Riyadh Season 2024 signs sponsorship agreements with local, global partners
Riyadh, Saudi Arabia-- A signing ceremony for Riyadh Season 2024 sponsorships was held on Thursday at Via Riyadh. General Entertainment...
Business
Microsoft beefs-up its AI assistant with voice, vision
San Francisco, United States - Microsoft on Tuesday doubled down on deploying artificial intelligence to consumers, releasing an updated version of...
Business
Ooredoo to pay 3% interest
Group EBITDA for the period was QR4.5 billion.
- The company will pay the accrued interest of 3.25 percent to the bondholders amounting to $1 billion and due on Feb. 21, 2023
- Ooredoo revenue for the half year ended 30 June 2022 stood at QR11 billion, an increase of 4 percent compared to the same period last year
Business
stc profit jumps to $1.6bn in H1
The Saudi Telecom Co. will pay $532m in quarterly dividend.
- According to Olayan Alwetaid, the CEO of the company, DARE 2.0, a company specialized in cloud computing, was established with SR894 million capital
- The telecom giant’s profit jump from SR5.77 billion in the same period a year ago came on the back of a 7 percent surge in sales
Business
BMW profits slide as China lockdowns hit production
BMW said economic conditions would "remain difficult" in the second half of the year, with the war in Ukraine also...
- The carmaker shipped just over 563,000 units in the second quarter of 2022, a drop of 19.8 percent
- BMW said economic conditions would "remain difficult" in the second half of the year, with the war in Ukraine also disrupting supply
Economy
Metaverse Strategy set to position emirate as global Web3 hub
Dubai is already home to more than 1,000 companies in the metaverse and blockchain sector.
- Dubai is already home to more than 1,000 companies in the metaverse and blockchain sector
- The DMS aims to support more than 40,000 virtual jobs and add $4 billion to Dubai’s economy
Business
Retail sector in Gulf region stares at slump in business
Market experts predict a hard summer for the GCC retail industry as rising costs keep shoppers away from malls and...
- With high inflation biting into family budgets, households have cut back on spending on essential commodities because of the high cost of goods
- While the high-end malls and stores can fall back on their deep reserves of cash to get over the crisis, it is the small and medium-sized businesses that are struggling to survive
Business
Suez Canal revenue hits a record $704 million
Canal Authority Chairman Osama Rabea said that the Canal reached its highest monthly transit rate of 2,103 ships, as well...
- Canal Authority Chairman Osama Rabea said that the Canal reached its highest monthly transit rate of 2,103 ships, as well as monthly net tonnage of 125.1 million tonnes
- Rabie attributed the big leap in the revenues to the rise in the number and tonnage of ships transiting the canal during 2021-2022
Economy
UAE climate change ministry, EDB to finance agro ventures
UAE Ministry of Climate Change and Environment and Emirates Development Bank sign a Memorandum of Understanding to finance agricultural SMEs...
- UAE Ministry of Climate Change and Environment and Emirates Development Bank ink pact to finance agricultural SMEs
- This move will help to contribute to the UAE’s sustainable economic development and food security
Business
Three-day Liwa Ajman Dates and Honey Festival to begin Friday
The 7th edition of Liwa Ajman Dates and Honey Festival begins Friday at the Emirates Hospitality Centre in Ajman. Showcasing...
- Organized by Ajman Department of Tourism Development, the festival targets more than 400 participants.
- The festival also includes events that aim to revive the old Emirati customs and traditions.
Economy
UAE maintains reputation as top tourist destination
The UAE continues to maintain its regional and international leadership as a distinguished travel destination and a preferred country for...
- The UAE has strengthened its position on the world tourism map, becoming a leading international tourism destination.
- UAE is in the top 10 country in several international competitiveness indexes related to the tourism, travel and hotels sectors in 2021
Business
AD Ports, Hutchison to explore investments in GCC, Asia, Africa
Abu Dhabi Ports and Hutchison Ports have signed an MoU to identify joint investment and business opportunities related to feedering,...
- They will partner to operate within Tanzania to enhance the capabilities and market competitiveness of port operations in the country, including Dar Es Salaam Port.
- Potential areas of focus include improving servicing to several of Tanzania’s landlocked remote areas and neighboring countries.
Riyadh Season 2024 signs sponsorship agreements with local, global partners
Riyadh, Saudi Arabia-- A signing ceremony for Riyadh Season 2024 sponsorships was held on Thursday at Via Riyadh. General Entertainment...
Business
Company News
Lavoie buys e-bike firm VanMoof
Business
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OpenAI sees a future of AI ‘superpowers on demand’
Dreams of the benefits of generative AI -- along with fears of the technology's risks -- have been hot topics...
COP28 huge moment for world and UAE: UK Economic Secretary to Treasury
Dubai, UAE-- Describing the COP28 as a huge moment for the world and the UAE, Andrew Griffith, Economic Secretary to...
Business
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Economy
$10 trn of ‘hidden costs’ on food and agriculture system per year, says UN
Paris, France - The food and agriculture system adds at least $10 trillion in "hidden costs" to the global economy every...
- The Food and Agriculture Organization said it conducted an analysis in 154 countries to determine the "true" cost of the agrifood system.
- The global quantified hidden costs totaled around $12.7 trillion in 2020, representing almost 10 percent of the global gross domestic product.
Economy
Expat remittances in Saudi Arabia fall to $2.6bn in September
RIYADH, SAUDI ARABIA - Remittances by expatriates in Saudi Arabia dropped 13 percent year-on-year (YoY) to US$2.6 billion (SAR 9.9...
- On a month-on-month (MoM) basis, expat remittances in the Kingdom declined 8 percent, or US$229 million.
- Remittances by Saudi nationals to other countries also fell 11 percent YoY to US$1.2 billion in September.
Business
First SAF-powered Emirates flights cleared for take-off from Dubai
Dubai, UAE -- The first Emirates flights operating with sustainable aviation fuel (SAF) provided by Shell Aviation have taken off...
- Emirates’ flight EK 412 bound for Sydney on 24th October was among the first to operate with SAF.
- Shell has supplied 315,000 gallons of blended SAF for use at the airline’s hub in Dubai.