Market capitalization of 20 UAE listed firms reaches $762 billion
Abu Dhabi, UAE -- The market capitalization of the top 20 listed companies in the local stock markets by market...
Business
OpenAI reveals new GPT-4o model that is faster and free for all users
OpenAI on Monday launched a new AI model and desktop version of ChatGPT, along with an updated user interface, the...
Business
Economy
Disparity remains as Saudis, Emiratis see wealth gains
The financial landscape of Saudi Arabia and the UAE is undergoing a significant transformation, with most adults in the region...
- The net worth per adult in Saudi Arabia surged by an impressive 8.6 percent in 2021, followed by a 6.6 percent increase in 2022, both measured in US dollars.
- The Gini coefficient for wealth inequality in 2022 was 86.7 in Saudi Arabia and 86.9 in the UAE, placing both nations among the highest in global wealth inequality rankings.
Business
KIB posts $19.5m net profit
The bank's total operating income reached approximately $115 million.
- The bank's total operating income reached approximately $115 million, a 14% increase compared to the first six months of 2022
- Its investment securities portfolio, focused on high-quality Sukuk, reached $1 billion, a 4% increase from the same period last year
Jordan, Iraq explore ways to enhance cooperation in drug addiction treatment
Amman -- Jordan's Minister of Health, Firas Hawari, met with the head and members of the Committee on Combating Drugs...
- Amman emphasizes the importance of international cooperation in combating drug addiction, especially among countries with shared borders
- Iraqi delegation also expresses a strong desire for close cooperation with Jordan, citing the social, economic, and psychological damage caused by drugs
Business
DP World boosts global supply chain resilience with major capacity expansion
DUBAI -- DP World expects to add approximately 3 million Twenty-Foot Equivalent Units (TEUs) of new container handling capacity by...
- DP World plans to add approximately 3 million TEUs of new container handling capacity by the end of the year
- The firm currently manages about 9% of the world’s handling capacity, ranking among the top five global port operators
Business
Dubai Chamber of Commerce achieves 46.7% success rate in mediation cases
DUBAI -- The Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers, has revealed that it...
- The combined value of mediation cases received during H1 2023 reached US$11.5 million, with US$5.7 million resolved
- Mediation offers advantages such as flexibility, speed, efficiency, and confidentiality, saving time, effort, and money
Geostrategy
Global cooperation crucial for multipolar world order
"We are seeing consistent movement toward the emergence of a multipolar world order. Most countries are prepared to stand up...
- Russian President emphasizes the importance of countries standing up for their sovereignty, national interests, traditions, culture, and way of life
- Putin underscores the emergence of a multipolar world order and the gaining strength of new centers of economic and political authority
Business
Ma’aden Q2 revenues hit $1.86bn
Record phosphate output boosts the company's performance.
- The firm's net profit records US$93.5 million, reflecting the downturn in commodity prices
- Debt reduction witnessed with long-term borrowings and net debt decreasing by 11% and 9%
Economy
Youth play crucial role in building sustainable future
"The UAE is committed to a sustainable future, and we believe that our youth are the key to achieving this...
- The UAE is committed to a sustainable future, says Awaidha Murshed Ali Al Marar, Chairman, Abu Dhabi Department of Energy
- By empowering young people with green skills, we can help them shape the energy landscape for the future, adds the official
Business
EIH gives $27.2m dividend
The company's net profit for H1 2023 stands at US$121.221 million.
- The company's net profit for H1 2023 stands at US$121.221 million, up from US$6.535 million in 2022
- EIH's assets grow from US$21.171 million in H1 2022 to US$607.19 million in the first half of 2023
Business
QAMCO’s H1 net declines 60.7%
Average selling prices stood at US$2,743 per metric ton.
- Earnings Per Share for QAMCO stands at US$0.0118 as of 30th June 2023, compared to US$0.0302 in 2022.
- Decline in profits is attributed to a 24% drop in average selling prices and a slight decrease in sales volumes
Most Read
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
Market capitalization of 20 UAE listed firms reaches $762 billion
Abu Dhabi, UAE -- The market capitalization of the top 20 listed companies in the local stock markets by market...
Business
Company News
BGN to get $100m in financing
Business
Latest News
RAK cultivates communities with arts and culture
Arts & Culture
AI-Operated robots assist visitors to the Grand Mosque in Makkah
Makkah, Saudi Arabia -- The Presidency of Religious Affairs at the Grand Mosque and the Prophet's Mosque has deployed AI-operated...
Arts & Culture
UCC Holding signs contracts for seven Kazakhstan projects
Doha, Qatar -- UCC Holding, a Qatari company, has signed two energy contracts for seven projects in Kazakhstan. The first...
Business
GCC economies eye $2.5trn from better productivity
The region pins hope on the new Productivity Potential Index that offers a forward-looking framework, incorporating environmental, health, and innovation...
Economy
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Business
BGN to get $100m in financing
Abu Dhabi Exports Office, Mashreq and ADCB to provide financing.
- The strategic collaboration sets the stage for a financing arrangement, offering up to $100 million to facilitate the export of energy commodities from the UAE.
- The financing arrangement, a revolving credit line, is embedded with an accordion feature whereby regional banks and their overseas affiliates can contribute additional funding.
Economy
Qatar-Turkey business forum sparks new joint ventures
Emphasizing the importance of holding meetings and mutual visits, Sheikh Khalifa bin Jassim bin Mohamed Al-Thani notes this would bolster...
- Qatar-Turkey JETCO aims to enhance private sector cooperation and advance intra-regional trade.
- Successful Qatar-Turkey Business Forum highlights partnership opportunities, says Qatar Chamber chief.
Geostrategy
WEF24: Gulf cities spearhead global investment surge
GCC cities such as Abu Dhabi, Dubai and Riyadh showcase dynamic growth, rivalling global metropolises, says Julien Hawari, CEO &...
- GCC cities such as Abu Dhabi, Dubai and Riyadh showcase dynamic growth, rivalling global metropolises, says Julien Hawari, CEO & Founder of Special Edition and Million.
- He attributes the Gulf's economic boom to transformative business and government practices, and inclusive policies that promote diversity and attract international talent.