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Business

2PointZero posts profit surge

Growth driven by merger consolidation.

Mashreq Q1 profit rises

Total revenue increased 10% year-on-year.

TECOM profit climbs

High occupancy across assets boosts earnings.

Emirates Stallions Q1 revenue up 11%

The rise helped by strong demand in real estate

ADNOC Distribution 2025 dividend $700m

The company had reported EBITDA of $1.17 bn in 2025.

Lufthansa profit spikes in 2023

Its net profit shot up to US$1.82bn as demand booms.

Business

OpenAI denies Musk’s ‘betrayal accusations, plans legal dismissal

OpenAI captured the public imagination in late 2022 with the release of its chatbot ChatGPT, which can generate poems and...

Business

Nigerian airlines suspend flights over soaring fuel prices

The cost of fuel has soared worldwide since Russia invaded its neighbor Ukraine in February and the West responded by...
  • A customer will have to pay 120,000 naira ($289) for a one-hour flight as fuel price soared which is unaffordable for Nigerians, so Airlines decided to stop flying
  • Aviation ministry urged airlines to "consider the multiplier effect of shutting down operations, on Nigerians and global travelers"
Business

Oman natural gas production sees slight increase

The country’s National Center for Statistics and Information has announced that the country’s production of natural gas at the end...
  • The consumption of natural gas in industrial areas rose 13.9 percent in March this year, compared to the same period in 2021
  • Gas consumption witnessed a decrease in oil fields by 7 percent and in power plants by 3.3 percent at the end of last March
Analysis

Beauty, fashion brands eye NFT advantage

There is enormous potential for NFTs in the fashion and beauty business, says Louis Chen, EVP and Chief Strategy Officer...
  • Brands are using NFTs and blockchain technology to attract, verify, and engage consumers globally
  • GCC brands should take advantage of the trend to engage with customers in new, innovative ways
Business

UAE stocks shed gains as most GCC markets remain shut

In a week truncated by the Eid holidays across the Middle East, stocks on the UAE exchanges shed gains, while...
  • UAE stock exchanges plummeted as the Dubai index lost more than 1% and Abu Dhabi index slipped 0.1% on Friday
  • Before the Eid Al-Fitr holiday, the Saudi market index closed with gains of 4.9%
Business

Saudi Arabia okays six tourism projects worth $400 million

Saudi Arabia has okayed six tourism projects to the tune of $400 million in the first quarter of 2022.
  • Saudi Arabia’s Tourism Development Fund, on its official Twitter account, stated that it launched three main programs
  • The fund also concluded partnerships and agreements with the Ministry of Culture, the Cultural Development Fund, Radisson Blu and Deutsche Hospitality
Business

Boehly consortium to buy Chelsea for record $5.2bn

Chelsea confirmed on Saturday that a consortium led by LA Dodgers co-owner Todd Boehly has won the battle to buy...
  • Owner Roman Abramovich put Chelsea on the market in early March, just days before he was sanctioned by the British government following Russia's invasion of Ukraine
  • The total value of the deal smashes the previous record for the sale of a sports team -- $2.4 billion for the New York Mets baseball franchise in 2020
Business

Sharjah Ramadan Festival concludes with over AED250m in sales

The event drew a huge number of shoppers and visitors of different nationalities driven by the great deals, promotions and...
  • The event drew a huge number of shoppers and visitors of different nationalities driven by the great deals, promotions and discounts that met their needs
  • Over 2,000 shops participated in the festival, offering a wide range of products in all cities and regions of Sharjah with discounts of up to 75 percent on the most popular fashion
Business

Facebook accused of blocking Australian health sites

"Facebook intentionally put lives at risk to protect its bottom line," said Whistleblower Aid chief Libby Liu.
  • US based organization said that Facebook "overblocked" websites in Australia that were providing support for vulnerable people
  • Australia had passed a law to force Facebook to negotiate with news content providers after the five days of blackout
Business

Qatar’s migrant army queues for glimpse of World Cup

The price of tickets means that most of those who waited up to two hours for the chance of a...
  • Some tickets costing QAR40 ($11) have been reserved for Qatar's 2.8 million population, most of whom are foreign workers
  • However, all the cheap tickets are apparently gone, and the cost of others was too high for those earning $275 a month
Business

Saudi Arabia to attract $32bn investment in mining sector

The investment is expected to be made in nine new projects across the country.
  • The projects are aimed at supporting supplies of mineral products to local and international markets
  • The ministry is currently studying 145 applications for exploration licenses from foreign companies

Lufthansa profit spikes in 2023

Its net profit shot up to US$1.82bn as demand booms.
Business

Company News

Latest News

DIB to buy stake in TOM Group

DIB felt Turkey is a great investment destination.
Geostrategy

US to auction three new oil and gas leases in the Gulf of Mexico

WASHINGTON, US - President Joe Biden's administration on Friday announced it would auction three new oil and gas leases in the...
Geostrategy

Credit Suisse expects Q3 loss

The bank said the loss could be as much as $2.2 billion.
Business
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INSEAD Day 4- 300x600

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Business

Europe should move faster on energy transition, say IEA, ECB

PARIS, FRANCE - Europe must invest more quickly and massively in its energy transition if it wants to remain a global...
  • Europe must invest more quickly in its energy transition if it wants to remain a global industrial power, top policymakers said.
  • Private sector investment faces barriers including policy uncertainty, bureaucratic red tape and higher energy costs, they said.
Business

Saudi Central Bank’s assets drop $6.39 billion in August

Riyadh, Saudi Arabia -- Assets held by the Saudi Central Bank (SAMA) declined by SAR 24 billion ($6.39 billion) month-on-month...
  • When compared to August 2022, SAMA’s assets fell by around SAR 229.2 billion, according to data released by SAMA, Argaam reported.
  • SAMA’s investments in foreign securities, which represent nearly 56 percent of its total assets, shrank by 12 percent year-on-year (YoY) to around SAR 986.2 billion last month.
Geostrategy

GCC, Pakistan ink preliminary free trade agreement

RIYADH, SAUDI ARABIA - Secretary-General of the Gulf Cooperation Council (GCC) Jasem Mohamed AlBudaiwi said that preliminary free trade agreement...
  • The agreement was signed by GCC Secretary-General Jasem Mohamed AlBudaiwi and Pakistani Commerce Minister Dr. Gohar Ejaz.
  • The Secretary-General stressed that the GCC countries are proceeding with free-trade negotiations with other countries.