Inditex posts record net profit
Inditex, the world's biggest fashion retailer, is owned by Zara.
Cyber insurance shapes the future of cybersecurity
Cyber insurance, particularly around ransomware, is moving towards a world where insured businesses have strong cyber resilience, well-defined disaster recovery...
Opinion
Business
UAE’s gender diversity policy sees more women in board positions
In 2020, women held 3.5 percent of all board positions in the UAE. The next year, the Securities and Commodities...
- Aurora50, a social enterprise working towards gender parity in GCC boardrooms, and Mohammed Bin Rashid School of Government have conducted first-of-its kind gender diversity study.
- The study report said 77 of the 868 board seats from the 115 listed companies on the ADX and Dubai Financial Market are now held by women.
Business
Musk sued for $258 bn over dogecoin promotion
An investor in dogecoin, originally created as a joke but whose value increased and fell as it was promoted by...
- Since Musk began promoting the virtual currency, investors have lost around $86 billion, Keith Johnson, an investor, estimates
- Founded in 2013, dogecoin's creators say it was intended as an ironic response to two big internet phenomena: cryptocurrencies, and a meme image of a Shiba Inu dog
Business
Gazprom defends gas cuts as energy prices soar
Gazprom CEO Alexei Miller said that Moscow will play by its own rules after cutting daily gas supplies to Germany...
- Gazprom CEO Alexei Miller said that Moscow will play by its own rules after cutting daily gas supplies to Germany and Italy
- Italian energy giant Eni also reported problems, saying it will receive only 65 percent of the gas requested Thursday from Gazprom
Business
Investments, innovations help MENA smart cities grow
Intelligent transportation system, speedy 5G deployment and heavy investment in AI are pushing region's smart city growth, says Omar Christidis,...
- Saudi Arabia alone has plans to invest $36 billion in transportation infrastructure projects over the coming 11 years
- Around 83 percent of the Saudi population lives in urban areas, and urbanization is expected to grow to 97.6 percent by 2030
Economy
Bank of England hikes interest rate for fifth consecutive time
British economic output declined for the second month in a row in April, weighed down by rocketing prices that are...
- BoE policymakers agreed at a regular meeting to increase the cost of borrowing by a quarter-point to 1.25 percent.
- Pound fell 1 percent against the dollar following the announcement, one day after the Federal Reserve hiked US interest rates.
Business
Qatar Airways posts record profit
The profit result was "200 percent above its highest annual historical profit".
- Qatar Airways, the Middle East's second biggest airline after Emirates, had reported in September last year an overall loss of $4.1 billion in the 2020-2021 financial year.
- The Qatari airline said it carried 18.5 million passengers in 2021-2022, an increase of 218 percent over the previous 12-month period.
Business
Iraq settles $1.6 billion payment of Iranian gas imports
The debt dates back to 2020, but payment was stalled amid sanctions against Iran by the United States.
- Baghdad had been scheduled to pay that amount to Tehran before the start of June.
- Tehran has repeatedly cut off gas supplies to force Baghdad to pay off its debts.
Business
ENOC to open 10 new eLink stations
The group has seven eLink stations, five located in Dubai and two in Abu Dhabi.
- The eLink station is a mobile fuelling format that enables motorists and customers with easy access and convenient fuelling services.
- Since its launch, eLink has fuelled over 100,000 vehicles with a total fuel volume of nearly 5 million.
Opinion
Integrated solutions make life a bit easy for SMBs
An integrated, modern, end-to-end solution can provide SMBs with more visibility, flexibility and efficiency in managing finances, operations and people....
- Many small and medium businesses still use a combination of standalone, on-premises business solutions for accounting, payroll and human resources
- An integrated, modern, end-to-end solution can provide SMBs with more visibility, flexibility and efficiency in managing finances, operations and people
Business
Tecom lists 12.5% shares on DFM
Price for the 625,000,000 shares ranges between AED2.46 and AED2.67 per share.
- Tecom Group, the owner, manager and operator of 10 business districts across Dubai, will float 625,000,000 shares
- The qualified institutional offering and the exempt offer subscription period is expected to run from June 16-24
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Inditex posts record net profit
Inditex, the world's biggest fashion retailer, is owned by Zara.
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EU asks X and Meta to regulate fake news, disinformation
Thierry Breton, EU commissioner and self-styled "digital enforcer", raised the alarm in letters sent to Elon Musk, owner of X,...
Geostrategy
Aramco looks to invest in Shangong Yulong Petrochemical
Dhahran, Saudi Arabia -- Aramco has signed an MoU that paves the way for Aramco's potential acquisition of a 10...
Business
MENA awards $101 billion construction projects in first half
Dubai, UAE -- Despite global economic uncertainties, the construction industry in the Middle East and North Africa (MENA) awarded a...
Business
Most Read
Business
Zest Equity raises $3.8m seed round to digitize private market transactions
Abu Dhabi, UAE – Zest Equity, a venture-backed technology company offering digital infrastructure for private market transactions, has closed a...
- The Hub71 startup will use these funds to drive the company's ambition to expand its product offering in the MENA region
- Zest Equity has raised a total of $5.7 million with early backers including DFDF, 500 Sanabil, Nuwa Capital, and a significant group of regional angel investors
Business
Qatar signs 27-year gas supply deal with France’s Total: state energy firm
Doha, Qatar - Qatar has agreed to supply France's TotalEnergies with natural gas for 27 years, its state energy company announced on...
- Qatar will supply 3.5 million tonnes of gas a year under the deal, QatarEnergy said, following two agreements with Total
- Total signed a $1.5 billion deal with QatarEnergy in September last year giving it a 9.3 percent stake in Qatar's North Field South project
Business
Abu Dhabi’s Mubadala to invest $1 billion a year in Brazil
New York, United States - Mubadala Capital, the investment arm of Abu Dhabi’s sovereign wealth fund, plans to invest more...
- The firm’s second fund in the country, Brazil Special Opportunities Fund II (BSOF II), has raised over $710 million in commitments
- Mubadala Capital was the first sovereign wealth fund to manage capital on behalf of third-party institutional investors