, is strongly rebounding to pre-COVID-19 levels
Samsung reshuffles leadership amid challenge in AI chips
Seoul, South Korea - Samsung Electronics reshuffled its leadership on Wednesday as it looks to gain an edge in the production...
Geostrategy
Company News
stc buys stake in Telefónica
Business
L’Occitane shares nosedive
Business
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Arm seeks $52bn valuation
Business
TASI-listed firms report an aggregate net profit of $48.1bn in Q3 Â Â
RIYADH, SAUDI ARABIA - Tadawul-listed companies reported a US$48.1 billion (SAR 157.09 billion) aggregate net profit for the third quarter...
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...
Business
ADNOC Distribution Q3 net profit $227m
The EBITDA increased by 28% YoY to $303 million in the third quarter.
Business
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Samsung to add real-time translation to smartphone model
Samsung is the world's largest smartphone maker accounting for a fifth of global sales between July and September, as Apple...
- The new real-time translation feature will be incorporated into Samsung's new Galaxy flagship model, which will launch next year
- It will enable "real-time translation in audio and text as the callers are on the line", the spokesman of Samsung said
Business
NEOM opens London office as base for UK and European business
London, United Kingdom – NEOM, the sustainable regional development taking shape in northwest Saudi Arabia, has opened its first international...
- The opening of the office is part of the NEOM’s effort to expand its international footprint
- As the first international office, the UK office will also serve as a base to support NEOM’s business across Europe
Business
Emaar 9M net profit $1.1bn
This is due to the successful launches of new projects.
- Emaar Development’s property sales increased by 25 percent, reaching US$7.9 billion in the first nine months of 2023.
- In the first nine months of 2023 (January to September), Emaar Development reported an EBITDA of US$1.2 billion.