Big Tech faces AI spending test as earnings season gathers pace
The Magnificent Seven’s 5.7% fall last week shows that investors are no longer rewarding headline beats alone, they want proof...
Analysis
Economy
GASTAT issues FDI statistics of Saudi Arabia for Q4 2023
RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) issued on Friday the Foreign Direct Investment (FDI) statistics for...
- Total FDI in Saudi Arabia's economy during Q4 of 2023 totaled about US$5 billion.
- GASTAT said the results are based on a household survey conducted by the authority.
Business
Huawei profit tops $12bn
The profits more than doubled compared to 2022.
- Huawei has been at the center of an intense standoff between China and the United States, with Washington warning its equipment could be used for espionage.
- Sanctions since 2019 have cut Huawei's access to US-made components and technologies, forcing it to diversify.
Business
Amanat FY 2023 revenue $195m
The company's revenue grew by 40 percent year-on-year.
- Amanat announced a proposed dividend of US$13 million for FY 2023, with additional interim dividends planned for 2024.
- The balance sheet reached US$158 million in cash at year-end, and low leverage provided significant capital for deployment.
Business
UAE earns first spot in Global Entrepreneurship Monitor 2024 report
Abu Dhabi, UAE-- The United Arab Emirates has been ranked first globally for the third consecutive year in the Global...
- The report said the UAE was the best place to start and conduct new business ventures, surpassing many advanced economies
- The report put Saudi Arabia on the third spot, Qatar at fifth, and Estonia South Korea, Switzerland, and China following them
Geostrategy
Japan to restart funding to UN Palestinian refugee agency
Tokyo, Japan--Japan is preparing to resume funding to the UN's crisis-hit Palestinian refugee agency (UNRWA), which coordinates nearly all aid...
- Japan like many other countries paused funding after Israel claimed that 12 of UNRWA's 13,000 Gaza employees were involved in the deadly October 7 Hamas attack
- The UN has launched both an internal and an independent investigation but has said Israel has not provided it with any evidence to support the claim against the workers
Economy
Arab Bank for Economic Development in Africa expects financing to touch US$2.5bn
Abu Dhabi, UAE--The Arab Bank for Economic Development in Africa (BADEA) expects the bank's annual financing to reach US$2.5 billion...
- The annual financing of the bank is witnessing a steady increase, rising from US$2 billion in 2022 to US$2.23 billion in 2023
- Nearly 30 percent of the bank's financing in the last 10 years was allocated to sustainable development projects in Africa
Opinion
UHNWIs drive Dubai’s luxury real estate growth
"The ultra-high-net-worth individuals (UHNWIs) have transformative impact on the real estate market. These individuals, with their discerning tastes and substantial...
- UHNWIs significantly contribute to the growth of Dubai's luxury property sector, driving demand and innovation.
- Sales of homes priced at $10 million or more in Dubai reached $7.6 billion in 2023, outperforming global cities.
Business
Embracer sells Borderlands
The sale is expected to be completed by June-end .
- The sale would reduce the company's net debt by around $300-327 million, the group said in a statement
- Gearbox will join a Take-Two line-up that includes the likes of "Grand Theft Auto" maker Rockstar Games and 2K
Market Report
US stocks open mixed ahead post fresh economic data
New York, US- Wall Street stocks saw a mixed start to Thursday, as traders digested the latest economic data ahead of...
- The broad-based S&P 500 Index was flat at 5,247.74, while the tech-heavy Nasdaq Composite Index retreated 0.2 percent to 16,363.03
- The Commerce Department made a surprise upward revision to fourth quarter GDP growth, to an annual rate of 3.4 percent
Business
Abu Dhabi Chamber sets up working group to support startups, SMEs
ABU DHABI, UAE – The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has formed a working group specifically for...
- This initiative aims to support and represent the interests of startups and SMEs in the region.
- The goal is to make Abu Dhabi the top choice for business in the Middle East and North Africa by 2025.
Company News
Borouge to pay $660m H1 dividend
Business
Latest News
US AI firm Palantir announces joint venture in Dubai
Dubai, United Arab Emirates -- US software firm Palantir launched a joint venture with the Dubai government's investment arm on...
Business
Microsoft unveils $15.2 billion AI, cloud computing investments in UAE
The deal sent US chip-maker Nvidia shares up 2.6 percent, buoyed by hopes the AI juggernaut could see access for...
Business
Most Read
Geostrategy
Death becomes a growing business in ageing, lonely South Korea
Busan, South Korea -- Rows of coffins line a university classroom in the South Korean port city of Busan, ready...
- Single-person households now account for around 42 percent of all homes in Asia's fourth-largest economy.
- A new profession has emerged reflecting that statistic: cleaners who are called in to tidy up homes after their occupants, most of whom lived alone, have died.
Business
High price of gold inspires new rush in California
El Dorado Hills, United States -- Matt James has collected gold nuggets for years from the hills and riverbeds of...
- Though the value has fluctuated, it has effectively doubled in the last two years, reaching an all-time high of more than $4,380 an ounce in October.
- The Gold Rush transformed California, known as the Golden State, and many towns in the Sierra Nevada are working to keep that moment in history alive.
Business
Deloitte unveils Middle East Center of Excellence for Oracle AI agents
Dubai, UAE - Deloitte Middle East has announced the launch of its Middle East Centre of Excellence for Oracle AI...
- The center offers a dedicated regional hub to develop and deploy Oracle AI Agents across public and private sectors
- It combines global expertise with local industry experience to advance agentic AI in the Middle East