Asian markets up, Tokyo hits record as US tech earnings jump
Hong Kong, China - Asian markets rose on Thursday, with Tokyo's benchmark index posting a record high after greater-than-expected earnings from...
Business
Business
E-commerce in F&B sector in Gulf is projected to reach $71.62 bn by 2028
E-commerce in the F&B industry is booming with recent research forecasting it to reach USD71.62 billion by 2028, registering a...
- These trends have led to an urgent need for the industry to dig deeper into its e-commerce offerings to level up the ecosystem
- Trends, trials, and solutions to truly unlock the e-commerce potential will be explored in great depth for the first time at Gulfood 2022
Interview
GCC tech markets yet to recover from Covid-19
It's time to review demand generation plans as Covid-19 is still posing challenges for the regional markets, says Michele Montecchio,...
- Acer believes all features that facilitate remote working such as HD cameras and high quality microphones would be more important assets in 2022.
- The company plans to upgrade the entire Acer line-up with the latest CPU generations from both Intel and AMD this year.
Business
Qatar Industrial Co. posts net profit of $38m in 2021
Qatar Industrial Manufacturing Co. has reported a net profit of $38m for 2021 in comparison to net profit of $23m...
- The company disclosed the interim financial statement for the 12-month period ending Dec. 31, 2021
- Qatar Industrial Manufacturing Co. was established in 1990 with a capital of QR 475.2 million
Business
First edition of leading global event on defense to kick off in Saudi
The World Defense Exhibition (WDE) declared that its first edition will be held in Riyadh, Saudi Arabia, from March 6-9,...
- More than 450 companies from around 37 countries will participate in showcasing the latest defense and security industry technologies.
- A day before the start of the show the International Institute for Strategic Studies (IISS) will organize the “Riyadh Defense Forum”.
Business
Al Seer Marine invests in AD Ports
With an investment of $326m, Al Seer now owns 7.36 percent of AD Ports.
- Founded in 2003 and with AED1 billion in paid-in capital, Al Seer Marine has over 1,200 employees.
- As of December 2021, the company’s assets amounted to AED6.1 billion, compared to AED717.81 million at the start of the year.
Economy
Cooper Fitch forecasts strong GCC hiring activity to continue in 2022
The Gulf Cooperation Council region witnessed a 40 percent rise in job creation in the last quarter of 2021 compared...
- Job creation across the region was driven primarily by a significant recovery in the UAE and Saudi Arabia.
- Real estate, public, software development, cyber security, sales and marketing sectors witnessed a significant increase in hiring.
Business
Contracts worth $2.3 bn awarded across Aldar development projects
Aldar Properties (Aldar) said on Tuesday that contracts worth more than AED8.5 billion ($2.3 billion) were awarded across its development...
- A total of 16 contracts were awarded in infrastructure, residential, commercial, and mixed-use projects in Abu Dhabi.
- The contracts were awarded to 14 They UAE-based contractors, which contributed to the growth of economy, Aldar said.
Business
Bahrain to offer permanent residency visa to attract talent
Bahrain has launched ‘Golden Residency Visa’ for residents and non-residents with immediate processing of the applications electronically upon meeting the...
- The move is a part of the Kingdom’s strategy to attract foreign investments where the visa holders will enjoy benefits
- Bahrain’s ‘Golden Residency Visa’ will be available for qualifying residents, allowing them to take advantage of the benefits
Business
Volume growth helps AD Ports Group post $230m net profit in 2021
The company posted a net profit of $230m in 2021, from $108m in 2020.
- As of 31st December 2021, the total assets of the Group stood at AED28.5 billion.
- In January 2022, the Group received ownership stakes from ADQ in two listed companies--Aramex and National Marine Dredging Company.
Business
BP profits $7.6bn in 2021
The company aims to cut emissions by 50 percent by 2030.
- BP posted a net profit of $7.6 billion (€6.7 billion) last year
- This followed a loss after tax of $20.3 billion in 2020
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
Asian markets up, Tokyo hits record as US tech earnings jump
Hong Kong, China - Asian markets rose on Thursday, with Tokyo's benchmark index posting a record high after greater-than-expected earnings from...
Business
Company News
Latest News
Viacom18 nets Indian cricket broadcast rights for $721 million
Media rights are a huge earner for the Board of Control for Cricket in India (BCCI), one of the richest...
Business
Qatar Credit Bureau, Supreme Judicial Council to share data
DOHA, QATAR - Qatar Credit Bureau signed a memorandum of understanding (MoU) with the Supreme Judicial Council (SJC) pertaining to...
Geostrategy
Saudi Arabia’s oil exports down 33.4 percent in second quarter
Riyadh, Saudi Arabia -- Saudi Arabia's oil exports fell by 33.4 percent to SAR 227.7 billion ($60.70 billion), from SAR...
Business
Most Read
Business
EGA H1 net profit $533 million
The firm expects growth in primary production and recycling business.
- EGA announced H1 2023 adjusted EBITDA of AED4.2 billion ($1.1 billion). EGA’s aluminum segment adjusted EBITDA margin was 27 percent, leading global industry peers.
- EGA’s average realized London Metal Exchange price for its aluminum was $2,359 per ton compared to $3,063 per ton during H1 2022.
Business
Microsoft bows to EU competition concerns over Teams
In a bid to address the concerns, Microsoft will unbundle Teams from its Microsoft 365 and Office 365 suites in...
- EU Commission launched the investigation in July to see whether the US tech giant was "abusing and defending its market position" by bundling the software together
- Microsoft bundles Teams with its cloud-based Office 365 and Microsoft 365 suites, which include its popular Word, Excel, Powerpoint and Excel programmes
Economy
In China, Baidu leads public rollout of AI chatbots
China issued new regulations this month for the country's AI developers that maintain the government's tight control on information while...
- Chinese generative AI apps must "adhere to the core values of socialism" and refrain from threatening national security
- By making ERNIE widely available, Baidu will be able to gain "massive" human feedback to improve the app at a swift pace