Microsoft cutting more jobs from its gaming unit amid industry layoffs
San Francisco, United States- Microsoft is cutting about 650 more positions from its gaming unit as it continues to tighten its...
Business
2024 Crypto Crime Update Part 2: China-based cybercrime networks on the rise
In part 1 of our mid-year crime update, we discussed trends related to ransomware and stolen funds. While aggregate illicit...
Economy
Abu Dhabi Maritime to sponsor Abu Dhabi International Boat Show
The Abu Dhabi International Boat Show (ADIBS), organized by the Abu Dhabi National Exhibitions Company (ADNEC), has entered into a...
- Abu Dhabi Maritime has a mandate to implement effective maritime services and state-of-the-art infrastructure
- The fourth edition of Abu Dhabi International Boat Show will take place this year from November 24 to 27.
Economy
‘Inflation a concern, equity markets favorable in GCC region’
A survey in the GCC region reveals that almost all the respondents believe that rising inflation will impact their cost...
- A survey in the GCC region reveals that people believe inflation will impact their cost of living by at least 10 percent
- Over 66 percent of the respondents said that they continue to view equity markets favorably
Business
Condor orders 41 jets
The airline is buying aircraft using less fuel.
- The order is for 13 A320 and 28 A321 jets fitted with Pratt & Whitney engines for delivery starting in Spring 2024, Condor and Airbus said in a joint statement.
- The catalogue price is about 5.0 billion euros ($5.1 billion) but the final purchase price usually differs due to possible discounts offered to big-ticket customers.
Business
French, UK satellite firms eye tie-up to create ‘global champion’
French satellite operator Eutelsat said on Monday it was in talks with British counterpart OneWeb for a tie-up to create...
- French satellite operator Eutelsat already provides some internet services through a deal with telecoms firm Orange.
- "Potential all-share combination" would "create a global leader in connectivity", Eutelsat said.
Economy
Over 30,000 visitors attend Al Dhaid Date Festival in Sharjah
The 6th edition of Al Dhaid Date Festival came to a successful conclusion at Expo Al Dhaid, after four days...
- The Al Dhaid Date Festival drew over 30,000 visitors who explored and learnt about the best and finest types of dates
- Sharjah Chamber of Commerce and Industry says it will spare no effort to promote and preserve the historical status of palm trees
Business
SAMA completes e-linking procedures through Tanfeeth program
The Saudi Central Bank (SAMA) has completed electronic linking procedures with the Saudi Center for Economic Business through the “Tanfeeth”...
- This program aims to directly link the technical systems of government agencies and banks operating in the kingdom through the Saudi Central Bank.
- The Central Bank stated that, through the “Tanfeeth” program, it aims to improve and develop joint business with government agencies.
Economy
Saudi Arabia’s overall exports in May 2022 was US$38.5bn
The Kingdom of Saudi Arabia’s overall merchandise exports increased by 83.4 percent in May 2022 compared to May 2021, the...
- Saudi Arabia’s overall merchandise exports increased by 83.4 percent in May 2022 compared to May 2021
- The share of oil exports in total exports increased from 72 percent in May 2021 to 80.6 percent in May 2022
Business
Saudi center to auction industrial properties in Riyadh
Saudi Arabia's Center for Attribution and Liquidation "Infath" will auction quality real estate in Riyadh on August 1, a media...
- The auctions offer 14 industrial real estate assets in eastern Riyadh, with large total areas estimated at more than 80,000 square meters.
- The real estate consists of three industrial lands in Al-Sulay district licensed to establish industrial workshops, and 11 lands licensed to establish warehouses.
Business
Borouge 4 expansion on track
EPC contractors are set to start construction this month.
- Upon completion, the project will boost the total annual production capacity of polyolefins produced in the UAE to 6.4 million tons.
- It will also supply feedstock for the TA'ZIZ Industrial Chemicals Zone.
Business
Saudi Arabia to pour in $5bn in poultry industry
Saudi Arabia will pour in $5 billion in the poultry industry in order to boost production as the kingdom looks...
- By targeting 1.3 million tons of broiler chickens per year, the ministry will ensure national food security, increase local content, and create employment opportunities
- Ibrahim Qassem, the director-general of the Animal Resources Services at MEWA, told media that the volume of livestock projects exceeded 980 across all regions of the kingdom
Microsoft cutting more jobs from its gaming unit amid industry layoffs
San Francisco, United States- Microsoft is cutting about 650 more positions from its gaming unit as it continues to tighten its...
Business
Company News
ICIEC, SAPICO ink pact
Business
Latest News
SAMI launches radio systems line
Business
Boon or blight? E-scooters around the world
Geostrategy
Apple sales lose ground
The tech giant said it made a profit of $23 billion.
Gulf markets tumble amid rising geopolitical concerns
As the Gaza conflict intensifies, GCC equity markets face significant downturns, with Qatar leading the losses, while Saudi Tadawul secures...
Market Report
Most Read
Business
Lufthansa Q3 profit $1.3bn
38 million passengers travelled with the group's airlines in the third quarter.
- The group said sales rose by eight percent to 10.3 billion euros, delivering "the strongest quarter in its history in revenue terms".
- The surge in profit is driven by "strong demand, higher capacity" and more expensive ticket prices, the aviation firm said.
Business
Alpha Dhabi 9M net profit $3.15bn
The net profit increased by a substantial 29 percent during this period.
- Alpha Dhabi's revenue also increase by 22 percent during this period, reaching AED 32.4 billion, compared to AED 26.6 billion in the previous year period.
- Alpha Dhabi's total assets reached AED 133.6 billion, with a cash position of AED 19.1 billion as of September 30, 2023.
Business
Lootah Biofuels inks MoU
The agreement is aimed at producing biofuel in Maldives.
- The deal was inked during the second day of the Dubai Business Forum, an influential global gathering of businesses and investors.
- The objective of the MoU is to reduce the impact of CO2 by replacing normal diesel with biodiesel.