Microsoft, AI to set up data-center project
It will cost US$100bn and will include an AI supercomputer.
Business
Business
AMEA Power awarded two projects
These solar projects in Morocco were part of a large international tender.
- The Moroccan Agency for Sustainable Energy (Masen) and the Ministry of Energy Transition and Sustainable Development announced the award of projects.
- The sites are located in Taroudant, in the Souss-Massa region, and in El Hajeb, in the Fès-Meknès region.
Business
Credit Suisse ‘faces’ Q1 loss
The Swiss banking giant said it has taken a hit from the Ukraine war, litigation.
- The bank said its results would be affected to the tune of 200 million Swiss francs ($211 million) in lost revenue and provisions for credit losses.
- Credit Suisse said it was also setting an extra 600 million Swiss francs aside for litigation that dates back more than a decade.
Business
Arriyadh posts 25% net profit
The Saudi developer reports $37m net profit in Q1.
- The company made SR139 million ($37 million) in profit, compared to SR111 million for the same period a year earlier
- The Riyadh-based firm attributed the increase in profit mainly to the increase in its share of profits from its associate company by 34 percent
Business
Julphar announces Strategy 2030
The strategy will see the company launch 100 new products.
- Maximising Revenue from Current Product Portfolio and Geographical Expansions two of the six growth pillars.
- Julphar has partnered with and signed manufacturing contracts with 11 leading companies across the globe for technology transfer.
Business
European car sales take a hit from Ukraine war
European car sales sank in March as Russia's invasion of Ukraine added more problems to a sector already struggling with...
- Passenger car registrations fell 20.5 percent compared to the same period last year, with 844,187 units sold
- The war has led to shortages of other parts, such as the cables used in car wiring harnesses and of which Ukraine is a manufacturer
Business
DFM engages HSBC as General Clearing Member
Dubai Financial Market (DFM) announced today that HSBC has become the first international General Clearing Member (GCM) to join the...
- The introduction of GCM service on DFM by HSBC is part of a wider collaboration program between the two entities
- HSBC is expected to offer its GCM service on DFM Equity Market starting in May
Business
Saudi Fashion Commission, Chalhoub Group to explore opportunities
The agreement is said to align with the objectives of the Fashion Commission to enhance collaboration and empower the sector...
- The MoU sets out a framework for the creation of leadership roles furthering nationalization in the fashion retail sector
- It is also to secure commercial spaces for the display of work by Saudi designers, and provide training courses in the field
Business
Italy looks to Africa for gas to end Russia dependence
Meanwhile, Italy is also looking into buying or renting two floating storage and regasification units (FSRU) to allow it to...
- Italy is one of Europe's biggest guzzlers of gas, which currently represents 42 percent of its energy consumption, and it imports 95 percent of the gas it uses
- The government hopes to reduce those imports by accelerating the investment in renewables and has vowed to cut red tape on wind and solar farms
Business
Netflix reports subscriber drop
It ended Q1 2022 with fewer subscribers than Q4 2021.
- Factors hampering Netflix’s growth include subscribers sharing accounts with people not living in their homes
- Another factor crimping Netflix’s growth is the intense competition from titans such as Apple and Disney
Interview
GCC luxury market grows despite supply chain woes
The GCC personal luxury market will continue to be on a ‘strong growth trajectory,’ Chalhoub Group Chief Strategy Officer (CSO)...
- High-end jewelry is expected to continue to record strong growth in the region
- Meanwhile, online shopping has doubled in the Middle East in the last two years
Company News
QIIB profit climbs 7.7 percent
Business
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General Motors Q2 profits up
Business
Aldar to redevelop two malls
Business
Tadawul’s sukuk, bonds market sees $3.4bn negotiated deals in first 9 months of 2023
RIYADH, SAUDI ARABIA – The Saudi Exchange's (Tadawul) sukuk and bonds market witnessed 74 negotiated deals worth nearly SAR 12.77...
Market Report
West responsible for Ukraine war, Russia wants ‘New World’ says Putin
Moscow, Russia - President Vladimir Putin said Thursday that Russia's mission was to create a "new world" and blamed Western hegemony...
Geostrategy
X removes headlines from news articles shared by users
The changes brought a good deal of criticism, journalist Tom Warren of The Verge website posting on X: "It's the...
Geostrategy
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Business
EWEC, Masdar sign purchase pact
Power to be purchased generated from UAE's Wind Programme.
- This strategic agreement will see EWEC procuring power from the UAE's utility-scale wind programme for the first time.
- Located at Sila, Sir Bani Yas Island and Delma Island, the wind power farms have a generation capacity of up to 99 megawatts.
Business
ADNOC to deploy UAE-made drones
ADNOC's partnership with EDGE Group aimed at cutting emissions.
- EDGE’s autonomous systems arm, ADASI, will repurpose its existing UAVs for ADNOC to deploy in its operations, to minimize emissions and enhance environmental performance.
- ADNOC has allocated an initial $15 billion (AED55 billion) to lower-carbon solutions, new energies and decarbonization technologies.
Geostrategy
Qatar, Iran discuss cooperation in free zones, investment
DOHA, QATAR - Minister of State and Chairman of the Board of Directors of the Free Zones Authority Ahmad bin...
- The Qatari minister and the Advisor to the Iranian President discussed reinforcing cooperation between the two countries.
- The Iranian leader and accompanying delegation toured the Free Zones at Ras Bufontas and Umm Alhoul Free Zone.