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
AD Ports, RSPA to develop and operate terminal in Egypt’s Safaga Port
Cairo, Egypt -- AD Ports Group (AD Ports) has signed a concession agreement with the Red Sea Ports Authority (RSPA)...
Business
Economy
IMF Global Outlook: Saudi slowdown to weigh on MECA growth
A projected decline in the Middle East and Central Asia from 5.4 percent in 2022 to 2.5 percent in 2023...
- The downgrade for Saudi Arabia for 2023 reflects production cuts announced in April and June in line with an agreement through OPEC+.
- Global growth is projected to fall from an estimated 3.5 percent in 2022 to 3 percent in both 2023 and 2024.
Business
RAKBANK H1 profit $245m
This is the bank's highest-ever half-yearly profit.
- Net profit for the second quarter was AED 450.5 million, up 46.6 percent compared to Q2 2022.
- Net interest income and income from Islamic products net of distribution to depositors was AED 1.6 billion.
Business
ADCP partners with AP Moller
ADCP is a JV between Mubadala and Alpha Wave Global.
- AP Moller Capital focuses on, among other areas, opportunities in upper middle market infrastructure investments in sectors such as transportation and renewable energy.
- This venture reinforces ADCP’s commitment to the development of the institutional financial ecosystem from its headquarters at the ADGM, the firms said in a statement.
Business
Aldar to redevelop two malls
The plan is part of AED 1bn revitalization project.
- The first phase of the project will focus on enhancing the customer experience and solidifying Al Jimi Mall's position as the go-to shopping hub for both residents and visitors.
- The redevelopment plan seeks to increase the Gross Leasable Area (GLA) by a significant 20 percent, expanding it to 91,000 square meters.
Economy
Saudi Arabia’s oil exports fell by nearly 38 percent in May
The share of oil exports in total exports decreased from 80.8 percent in May 2022 to 74.1 percent in May 2023, according to...
- Non-oil exports (including re-exports) decreased by 8.7Â percent, compared to May 2022, decreasing to SAR 25.1 billion from SAR 27.5 billion in May 2022.
- The value of imports amounted to SAR 67.7 billion in May 2023Â compared to SAR 56.0 billion in May 2022.
Business
Sharjah posts $149 million in first half realty transactions
Sharjah, UAE -- Sharjah real estate sector recorded deals worth AED549.4 million ($149.5 million) for the first half of 2023,...
- The transactions were facilitated through the department's branches located in the Central region and the cities of Khorfakkan, Dibba Al-Hisn, and Kalba.
- The cash trading volume in the central region accounted for AED231 million, with Khorfakkan reaching AED185.4 million.
Business
DIFC Courts posts staggering 692% rise in value of first-half claims
Dubai, UAE -- Dubai's position as the leading hub for international dispute resolution has been further strengthened as the Dubai...
- The total value of 455 cases filed reached AED 15 billion. The Court of First Instance (CFI) witnessed 52 cases with a total value of AED 14.9 billion.
- The cases spanned various sectors, including banking and finance, real estate, construction, manufacturing, retail, hospitality, and maritime.
Business
Al Rajhi Bank’s profit dips marginally
The decline was attributed to decrease in total operating income.
- There was a decrease in impairment charge for financing from SAR 1.15 billion to SAR 719 million by 38 percent.
- The second-quarter net profit declined 3 percent to SAR 4.15 billion from SAR 4.25 billion in Q2 2022.
Business
Bank Albilad H1 profit up 14%
The H1 profit reached SAR 1.14bn ($303m) and Q2 profit SAR 585.9m.
- Albilad said net income has increased in the first half due to the increase in total operating income by 4 percent.
- The Q2 2023 net profit rose by 15 percent to SAR 585.9 million from SAR 510.98 million in Q2 2022.
Business
Binance US has been involved in wash trading activities, say reports
The Wall Street Journal (WSJ) reported that CZ confirmed that $70,000 worth of Bitcoin, traded on Binance US's launch day,...
- Among the claims, the lawsuit alleges that Binance utilized Sigma Chain, a company under CZ's ownership, to manipulate trading volume.
- Binance says it will list on Worldcoin, a digital currency linked to an identity project co-founded by AI programmer and entrepreneur Sam Altman.
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
Company News
e& net profit up 20% in Q3
Business
Latest News
Bupa Arabia’s 9M 2023 up 27%
Business
US$3.2bn worth deals signed on first two days of Dubai Airshow 2023
DUBAI, UAE – Tawazun Council announced the signing of 11 deals, worth US$1.8 billion (AED 6.9 billion), with local and...
Business
ADNOC Gas net income $3.37bn
The company's third-quarter revenue grew by 8% to $5.80 billion.
Business
Qatar, UAE condemn Israeli attack on Gaza committee building
Doha, Qatar -- Qatar has strongly condemned the Israeli shelling of the Qatar Committee for the Reconstruction of Gaza's headquarters,...
Geostrategy
Most Read
Business
COP28 priorities: From climate action progress to energy transition
Dubai, UAE -- As world leaders and climate experts gear up for the COP28 climate summit scheduled to take place...
- COP28 has been strategically organized around four overarching themes: Technology and Innovation; Inclusion; Frontline Communities; and Finance, writes Pedro Gomez of WEF.
- COP28's Trade Day will explore the potential of trade to reduce emissions across the value chain and promote markets for climate-friendly products.
Business
Emirates to build advanced $950m engineering facility at DWC
Dubai, UAE -- Emirates has unveiled a plans to build a $950 million cutting-edge engineering facility at Dubai World Central...
- Spanning 1 million square meters, the engineering complex is set to become the most extensive and advanced facility of its kind operated by any airline globally.
- Tailored to meet the evolving needs of Emirates' aircraft fleet through the 2040s, the facility is expected to provide support for the airline's operations.
Business
Denmark, Netherlands top destinations for remote working: Report
Davos, Switzerland -- Denmark, the Netherlands, and Germany have emerged as the leading countries for remote working, offering the best...
- The Global Remote Work Index, which evaluates 108 countries, is a crucial tool for remote workers seeking the best destinations for their work.
- A WEF report, which surveyed over 800 companies employing more than 11 million workers, highlights remote working as a significant trend.