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Aramco profit down in 2023
The oil giant posted a 24.7% fall in net profit to US$121.25bn.
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SAIB profit jumps 17% in 2023
The net profit for the fourth quarter increased by 28 percent. -
CBD posts record net profit of $721m
The bank has proposed record cash dividend of 44.38 fils per share. -
Emirates Islamic profit rises 71%
The Bank’s total income reached AED 1.2 billion ($326.69 million) -
ADIB records 45% jump in net profit
Its revenue climbed 36 percent to US$2.53 billion in 2023. -
DIB reports $1.86bn net profit
The bank's income rose by 43% YoY to $5.4 billion. -
World Economic Forum foresees ‘significant economic slowdown’
Davos, Switzerland--A new World Economic Forum report titled the Future of Growth Report 2024 foresees a significant economic slowdown, estimated to fall to the lowest rate in three decades by 2030, amid ongoing economic and geopolitical shocks. The report released today, offers a re-evaluation of global economic growth, introducing a... -
Protecting nature may avert $2.7trn global economic losses: World Bank
Dubai, UAE-- Protecting nature could avert global economic losses by 2030 of US$2.7 trillion per year, or 2.3 percent annually, according to Valerie Hickey, Global Director for Environment, Natural Resources and Blue Economy at the World Bank. Speaking to media at COP28, she said that low-income countries could lose around... -
Dubai Investment posts profit
Its income for the first nine months of 2023 is US$816m. -
ADNOC Gas net income $3.37bn
The company's third-quarter revenue grew by 8% to $5.80 billion. -
HSBC Q3 profit up
Its pre-tax profit more than doubled to US$7.7bn. -
Arab Bank posts net profit
It posted a profit of $630 million in January-September 2023. -
Intel beats earnings expectations
Net income of US chip giant tallied $300 million. -
Bank Albilad posts net profit
The bank’s January-September 2023 profit was $469 million. -
ADCB profit up 22 percent
The bank's operating income rose 23% to US$3.32 billion. -
Gulf Hotels Group profit up
It posted a jump in net profit in Q2 to US$2.92 million. -
GFH Financial Group Q2 net profit $30m
The net profit increased by 32.74 percent compared to Q2, 2022. -
SAB H1 profit up 59%
The bank's profit in Q2 increased by 43% compared to Q2 2022. -
DIB H1 2023 net profit $844m Â
Profit driven by core revenues, effective cost management. -
Al Rajhi Bank’s profit dips marginally
The decline was attributed to decrease in total operating income. -
Bank Albilad H1 profit up 14%
The H1 profit reached SAR 1.14bn ($303m) and Q2 profit SAR 585.9m. -
FAB second quarter net profit $1.14bn
The rise attributed to increase in net interest and non-interest income. -
Riyad Bank H1 profit up 27%
The rise attributed to increase in total operating income. -
QNB H1 2023 net profit at $2bn
QNB set aside $1.3 billion as provision for loan losses. -
Remittance flows to Egypt to surge by 3.1% in 2023: World Bank
Cairo, Egypt - The remittances to Egypt, the biggest recipient of such flows in the MENA region, are set to increase by 3.1 percent in 2023 followed by a decline of 1.4 percent in 2024, according to World Bank’s latest report. Remittances to the country decreased by 10 percent year... -
UAE and Russia hold talks to eliminate double taxation
Dubai, UAE--The UAE and Russia have held the second round of negotiations on the double taxation agreement on income and capital. The talks follow the ministry’s efforts to further strengthen cooperation frameworks for tax matters, provide full protection to taxpayers from double taxation and avoid the obstruction of the free... -
Foreign companies to pay Corporate Tax on immovable property income: UAE
Abu Dhabi, UAE - Foreign companies and other non-resident juridical persons will be subject to UAE Corporate Tax on income derived from real estate and other immovable property located in the UAE and will be required to register in the UAE for Corporate Tax purposes, the UAE Ministry of Finance... -
TAQA income rises to $3.16bn
The firm reported a 6% increase in group revenues. -
FAB posts Q1 net profit of $1bn
Operating income increased by 51 percent year-on-year. -
Emirates NBD posts record Q1 profit
The bank's total income exceeded AED 10bn for the first time. -
United Arab Bank posts profit
The bank's net profit vaulted to US$15mn in Q1, up 80%. -
Interest rate hikes adversely affect developing countries, says UN
The global economic slowdown and swelling interest rates are pummeling debt-ridden developing countries, the UN warned, urging bold global action to ward off catastrophe. In a fresh report, the United Nations Conference on Trade and Development cautioned that poorer countries were expected to suffer as higher interest rates eat away... -
TRENDS Poll: Inflation takes biggest bite from Gulf household incomes during Ramadan
The poll discovers people struggling across the Middle East to cope with high cost of living in the holy month of Ramadan, with inflation in some places reaching 100. -
Bank of Sharjah profit soars
Total equity increased by 7 percent to $930 million. -
Conflict may get us before climate, warns Professor Rangan
A multi-plural world that embraces diversity and contradictions is crucial for peaceful coexistence free of conflicts, Prof Subramanian Rangan of INSEAD tells TRENDS. -
Qatar and Egypt sign deal to prevent double taxation on income
Doha, Qatar--Egypt and Qatar have signed an agreement to eliminate double taxation on income and prevent tax evasion and avoidance, according to a statement by the Cabinet on February 27. The agreement comes within the framework of bolstering bilateral economic relations and shoring up cooperation in several fields. It is... -
UAB 2022 net profit at US$42m
Total operating income rose 11% in 2022 compared to 2021. -
ADCB 2022 net profit $1.75 bn
The bank’s net profit for Q4 2022 was up 23%. -
Saudi Arabia’s Al Rajhi bank reports a net profit of $4.58 bn in 2022
The net profit was up 16 percent from $3.92 billion in 2021. -
Emirates Islamic 2022 net profit $337m
The profit was driven by funded and non-funded income. -
NBF posts 195% profit jump
The bank's net profit rose to $93 million in 2022. -
Consumer spending in KSA, UAE set to stay strong
Both Gulf countries reported an increase in non-essential spending from 2021 to 2022, with the expectation that this trend will continue into 2023, says an expert. -
World Bank says remittances to lower income countries ease in 2022
The World Bank estimates that cash transfers to low income countries eased this year as high prices ate up migrants' incomes. The bank said in a report that remittances to lower-income countries went up around five percent to $626 billion, lower than the 10.2 percent jump in 2021. -
Amanat 9M growth at 6%
Firm's adjusted net profit grew to $16.5 million in Jan-Sep 2022. -
TAQA posts 53% income rise
The income vaulted to $1.77bn in the first nine months of 2022. -
Banque Saudi Fransi net profit up 15%
The bank’s profit for the nine-month period peaked at $719m. -
Arab Bank Group net income up 49 percent in first nine months of 2022
Compared to $271.7m in 2021, the net income at Sept end was $405.8m. -
UAE consumers hold the purse strings as soaring inflation affects wages, wealth and purchasing power
Consumers in the Gulf country plan to adjust their lifestyle by reducing their household and miscellaneous expenses over the next three months, a latest survey points out. -
Emirates NBD profit rises 25 percent to $2.47 bn for Jan-Sept period
Q3 profit was AED3.8 bn, up 51 percent year-on-year, exceeding the $1bn mark. -
Emirates Islamic bank net profit for Jan-Sept period $285 million
The bank attributed the profit to higher funded and non-funded income. -
Mashreq posts net profit of US$708m
The embrace of digital services by it customers drove growth.