5 WEF reports shaping your 2024 agenda
From AI to the future of jobs and slow climb to gender parity, WEF reports provide insights into some of...
Geostrategy
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.
Business
Eshraq Q2 profit $9.79m
The company had posted a loss of AED7 million in Q2 2022.
- The total operating income surged by 2,446.7 percent to AED44.31 million from a loss of AED1.89 million in Q2 2022.
- To date, Eshraq has sold seven land plots, representing total 27 percent of its existing land bank by book value for a total sale consideration of AED208 million.
Company News
Amanat net profit up 73%
Business
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10,000 deaths raise specter of genocide in Gaza
Infographics
Sustainable aviation fuel production lags behind demand: IATA official
Dubai, UAE -- The current production of sustainable aviation fuel (SAF) represents less than 1 percent of the sector's demand,...
Business
UAE defense conglomerate EDGE signed nearly $2bn in deals
Dubai, UAE -- UAE defense conglomerate EDGE Group has inked deals worth at least $1.8 billion during the Dubai Airshow,...
Business
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Business
48% of people in UAE expect cross-border payments surge in 2024
Dubai, UAE -- Nearly 48 percent of individuals in the UAE anticipate an uptick in cross-border payments over the next...
- The report reveals that 53 percent of respondents in the UAE prioritize lower fees, 52 percent prefer speedy transactions, and 41 percent seek a straightforward remittance process.
- A remarkable finding is the surge in the use of apps for cross-border payments among UAE SMEs, with 82 percent leveraging this technology.
Business
Gulftainer extends concession pacts
The agreements with Sharjah Ports extended for another 35 years.
- The extended agreements allow Gulftainer to manage, operate and further develop Sharjah Container Terminal (SCT) and Khorfakkan Container Terminal (KCT) throughout this century.
- Gulftainer signed the original concession agreements for operating and managing the container terminal at Port Khalid in 1976 and the container terminal at Port Khorfakkan in 1986.
Business
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...
- The renewable ammonia was generated at Fertiglobe's facilities in Egypt utilizing renewable hydrogen from its Egypt Green Hydrogen electrolyzer pilot.
- This eco-friendly ammonia will play a crucial role in producing near-zero emissions synthetic soda ash, a vital component in laundry powder, for consumer goods giant Unilever.