Abu Dhabi, UAE -- Abu Dhabi-based technology group G42 and Spanish banking giant Santander have signed a memorandum of understanding to explore strategic cooperation in artificial intelligence, the companies said on Wednesday. The agreement establishes a framework for evaluating and developing joint AI initiatives, including AI-enabled advisory and savings solutions...
Durar launches ‘MASA Residences’ in Ras Al Khaimah worth US$190.58m
RAS AL KHAIMAH -- Durar, a prominent UAE real estate developer, is set to launch MASA Residences, a luxury residential development in Ras Al Khaimah. This $190.58 million project, with interiors by YOO inspired by Starck, marks Durar's entrance into the UAE's Northern Emirates and is poised to elevate Al...
Chevron Q3 profit falls
Its earnings fell to US$6.5bn, down from $11.2bn last year.
Abu Dhabi International Airport records 29.3% jump in Q3 passenger traffic
Abu Dhabi, UAE--Abu Dhabi International Airport has posted a 29.3 percent jump in passenger traffic for the third quarter of 2023 to a healthy figure of 5,951,025. The passenger traffic recorded the increase at Abu Dhabi International Airport between 1st July and 30th September, an increase of 29.3%, compared to...
GFH Capital mulls listing on Saudi market, says CEO
RIYADH, SAUDI ARABIA - GFH Capital is considering the offering of its unit in Saudi Arabia on the Tadawul. GFH Group's plans are unchanged with regard to listing in other markets, CEO Razi Al Murbati said. The group is listed on the stock exchanges of Bahrain, Dubai, Abu Dhabi and...Eni Q3 profit drops
This drop is smaller than the 31 percent fall in Q2.Equinor profits tumble
The drop was due to sharply lower gas prices and offshore wind problems.
Saudi Arabia’s economy exceeds US$1trn mark
RIYADH, SAUDI ARABIA – The gross domestic product of the Kingdom exceeded US$1 trillion which displays strong progress towards meeting its Vision 2030 targets, a report revealed. Saudi Arabia's non-oil private sector is leading in growth for 2023, having accelerated to 5.8 percent year-on-year (yoy) in Q2 2023 and is...
UAE, Saudi stock exchanges surpass Arab peers with $167bn in gains
Abu Dhabi, UAE -- The financial markets of the United Arab Emirates and Saudi Arabia topped the Arab stock exchanges during the third quarter of the current year, after achieving market profits of nearly $167 billion, according to the Arab Monetary Fund. The Fund, in its quarterly bulletin on Arab...
Qatar records real estate sales contracts worth $84m in five days
Doha, Qatar -- Qatar recorded real estate trading volume in sales contracts worth QR 308 million ($84.59 million) for the Oct. 15-19 period, the country's Department of Real Estate Registration at the Ministry of Justice said. Total sales contracts for residential units for the same period was QR 1.09 billion....
UDC posts net profit of US$63m
The net profit has been reported for the first nine months of 2023.QFZ, Samsung C&T ink MoU
The two will collaborate in green, sustainable technologies.PIF to reveal complementary auto projects soon, says top official
Riyadh, Saudi Arabia -- The Public Investment Fund will soon announce complementary projects for the automobile industry, mainly batteries, said Muhammad AlShiha, Head of Automotive and Mobility Sector at PIF. The fund has entered into the second phase of the automobile industry, AlShiha told Asharq News, explaining that the current...Air France-KLM posts profit jump
Turnover increased nearly seven percent to 8.7 billion euros.
Intel beats earnings expectations
Net income of US chip giant tallied $300 million.
Mashreq’s net profit surges 122%
The Return on Equity also achieved a record high, reaching 32.1%.
Apple Watch models face US import ban in patent clash
Apple has been steadily ramping up fitness and health features with each generation of Apple Watch, which market trackers say dominates the smartwatch category. "Our teams work tirelessly to create products and services that empower users with industry-leading health, wellness and safety features," Apple said in response to an AFP...Positive trial for Pfizer-BioNTech Covid-flu jab
Berlin, Germany - Germany's BioNTech and US pharmaceutical giant Pfizer on Thursday announced "positive" results from initial trials of their combined mRNA vaccine against Covid-19 and influenza. Phase one and two trials of the vaccine had produced "robust immune responses" against both illnesses and showed a "safety profile consistent with the...TotalEnergies Q3 profit up 1.5%
The French energy firm earned a net profit of $6.7 billion.PIF, Pirelli establish a JV
The JV will set up a facility to make tires in Saudi Arabia.ASPACE to set up Saudi’s first satellite manufacturing unit
Riyadh, Saudi Arabia -- Saudi Arabia announced Thursday the completion of SAR 1 billion investment procedures by ASPACE, a Hong Kong-based company. This investment aims to establish an advanced satellite manufacturing company within the Kingdom, with expected growth throughout the project phases, for the manufacturing of components, subsystems, and satellites....
How Saudi PIF is trying to build a post-oil economy
Riyadh, Saudi Arabia -- As global banking elites attend the Future Investment Initiative forum in Riyadh, a focal point of Saudi Arabia's economic reforms, AFP takes a look at the vehicle that is bankrolling the transition: the Public Investment Fund. From world-class footballers to a new national airline and even a...Ghitha Holding Q3 profit of $33m
The company gained from regional food processing.
Bank Albilad posts net profit
The bank’s January-September 2023 profit was $469 million.
