Divided US Fed set for contentious interest rate meeting
When the Fed last met in October, Chair Jerome Powell asserted that another rate cut in December was "not a...
Economy
Amazon unveils new AI chip in battle against Nvidia
San Francisco, United States -- Amazon Web Services launched its in-house-built Trainium3 AI chip on Tuesday, marking a significant push...
Business
Business
Zain KSA net profit $335m
The company's fourth-quarter net profit was $78 million.
- The telecom services provider said its revenue rose 8.9 percent year-on-year (YoY) to an all-time high of SAR 9.9 billion in 2023.
- Gross profit increased 10 percent YoY. Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached SAR 2.97 billion.
Geostrategy
Gaza truce talks set to resume in Cairo as heavy fighting rages
The Hamas official said that if Israel were to meet its demands -- which include a military withdrawal from Gaza...
- In a sign of the worsening humanitarian crisis in the narrow coastal territory, ministry spokesman Ashraf al-Qudra said at least 16 children had died of malnutrition in recent days
- A United Nations team that visited a Gaza City hospital reported seeing "a large number" of gunshot wounds among Palestinians in the aftermath of the incident.
Arts & Culture
Saudi Arabia formally launches bid for 2034 World Cup
Riyadh, Saudi Arabia -- Saudi Arabia formally launched its bid to host the 2034 World Cup on Friday, nearly four months...
- The bid comes two years after neighboring Qatar hosted the first World Cup in the Middle East.
- The campaign is under the slogan "Growing. Together", the Saudi Arabian Football Federation (SAFF) revealed its bid logo, website, as well as a short bid film.
Business
VW’s 2023 operating profit $24.4bn
An increase in sales in North America and Europe lifted the profits.
- In all, Volkswagen delivered some 9.2 million cars to customers in 2023, an improvement of 12 percent.
- The auto giant's units sold rose by 20 percent in Europe and in the North America region by 18 percent.
Business
Dubai Taxi Company net profit up 54%
The company will pay a dividend of $19.33 million for Q4.
- Revenue for the year increased 11 percent year-on-year (YoY) to AED 1.95 billion, primarily driven by the strong performance of its taxi segment.
- DTC’s fleet size at the end of 2023 was more than 7,400 vehicles, with its taxis and limousines completing 46 million trips in 2023, an increase of 8 percent YoY.
Business
e& pledges $6 billion to advance connectivity in 16 countries
Barcelona, Spain -- e& Friday pledged to invest $6 billion between 2024 and 2026 in technological advancement, infrastructure development, and...
- This investment is set to provide accessible and affordable network connectivity and digital services across its 16 operating countries.
- For e& customers in emerging markets, new financial, health, and educational services will increasingly hinge on high-speed connections via fiber or wireless broadband, e& said.
Geostrategy
‘Difficult discussions’ as WTO talks extended for third time
The WTO -- the only international body dealing with the rules of trade between nations -- is under pressure to...
- "Our challenge this week is to demonstrate that MC12 wasn't a one-off miracle," WTO Director-General Ngozi Okonjo-Iweala said on Monday.
- With farmer protests sweeping Europe and India, agriculture agreements have emerged as a particularly sensitive topic of debate.
Business
European airlines witness a rise in profits in 2023
LONDON, UK – Europe's aviation industry is extending its bounceback from the Covid pandemic, as British Airways owner IAG and Franco-Dutch...
- Offsetting a jump in the aviation sector is persistently-high inflation pushing up fuel and staff costs.
- Delays in deliveries of commercial jets produced by Boeing and Airbus is hampering the sector’s rise.
Geostrategy
Israel killed 25,000 Palestinian women, children since Oct: Pentagon
"It's over 25,000," US Defense Secretary Lloyd Austin told lawmakers when asked during a House Armed Services Committee hearing for...
- Israel's relentless air and ground assault on Gaza has left more than 30,000 people dead, according to the territory's health ministry.
- The number provided by Austin is within the same range and come as Washington pushes for a ceasefire and a reduction in civilian casualties in Gaza.
Business
Sonatrach to invest $8.8bn in 2024 in gas exploration, production
Algiers, Algeria -- Sonatrach, the state-owned energy company of Algeria, will allocate $8.8 billion investment in 2024, which represents 17.6...
- The company's CEO, Rachid Hachichi, said majority of the allocated funds (71 percent) will be directed towards gas exploration and production activities.
- While the primary focus is on gas, Sonatrach also plans to dedicate a portion of its investments to refining and petrochemical sector (18 percent).
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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
Divided US Fed set for contentious interest rate meeting
When the Fed last met in October, Chair Jerome Powell asserted that another rate cut in December was "not a...
Economy
Company News
Latest News
DAE 9M net profit $310m
Business
UAE to introduce 15% tax rate on corporate profit from Jan 2025
Dubai, United Arab Emirates -- The United Arab Emirates, home to the regional headquarters of numerous multinational companies, said Monday it...
Business
Oil prices higher on China boost, Syria uncertainty
Major stock markets diverged as investors reacted to political crises in South Korea and France, and tracked the perspectives for...
Business
Assad’s fall reshapes Middle East politics, redefining power dynamics across the region
The Islamist Hayat Tahrir al-Sham rebels shocked the world by swiftly seizing Aleppo and Damascus, overshadowing global focus on the...
Most Read
Geostrategy
Trump touts tariffs, mass deportations and NATO skepticism
In his first formal television interview -- and just six weeks before he takes office -- Trump again signaled that...
- He also stressed that his campaign promises of huge tariffs -- including against top US trading partners Canada, Mexico and China -- would be enacted.
- As to whether Americans would see higher prices as a result of those tariffs, Trump said that "I can't guarantee anything. I can't guarantee tomorrow."
Geostrategy
Qatar PM sees ‘momentum’ on Gaza talks after US election
Doha, Qatar - Qatar's prime minister said on Saturday that momentum had returned to talks aimed at securing a truce and...
- The Gulf emirate, along with the United States and Egypt, had been involved in months of unsuccessful negotiations for a Gaza truce
- But in November, Doha announced it had put its mediation on hold, saying it would resume when Hamas and Israel showed seriousness
Business
Vegetable oil pushes global food prices to seven-month high in Nov
Rome, Italy -- The benchmark for world food commodity prices rose in November to its highest level since April 2023,...
- Global palm oil prices climbed further amid concerns about lower-than-expected output due to excessive rainfall in Southeast Asia.
- The Sugar Price Index decreased 2.4 percent, influenced by harvest activities in India and Thailand and improved sugarcane crop prospects in Brazil following recent rains.