US considering Google breakup following monopoly ruling
The US Department of Justice (DOJ) made recommendations for Google’s search engine business practices on Tuesday, according to US media....
Business
GM reports US sales dip, that of EVs grew
The big Detroit automaker reported 659,601 US sales during the period.
Business
Business
Uber posts Q2 loss of $2.6bn
Uber revenue more than doubled to $8.1 billion in Q2. Uber reported better-than-expected revenue in Q2, fueled by strong demand...
- Uber reported better-than-expected revenue in Q2, fueled by strong demand for the San Francisco-based company's ride-hailing and food delivery services
- Revenue more than doubled to $8.1 billion in the three months through June -- a 105 percent increase
Geostrategy
UAE minister discusses economic cooperation, trade with Mongolia
During the meeting, the minister emphasized the UAE's commitment to solidifying its economic and trade partnership with Mongolia to support...
- Minister of Economy Abdullah bin Touq Al Marri held a meeting with Ambassador Extraordinary and Plenipotentiary of Mongolia to the UAE Odonbaatar Shijeekhuu
- The meeting was held in Dubai with an aim to strengthen trade and economic cooperation between the UAE and Mongolia
Economy
Krush Brands first firm to join UAE’s NextGen FDI initiative
Krush Brands, a food technology and multi-kitchen food service company, became the first business to join the UAE’s NextGen FDI...
- Krush Brands will relocate its global headquarters to the UAE to triple its growth by creating 700 jobs within two years and moving its technology arm from Europe.
- The NextGenFDI initiative complements other initiatives, such as the National Programme for Coders, which offers golden visas to 100,000 coders.
Business
Ghitha Q2 profit $21.95 million
The profit surged by 471% compared to Q1 2021
- The firm’s revenue reached AED576 million, a growth of 276 percent, soaring up from AED153 million in Q1-2021.
- The company's total assets crossed AED4.1 billion for the first half of 2022, compared with AED1.4 billion for the year ending 2021.
Business
BP sees its profit triple to $9.3bn on back of high energy prices
British oil giant BP returned to profit in the second quarter on the back of soaring energy prices, following a...
- BP is the latest energy firm to post bumper earnings as oil and gas prices have soared following Russia's invasion of Ukraine
- BP said in its earnings statement that it expects oil prices "to remain elevated in the third quarter due to ongoing disruption to Russian supply
Business
Aramco buys Valvoline’s petro unit
The Saudi oil giant acquired the company for $2.65bn.
- With the acquisition, Aramco deepens a bet on the long-term demand for petrochemicals
- The oil giant has been expanding its presence in the sector, known as downstream, and bought petrochemical maker Saudi Basic Industries Corp in 2020
Business
e& HI profit up 2.5%
The company’s consolidated revenues reached AED 26.3bn.
- The company’s consolidated revenues reached AED 26.3 billion, an increase of 3.8 percent over the corresponding period last year at constant exchange rates
- Consolidated EBITDA remained steady in reporting currency at AED 13.4 billion, while it increased by 4.1 percent in constant currency, resulting in an EBITDA margin of 51 percent
Business
Chimera Capital unveils new ETF
The Income Share Class B fund will be listed on ADX.
- The fund is a physical, in-kind, liquid and fully fungible exchange-traded fund (ETF), and will track the performance of Türkiye-listed, Shariah-compliant securities
- The index is provided by S&P Dow Jones Indices and tracks the performance of the most liquid Shariah-complaint stocks listed on the Borsa Istanbul
Business
Swvl drops plan to buy Zeelo
The agreement was broken off due to a market downturn.
- The $100 million acquisition plan has been terminated because of a market downturn
- Swvl has recently announced a 30 percent reduction in headcount as part of plans to achieve profitability by 2023
Business
KSA and Egypt champions to inaugurate Qatar’s World Cup final stadium
Qatar announced Monday that the club champions of Saudi Arabia and Egypt will inaugurate the Lusail stadium to be used...
- The 80,000 capacity gold coloured venue, in the Lusail new city just north of Doha, was the last of the eight World Cup stadiums to be completed
- A test event is to be staged there on August 11 when a Qatar championship match between Al-Arabi SC and Al-Rayyan is held
US considering Google breakup following monopoly ruling
The US Department of Justice (DOJ) made recommendations for Google’s search engine business practices on Tuesday, according to US media....
Business
Company News
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Borouge to pay $650m H1 dividend
Business
EGA H1 net profit $533 million
Business
Stocks extend global rally as US jobs data cements rate hopes
Hong Kong, China - Markets rallied again Monday following another strong performance on Wall Street, as below-forecast US jobs data fanned...
Market Report
$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...
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...
Economy
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Business
EDGE acquires 52% of ANAVIA
ANAVIA focuses on developing unmanned helicopters.
- ANAVIA is a Switzerland-based company that specialises in versatile vertical take-off and landing systems of up to 750 kilograms.
- ANAVIA’s unmanned helicopters can be adapted to EDGE's cross-complementary portfolio of air, land and maritime capabilities.
Business
Saudi Arabia launches second phase of Visiting Investor Visa
RIYADH, SAUDI ARABIA – The Kingdom’s ministry of investment and ministry of foreign affairs launched the second phase of issuing...
- This service is offered to foreign investors as part of the Kingdom’s efforts to boost investment, consistent with Saudi Vision 2030.
- The booking platform is affiliated with the Ministry of Investment “Invest Saudi,” through which the application will be processed.
Business
GASCO 9M 2023 profit up 16%
Operating expenses and financing cost edged lower.
- GASCO noted an increase in revenue and financing income, along with higher share of results from associates.
- In Q3 2023, net profit rose slightly by 0.4 percent to SAR 57.2 million from SAR 56.98 million in Q3 2022.