e& 2023 net profit is US$2.8bn
e& said the net profit is a growth of 3 percent year-over-year.
Business
Business
Shell reports huge profit
Net profit stood at $20.1bn in 2021 after a loss of $21.7bn in 2020.
- As lockdowns spread in 2020, oil prices dropped off a cliff, even briefly turning negative
- Prices have since rebounded sharply, with the Brent crude trading at almost $90 per barrel
Business
Europe clubs lost €7bn due to Covid-19 pandemic: UEFA
The latest UEFA study includes the consolidated results of these same 711 clubs for the year 2020, as well as...
- Gate receipts were decimated, sponsorship was down, and television rights receipts were hit
- Clubs are believed to have suffered a €4-billion hit in 2019-2020, and €3 billion in 2020-2021
Business
Jordan trade chamber, Egyptian envoy talk economic cooperation
The two countries discussed reducing obstacles facing the two-way flow of imports into the countries and enhancing trade and economic...
- The two countries discussed reducing obstacles facing the two-way flow of imports into the countries and enhancing trade and economic relations
- Tawfiq, the president of the Amman Chamber, reiterated that Jordan-Egypt were a model of good relations between Arab states
Arts & Culture
Morocco closes ramshackle cinemas as pandemic hits hard
Only 27 theatres in Morocco remain open, relying heavily on state funding for renovations and digitizing films.
- Cinemas in Morocco struggle to emerge from the crisis despite $960,000 of funding for the Moroccan Centre for Cinematography
- Enthusiasts called for better protection for theater buildings, architectural treasures that bear witness to the kingdom's past
Business
Saudi Arabia sees $6.4bn tech investment at LEAP
The fresh investments are said to be in line with Vision 2030, which aims to diversify the economy of Saudi...
- Investment deals totaling more than $6.4 billion were announced at LEAP 2022 in Riyadh
- Saudi Aramco Ventures launched a $1-billion investment fund called Prosperity 7 to help revolutionary startups
Business
UAE, Japan bilateral trade hit $30.5 bn in 2021
More than 340 Japanese companies have their bases in the UAE working in various sectors including infrastructure, industry, and energy,...
- More than 340 Japanese companies have their bases in the UAE working in various sectors including infrastructure, industry, and energy, a UAE official said
- A memorandum of understanding was also signed between the Department of Municipalities and Transport (DMT) and Sumitomo Corporation
Business
OPEC+ okays fresh modest oil output hike despite rising prices
The 23-nation OPEC+ group has said in a statement that it will increase production by 400,000 barrels per day in...
- OPEC+ is already struggling to meet its quotas, with some members unable to scale up their production
- Other members, such as Saudi Arabia and the United Arab Emirates, are unwilling to increase output
Economy
Will corporate tax hit UAE businesses, consumers?
The new tax -- to be implemented in the UAE from 1 June 2023 -- comes at a time when...
- UAE is expected to generate approximately AED 25 bn ($6.8 bn) in revenue from the corporate tax.
- Corporate tax rates in nations such as Germany and Japan exceed 30 percent. In Canada and China, companies pay 27 percent and 25 percent, respectively.
Business
Latest tech in focus as UAE celebrates innovations
UAE Innovates 2022, described as the largest innovation festival in the world, seeks to instill a culture of innovation and...
- The Expo will have an MBRCGI display at Festival Garden, where creative government experiences will be featured
- In addition, private companies will also organize specific talks and workshops in several innovation spheres
Economy
Digital Cooperation Organization launches Startup Passport at LEAP
The Digital Cooperation Organization (DCO) has announced the launch of the DCO Startup Passport to make it quicker, easier and...
- The initiative will start initially in Saudi Arabia and Nigeria, opens potentially lucrative markets with a combined population of more than half a billion.
- The Startup Passport addresses the problems of SMEs challenges by reducing administrative and financial burdens and accelerating corporate registration.
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
Company News
Latest News
Global dividends hit record US$568 billion in Q2
According to a report by asset management firm Janus Henderson, payouts to shareholders are expected to grow further in spite...
Business
Elon Musk lifts political ad ban at rebranded Twitter
Welcoming back potentially misleading political messages at X came less than a week after former president Donald Trump posted there...
GCC to establish partnerships with international organizations: Albudaiwi
Riyadh, Saudi Arabia-- The GCC countries are "actively engaging" with international and regional organizations in order to establish strategic partnerships...
Geostrategy
Most Read
Economy
Exclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economy
In the GCC, online market growth surpasses offline, driven significantly by Saudi Arabia, amid intense competition where local brands increasingly...
- In the MENA region, customers are enticed by augmented reality games with tangible rewards, as the digital economy rises and brands innovate to meet growing expectations
- In an intensifying market, customers' multi-channel interactions offer brands crucial CX strategy insights, reflecting the escalating expectations they have from merchants
Investigation
Exclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economy
In the GCC, online market growth surpasses offline, driven significantly by Saudi Arabia, amid intense competition where local brands increasingly...
- In the MENA region, customers are enticed by augmented reality games with tangible rewards, as the digital economy rises and brands innovate to meet growing expectations
- In an intensifying market, customers' multi-channel interactions offer brands crucial CX strategy insights, reflecting the escalating expectations they have from merchants
Business
Egypt to drill 45 exploratory gas wells with investment of US$1.9bn
Cairo, Egypt--The Egyptian government plans to drill 45 natural exploratory gas wells in the Mediterranean and the Nile Delta with...
- Between July 2022 and June 2023, Egypt drilled nearly 10 wells that yielded huge disovery in the Nargis Offshore Area Concession, adding reserves of 2.5 trillion cubic feet
- Tarek El-Molla, Egypt's Minister of Petroleum and Mineral Resources, said that until 2025, a total of 35 exploratory wells will be drilled with $1.5 billion in investments