UBS reports lower net profit in 2023
The Swiss government pushed it to buy Credit Suisse last year.
Business
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.
Company News
Latest News
ADNOC Gas signs deal with IOCL
Business
Oil industry is an integral part of climate solutions, says COP28 head
President of the upcoming COP28 climate talks Sultan Al Jaber, also the head of UAE state-owned oil firm ADNOC, told...
Geostrategy
US manufacturing beats expectations, slumps less in September
Washington, United States - US manufacturing activity contracted in September by the least since late 2022, beating analyst expectations despite weakness...
Business
DEWA commissions 200MW second unit in Al Maktoum Solar Park
Dubai, UAE - Dubai Electricity and Water Authority (DEWA) commissioned the 200MW second unit of the parabolic basin complex in...
Business
Most Read
Business
Central Bank of Oman foreign assets up by 27% by July end
Muscat, Oman -- Foreign assets at the Central Bank of Oman (CBO) grew by 27.4 percent to RO 6.855 billion...
- Initial data issued by the NCSI showed that local liquidity stood at RO 21.362 billion, an increase of 4.9 percent compared to the corresponding period in 2022.
- Total loans and financing in commercial banks and Islamic windows grew by 8.7 percent by the end of July 2023 to RO 30.272 billion, compared to RO 27.860 billion.
Business
European telecom firms urge EU to make tech, streaming giants pay
Telecoms giants say that they need more money to maintain and update the infrastructure to meet Europe's voracious data needs,...
- "Big tech companies pay today almost nothing for data transport in our networks, far from covering the costs needed to expand networks," a letter published by the European telecoms
- The CEOs said the European Union estimated that at least 174 billion euros ($183 billion) of new investment is needed by 2030 to meet connectivity targets.
Economy
Bahrain’s Treasury Bills oversubscribed by 270 percent
MANAMA, BAHRAIN – This week’s US$186 million (BD 70 million) issue of Government Treasury Bills has been oversubscribed by 270...
- The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the Government of Bahrain.
- The issue date of the Treasury Bills is October 4, 2023 and the maturity date is January 3, 2024.