Google to delete incognito search data
The suit filed in June of 2020 sought US$5bn in damages.
PIF sets up tourism firm Asfar
Business
Italy’s Eni Q2 profits down
Business
Tabreed H1 23 net profit $105m
Business
Debt, trade barriers drag Asian economies in 2024, says World Bank report
BANGKOK, THAILAND – Asian economies are not doing as well as they could and growth in the region is forecast...
Economy
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
Business
UAE startup faces mental-health struggles head on
Having struggled to deal with the loss of a loved one and postpartum depression, Hammad and Takalam co-founder Inas Abu...
- “Breaking taboos around mental health is the need of the hour,” said Emirati entrepreneur Khawla Hammad
- Takalam co-founders Inas Abu Shashieh and Hammad acknowledge that embracing vulnerabilities is often the first step to improving mental health
Business
Sharjah records real estate transactions worth $1.71 billion during Q1
A total of 21,615 real estate transactions worth AED 6.3 billion ($1.71 billion) were executed in Sharjah during the first...
- March witnessed the highest value of transactions with a total of AED2.7 billion, recording an increase by 32.3 percent compared to February.
- Sector-wise, residential properties topped the list of properties sold in the emirate with 1,225 properties,.
Business
FAB Q1 net profit $1.38 bn
The results represent the highest quarterly net profit in the bank's history.
- The bank's total income reached AED 7.3 billion and includes an AED 2.8 billion net gain on the disposal of majority stake in payments business Magnati.
- Core underlying performance was healthy, driven by higher net interest income, a pick-up in fees and commissions.
Business
Dubai sets up $100m fund to support fintech startups
Dubai has set up a $100 million venture capital fund in order to provide financial support to fintech startup companies....
- “We are committed to create a vibrant business environment and provide the opportunities to promote excellence,” Sheikh Hamdan said in a statement
- The fund is expected to contribute around 1 billion dirhams ($815 million) to the country's GDP during the eight-year implementation period
Business
JAFZA hold groundbreaking for park
The new logistics park is scheduled to open in 2023.
- The purpose-built trading and logistics development will accommodate the growing number of warehousing, processing and logistics activities carried out in Dubai, JAFZA said.
- Jafza’s logistics cluster is home to over 460 companies from 30 countries, almost all international logistics providers which already operate from the free zone.
Business
Unilever posts rise in revenue
The British firm reported $14.5bn revenue in Q1.
- Unilever said in a trading statement that its higher prices had turned off some customers, with volume of sales down one percent
- Inflation, which was accelerating sharply as economies reopened from Covid lockdowns, has worsened following Russia's invasion of Ukraine
Business
China to cut coal import taxes to ensure energy security
China will slash coal import tariffs to ensure energy security, the finance ministry said Thursday, the latest move to cast...
- Beijing is the world's biggest importer of coal, but import volumes dropped in the first quarter of the year and energy prices have surged globally
- Policymakers in Beijing have long walked a tightrope balancing climate objectives with domestic growth
Economy
Total deposits by February end $541 billion: Central Bank of UAE
The Central Bank of the UAE said that total bank deposits increased by 0.3 percent, climbing from AED 1,982.4 billion...
- The bank said the rise in total bank deposits was due to growth in Resident Deposits by 0.5 percent, overshadowing the reduction in Non-Resident Deposits by 1.4 percent.
- The Money Supply aggregate M1 increased by 0.8 percent, from AED 706.5 billion at the end of January 2022 to AED 712.1 billion at the end of February 2022.
Google to delete incognito search data
The suit filed in June of 2020 sought US$5bn in damages.
Company News
PIF sets up tourism firm Asfar
Business
Italy’s Eni Q2 profits down
Business
Tabreed H1 23 net profit $105m
Business
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SAB H1 profit up 59%
Business
Borouge Q2 net profit $231m
Business
Masdar to invest $8bn to develop Malaysia’s clean energy transition
Abu Dhabi, UAE - Abu Dhabi Future Energy Company (Masdar), the UAE’s clean energy powerhouse will invest US$8 billion in...
Business
Al Etihad Payments partners with NIPL to develop UAE Domestic Card Scheme
ABU DHABI, UAE – Al Etihad Payments (AEP), a wholly-owned subsidiary of the Central Bank of the UAE (CBUAE), and...
Business
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Business
eXtra net profit down 17%
The company reported a net profit of $70m for 9M period of 2023.
- The nine-month earnings were negatively impacted by higher interest rates, which led to finance cost rising by SAR 39.6 million year-on-year (YoY), Argaam reported.
- The company recognized non-recurring losses of SAR 38 million as it discontinued its expansion plans in Egypt.
Business
Bristol Myers to buy Mirati
The US firm will pay US$4.8bn to acquire cancer drugmaker.
- The companies said in a joint statement that Bristol Myers Squibb will pay $58 per share in cash "for a total equity value of $4.8 billion"
- The statement added that with the acquisition Bristol Myers Squibb will add KRAZATI, an important lung cancer medicine, to its commercial portfolio
Business
GCC’s digital leadership puts focus on cybersecurity
As GCC leads in digital innovations, there's an urgent need for strong cybersecurity to combat increasingly complex threats targeting governments,...
- As GCC leads in digital innovations, there's an urgent need for strong cybersecurity to combat increasingly complex threats targeting governments, businesses, and individuals
- Emad Fahmy of NETSCOUT sheds light on the evolving cyber threats and the importance of a holistic approach to digital transformation, advising ways to safeguard digital frontiers