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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.

Iraq economy likely to grow this year, says IMF

BAGHDAD, IRAQ – Economic growth of the country is projected to continue amid fiscal expansion, an International Monetary Fund (IMF)...

Business

Total value of Saudi Arabia’s export of dates reaches US$389m in 2023

RIYADH, SAUDI ARABIA - According to data released by the National Center for Palms and Dates (NCPD), the value of...

Business
Business

UAE’s Al Habtoor slams bogus listicles

A leading magazine recently published Top 10 Richest Arab billionaires list and was criticized for ignoring many nationalities and known...
  • Forbes Middle East recently published “Top 10 Richest Arab billionaires” list and was criticized for ignoring many nationalities and known wealthy businessmen
  • Egyptian billionaire businessman Nassif Sawiris with $7.7bn topped the Forbes Middle East list, followed by Algerian Yassaad Rabab and family at $5.1bn
Business

Global stocks slide on Fed tightening and China prices

Asian stocks posted losses on Monday as unease lingered over tightening monetary policy by the Fed and rising prices in...
  • The drop followed a negative lead from Wall Street
  • In Tokyo, the Nikkei closed 0.6 percent lower, while Hong Kong and Shanghai lost more than three percent and two percent respectively
Business

Al Seer begins VLGC construction

Lucky Gas is the company's first Very Large Gas Carrier.
  • Last year, Al Seer Marine formed a joint venture named ABGC DMCC with BGN International to build two new VLGCs.
  • Lucky Gas is expected to be completed and delivered by March 2023. The second VLGC, named North Gas, is expected to commence steel cutting in May 2022.
Business

QIC, QInvest partner to form asset management company

The new company, jointly owned by QIC and QInvest, will be a Sharia'a compliant entity, regulated by Qatar Financial Centre...
  • The new company, jointly owned by QIC and QInvest, will be a Sharia'a compliant entity, regulated by Qatar Financial Centre Regulatory Authority
  • Founded in 1964, QIC was the first domestic insurance company in Qatar. It is listed on the Qatar Stock Exchange
Business

Future uncertain for Germany refinery fed on Russian oil

The PCK refinery in Germany has been processing crude oil from Russia since before reunification, but a looming ban on...
  • The PCK refinery is located in the town of Schwedt in former East Germany near the Poland border
  • It employs 1,200 people, and many local businesses depend on the custom it brings to the area
Business

Musk not joining Twitter board: CEO

Parag Agarwal announced on Tuesday that Musk was joining the board.
  • Elon Musk, who became the largest shareholder after buying 73.5 million shares in Twitter, has decided not to join its board
  • A day earlier, Musk called out users who were followed by millions and billions of people on Twitter but rarely posted on it
Business

UAE tycoon slams bogus listicles

Forbes recently published Top 10 Richest Arab billionaires list and was criticized for ignoring many nationalities and known wealthy businessmen.
  • Forbes recently published “Top 10 Richest Arab billionaires” list and was criticized for ignoring many nationalities and known wealthy businessmen
  • Egyptian billionaire businessman Nassif Sawiris with $7.7 billion topped the Forbes list, followed by Algerian Yassaad Rabab and family at $5.1 billion
Business

AI plays crucial role in GCC’s economic progress

Artificial Intelligence, wired into the economic plans of many GCC countries, is likely to contribute 12.4 percent to Saudi GDP...
  • The Middle East is expected to accrue US$320 billion of the total global benefits of AI in 2030
  • AI is expected to contribute over US$135.2 billion in 2030 to the Saudi economy
Business

Dubai issues 24,662 new business licenses in Q1 2022

Dubai has issued 24,662 new business licenses in Q1 2022, a report by the Department of Economy and Tourism (DET)...
  • A DET Business Registration and Licensing report said 57 percent of the new business licenses issued during Q1 2022 were professional and 43 percent commercial.
  • A total of 136,034 business registration and licensing transactions were completed during Q1 2022, a growth of 36 percent compared to Q1 2021.
Business

India’s Taj Group eyes Gulf expansion, to build hotel in Makkah

The luxury hotel chain is planning 15 new hotels in the next 10 years, which include at least 5 new...
  • The luxury hotel chain has planned 15 new hotels in the next 10 years
  • This includes at least 5 new properties in Dubai and a new hotel in Makkah

Iraq economy likely to grow this year, says IMF

BAGHDAD, IRAQ – Economic growth of the country is projected to continue amid fiscal expansion, an International Monetary Fund (IMF)...
Business

Company News

Latest News

Dubai ranks fifth globally on key shipping development Index

Dubai, UAE -- Dubai has maintained its ranking among the top five global maritime centres on the 2023 International Shipping...
Business

ADIB completes $750m sukuk redemption

The sukuk, issued on Sept 20, 2018, carried profit rate of 7.125%.
Business

Cisco buys Splunk for US$28bn

Splunk is a software platform that uses AI to identify malware.
Business
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INSEAD Day 4- 300x600

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Business

UAE stocks generate strong cash flows as DFM hits 8-month high

Abu Dhabi, UAE--UAE stock markets Thursday continued to capitalize on improved investor sentiments, defying US Fed's decision to keep interest...
  • Energy, banking and real-estate stocks lead the gainers in the capital's bourse as Emaar drove DFM to an 8-year high of 4,179.680 points
  • In Abu Dhabi, Index FADGI closed 0.239% higher at 9,845.990 points, buoyed by robust trading over real estate giant Aldar Properties which ended 7.9% up
Business

Microsoft to offer OpenAI’s Dall-E 3 in Bing

Microsoft has bet big on AI, notably with a $10-billion envelope dedicated to its partnership with OpenAI, and is now...
  • Two versions of Dall-E were developed by OpenAI and presaged the massive explosion of interest in generative AI that came when it released ChatGPT late last year
  • Dall-E uses machine learning technology to generate digital images from natural language descriptions and the third version, due to be released in October
Geostrategy

Agriculture deals worth $471m inked at China-Arab States Expo

Beijing, China -- A total of 34 deals worth approximately AED1.73 billion ($471 million) were signed at the conference on...
  • Last year, trade value of agricultural products between China and Arab countries reached US$5 billion (AED18.36 billion).
  • China has held nearly 500 training sessions for nearly 10,000 agricultural officials and technical staff from 22 Arab League member countries.