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
UAE backs Egypt’s Ras El Hekma megaproject, aims for $110 billion investment
Abu Dhabi, UAE - The UAE Ministry of Investment (MoI) announced today its support and key role in the advancement...
Business
Analysis
French business ties build on Saudi mega projects
Recent strategic Saudi-French partnership deal becomes crucial as Paris, with its expertise in key sectors, may help the Kingdom in...
- Recent strategic Saudi-French partnership deal becomes crucial as Paris, with its expertise in key sectors, may help the Kingdom in achieving the goals set under Vision 2030
- Saudi Arabia is a new El Dorado for business with projects such as Neom, Al Ula, Read Sea and others, says Bertrand Besancenot, former French ambassador in Riyadh
Economy
Jordanian Senate examines draft investment law
Jordan Senate's Finance and Economic Committee hosted an expert in economic affairs at the National Democratic Institute (NDI), to look...
- Jordan Senate's Finance and Economic Committee examines the draft law regulating the investment environment in the country.
- Investment-related laws should streamline business procedures, economic activities, spur investment and enhance competitiveness of the economy
Economy
FDIs in the UAE grew 116% from 2012 to 2021
According to a report by the UAE's Ministry of Economy, during the past decade from 2012 to 2021, FDIs in...
- FDI in the UAE witnessed significant growth, from $9.5billion in 2012 to $20.6 billion in 2021
- The UAE was ranked 19th globally in the list of top 20 countries that attract FDIs
Economy
Dubai’s weeklong real estate transactions total $1.4bn
In Dubai, the real estate and properties transactions valued at $1.4 billion in total during the week ending 05 August...
- In Dubai, 255 plots were sold for $337 million, 1,510 apartments and villas for $759 million
- During the week, the total number of transactions was 2,247
Business
Saudi ministry signs smart transportation MoU with Alstom
Saudi Arabia’s Ministry of Investment has signed a memorandum of understanding with Alstom, which specializes in the sustainable and smart...
- The MoU aimed exploring investment opportunities in the transport sector and localize the manufacture and maintenance of trains.
- The MoU also entails Alstom to establish its regional headquarters in the kingdom.
Business
Global H1 air cargo demand up 2.2 percent over pre-Covid levels
Global air cargo demand rose by 2.2 percent in H1 2022 as compared to pre-COVID levels (H1 2019), according to...
- IATA figures indicate a healthy and stable performance across global air cargo markets showing.
- Global demand sunk by 6.4 percent compared to June 2021 levels (-6.6 percent for international operations).
Business
dnata extends partnership with GOL Airlines in Brazil
The travel services provider’s latest contract win cements its position as the leading ground services provider in Brazil.
- The travel services provider’s latest contract win cements its position as the leading ground services provider in Brazil
- The company offers ground handling, cargo, travel, catering and retail services in 37 countries across six continents
Business
ADNOC Drilling gains 2 contracts
The company will hire eight jack-up offshore rigs.
- The contracts, valued at $1.5 billion (AED 5.6 billion) and $1.9 billion (AED 7 billion), awarded by ADNOC Offshore.
- These will support the expansion of ADNOC’s crude oil production capacity to 5 million barrels per day by 2030 and enable gas self-sufficiency for the UAE.
Business
Embraer Q2 profit at $74.2m
It returned to profit in Q2 after posting a loss in first quarter
- Brazilian plane-maker Embraer returned to profit in the second quarter after posting a loss in the first
- The result was down 16 percent from the $87.9 million net profit it posted for the April-June period last year
Business
ING Q2 profit down 20%
The bank's profits have been hit by Turkey's soaring inflation.
- ING booked a profit of 1.18 billion euros ($1.2 billion) in the three-month period ending in June.
- ING's net profit took 277-million-euro hit from Turkey's hyper-inflation, which is around 80 percent.
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
Company News
Latest News
SABIC-Sinopec China plant opens
Business
IPOs in MENA raise US$5.8bn in first nine months of 2023
ABU DHABI, UAE - A recent report revealed that 29 initial public offerings (IPOs) were recorded in the Middle East...
Market Report
Contracts worth $2.93bn signed at Taif Investment Forum
Taif, Saudi Arabia -- Several investment contracts for projects in Taif Governorate, worth over SAR11 billion ($2.93 billion), have been...
Business
Record number of patent applications filed globally in 2022, says WIPO
GENEVA, SWITZERLAND - Global patenting activity soared to new records in 2022, fueled by Indian and Chinese innovators, but an...
Business
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Business
Fertiglobe Q3 revenue of $525m
The firm recently launched steps to optimize its cost structure.
- In the third quarter, nitrogen prices reflected tighter market balances due to record low inventory levels.
- In the medium to longer term, the nitrogen outlook is favorable, with limited supply additions over the next several years.
Business
Aramco profits down
The oil giant posted a 23% drop in profits for Q3 to US$32.58bn.
- The drop from $42.43 billion last year to $32.58 billion "principally reflects the impact of lower crude oil prices and volumes sold", the firm said
- It follows a drop in net profit for Aramco, one of the world's richest companies, of 19.25 percent in the first quarter and 38 percent in the second quarter compared to 2022
UBS posts bigger loss
Last year, the bank took over its Swiss rival Credit Suisse.
- Switzerland's largest bank UBS was in March strong-armed by Swiss authorities into a $3.25-billion takeover of Credit Suisse, to keep its closest domestic rival from going under
- UBS said that the third quarter included integration-related expenses of $2 billion, adding that "we have now stabilized Credit Suisse and continued to grow our franchise"