Iran signs deals worth US$13bn to boost oil production
The oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields....
Business
ExxonMobil makes new oil discovery
The oil and gas strike is the first of 2024.
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
Business
SoftBank Arm sale scrapped
The company plans public offering of Arm by March 2023.
- The announcement came as the telecoms firm-turned-investment giant reported a net profit of 29.0 billion yen ($251 million) in the third quarter
- And there have been challenges elsewhere for SoftBank, including losses on Chinese ride-hailing giant Didi Chuxing
Opinion
The proverb-ial road to success
After all, what is considered traditional wisdom — and therefore infallible — has at times been known to run counter...
- Owners of today’s large enterprises are advised to resist the temptation to personally manage the daily affairs of businesses
- Instead, they should hire the most talented professionals and delegate to them the authorities needed for that purpose
Science
Lockheed Martin nets NASA deal
The company will make a rocket to bring back rocks from Mars.
- According to the US space agency's statement, Lockheed Martin has won a NASA contract to build the rocket which will bring the first Mars rock samples to Earth in the 2030s
- NASA will launch a plan in 2026 to send the mini-rocket to Mars, carrying another rover responsible for collecting the rock samples
Business
EU joins chips race with 42 bn euro bid to rival Asia
The production of semiconductors, also known as chips, has become a strategic priority in Europe as well as the United...
- The production of semiconductors, also known as chips, has become a strategic priority in Europe as well as the United States, after the pandemic choked off supply
- The manufacturing of chips overwhelmingly takes place in Taiwan, China and South Korea and the European Union's 27 member states
Business
Industries Qatar profit up 321%
The company achieved a net profit of QR 8.1 billion for 2021.
- Industries Qatar said in a statement that the Group revenue significantly improved by 77 percent to reach a record QR 20.2 billion
- Earnings per share (EPS) amounted to QR 1.34 for the year, versus QR 0.32 for last year
Business
‘Jail restaurant’ in Iran frees bad-debt inmates
Two Iranian ex-prisoners have opened a ‘jail restaurant’ to help raise funds to free convicts who are behind bars for...
- In Iran, bounced cheques, or failure to pay agreed dowries or bank loans results in jail time until the money is repaid
- More than 11,000 Iranians are in jail for failing to repay debts: almost 5 percent of Iran's prison population
Analysis
Wynn Resorts-RAK deal raises a few eyebrows
Legal experts weigh in on what lies ahead for the UAE when it comes to gaming entertainment in various forms.
- The announcement comes after rumors circulated about legalizing gambling clubs and permitting casinos in the UAE
- Gambling is prohibited in Chapter VI of the UAE Federal Penal Code, with those found guilty facing imprisonment and hefty fines
Business
MENA Transport Congress Exhibition kicks off in Dubai
The fourth edition of the MENA Transport Congress & Exhibition began on Monday in Dubai.
- The three-day event is organized by Dubai’s Roads and Transport Authority, and includes 13 sessions, five of which are main sessions
- The sessions will discuss the smart transport service, eco-friendly electric buses, artificial intelligence and big data, first and last-mile trips
Iran signs deals worth US$13bn to boost oil production
The oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields....
Business
Company News
Latest News
Agthia okays H1’23 interim dividend
The interim dividend reflects the firm’s robust balance sheet.
Business
Normalization of Israeli-Saudi ties hit Palestine, security barriers
Despite Israel's strong determination and increasing US mediation efforts, the establishment of diplomatic relations between Tel Aviv-Riyadh still face serious...
Geostrategy
UAE banks to perform strongly in 2023: Standard & Poor’s report
Abu Dhabi, UAE -- Standard & Poor's Global Ratings expects that the banks of the United Arab Emirates (UAE) will...
Business
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Business
Over 3,500 new members register with Ajman Chamber in H1 2023
AJMAN, UAE- The Ajman Chamber of Commerce and Industry (ACCI) has revealed that in the first half of 2023, at...
- The industrial membership in the Ajman Chamber grew by 6.9 percent during the first half of this year compared to the first half of 2022.
- The Ajman Chamber is keen to attract specialized investments in modern industries based on technology and artificial intelligence.
Business
Saudi capital market institutions employ 5,524 by second quarter end: CMA
Dubai, UAE -- The number of employees at capital market institutions rose by 103 quarter-on-quarter (QoQ) to 5,524 by the...
- Males accounted for 80 percent of the employees at capital market institutions, with 4,400 employees, while the number of females stood at 1,124.
- Meanwhile, the Saudization rate at these institutions reached 75 percent by the end of Q2, from 77 percent in Q1, according to the Capital Market Institutions Report.
Business
Saudi Venture Capital invests $5m in VentureSouq fintech fund
Riyadh, Saudi Arabia - Saudi Venture Capital (SVC) has made a $5 million investment in a fintech fund managed by...
- The company catalyzes financing for startups from the pre-Seed to pre-IPO stages
- It deploys $2 billion through investments in funds and co-investment in startups