AstraZeneca to buy Amolyt for $1bn
It will pay $800 million upfront for the Lyon-based company.
Business
OpenAI partners with Le Monde and Prisa Media
Prisa Media chief executive Carlos Nunez called the OpenAI alliance a "step toward the future of news" where technology and...
Opinion
How GCC countries can become digital leaders
The region must urgently strengthen innovation and localization. These two make significant contribution to GDP and jobs, either directly through...
- If the region were to accelerate that growth and catch up with its more advanced peers, it could add up to $255 billion GDP, create a large number of high quality jobs.
- GCC must reform its regulatory frameworks, deepen the talent pools, and boost innovation and the domestic production of digital products
Business
US lawsuit could turn global headache for Google
If the search giant loses this lawsuit, it could have to pay back a significant portion of the revenue it...
- Google stands accused of misleading people into believing that changing device and account settings protects people’s personal data
- District of Columbia Attorney-General Karl A Racine said Google has since 2014 ‘systematically surveilled’ users no matter the settings
Business
QIIB 2021 profit at $276m
This was an increase of 7 percent in net profit year on year.
- QIIB said in its statement that the Earnings per share (EPS) amounted to QR0.59 (around $0.16) as of December 31, 2021
- This was against an EPS of QR0.55 (around $0.15) for the same period in 2020marking a rise of around 7.27 percent
Business
Boeing makes $450m air-taxi bet
The investment is in Wisk, which looks to make autonomous air taxis.
- Boeing has added $450 million to a venture that aims to commercialize autonomous electric air taxis
- Wisk envisions some 14 million annual flights serving more than 40 million people in five years
Infographics
Which are the top equity markets in the Middle East?
Here is a comparison between the top equity markets in the Middle East, and how they stack up against a...
- Saudi Arabia has Tadawul, or the Saudi stock exchange, whose benchmark index is known as TASI
- The UAE has the Dubai Financial Market (DFM) as well as the Abu Dhabi Exchange (ADX)
Business
UAE, Malta trade bodies join hands for industrial cooperation
FUCCI Chairman Abdullah Mohamed Al Mazrouei signed the MoU with Marisa Xuereb, President of the Malta Chamber.
- The MoU is expected to help both parties expand economic, trade, and industrial cooperation
- It is also expected to encourage Emirati and Maltese businesses to form new partnerships
Business
Meta touts supercomputer
The device is up to 20 times faster than Facebook’s current systems.
- Meta said the machine, known as AI Research SuperCluster, was already in the top five fastest supercomputers
- It would apparently become the fastest AI machine in the world when fully built in the next few months
Business
Fitch upgrades Saudi Electricity Company’s rating after improved record
Fitch Solutions has upgraded the Saudi Electricity Company's credit rating from A- to A with a stable outlook, an upgrade...
- The international agency emphasized that the new classification was driven by the result of the improvement of the company's independent credit record.
- The agency said that the company's independent credit rating reflects its large revenues and strong market status in the electricity generation.
Business
Saudi finance minister calls for GCC cooperation
Saudi Arabia's finance minister, Mohammed bin Abdullah Al-Jadaan, has stressed the need for the promotion of the joint Gulf action,...
- During the meeting, the ministers reviewed the progress made on issues related to strengthening the financial and economic cooperation among the GCC states
- The meeting was chaired by the Minister of Finance, Chairman of the current session, Mohammed bin Abdullah Al-Jadaan
Business
Istanbul airport closes down as snowstorm hits region
Europe's busiest airport shut down in Istanbul while schools and vaccination centers closed in Athens as a rare snowstorm blanketed...
- The closure of Istanbul Airport affected flights stretching from the Middle East and Africa to Europe and Asia
- it dealt a major headache for the 16 million residents of Turkey's largest city, which ground to an effective halt
AstraZeneca to buy Amolyt for $1bn
It will pay $800 million upfront for the Lyon-based company.
Business
Company News
Latest News
ADNOC Gas signs US$450-550m Chinese supply deal
Abu Dhabi, UAE--ADNOC Gas today announced an agreement valued between $450 million and $550 million to supply Liquefied Natural Gas...
Business
Saudi non-oil activities push Q2 economic growth to 1.2%
Riyadh, Saudi Arabia -- Saudi Arabia’s real GDP grew by 1.2 percent in the second quarter of 2023, compared to...
Economy
Most Read
Business
Rani R Raad is new CEO of IMI
International Media Investments owns and operates a portfolio of media outlets.
- The company said Raad "has been brought in to steer IMI and its operating assets to their next stage of development
- IMI owns and operates a portfolio of media outlets, including The National, CNN Business Arabic, Al Ain News
Economy
Global trade finance gap grew to record US$2.5trn in 2022: ADB
The Asian Development Bank survey found that rising interest rates, flagging economic prospects, inflation, and geopolitical volatility reduced the capacity...
- With data collected from 137 banks, the survey is the world's leading barometer of trade finance health
- The Russian invasion of Ukraine was seen impacting trade finance portfolios by some 60 percent banks
Business
Saudi Arabia leads as MENA region sees gaming boom
The MENA region's gaming revenue is set to hit $7.2bn in 2023, representing 17% of global gamers, while Saudi Arabia's...
- The MENA region's gaming revenue is set to hit $7.2bn in 2023, representing 17% of global gamers, while Saudi Arabia's market may hit $1bn mark this year and triple by 2030
- Spearheaded by Saudi Arabia, the region's gaming renaissance reshapes the global landscape, with Gamers8 festival showcasing the region's growing influence in the sector