US Fed expected to look beyond Trump win and cut rates again
The labor market has remained resilient, despite a sharp hiring slowdown last month due to adverse weather conditions and a...
Economy
Microsoft unveils autonomous AI agents for business tasks
San Francisco, United States - Microsoft on Monday said it was enhancing its AI offerings with new autonomous agent capabilities as...
Science
Business
IHG H1 profits surge to $216mn
IHG said it would resume its interim dividend
- InterContinental Hotels Group said that profits rose sharply in the first half after Covid travel restrictions were lifted around the world
- IHG, which also owns brands such as Crowne Plaza and Holiday Inn, said that first-half revenues jumped by 52 percent to $1.8 billion.
Business
Yahsat H1 revenue $206m
This is the company's highest ever first-half revenue.
- The high revenue is due to a double-digit growth in Managed Solutions and Mobility Solutions.
- The Adjusted EBITDA increased by 5.3 percent year-on-year to AED448 million ($122 million), delivering a robust margin of 59.3 percent.
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
US Fed expected to look beyond Trump win and cut rates again
The labor market has remained resilient, despite a sharp hiring slowdown last month due to adverse weather conditions and a...
Economy
Company News
PIF to buy Hadeed, Rajhi Steel
Business
Latest News
Alahmadi joins SHUAA Board
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.
Business
UAE rides property-market boom as demand soars
Global firms looking to hire space for offices and demand from govt, local dwellers have turbocharged the sector, driving property...
Business
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Business
Dubai Investments acquires 7.68% more stake in Monument Bank
Dubai, UAE - Dubai Investments, the leading investment company listed on the Dubai Financial Market (DFM), acquired additional 7.68 percent...
- This increases the Group’s holding in the Bank from 9.25 to 16.93 percent, although the investment is subject to necessary regulatory approvals
- The Monument Bank is a UK Based Digital Bank regulated by the Financial Conduct Authority (UK) and the Prudential Regulation Authority
Business
Rabigh 9M net loss $879m
The firm said unfavorable market conditions affected margins.
- In addition, Petro Rabigh complex was partially shut down for scheduled turnaround of its Phase II units starting Dec. 1, 2022, to Jan. 23, 2023, according to Argaam.
- The company narrowed Q3 2023 loss to SAR 1.14 billion from SAR 1.41 billion a year earlier, mainly due to improved refined products margin
Business
Zain posts highest-ever quarterly revenue
Tower infrastructure sale among factors responsible for the performance.
- The Q3 report also reveals a net profit of SAR 285 million, showcasing a growth of 234 percent compared to the corresponding period in 2022.
- The company said it has not only experienced growth in 5G revenue but also witnessed increased demand for consumer services.