Palestinian Monetary Authority condemns Israeli raids on exchange firms
Ramallah, Palestinian Territories -- The Palestinian Monetary Authority (PMA) said Thursday that the Israeli occupation army’s storming of six exchange...
Geostrategy
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...
Business
Business
DEWA Q2 revenue $2bn
Consolidated revenue of DEWA rose 4.1 percent in Q2.
- For the first half of 2023 (H1 2023), DEWA’s consolidated revenue was AED 12.7 billion ($3.46bn) and net profit was AED 2.7 billion ($740m).
- By the end of H1 2023, the Company’s net cash from operating activities increased by a record AED 837 million (227.88m) to AED 5.4 billion ($1.47bn).
Business
GFH Financial Group Q2 net profit $30m
The net profit increased by 32.74 percent compared to Q2, 2022.
- Total income for the second quarter of 2023 was $86.83 million compared to $56.11 million for the second quarter of 2022, a rise of 54.7Â percent.
- Consolidated net profit for the second quarter was $32.75 million compared with $26.03 million in the second quarter of 2022, an increase of 25.8Â percent.
Economy
Non-oil sectors to maintain UAE economy’s robust growth: OPEC
This performance will be delivered through constant contributions from the non-oil sector, especially from tourism, leisure and real estate. The...
- The report said the oil demand growth is forecast to slow to 2.2 mb/d in 2023, down from 2.4 mb/d in the previous assessment.
- The main drivers of liquids supply growth for 2023 are expected to be the US, Brazil, Norway, Kazakhstan Guyana and China, while the largest decline is expected from Russia.
Business
NPCC receives award for MERAM project
The award has been received from ADCNOC Gas.
- The project is valued at AED 13 billion and is being led by the National Petroleum Construction Company (NPCC) in partnership with Técnicas Reunidas.
- MERAM project is expected to increase the recovery of methane from ADNOC Gas's facilities.
Business
ADNIC net profit $55.64m
The company's insurance revenue reached $582 million.
- Its underwriting profitability was robust with a combined ratio of 87.60% and a net insurance service profit of AED178.1 million.
- Charalampos Mylonas, CEO of ADNIC, said the company was the first amongst our peers to implement IFRS 17 Insurance Contracts (IFRS 17) as of 1 Jan, 2023.
Geostrategy
BRICS will benefit greatly with UAE, Saudi Arabia as members: Expert
Dubai, UAE -- Granting the United Arab Emirates the status of a member of BRICS group (Brazil, Russia, India, China,...
- Mohamed Badine El Yattioui, an IR expert at the American University in UAE, said strong economies make UAE, Saudi Arabia ideal BRICS candidates.
- He said their entry into the grouping will push the western countries towards accepting a new world order.
Geostrategy
Oman fostering international cooperation with Iran’s participation: Minister
Tehran, Iran -- Oman has said it has been making efforts to facilitate regional and international cooperation by with the...
- Omani Foreign Minister Sayyid Badr Albusaidi referred to the recent talks between Iranian President Ebrahim Raisi and the Omani Sultan Haitham bin Tarik.
- Iran had said that it had been engaged in indirect negotiations with the United States through Oman, with nuclear issues, US sanctions and detainees on the agenda.
Business
Saudi Arabia’s real estate deals decline by 16 percent in 2022
Riyadh, Saudi Arabia -- The value of Saudi Arabia's real estate transactions declined 16 percent year-on-year (YoY), or SAR 36.2...
- The Ministry of Justice said that this is the firs decline in the value of real estate transactions in the past four years, according to Argaam.
- Riyadh witnessed the largest number of real estate deals at SAR 73.81 billion. It was followed by Jeddah with SAR 26.91 billion worth of deals.
Business
Dubai Chamber attracts 69 emerging technology firms in H1
Dubai, UAE -- Dubai Chamber of Digital Economy, one of the three chambers operating under the umbrella of Dubai Chambers,...
- The chamber said that during the six-month period, the chamber successfully conducted a series of 12 roadshows across the Middle East, Africa, Asia, and Europe.
- As part of these roadshows, meetings were coordinated with 279 companies including multinationals, SMEs, startups and scale-ups to showcase the growth potential in Dubai.
Business
Dubai’s realty transactions exceed AED2bn Tuesday
Dubai, UAE -- Dubai's real estate market recorded real estate deals worth more than AED 2 billion ($544 million) on...
- The deals include 433 sales transactions worth AED1.7 billion, in addition to 90 mortgage deals totaling AED270.28 million, and 37 gift deals amounting to AED69.36 million.
- The sales included 405 villas and apartments worth AED954.83 million, and 28 land plots worth AED744.62 million.
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Palestinian Monetary Authority condemns Israeli raids on exchange firms
Ramallah, Palestinian Territories -- The Palestinian Monetary Authority (PMA) said Thursday that the Israeli occupation army’s storming of six exchange...
Geostrategy
Company News
10,000 deaths raise specter of genocide in Gaza
Infographics
GASCO 9M 2023 profit up 16%
Business
Latest News
First internationally recognized renewable ammonia shipment made
Dubai, UAE -- Abu Dhabi-based Fertiglobe, a strategic partnership between ADNOC and OCI Global, has completed the maiden shipment of...
Business
AJEX, MODON sign partnership
AJEX will have rights to operate warehousing facilities at Modon.
Business
FMs from Palestinian Authority, Muslim nations to visit China
Officials will include the foreign ministers of the Palestinian Authority in the West Bank, Saudi Arabia, Jordan, Egypt and Indonesia,...
Geostrategy
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Business
EPI to make assembly parts for Raytheon
EPI is part of the Platforms Systems cluster within EDGE.
- EPI will supply prototype quantities of machined aluminium and assembly parts for the Coyote® Counter-UAS interceptor.
- The agreement supports the 'Make it in the Emirates' initiative, a comprehensive plan for developing the UAE's industrial sector.
Business
PIF seeks to increase stake in Egypt’s e-Finance by 2 percent
Riyadh, Saudi Arabia -- Ibrahim Sarhan, the Chairman and Managing Director of e-Finance for Digital & Financial Investments based in...
- This move comes after PIF's recent buy orders for the stake purchase, indicating the fund's confidence in e-Finance and its favorable financial results, Argaam reported.
- e-Finance expanded its operations by opening an office in Saudi Arabia this month, securing essential licenses with the support of PIF as a major shareholder.
Business
EDGE bags $1.1bn UAE defense ministry munitions contract
Dubai, UAE -- EDGE, one of the world's leading advanced technology and defense groups, announced that it bagged an AED...
- EDGE entity LAHAB DEFENCE SYSTEMS, the UAE’s sole munitions manufacturer, was awarded the contract.
- It includes the production and delivery of the MK 81, MK 82, MK 83, and MK 84 general-purpose aircraft munitions.