Pope urges Lebanese to stay in their country despite difficulties
Leo emphasized the need for peace, using the word more than 20 times during the address, without mentioning any specific...
Geostrategy
Insurance giant Allianz signals job cuts in AI shift
Frankfurt, Germany -- German insurance giant Allianz signalled Wednesday looming job cuts due to its adoption of artificial intelligence, with...
Business
Business
flydubai net profit $572m
This is the carrier's strongest-ever performance.
- The company's total annual revenue settled at AED11.2 billion ($3 billion) compared to AED9.1 billion ($2.5 billion) in 2022, an increase of 23 percent compared to 2022..
- flydubai carried 13.8 million passengers across its network, an increase of 31 percent compared to 2022. The carrier took delivery of 13 new aircraft and ended 2023.
Business
Mubadala, co-investors buy Truist stake
TIH is the fifth largest insurance broker in the United States.
- This investment follows Mubadala’s purchase in 2023 alongside Stone Point Capital and other co-investors of a 20 percent stake in TIH for US$1.95 billion.
- The all-cash transaction, which values TIH at an implied enterprise value of $15.5 billion, is expected to be completed in the second quarter of 2023.
Economy
WTO meet in UAE to discuss decentralization of global supply chains
WTO Director-General Ngozi Okonjo-Iweala. told WAM that many global private-sector investors are currently focused on the 'China+1' model, pairing China...
- To build resilience, the private sector has to consider investing in developing countries with the right investment environment as they reshape their supply chains.
- Around 164 nations and trading blocs will participate in the Ministerial Conference, the WTO's top decision-making body, in Abu Dhabi from 26-29 Feb.
Ronaldo scores as Al Nassr ease into Champions League quarters
Nassr, who won last week's first leg 1-0 thanks to a Ronaldo goal nine minutes from time, were the better...
- Ronaldo, 39 earlier this month, was booked in first-half stoppage time for a late challenge, with Nassr manager Luis Castro then given a yellow card for protesting the decision
- However, the Nassr skipper would have the final say, when four minutes from time, he latched onto yet another Marcelo Brozovic through ball
Business
‘It’s frightening’: YouTubers split over OpenAI’s video tool Sora
Paris, France -- US firm OpenAI debuted a tool last week that can generate highly realistic snippets of video from just...
- OpenAI, the company behind ChatGPT, said in its announcement that Sora was not yet available to the public.
- The announcement did not specify use cases but said "a number of visual artists, designers and filmmakers" had been chosen to help test it.
Geostrategy
Gaza a death zone, its humanitarian situation inhumane: WHO chief
"What type of world do we live in when people cannot get food and water, or where people who cannot...
- "What type of world do we live in when hospitals must close because there is no more power or medicines to help save patients, and they are being targeted by military forces?"
- "We need a ceasefire now. We need hostages to be released. We need the bombs to stop dropping and we need unfettered humanitarian access. Humanity must prevail," Tedros said.
Business
EDGE Group, Fincantieri launch multi-billion dollar joint venture
Abu Dhabi, UAE -- EDGE, an advanced technology and defense groups, and Fincantieri, one of the largest shipbuilding companies in...
- EDGE will hold a 51 percent stake in the venture, which has a commercial pipeline valued at approximately 30 billion euro ($32 billion).
- The JV will concentrate on sales, commercial operations, and engineering for design and service, taking charge of developing shared intellectual property.
Business
Mobily 2023 profit up 35%
The company's Q4 2023 net profit surged 23%.
- The positive performance was driven by the increase in revenue across all segments and expanding customer base.
- Mobily recorded an increase in the EBITDA by 7.22 percent to SAR 6.62 billion in 2023, compared to SAR 6.17 billion in the prior year.
Business
Saudi Arabia’s oil exports fall by $13 billion in fourth quarter of 2023
In December, oil exports fell by SAR 13.5 billion or 15.8% to SAR 72 billion ($19 billion) from SAR 85.5...
- Non-oil exports (including re-exports) decreased by 1.2 percent, compared to Q4 2022, decreasing to SAR 71.1 billion from SAR 71.9 billion in Q4 2022.
- In Q4 2023, exports to China amounted to SAR 50.2 billion (16.9 percent of total exports), making this country the main destination for the Kingdom’s exports.
Geostrategy
World needs ‘trillions’ for climate action: COP28 president
Paris, France -- The world needs "trillions" of dollars to spur on the green transition and tackle global warming, the head...
- Sultan Al Jaber, who is also chief of the UAE's national oil company ADNOC, said finance was "the key enabler of positive change at the speed and scale" needed.
- "But not normal scale finance -- we need finance at every level," he said, at an event in Paris organized by the International Energy Agency (IEA).
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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
Pope urges Lebanese to stay in their country despite difficulties
Leo emphasized the need for peace, using the word more than 20 times during the address, without mentioning any specific...
Geostrategy
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Boeing to cut 10% of workforce
Business
How Eco-Conscious Practices Are Shaping the Future of Luxury Spas?
In recent years, ‘wellness’ has come to mean many things for hotel operators. The term encompasses guest-centric experiences, environmental initiatives...
QatarEnergy inks gas supply deal for China with Shell
Doha, Qatar - Qatar has agreed to supply three million tonnes of gas a year to China in a deal...
Aramco-Horse Powertrain deal completed
An agreement for the purchase of 10% equity stake was signed in June 2024.
Business
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Desertification talks open in Saudi Arabia as experts fire warning
UN talks aimed at halting the degradation and desertification of vast swathes of land start in Saudi Arabia. Forest loss...
- 3.7 billion acres must be restored by decade's end to combat crises
- Forest loss and degraded soils were reducing resilience to climate change and biodiversity loss
Geostrategy
Gulf summit in Kuwait urges ‘immediate ceasefire’ for Gaza
Kuwaiti Emir Sheikh Meshal al-Ahmad al-Sabah called on the international community to implement "an immediate ceasefire, providing international protection for...
- Sheikh Meshal hit out at what he characterized as the "double standards in the application of relevant international laws, charters and resolutions."
- The Kuwaiti ruler spoke in support of Saudi Arabia's work to form a global body pushing for an independent Palestinian state.
Geostrategy
Trump threatens 100% tariff on BRICS countries over currency plans
Washington, United States -- President-elect Donald Trump on Monday threatened to impose a 100 percent tariff on the BRICS group nations...
- The statement comes after a BRICS summit held last month in Kazan, Russia, where the countries discussed boosting non-dollar transactions and strengthening local currencies.
- The BRICS group has expanded significantly since its inception in 2009, and now includes countries such as Iran, Egypt and the United Arab Emirates