EU queries Meta about ad-free subscriptions, shadow banning
BRUSSELS, BELGIUM - The EU on Friday used new regulatory powers to query Meta about ad-free subscriptions to Facebook and Instagram as...
Business
UAE real estate sector transforms with cross-border payments revolution
Dubai, UAE - Leading financial institutions are spearheading a transformative wave in the UAE real estate sector through the introduction...
Business
DEWA raises $6.1bn for GCC’s second-largest IPO
The Dubai Electricity and Water Authority said Wednesday it had raised $6.1 billion for the Gulf's second-largest IPO since 2019....
- The 18 percent stake in the emirate's state-owned DEWA is the biggest IPO in the Gulf region since that of Saudi oil giant Aramco
- The record for the largest public listing in the Gulf, and in the world, is held by Saudi oil company Aramco, which raised $29.4 billion
Business
ECB, Binance spar over use of cryptos to evade Russia sanctions
The European Central Bank has voiced its concern that cryptos can be used to evade Russian sanctions. But, the co-founder...
- Binance CEO Changpeng Zhao said his firm complies with all government sanctions very strictly
- Founded in China in 2017, Binance doesn't have a global base yet but is pushing its presence in the Middle East
Business
JetBlue makes $3.6bn bid for Spirit Airlines, upstaging Frontier deal
JetBlue Airways announced Tuesday a bid to acquire Spirit Airlines for $3.6 billion, setting up a bidding war with Frontier...
- The all-cash bid of $33 a share marks a 52 percent premium of Spirit's price prior to its February 7 announcement of the deal with Frontier
- Frontier opposed JetBlue announcement and said its proposed merger with Spirit remained "in the best interest of consumers and shareholders
Business
A $40m fund set up in KSA
Al Moammar and Saudi Fransi Capital sets up a private fund.
- One of Al Moammar primary objectives is developing technology start-ups with the focus on disruptive and innovative technologies
- The company said it intends to establish a business incubator, accelerator, and innovation lab, either within the company or as a separate subsidiary
Business
Spending on quantum computing will surge to US$ 9.1 billion by 2030: report
Tractica LLC, a market intelligence firm, revealed that spending on quantum computing will surge from US$260 million in 2020, to...
- Tractica LLC, a market intelligence firm, revealed that spending on quantum computing will surge from US$260 million in 2020, to US$9.1 billion by 2030
- 90 percent of organisations will partner with consulting companies or full-stack providers to accelerate quantum computing innovation through 2023, according to Gartner
Arts & Culture
Meta celebrates the spirit of Ramadan through #MonthofGood campaign
Throughout #MonthofGood, Meta will be sharing the stories of Muslim communities making positive impact.
- Throughout #MonthofGood, Meta will be sharing the stories of Muslim communities making positive impact
- The company is also introducing new Ramadan AR effects and weaving Muslim culture into the foundation for the metaverse
Business
e& to pay AED0.4 dividend
The total annual dividend for 2021 is now Dh0.8 per share.
- The Group reported a net profit of AED 9.3 billion, an increase of 3.2 percent year on year
- It also saw a 3.0 percent increase in its aggregated subscriber base, rising to 159 million
Business
UAE free zones set to gain from corporate tax relief
Around 40 free zones in the UAE are likely to attract more investors and FDI after they were declared exempt...
- The 9-percent corporate tax will be levied on companies with profits above AED375,000 (approximately $102,090)
- Announced on January 31 by the UAE’s Ministry of Finance, the tax regime will be implemented from June 1, 2023
Business
Qatar Development Bank launches program for micro-enterprises
Qatar Development Bank (QDB) announced the launch of a version of the "Al Dhameen" program for micro-enterprises, for the first...
- Al Dhameen program for micro-enterprises is characterized by a profit rate and distinct conditions.
- He noted the program will contribute to the development of the national business system in terms of access to financing.
Business
AUB to acquire Citi Bahrain unit
The acquisition includes retail banking and credit card.
- Citigroup expects to close the transaction by the second half of this year, after which no changes will apply to the services provided to Bahraini customers.
- Citigroup plans to exit operations in 13 markets, including Bahrain, Australia, China, India, Indonesia and South Korea.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
EU queries Meta about ad-free subscriptions, shadow banning
BRUSSELS, BELGIUM - The EU on Friday used new regulatory powers to query Meta about ad-free subscriptions to Facebook and Instagram as...
Business
Company News
QNB H1 2023 net profit at $2bn
Business
eXtra’s H1 2023 profit falls 35%
Business
Latest News
RAKEZ team wraps up roadshow to boost trade in China’s Guangdong province
RAS AL KHAIMAH, UAE - A delegation from Ras Al Khaimah Economic Zone (RAKEZ), led by Group CEO Ramy Jallad,...
Geostrategy
End of era as Toshiba completes $13.5 bn offer to go private
Pressure from activist shareholders and a takeover offer from private equity group CVC prompted aborted attempts to split the company...
Kuwait buys 40% stake in Egypt offshore energy project
Kuwait City - Kuwait's Foreign Petroleum Exploration Company (KUFPEC) has entered into an agreement to acquire a 40% stake in...
Business
Most Read
Business
Yahsat announces cash dividend for H1-23
The second dividend for 2023 is expected to be paid in May 2024.
- To qualify for this dividend, investors must acquire shares by September 27, 2023, or be shareholders as of October 2, 2023
- On an annual basis, the company is on track to deliver a dividend of at least $4.48 cents per share, amounting to $109 million
Business
UK to revoke plan to attain net zero emissions by 2050
LONDON, UK- The UK looked set to backtrack on Wednesday on policies aimed at achieving net zero emissions by 2050 with...
- The move comes amid growing concern over the potential financial cost of the government's policies to achieve net zero carbon emissions by mid-century.
- Prime Minister Sunak said while the government was committed to the net zero target, it would try to achieve it "in a better, more proportionate way".
Business
Sharjah Chamber to host two-day Gulf-Iraq Business event
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) said it is likely to host the first Gulf-Iraq...
- The theme of the event is “Partnership for a Promising Economic Future”, and is expected to present multiple investment opportunities.
- The Chamber hopes the event starts new wave of economic, trade, and industrial relations between the GCC countries and Iraq.