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
Global VC investment falls to lowest level in nearly seven years
Global VC investment fell from a five-quarter high of US$95.5 billion in Q2'24 to a nearly seven-year low of US$70.1...
Business
Business
ADDED, EWEC sign MoU to improve sustainability, clean energy adoption
The Emirates Water and Electricity Company (EWEC) and the Abu Dhabi Department of Economic Development (ADDED) today signed a Memorandum...
- EWEC will collaborate with ADDED through the Industrial Development Bureau (IDB) to develop new solutions that will support the innovation of energy products.
- They will also lead the drafting of proposals to ensure ongoing improvements to the ecosystem, attract new investments and enable sustainable firms to thrive in Abu Dhabi.
Business
ADNIC H1 net profit $50m
The company's gross written premiums up by 20.9%.
- The company's net underwriting income stood at AED253.9 million, against AED280.3 million during 2021.
- ADNIC's net investment and other income were AED62.0 million, compared to AED87.3 million last year.
Business
UAE inflation low but businesses burdened by rising costs: Report
IMF estimates inflation in the UAE is expected to be at 3.7 per cent in 2022, falling to 2.8 percent...
- About 37 percent of UAE businesses are changing their pricing strategy in line with cost increases and 31 percent are focusing on product or service differentiation.
- Businesses in the UAE report cost increases of 18 per cent for energy and utilities, 17 per cent for raw materials and 14 per cent for wages and staff compensation.
Business
Salam International H1 net profit $8.6m
The profit dropped by 3.21 percent compared to H1 2021.
- In a bourse filing on Tuesday, the company said the Earnings per share (EPS) amounted to QR 0.027 versus QR 0.028 for the same period of 2021.
- brokerage firm Dlala Holding posted a net profit of QR 4.943 million for the first half of 2022.
Geostrategy
New buyer sought for first grain to leave Ukraine under deal
The Sierra Leone-flagged vessel Razoni left the Ukrainian port of Odessa on August 1 carrying 26,000 tons of maize.
- The Sierra Leone-flagged vessel Razoni left the Ukrainian port of Odessa on August 1 carrying 26,000 tons of maize
- Another ship docked in Turkey Monday with a cargo of 12,000 tons of Ukrainian maize, becoming the first to reach its destination
Business
Deliveroo to exit Netherlands on back of surging losses
A planned exit from the Netherlands towards the end of November follows Deliveroo's departure from Spain last year, although the...
- Revenue grew 12 percent to £1 billion despite easing Covid curbs and controversy over treatment of its riders
- In early London trading following Wednesday's earnings update, Deliveroo's share price rose 0.8 percent at 92 pence
Business
UAE and UK partner to boost Senegal’s emergency response
Etihad Credit Insurance (ECI) and UK Export Finance (UKEF) have partnered to boost Senegal's national emergency response infrastructure.
- Under the $147 million Redco Project Senegal, the country will receive fire fighting vehicles, airport firefighting and rescue vehicles, ambulances and medical vehicles
- Etihad Credit Insurance in partnership with UKEF has provided guarantees for the loan obtained by the Senegal Ministry of Economy, Planning and Cooperation
Business
SAR passenger numbers rise
More than 2.3m passengers used Saudi Railways in H1.
- The company said that the freight service also contributed to the removal of more than 871,000 trucks from the roads
- Saudi Railways CEO said results are reflective of the high-quality service and emergence of Saudi railways as a reliable transportation option
Business
Doha Bank raises non-Qatari ownership threshold to 100%
Doha Bank, a Qatari public shareholding company, announced it after having earned all necessary approvals
- Doha Bank, a Qatari public shareholding company, announced it after having earned all necessary approvals.
- The change has been made at the Qatar Central Securities Depository with immediate effect, the bank said in a statement
Business
Barwa records rise in profit
The net profit posted 0.73% jump to $147.25m in H1.
- The developer's earnings per share (EPS) amounted to QR 0.138 versus QR 0.137 for the same period of 2021
- Barwa, founded in 2005, established itself as one of the pioneering companies operating in real estate sector in Qatar with a total capital hovering around $1.68 billion
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
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Mubadala, Petrobras sign MoU
Business
Emirates NBD invests in Komgo
Business
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Sony hikes annual sales outlook
The company net profit for July-September sank 29 percent
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Business
Amlak Q3 net profit AED $73m
Amlak's total income for the third quarter decreased by 19%.
- Revenues from financing business decreased by 10 percent to AED 90 million during Q3 2023 as compared to AED 100 million in Q3 2022.
- The company recorded a net gain of AED 174 million on debt settlement arrangements and was able to reduce its debt burden by AED 531 million.
Business
Export Bahrain and Alibaba sign MoU to boost global trade
Manama, Bahrain--Export Bahrain and Alibaba.com have signed a memorandum of understanding (MoU) to boost global trade and economic growth in...
- The agreement signed during the 6th China International Import Exhibition held in Shanghai will enable Export Bahrain and Alibaba.com to leverage their respective strengths
- The collaboration between the two entities will enable the Chinese giant to train and support Bahraini suppliers in utilizing e-commerce platforms effectively
Business
Middle East companies moving towards cloud adoption
Adoption is driven by government initiatives, global cloud providers, and the need for agility and scalability in the region.
- 68% of Middle East companies want to migrate their operations to the cloud within the next two years
- To fund these initiatives, 76% of companies intend to increase their cloud budget over the coming year