Shipping service connecting India, South East Asia with Saudi Arabia comes up
RIYADH, SAUDI ARABIA – VASI Shipping Pte Ltd has introduced a new shipping service IMS at King Abdulaziz Port in...
Business
Nakheel, Meydan join Dubai Holding
The Board of Directors of both Nakheel and Meydan will be abolished.
Business
Economy
JBA head, Tunisian envoy discuss enhancing joint economic cooperation
According to a JBA statement it has helped promote joint investments and increase the volume of Jordan-Tunisia trade exchange.
- According to a JBA statement it has helped promote joint investments and increase the volume of Jordan-Tunisia trade exchange
- The two sides discussed joint cooperation in the sectors of garment, textiles, banking, contracting, traditional industries, transport, shipping, and pharmaceutical industries.
Business
Disney+ shines amid streaming TV competition
Disney saw streaming subscriptions pick up pace as pandemic restrictions ease, while Netflix saw them slow.
- Disney+ saw its big studio muscle help it reach 129.8 million subscribers worldwide, some 5 million more than predicted
- Netflix ended the year with 221.8 million subscribers, a massive number, but it announced slowing growth
Business
L’Oreal sales, profits surge
Sales rose by 15.3% from last year to $36.9 bn.
- Sales rose by 15.3 percent from last year to 32.3 billion euros ($36.9 billion), marginally above the analyst consensus figures compiled by Bloomberg and Factset
- net profits hit 4.6 billion euros, up by more than a quarter from 3.6 billion in 2020 and 3.75 billion in 2019
Microsoft vows app store fairness
The company is courting favor of antitrust regulators
- Microsoft president Brad Smith laid out a set of "Open App Store Principles" that will apply to the store it runs for Windows-powered computers
- Microsoft's $69 billion deal to buy video game powerhouse Activision Blizzard needs to pass muster with regulators in Europe and the United States
Opinion
Growing cyber threat demands a united response
A 2021 report by McAfee estimates the monetary loss from cybercrime globally to be approximately $945 billion. When you add...
- The dollar cost to organizations of all types due to cyber threat is staggering. It is estimated that the average cost of remediation in 2021 was $517,961 in the UAE
- The monetary loss from cybercrimes globally is put at $945 billion. When you add to this the global cost of cybersecurity products, it touches $1trn annually
Economy
Dubai plans to attract 50 multi-national companies under a three-year strategy
Dubai plans to attract 50 multinational companies within three years and push the external expansion of 100 companies from Dubai...
- Drawn by Dubai International Chambers, the strategy will also push the the external expansion of 100 companies from Dubai to priority foreign markets.
- It will also support and motivate multinational companies to list on the Dubai Financial Market.
Business
Dubai Islamic Bank issues $750m five-year sukuk
Dubai Islamic Bank has successfully priced its $750 million five-year senior sukuk, taking advantage of global interest in Islamic bonds....
- The debt sale, a first in the UAE this year, attracted huge investor interest and was more than 2.5 times oversubscribed
- The bonds were priced at 95 basis points with a profit rate of 2.74 percent
Business
SAN Group to invest in RAKEZ
The firm will construct a sustainable hydrogen production unit in the zone.
- This biotech facility will consist of a research center, laboratory, desalination plant, greenhouse as well as hydroponic and aquaponic indoor systems.
- The project will be constructed with an investment of $3.2 million and will be operational at the end of 2022.
Business
Covid lockdown in China makes aluminum costlier
The Covid lockdown this week of a relatively unknown Chinese city sent global prices of aluminum rocketing to a 14-year...
- Located near the border with Vietnam, Baise is nicknamed the "aluminum capital of southern China"
- It produces about 2.2 million tonnes of the commodity per year -- more than 80 percent of the output in the resource-rich Guangxi region
Business
DP World volume growth 9.4 percent
All DP World regions delivered volume growth, especially India.
- 2021 gross volume growth was broad-based with India, Asia Pacific, Middle East & Africa, Europe, Australia and Americas regions being the key growth drivers.
- Chief Executive Officer Sultan Ahmed Bin Sulayem said the performance was due to the company's continued investment in high-quality assets in the right locations.
Shipping service connecting India, South East Asia with Saudi Arabia comes up
RIYADH, SAUDI ARABIA – VASI Shipping Pte Ltd has introduced a new shipping service IMS at King Abdulaziz Port in...
Business
Company News
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Saudi capital market assets under management rise by $14bn in Q2
Riyadh, Saudi Arabia -- The total assets under management (AUM) held by capital market institutions licensed by Saudi Arabia’s Capital...
Business
15m electric cars will be shipped globally in 2023: report
Dubai, UAE - Nearly 15 million electric cars, including both battery electric and plug-in hybrid vehicles, are expected to be...
Business
Healthcare, F&B and telecom companies spoil GCC stockmarkets’ three-month party
GCC equity markets saw their first decline in three months during August, influenced by global market performance and hawkish Fed...
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Business
WTO says era of de-globalization is closer than it appears
Geneva, Switzerland - The de-globalization of international trade is far from being a reality, but "the first signs of fragmentation" are...
- After this phase of slowing globalization, the question is "whether we are moving towards a phase of deglobalization", said WTO official Ralph Ossa.
- "We're quite far away from deglobalizing, but at the same time, you start seeing... the first cracks in the system," the WTO official said.
Business
US govt face Google in landmark antitrust lawsuit
Washington, US - A landmark case pitting the US government against Google over the dominance of the company's world-dominating search engine...
- "This case is about the future of the internet and whether Google will ever face meaningful competition in search," said Justice Department lawyer Kenneth Dintzer
- The US government launched its case against Google during the Trump administration and the suit carried over in the transition to President Joe Biden
Business
Agthia okays H1’23 interim dividend
The interim dividend reflects the firm’s robust balance sheet.
- Agthia Group had announced strong first-half results, with group net revenue increasing 10.3 percent year-on-year to US$599 million.
- EBITDA increased 18.3 percent supported by margin expansion in snacking, protein, water and food, and a 6.6 percent increase in group net profit.