RAKBANK, DP World sign pact
The aim is to offer trade finance solutions to businesses in UAE.
Business
Business
Netflix lays off 150 employees
The growth of streaming service has slowed down in recent past.
- The move came just weeks after Netflix reported that it lost subscribers for the first time in more than a decade
- Netflix ended the first quarter of this year with 221.6 million subscribers, slightly less than the final quarter of last year
Business
Experts set strategies for ‘The Great Business Reset’
Officials, top executives and experts at the TOP CEO Conference in Dubai brainstorm on ways to stabilise economies and secure...
- Among other issues, the last day of the event focused on how unstable global economic cycles, regional conflicts, and health risks shall be dealt with to make the economies prosper
- 'The Inflation Monster session' at the event explored the options before the governments and central banks of the region to handle the rising prices
Business
Dubai Airport retains position as world’s busiest
The Airport Show, the world’s largest annual airport event, was opened by Sheikh Ahmed bin Saeed Al Maktoum, President of...
- The Airport Show, the world’s largest annual airport event, was opened by Sheikh Ahmed bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority
- The future projects at the airport include Unmanned Traffic Management, Scheduled UA operations, Night Operations, Multiple Unmanned Aircraft Operations among others
Business
CB of Kuwait to digitize
The bank CEO said robots will play a major role in the future.
- CBK is the only bank to have SwatchPAY, which is a smart-watch payment service, she informed.
- Mahfouz said that one of the things that stood out to her as a woman working in the banking sector was getting more support from males than females.
Business
Musk says no Twitter deal without clarity on spam accounts
Billionaire Elon Musk said Tuesday his bid to buy Twitter won't proceed unless he gets proof of the number of...
- This latest twist to his $44 billion move to acquire the key platform sparked speculation over whether the world's richest person was trying to shrink the price tag
- Musk last week tweeted his bid for the company was "temporarily on hold," pending questions over its estimates of the number of fake accounts, or bots
Economy
Stocks recover as Shanghai set to ease lockdown, reopen business
The impact of Beijing's zero-Covid strategy on the world's second-largest economy was revealed Monday when official data showed that retail...
- Much of the city of 25 million has been under lockdown since April as Beijing attempts to stamp out an Omicron-fueled virus surge.
- Tuesday's rally coincides with the third day in a row that Shanghai has recorded no Covid-19 cases outside of its quarantine facilities.
Business
Julphar Q1 sales up by 156 percent
Acquisition of Planet Pharmacies and growth in segment ops led to growth.
- Gross profit margin increased to 41 percent compared to 28 percent in the previous year.
- EBITDA from continuing operations increased to AED40 million in Q1 2022.
Geostrategy
Russia may cut gas supplies to Finland over Ruble payment refusal
Russia may cut gas supplies to Finland soon over the Nordic country's refusal to pay Gazprom in rubles, Finnish state-owned...
- On Sunday, Russia suspended electricity supplies to Finland overnight after its energy firm RAO Nordic claimed payment arrears.
- Moscow has repeatedly warned Finland that any NATO membership application would be "a grave mistake far reaching consequences".
Business
IHC completes $2bn Adani deal
IHC to provide capital to Adani firms for green energy projects.
- The deal represents 4.87 percent of the total trade between the UAE and India, which has reached $41 billion between 2020 and 2021.
- India's total electricity generating capacity is more than 390GW, and renewables exceed 100 GW.
Business
Morocco, Spain reopen borders after two-year closure
The gates opened shortly after 11:00 pm local time (2200 GMT) on Monday night, letting dozens of cars and queues...
- borders between the two countries were shut due to Covid restrictions and a major diplomatic row
- Local economies in the border areas of two enclaves depend on the crossing of people and goods
Company News
DUBAL, Oriental Copper ink MoU
Business
SABIC H1 net profit slumps 87%
Business
Lufthansa profit soars
Business
Nakilat profit up 6.1%
Business
Latest News
Agthia Group profit vaults 6.6%
Business
Tokyo shares tumble on concern war in Palestine may escalate
Chip-testing equipment maker Advantest sank 4.79 percent to 4,351 yen and chip-making equipment manufacturer Tokyo Electron gave up 3.84 percent...
Business
Artificial intelligence key focus as GITEX 2023 begins
GITEX, Dubai's premier tech event, kicks off its 43rd "Technology Week" at the Dubai World Trade Center, spotlighting the latest...
Business
Most Read
Business
Non-oil revenue boost shows GCC’s financial wisdom
The GCC nations exemplify financial prudence. Their continuous efforts to boost non-oil revenues, reform tax policies, and modernize and digitize...
- GCC countries embark on a transformative economic journey, underpinned by national economic plans
- The Gulf economies showcase resilience, recovering from the COVID-19 pandemic amidst global challenges
Economy
Solana Foundation joins DMCC Crypto Center as ecosystem partner
DUBAI, UAE: DMCC – the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise – has...
- The partnership compliments DMCC’s existing offerings and collaborations by increasing its members’ ability to develop their concepts using Solana.
- Through this collaboration, Solana will offer technical and business development support to DMCC Crypto Centre members.
Economy
Dubai’s economy grows 3.2 percent in H1 2023
DUBAI, UAE – The Emirate's economy grew 3.2 percent in H1 2023 to reach US$60.9 billion (AED223.8 billion). The performance...
- Trade activities achieved an added value of US$14.5 billion in H1 2023, growing by 1.7 percent compared to the same period in 2022.
- Trade activities are vital for Dubai’s economy and for the wider region, as they effectively contribute to sustainability and economic prosperity.