Latest news with #EtihadEtisalat
Zawya
08-05-2025
- Business
- Zawya
Mideast Stocks: Gulf bourses end mixed on earnings, focus on US-China talks
Stock markets in the Gulf ended mixed on Thursday on corporate earnings announcements, while investors awaited the outcome of U.S.-China trade talks this weekend. U.S. President Donald Trump on Wednesday suggested China initiated the trade talks, adding he was not willing to cut U.S. tariffs on Chinese goods to get Beijing to negotiations. Treasury Secretary Scott Bessent said the upcoming talks were a start, not 'advanced' discussions. Saudi Arabia's benchmark index dropped 0.3%, hit by a 1.4% fall in Saudi Arabian Mining Company and a 2.7% decrease in Etihad Etisalat Company. Elsewhere, Middle East Healthcare Company plunged about 9% - its biggest intraday fall in over a month - despite reporting a sharp rise in quarterly profit. Dubai's main share index dropped 0.4%, with blue-chip developer Emaar Properties retreating 1.1%. Meanwhile, the U.S. Federal Reserve held interest rates steady on Wednesday but said risks of higher inflation and unemployment had risen, as its policymakers grapple with the impact of Trump's tariffs. The Fed's decisions impact monetary policy in the Gulf, where most currencies, including dirhams, are pegged to the U.S. dollar. The United Arab Emirates Central Bank has maintained its base rate at 4.40%, keeping monetary policy steady. In Abu Dhabi, the index added 0.2%, supported by a 1.9% rise in ADNOC Drilling Company, a day after reporting a 25% jump in first-quarter profit. Oil prices - a catalyst for the Gulf's financial markets - rose over 1%, buoyed by hopes of a breakthrough in looming trade talks between the United States and China, the world's two largest oil consumers. The Qatari index finished 0.4% higher, with the Gulf's biggest lender Qatar National Bank gaining 0.4%. Outside the Gulf, Egypt's blue-chip index eased 0.2%. Egypt's headline inflation is expected to have edged up in April, boosted in part by an increase in fuel prices early in the month, a Reuters poll found. SAUDI ARABIA fell 0.3% to 11,364 Abu Dhabi added 0.2% to 9,634 Dubai dropped 0.4% to 5,314 QATAR gained 0.4% to 10,520 EGYPT down 0.2% to 31,772 BAHRAIN was up 0.3% to 1,917 OMAN closed flat at 4,352 KUWAIT finished flat at 8,667 (Reporting by Ateeq Shariff in Bengaluru; Editing by Shailesh Kuber)
Mid East Info
05-02-2025
- Business
- Mid East Info
Mobily enhances The Kingdom's Digital Infrastructure with Successful Landing of the Africa-1 Submarine Cable in Duba
Riyadh, Saudi Arabia – Feb 2025: Etihad Etisalat (Mobily), Saudi Arabia's leading technology, media, and telecommunications (TMT) announces the successful landing of the Africa-1 submarine cable in Saudi Arabia. This milestone marks a significant step in enhancing global and regional connectivity, positioning Saudi Arabia as a key hub for international data exchange. The advanced submarine cable, distinguished by its high capacity of 96 terabits per second and exceptional speed, spans 10,000 kilometers, designed to provide diversity and resiliency, significantly boosting broadband traffic across key regions in Africa, the Middle East, Asia, and Europe. It enhances Mobily's global network by strengthening regional and international connectivity and it will open new business opportunities in new makers. Eng. Salman Al-Badran, CEO of Mobily, said: 'The successful landing of the 'Africa-1' submarine cable in Saudi Arabia will contribute to increasing broadband capacities in the Kingdom and achieving the goals of Saudi Vision 2030, positioning the Kingdom as a globally recognized digital hub. It will also strengthen its leadership in the region's digital economy by establishing an integrated digital infrastructure that makes it a global hub for data exchange.' He added: 'This milestone underscores our commitment to delivering innovative digital solutions that meet the evolving needs of our partners and customers nationally and internationally. The cable's high-speed data capabilities are critical for powering 5G networks, artificial intelligence systems, and other bandwidth-intensive applications. It also strengthens data transmission for IoT devices and cloud services, driving the acceleration of digital transformation.' The 'Africa-1' submarine cable, funded by the Africa-1 consortium comprising eight key partners, including Mobily, and it is expected to be fully operational by early 2026. The Africa-1 submarine cable represents a transformative advancement in global connectivity, Mobily's participation underscores its commitment to investing in cutting-edge infrastructure and delivering innovative digital solutions to support economic growth and technological progress.
Al Bawaba
05-02-2025
- Business
- Al Bawaba
Mobily enhances The Kingdom's Digital Infrastructure with Successful Landing of the Africa-1 Submarine Cable in Duba
Etihad Etisalat (Mobily), Saudi Arabia's leading technology, media, and telecommunications (TMT) announces the successful landing of the Africa-1 submarine cable in Saudi Arabia. This milestone marks a significant step in enhancing global and regional connectivity, positioning Saudi Arabia as a key hub for international data advanced submarine cable, distinguished by its high capacity of 96 terabits per second and exceptional speed, spans 10,000 kilometers, designed to provide diversity and resiliency, significantly boosting broadband traffic across key regions in Africa, the Middle East, Asia, and Europe. It enhances Mobily's global network by strengthening regional and international connectivity and it will open new business opportunities in new Salman Al-Badran, CEO of Mobily, said: "The successful landing of the 'Africa-1' submarine cable in Saudi Arabia will contribute to increasing broadband capacities in the Kingdom and achieving the goals of Saudi Vision 2030, positioning the Kingdom as a globally recognized digital hub. It will also strengthen its leadership in the region's digital economy by establishing an integrated digital infrastructure that makes it a global hub for data exchange."He added: "This milestone underscores our commitment to delivering innovative digital solutions that meet the evolving needs of our partners and customers nationally and internationally. The cable's high-speed data capabilities are critical for powering 5G networks, artificial intelligence systems, and other bandwidth-intensive applications. It also strengthens data transmission for IoT devices and cloud services, driving the acceleration of digital transformation."The "Africa-1" submarine cable, funded by the Africa-1 consortium comprising eight key partners, including Mobily, and it is expected to be fully operational by early 2026. The Africa-1 submarine cable represents a transformative advancement in global connectivity, Mobily's participation underscores its commitment to investing in cutting-edge infrastructure and delivering innovative digital solutions to support economic growth and technological progress. © 2000 - 2025 Al Bawaba ( Signal PressWire is the world's largest independent Middle East PR distribution service.
