Food dispatch app Uber Eats launches robot deliveries in Tokyo
Uber Eats' boxy robots have square headlights for eyes and three wheels on each side to navigate kerbs as they...
Business
Altaaqa and TotalEnergies to set up EV charging ports in KSA
Altaaqa of Saudi Arabia and TotalEnergies of France have teamed up to establish charging stations for electric vehicles in the...
- Under the Altaaqa EV brand, the companies will offer end-to-end solutions for the development of the stations
- The move will help Saudi Arabia in its bid to achieve net-zero carbon emissions by 2060
Business
EITC Q1 net profit $86.44m
Revenues grew 8.5 percent to AED 3,128 million.
- Mobile service revenues increased 6.9 percent to AED 1,402 million while handset sales generated AED 216 million in revenues.
- Fixed services revenues jumped 22.8 percent to AED 815 million on sustained demand from consumer and enterprise customers.
Business
ADNOC acquires stake in Borealis
The oil giant acquired shareholding from Mubadala Investment Company.
- Borealis now will be owned 25 percent by ADNOC and 75 percent by OMV, an Austrian multi-national integrated oil, gas and petrochemical company listed on Vienna Stock Exchange.
- ADNOC and Borealis have been partners for two decades through their jointly held Abu Dhabi-based polyolefins company Borouge.
Business
Foreign ownership in Saudi stock market touches $70bn
Saudi Arabia's drive to lure more foreign investment into the kingdom's stock exchange paid off as foreign ownership touched $70...
- Increased market attractiveness propelled a 54 percent rise in the ownership of qualified foreign investors at the end of 2021 compared to a year earlier
- The year also witnessed a higher frequency of listings on the bourse, with a total of 21 listings completed on the Kingdom’s main and parallel markets
Business
Amazon reports rare quarterly loss
The company warns of continuing challenges in the months ahead.
- The e-commerce giant said it lost $3.8 billion in the first three months of the year, plunging into the red on a $7.6 billion loss in value of its stock in Rivian.
- Sales in the recently ended quarter climbed to $116.4 billion, a seven percent increase from the same period a year earlier.
Musk offloads $4 billion in Tesla shares after Twitter deal
Tesla chief Elon Musk sold about $4 billion worth of shares in the electric carmaker in the days after Twitter's...
- Following these sales, Musk, the world's richest person, holds just over 168 million shares in Tesla, via a trust
- Twitter's stock is trading at a significantly lower price than Musk's offer of $54.20 a share closing at $49.11 on Wall Street on Thursday
Business
DFM Company posts Dh 27.5m net profit in Q1 2022
The Company’s total consolidated revenue has increased by 7 percent to AED 78.6 million in Q1 of 2022 compared to...
- The Company’s total consolidated revenue has increased by 7 percent to AED 78.6 million in Q1 of 2022 compared to AED 73.4 million during Q1 of 2021.
- The revenues are comprised of AED 55.9 million of operating income and AED 22.7 million of investments returns and others
Business
Fitch affirms AA- rating to Emirates Development Bank
The bank, which is a key financial enabler of the UAE’s economic diversification and industrial transformation agenda, has also been...
- The bank, a key financial enabler of the UAE’s economic diversification and industrial transformation agenda, has also been assigned an ‘aa-’ Government Support Rating
- The EDB has contributed AED1.91 billion to the UAE’s GDP growth following the launch of its new strategic vision
Business
Apple Q2 profits rise 5.8%
However, it warned of a $4-8bn hit from Covid and supply chain woes.
- The iPhone-maker enjoyed another solid performance for the period ending March 26, registering record revenues for the quarter
- However, executives said the difficulties of the pandemic have returned with a vengeance since the reporting period ended
Business
Could movie theaters help stave Netflix decline?
With box offices bouncing back from the Covid-19 pandemic, and Netflix stock plummeting after its first loss of subscribers in...
- Releasing films on big screens before offering them to subscribers would have seemed anathema to Netflix's successful business model
- It is this model that has already sent the likes of Disney and Warner scrambling to catch up in the so-called streaming wars
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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
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Technical glitch stifles production at Volkswagen
According to financial daily Handelsblatt, production came to a complete standstill in Wolfsburg and at the company's plants in Emden,...
Oil prices climb up to highest level in a year
The jump in oil prices came in the wake of a a surprising drop in US crude inventories. Oil prices...
Business
Meta putting AI in smart glasses, assistants and more
Zuckerberg made his announcements at the Connect developers conference at Meta's headquarters in Silicon Valley, the company's main annual product...
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Business
Evergrande pauses trading on Hong Kong exchange
The Chinese company had only just resumed trading a month ago, after it was suspended for 17 months for not...
- Trading in its two other units -- the property services and electric vehicle groups -- also stopped "at 9:00 am today"
- The halt in trading comes a day after a Bloomberg report that Evergrande's billionaire boss Xu Jiayin was being held by police
Business
QatarEnergy signs US$3.90bn deal with HD Hyundai to build LNG carriers
Seoul, South Korea--QatarEnergy has signed US$3.90 billion worth agreement with Korea's HD Hyundai Heavy Industries (HHI) for the construction of...
- The agreement with the South Korean firm marks the start of the second phase of QatarEnergy's LNG ship acquisition program
- QatarEnergy's ship-building program is the largest of its kind and will play a pivotal role in meeting its future shipping requirements
Business
Lucid Group opens Saudi Arabia’s first-ever car manufacturing facility
Jeddah, Saudi Arabia - Lucid Group, which is partially owned by the Public Investment Fund, launched Wednesday its first international...
- The manufacturing unit extends over an area of about 31% of the total area allocated to the automotive industry in Jeddah's Special Economic Zone
- In May 2022, Lucid Motors signed a contract to begin construction of its factory in KAEC with a production capacity of 155,000 vehicles