ADQ launches new firm in healthcare sector
Arcera will aim to improve the quality of "human life."
Business
Expo Centre Sharjah gives peek into its plan to attract new exhibitors
Sharjah, UAE--Expo Centre Sharjah (ECS) has unveiled its future projects and forthcoming initiatives to develop and enhance the exhibitions sector...
Business
Business
Boeing shares dive on $1.2bn loss
The company is set for recovery in 2022-23, said analysts.
- Boeing shares finished 7.5 percent lower at $154.46, beyond the expectations of analysts as the firm is delaying release of its 777X model
- Boeing will lift production of 737 MAX in next quarter of this year as it has reported a jump in the plane deliveries during the first quarter
Business
TotalEnergies makes $4.1 bn writedown on Russian gas project
French energy firm TotalEnergies said Wednesday it had taken a $4.1 billion impairment charge on its Arctic LNG 2 gas...
- TotalEnergies took a stake in the project in 2019, making it its second in Russia's extreme north alongside the Yamal LNG facility
- Chief executive Patrick Pouyanne said last month that TotalEnergies would not suddenly stop its Russian operations completely
Business
Strong Meta profit calms investors
Investors had been worried that as the pandemic eased and people socialized more in real life that they would engage...
- Meta hits profit of $7.5 billion on revenue of $27.9 billion in the first three months of 2022
- Meta owner Mark Zuckerberg cited pressure from TikTok, and launched his own short-form video sharing feature Reels as Facebook and Instagram
Business
MA’ADEN Q1 profit is SAR 2.9b
The company recorded sales of SAR 8.9 billion, up by 64%.
- The company recorded sales of SAR 8.9 billion, up by 64 per cent from the same quarter last year
- EBITDA stood at SAR 4.4 billion, up by 101 per cent compared to the same quarter of 2021
Business
Samsung Q1 profit up almost 60%
Steady chip demand and brisk smartphone sales led to the rise.
- Samsung said net profit in January-March was 11.32 trillion won ($8.9 billion)
- This was an increase of 58.6 percent year-on-year, beating expectations
Economy
DFZs to contribute AED250bn to Dubai’s GDP by 2030
DFZ Council chairman Sheikh Ahmed underlined the significance of facilitating the investor journey role in strengthening the UAE’s position as...
- DFZ Council chairman Sheikh Ahmed underlined the significance of facilitating the investor journey role in strengthening the UAE’s position as a preferred investment destination
- The Council also explored a new phase of the Invest in Dubai platform that adds 80 new services, including electronic connectivity through a single portal
Business
Algeria threatens to cut gas contract with Spain
Gas giant Algeria threatened Wednesday to break a contract to supply gas to Spain if Madrid transferred it onwards to...
- Algeria, Africa's largest gas exporter, previously also supplied gas through a second GME (Gaz Maghreb Europe) pipeline, which links Spain to Algeria via Morocco
- But Algiers in November shut supply through the GME due to a diplomatic rupture with Rabat, depriving Morocco of Algerian gas
Analysis
‘UAE’s new labor law is a game-changer’
Legal and business leaders tell TRENDS that the new legislation is in line with the industrial modernization roadmap that the...
- The changes in the new labor law are fairly substantial and necessitate amendments to existing employment contracts
- They also call for modifications to policies and procedures concerning future agreements with new employees
Business
UAE and Turkey close to signing economic partnership agreement
The UAE and Turkey are in final talks regarding the launch of a comprehensive economic partnership agreement, according to the...
- The new partnership is expected to double bilateral trade between both countries.
- Bilateral trade between the UAE and Turkey has climbed 80 percent over the past three years.
Business
GM lifts 2022 profit forecast
The automaker now sees 2022 net profit of between $9.6 bn and $11.2 bn.
- Net income in the first quarter dipped three percent to $2.9 billion on an 11 percent jump in revenue to $36 billion.
- GM's auto deliveries declined in all its operating regions in the wake of supply chain shortages, especially a crunch of semiconductors.
ADQ launches new firm in healthcare sector
Arcera will aim to improve the quality of "human life."
Business
Company News
SAB H1 profit up 59%
Business
Borouge Q2 net profit $231m
Business
Latest News
Saudi Arabia launches mechanism to advance global climate goals
RIYADH, SAUDI ARABIA - The Clean Development Mechanism Designated National Authority (CDMDNA) announced on Monday the operation of Saudi Arabia's...
Geostrategy
Most Read
Business
Dubai at top global ranking for attracting Greenfield FDI projects in H1 2023
DUBAI, UAE - Dubai remains the top global destination for attracting Greenfield Foreign Direct Investment (FDI) projects, with the emirate...
- During the first half of 2023, Dubai’s global share in the attraction of Greenfield FDI projects stood at 6.58 percent.
- The results align the Dubai Economic Agenda D33, which aims to double the size of the emirate’s economy over the next decade.
Business
EV infrastructure company launched
PIF will own 75% in the Electric Vehicle Infrastructure Company.
- It plans to establish presence in more than 1,000 locations, installing over 5,000 fast chargers by 2030 in cities across Saudi Arabia.
- PIF said the new company aims to enhance Saudi Arabia’s automotive ecosystem, through collaboration with EV companies.
Geostrategy
Saudi Arabia, India ink MoU on electrical interconnectivity, green hydrogen
RIYADH, SAUDI ARABIA - India and Saudi Arabia signed a Memorandum of Understanding (MoU) here in electrical interconnection, green/clean hydrogen,...
- The signing took place during the Middle East and North Africa Climate Week 2023 in Riyadh, Saudi Arabia.
- The MoU was signed by Saudi Arabia’s Minister of Energy and India’s Minister of Power and New and Renewable Energy.