Saudi Tourism Authority, Trip.com Group sign global agreement
BERLIN, GERMANY – Saudi Tourism Authority (STA) and Trip.com Group have announced a significant global partnership, which will drive greater...
Business
Nationwide offers to buy Virgin Money
Nationwide has offered US$3.7 billion for Virgin Money.
Business
Business
AD Ports Q1 revenue up 15 percent
Net profit was up 41 percent year-on-year to AED306 million.
- Total assets and total equity reached AED34.085 billion and AED17.770 billion, respectively, at the end of Q1 2022.
- Adjusted EBITDA for the period increased by 34 percent year-on-year to AED524 million.
Business
Elon Musk puts his bid to buy Twitter ‘on hold’
Elon Musk said he is putting his bid to buy Twitter on hold, a few weeks after agreeing to take...
- The sharp rise in the price of Tesla shares before the opening bell Friday singled rising doubts that the acquisition of Twitter will take place
- Money from the new investors cuts the amount borrowed on the value of Tesla stock to $6.25 billion, according to the filing
Business
Emirates posts $1.1 billion annual loss despite $954million capital injection
Losses came in at 3.9 billion dirhams ($1.1 billion) in the 2021-2022 financial year to March, with revenues up 91...
- The carrier said it received a capital injection of $954 million from its owner, the government of Dubai, to help it survive the crisis.
- Over the fiscal year, Emirates carried 19.6 million passengers, up by 197 percent from the same period the previous year.
Business
Twitter executives exit, hirings halt
Kayvon Beykpour, a general manager, said he was ousted from the company.
- Musk's $44-billion deal to buy Twitter was announced last month but still needs the backing of shareholders and regulators.
- Musk's endorsement of a Trump return triggered fears among activists that Musk would "open the floodgates of hate."
Business
TAQA Group’s Q1 income up 37%
The company reported financial results for 3 months ended March 31
- The company delivered strong performance underpinned by its contracted utilities businesses and boosted by higher commodity prices
- The Group revenues increased to AED 12.4 billion, 20 percent higher than the prior-year period, primarily due to higher commodity prices within the Oil & Gas segment
Business
SMEs across GCC need more decentralized approach
The companies must also strive for more delegated authority and accountability as delays and poor follow-up lead to disaster, says...
- The firms must strive for more delegated authority and accountability as delays and poor follow-up lead to disaster, says Rabih I Khoury, Partner & Chief Exit Officer, MEVP
- Also needed is the use of technology to facilitate communication and digital processes implementation and leverage mature SaaS functionalities through mobile apps, he says
Business
Amanat reports 39% growth
Amanat recorded a total income of AED46.9 million
- The company recorded total income of AED 46.9 million, an increase of 40 percent on the AED 33.5 million recorded in Q1-2021
- Adjusted net profit rose to AED32.1 million in the quarter, a 39 percent increase on the AED23.1 million reported in the same quarter of the last year
Business
Fertiglobe revenue grows by 118 percent
The company raised its H1 2022 dividend guidance to at least $700 million.
- Adjusted net income in Q1 2022 was $361 million, increasing by 332 percent year-on-year.
- In March, Fertiglobe was announced as a founding constituent of the FTSE Russell ADX 15 Index.
Business
Tourism recovering, but not back to pre-pandemic levels
Global tourism is roaring back to life despite Covid travel headaches and the effects of the war in Ukraine, but...
- International tourist arrivals worldwide have more than doubled, up 130 percent in Jan 2022 on the same period last year, according to UN World Tourism Organization data.
- In 2019, global tourism revenues reached $1.48 trillion. That figure dropped by almost two thirds due to the pandemic the following year.
Business
Emirates, Jafza sign MoU
They will explore ways to offer travel incentives to SMEs.
- The MoU was signed by Dina Al Herais, Emirates’ Vice President, Commercial Products, B2B Corporate & Leisure, and Ebtesam Ahmad Alkaabi, Head of Sales, Jafza Sales.
- Emirates currently has over 20,000 SMEs enrolled in its Business Rewards program.
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Saudi Tourism Authority, Trip.com Group sign global agreement
BERLIN, GERMANY – Saudi Tourism Authority (STA) and Trip.com Group have announced a significant global partnership, which will drive greater...
Business
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Saudi Arabia, Pakistan ink pact on digital transformation, innovation
RIYADH, SAUDI ARABIA - The Kingdom of Saudi Arabia signed a memorandum of understanding (MoU) with Pakistan here on Sunday...
Geostrategy
Saudi Arabia’s consumer spending up 8% to reach $30bn in Aug
Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia grew 8 percent to SAR 115.4 billion ($30.76 billion) in August 2023, from...
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Crypto industry grapples with FTX fallout as boss goes on trial
London, United Kingdom -- The collapse of cryptocurrency platform FTX, whose disgraced former boss goes on trial this week, sparked shock...
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Business
ROSHN group opens sale for SEDRA phase 3 units in Riyadh
RIYADH, SAUDI ARABIA - ROSHN Group, one of the Public Investment Fund (PIF) subsidiaries, announced on Sunday the opening of...
- SEDRA phase three will add 3,438 more houses to ROSHN’s first integrated development; 1,904 units are for sale in this initial sales tranche.
- SEDRA 3 offers prospective residents eight options of floor plans and eleven facades, in single- or multi-family configurations,
Business
Porsche sales revenue up
The sports car maker posted gains one year after its IPO.
- In the first half of 2023, Porsche posted significant gains in group sales revenue, group operating profit and deliveries
- The sports car maker, after going public, set up individual partnerships in the field of software with Apple and Mobileye
Business
Meta technology chief defends tech titan’s AI strategy
The company launched AI-infused chatbots with personalities at the gathering, along with tools for creating images or written content using...
- "The majority of the world's population will have their first experience of generative AI with us," said Andrew Bosworth
- Bosworth was adamant that Meta is not behind, enhancing its global platforms with AI since before ChatGPT was launched