Search Site

TAQA Q1 net income $571m

Net income fell $2.58bn due to one-off items recognized in 2023.

QatarEnergy buys stake in Egypt blocks

It did not disclose the cost of the agreement.

TSMC’s April revenue up 60%

It capitalized on huge wave of demand for chips used in AI hardware.

Etihad reports record Q1 profit

Total revenue increased by $269 million in the same period.

Aramco Q1 profit down 14.5%

Despite lower profit, it will pay $31bn in dividends to Saudi government.

Qatar’s industrial sector PPI down in Nov on lower oil prices

Doha, Qatar -- Qatar's Producer Price Index (PPI) of the industrial sector in the country for November was 118.65 points,...

SFD-financed Arkiz Agricultural Project in Mauritania inaugurated

Dubai, UAE -- The Arkiz Agricultural Project in Mauritania, which has been financed by the Saudi Fund for Development (SFD)...
  • The project will improve the efficiency of Mauritania's water, irrigation and drainage facilities, while delivering agricultural equipment and potable water to farmers.
  • Since 1979, the fund has contributed toward 20 development projects in Mauritania, at a value of over $665 million.

$661m plot of land among weeklong real estate deals in Dubai

The emirate recorded a total of 3,785 real estate transactions worth AED 16.6bn ($4.51 billion) during the week ending 22...
  • The sum of the amount of mortgaged properties for the week was 2.29bn, with the highest being a land in Al Safouh Second, mortgaged for AED 509.2 million.
  • A total of 216 plots were sold for AED 4.91bn 2,729 apartments and villas were sold for AED 7.49bn. A total of 257 properties were granted between first-degree relatives.

Russia won’t consider ratings while granting loans to countries

Previously, to be eligible for a loan from Moscow, a country could not be categorized in the sixth or lower...
  • Additionally, loans were not extended to countries with long-term creditworthiness ratings below B- from Fitch or Standard & Poor’s, or below B3 from Moody’s.
  • Under the new decree, Russia will no longer adhere to international institutions' recommendations when extending loans to other countries.

ESG buys majority stake in UIG

The move is likely to enhance ESG’s manpower portfolio.
  • ESG is a global investment, engineering and construction services business and a subsidiary of International Holding Company.
  • The strategic plan aims to deploy over 30,000 skilled professionals by the end of 2024, serving various sectors.

Angola departure a blow for OPEC+ as cartel tensions rise

Despite slashing oil production for months on end and announcing new cuts in late November, the Organization of the Petroleum...
  • Prices are sitting at their lowest level in nearly six months despite the cartel's announcement in November to further cut output.
  • Angola is far from the first small country to quit the cartel. Indonesia left in 2009, Qatar in 2019 and Ecuador in 2020.

UAE consumer spending expected to rise by 5% in 2024: Mastercard report

Dubai, UAE -- Consumer spending in the UAE is expected to increase by 5 percent in 2024, while consumers and...
  • Expansionary fiscal policy is set to continue to support growth in the Gulf Cooperation Council (GCC) countries, the report said.
  • GCC’s strong push to grow its tourism sector have made the region one of the world’s fastest-growing destinations.

UAE central bank raises 2024 economic growth forecast to 5.7%

The bank stated in a report released today that the overall GDP for the country is expected to grow by...
  • The bank said that the UAE economy recorded a 3.8 percent year-on-year (YoY) growth in the second quarter of the current year, compared to 8 percent recorded in Q2 2022.
  • It mentioned that the non-oil GDP growth accelerated to 7.3 percent YoY in the second quarter of the current year, up from 4.5 percent YoY in the previous quarter.

7,000 digital marriage contracts delivered in Abu Dhabi since Oct

Abu Dhabi, UAE -- The Abu Dhabi Judicial Department has introduced a new service that allows marriage contracts to be...
  • This is the first service of its kind and it enables the marriage contract to be sent directly to the spouses during the contract session.
  • Customers can review the available times of the authorized officiants and receive the results of the suitors' medical examination automatically.

Rights group slams Meta for silencing pro-Palestinian voices

"Meta's censorship of content in support of Palestine adds insult to injury at a time of unspeakable atrocities and repression...
  • HRW pointed to "systemic online censorship", reporting more than 1,050 "takedowns and other suppression of content" on Instagram and Facebook from over 60 countries in Oct and Nov.
  • Of the 1,050 cases reviewed, 1,049 involved "peaceful content in support of Palestine that was censored or suppressed, while one case involved removal of pro-Israel content.

UAE central bank cash deposits up by 10.2% in Oct to $187 billion

Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) said Thursday cash deposits surged to AED 687.2 billion...
  • The Central Bank's cash aggregates statistics reveal a monthly increase of 0.19 percent, or AED 1.3 billion, compared to around AED 685.9 billion in September 2023.
  • During the first ten months of this year, cash deposits increased by 8.12 percent compared to about AED 635.6 billion at the end of last year, an increase of AED 51.6 billion.

Qatar’s industrial sector PPI down in Nov on lower oil prices

Doha, Qatar -- Qatar's Producer Price Index (PPI) of the industrial sector in the country for November was 118.65 points,...

Latest News

SAMA seeks public feedback on financial governance amendments

Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has invited interested parties and specialists concerned with “Key Principles of...

New UAE law allows employees merge work years for free

Abu, Dhabi, UAE -- A new UAE law contributes to enhancing insured Emiratis chance in obtaining a retirement pension by...

Dubai’s family businesses get practical guidance with new toolkits

Dubai, UAE -- Three toolkits have been developed for family-owned businesses, which make up approximately 90 percent of the UAE’s...

Most Read

Saudi Arabia to launch 35 renewable energy projects in 2024: Minister

Riyadh, Saudi Arabia -- Saudi Ministry of Industry and Mineral Resources is set to launch nearly 35 renewable energy projects...
  • Geological surveys are ongoing in the mining sector and new mining sites are being launched, te minister said.
  • In the industrial field, work is under way to open new businesses and empower others such as the automotive industry.

Aramco, Intel to set up Saudi Arabia’s first open RAN center

Riyadh, Saudi Arabia -- Aramco Digital Co. and Intel have unveiled plans to establish Saudi Arabia’s first open radio access...
  • The Open Wireless Access Network Development Center is scheduled to start operations in 2024, marking a milestone in the Kingdom's journey towards a technology-driven future.
  • Aramco Digital is a technology subsidiary of energy giant Saudi Aramco that aims to drive digital transformation and technological innovation across industries.

Institutional investors purchase $1.9bn in UAE stocks during 2023

Abu Dhabi, UAE -- Institutional investors boosted their acquisition of domestic stocks in 2023, purchasing nearly AED 7 billion ($1.9...
  • This figure reflects a total purchase of AED 302.7 billion compared to total sales of approximately AED 295.8 billion.
  • Institutional investors dominated the UAE equity market in 2023, capturing nearly 78 percent of total trading activity.