Elon Musk teases audio and video calls at X
"Early version of video and audio calling on X," Musk wrote in a post that contained a screen capture showing how to turn the feature on in the platform's settings. The screen capture showed options of enabling voice and audio calls to those in a user's address book, all verified...
Volvo Cars posts profit
Its operating profit shot up to US$400m for the third quarter.
Mercedes-Benz profit slumps
The carmaker's net profit plunged 7% to US$3.9bn in Q3.Meta quarterly profit jumps but it sees volatility in ad market
The number of people using Facebook monthly rose slightly to 3.05 billion in a year-over-year comparison while monthly active users of Meta's "family" of apps was 3.96 billion in a 7 percent increase from the same quarter in 2022, the company reported. Meta had suffered a rough 2022 amid a...
The Arab Open Banking market to grow by 25% annually over next 5 years: report
Dubai, UAE - The Arab Open Banking is expected to experience 25% annual growth over the next five years, a report by the Arab Monetary Fund (AMF) predicted. The AMF will support Arab central banks in adopting effective frameworks for Open Banking and Finance initiatives. The report, titled "Guidelines for...ADCB profit up 22 percent
The bank's operating income rose 23% to US$3.32 billion.
Boeing posts Q3 loss
The firm trims full-year forecast for deliveries of the 737.
UAE banks’ investments hit record high in Aug to reach $159bn
Abu Dhabi, UAE -- UAE banks' investments surpassed AED 580 billion, hitting a record high in August 2023, according to the Central Bank of the UAE. The investment grew by 19.5 percent year-over-year to reach AED 585.4 billion ($159 billion) by the end of August 2023, up AED 95.6 billion...Thuraya, nybl sign MoU
They will deploy AI in Thuraya and Yahsat satellites
Alphabet and Microsoft see earnings rise on AI-infused cloud
Tech giant Microsoft said Tuesday its profits rose in the latest quarter, boosted by its strength in the closely watched cloud services segment. Google, like most big tech companies, saw its share price rise steeply in 2023 as investors expected AI to generate new revenue and open new markets.Stocks surge on China spending plan as oil prices retreat
Traders tracked a rally on Wall Street that was helped by a strong set of earnings from big-name firms including Coca-Cola, Verizon and 3M that fuelled optimism for the reporting season. Still, geopolitical crises continue to cast a shadow, with a broader war still possible, and many fearing it could...United Arab Bank’s net profit rises 76%
The total income for the period was approximately $47 million.Investcorp to float IPO
The listing of shares on ADX is set for November 17.
UAE-Zimbabwe trade touches US$2bn, poised to expand more
Abu Dhabi, UAE-- Trade between the UAE and Zimbabwe touched $2 billion last year as the bilateral relations between the two countries have strengthened in recent years. According to Lovemore Mazemo, ambassador of Zimbabwe to the UAE, the trade relations between the two countries are poised to grow further. The...
Markets up, oil down as investors eye Middle East situation
Oil slid but most world stock markets rose in anticipation of a raft of strong US corporate earnings, even as economic and geopolitical fears still dog sentiment ahead of this week's eurozone interest rate decision. Volatile US Treasury yields had affected stock trading on Monday in the United States.RCU inks pact with Artefact, Dassault Systèmes for AI, digital solutions
ALULA, SAUDI ARABIA – The Royal Commission for AlUla (RCU) has reinforced its commitment to technology innovation and cutting-edge digital solutions by signing two new agreements with global tech leaders Artefact and Dassault Systèmes. Announced at the seventh annual Future Investment Initiative in Riyadh, the agreements are focused on the...NHC, NAVER Cloud ink pact
The pact aims at establishing advanced digital solutions.
General Motors Q3 profit surge
Revenues rose five percent to $44.1 billion, the company said.
Stora Enso posts loss again
Stora Enso registered a loss of $272m euros in Q2 2023.DEWA okays H1 dividend of $843m
The company had reported a net profit of $540 million for Q2.
Saudi Electricity Company signs $3 billion financing agreement
Riyadh, Saudi Arabia -- The Saudi Electricity Company (SEC) announced today signing a $3 billion (SAR 11.25 billion) international syndicated facility agreement with four leading banks in the region. The agreement was signed amid Riyadh's prominent global economic event, the Future Investment Initiative. The financing agreement has a tenure of...
Aramco, ENOWA ink pact
The firms will jointly establish an e-fuel demonstration plant.RSG, KHC set up joint venture
The JV will develop and own the Four Seasons Resort Red Sea.
China’s GDP rises above forecasts, boosted by robust recovery efforts
BEIJING, CHINA - China's Gross Domestic Product (GDP) grew by 4.9 percent year-on-year in the third quarter, surpassing economists' predictions of 4.4 percent. This demonstrates the continuing momentum of China's economic recovery, spurred by the introduction of various macro-policies since July. According to a Global Times report, Chinese analysts emphasize...
Al Seer Marine, L3Harris renew pact
They have partnered with each other for the past six years.Microsoft announces $3.2 billion investment in Australia
Details of the deal were outlined by bosses at the US tech giant and by Australia's prime minister, Anthony Albanese, who is on a four-day official visit to the United States. It represents Microsoft's largest investment in Australia in its 40-year history in the country, the company said in a...NMDC posts bumper profits
Its revenues for the first nine months stood at US$3bn.
