ADCB approves cash dividends worth US$1.1bn
ABU DHABI, UAE – Abu Dhabi Commercial Bank (ADCB) has approved the Board of Directors proposal to distribute a cash...
Business
Business
Russian gas to Europe via Ukraine down by almost a third
Ukraine is a major supply route for Russian gas to Europe and the two sides have kept flows going even...
- Ukraine's pipeline operator GTSOU said that it was halting gas transport at the Sokhranivka transit point
- Germany said Wednesday that it saw a 25 percent drop in supplies of Russian gas flowing through Ukraine
Business
Scarce French rainfall adds new cloud to global food market
World food prices hit an all-time high in March following Russia's invasion of Ukraine, which accounted for 20 percent of...
- France is Europe's agricultural powerhouse, the biggest grain producer in the 27-country bloc
- The national weather service said France was in the grip of a hot spell with 20% less rainfall reported
Business
Abu Dhabi’s global tech ecosystem Hub71 accepts 16 startups
Hub71, Abu Dhabi’s global tech ecosystem, has accepted 16 startups to join its community. By launching operations in Abu Dhabi,...
- The accepted cohort includes early-stage startups with diverse representation from leading international tech hubs including the UK, USA and South Korea.
- Accepted in the cohort is UAE-founded Letswork, an app that allows members to book workspaces and work remotely.
Business
Iraq strikes deal with Iran to secure summer gas imports
Iraq has agreed to pay $1.6 billion in debt to Iran by June 1 to secure a steady gas supply...
- Chronic underinvestment through decades of war and sanctions has left Iraq dependent on imports from its eastern neighbor for a third of its gas needs
- But US sanctions on Iranian oil and gas have complicated Iraq's payments for the imports, leaving it in heavy arrears
Business
SABIC posts 33% rise in profit
The chemical giant of KSA has posted SR6.47bn profit in Q4.
- The Riyadh-based company attributed the stronger results to higher average selling prices which were up 3 percent
- The company CEO said SABIC will remain focused on delivering its growth strategy
Business
SoftBank posts record loss as tech shares nosedive
Japanese investment giant SoftBank Group on Thursday logged a record annual net loss after a bruising year that saw its...
- In the past six months, the tech-rich US Nasdaq index has lost more than 28 percent of its value
- The Japanese group's losses were deepened by the many shares it holds in Chinese ride-hailing giant Didi Chuxing and e-commerce group Alibaba
Economy
Energy firms’ climate commitments lack credibility: report
The climate commitments of global energy giants lack credibility as they rely on costly technologies that have yet to be...
- The research found that so far only four of the firms have made pledges that include a reduction in the emissions generated by the use of their products
- And only four have set 2030 reduction targets, which are important in driving quick progress and being able to evaluate progress
Business
Siemens profits down in Q2
Russia sanctions have cut the company's earnings by 600m euros
- Sanctions imposed on Russia following the invasion of Ukraine have cut Siemens' earnings by around 600 million euros
- The Munich-based conglomerate confirmed its full-year outlook, targeting growth in revenue of between six and eight percent
Business
Air Arabia Q1 profit at $79.24m
The profits were up 756% compared to $9.26 million in 2021.
- More than 2.4 million passengers flew with Air Arabia between January and March this year, across the carrier’s five hubs
- This marked an 86-percent increase compared to a total of 1.3 million passengers carried in the first quarter of last year
Arts & Culture
World’s biggest YouTuber PewDiePie moves to Japan
The 32-year-old has a huge online following, with 111 million subscribers on YouTube, but has faced controversy over offensive jokes...
- PewDiePie has landed himself in hot water several times, including for videos containing anti-Semitic remarks and racial slurs
- In 2016, the YouTuber was temporarily blocked from Twitter after he joked that he had joined the Islamic State group
Most Read
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
ADCB approves cash dividends worth US$1.1bn
ABU DHABI, UAE – Abu Dhabi Commercial Bank (ADCB) has approved the Board of Directors proposal to distribute a cash...
Business
Company News
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Expo 2023 building in Guinness World Records for largest green roof
Doha, Qatar -- The main building of Expo 2023 in Doha has made it to the Guinness World Records for...
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...
Business
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Business
Old Doha Port signs many agreements during Monaco Yacht Show
Monaco, Monaco--The Old Doha Port has signed several agreements with professional global companies, specialized in yacht during its participation in...
- The executive director of the Old Doha Port said the objective of the participation in the show was to put the port on the global map
- The port officials showcased a model to streamline visiting yachts through a mechanism of entry and exit from Qatar
Economy
Saudi Arabia projects 2024 budget deficit at 1.9% of GDP
The kingdom's finance ministry estimated expenditures for 2024 to be at US$333.5 billion. According to the ministry, the projection is...
- The kingdom's finance minister said that the government will continue implementing fiscal and economic structural reforms
- The minister also noted the important role of the PIF and development funds that enhance the growth of non-oil GDP
Geostrategy
UN conference adopts plan to reduce harmful chemicals
PARIS, FRANCE - A new roadmap to reduce the environmental risks from chemicals and waste was adopted at a United Nations...
- The plan sets out 28 concrete targets and guidelines for key sectors across the entire lifecycle of chemicals, from production to waste.
- It calls for a transition to more sustainable chemical alternatives, responsible management of chemicals in industry, agriculture and healthcare.