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...
Geostrategy
Qatar expects 11.4% revenue dip in 2024 budget on lower oil prices
Finance Minister Ali bin Ahmed Al Kuwari attributed the decrease in revenues to the adoption of an average oil price...
Economy
Geostrategy
Saudi authorities foil attempt to smuggle 4 million captagon tablets
Riyadh, Saudi Arabia -- Saudi customs authority foiled an attempt to smuggle more than 4 million tablets of captagon through...
- On Tuesday, Saudi Arabia announced the seizure of more than 12 million amphetamine pills hidden in a shipment of pomegranate fruit.
- The vast majority of the region's captagon is produced in Syria and Lebanon and smuggled to its main consumer market in the Gulf.
Business
Dubai Investments okays 12.5% dividends
The group reported AED1.60bn as profit attributable to the shareholders.
- The surge in net profit was attributed to disposal of controlling interest on retained investment in Emirates District Cooling.
- The Board of Directors' recommendation to expand the board's size from seven to nine members was accepted by the shareholders.
Business
Borouge Q1 net profit $199m
The company reported revenues of $1.38 billion in Q1 2023.
- The company said with a significant cash balance of over $1 billion, Borouge repaid $500 million of its $3.65 billion loan, which resulted in interest cost savings.
- The company will pay a final dividend of $650 million to shareholders, bringing total post-IPO dividends for 2022 to $975 million.
Business
Emirates Islamic Q1 profit up 76%
The total assets grew by 4% to reach AED 77.9bn ($21.21bn)
- The bank's total income surged by 74 percent, driven by higher core revenues due to improved financing and deposit mix with higher profit rates.
- Total assets grew by 4 percent from the end of 2022 to AED 77.9 billion, while customer financing and customer deposits increased by 3 percent and 2 percent respectively.
Business
Emirates NBD posts record Q1 profit
The bank's total income exceeded AED 10bn for the first time.
- The bank said healthy sector liquidity helped deposits grow by AED 35 billion or 7 percent including a further AED 19 billion increase in current and savings accounts.
- The records profits for the first quarter were attributed to higher margins, growing non-funded income and lower cost of risk on recoveries.
Business
Gulf bank Q1 net profit $56.50m
The bank's return on assets improved marginally to 1 percent.
- Gulf Bank recorded an operating income of KD 46.4 million for the first three months of 2023, and an operating profit before provisions of KD 25 million for the same period.
- The operating profit has increased by KD 3.2 million or 15 percent for the first quarter of 2023 compared to the same period of last year.
Business
NBF Q1 net profit up 151 percent
The bank's operating profit rose by 35.7 percent compared with Q1 2022.
- Operating income reached AED 554.1 million, up 34.2 percent compared to AED 412.8 million in the corresponding period of 2022.
- Loans and advances and Islamic financing receivables rose by 2.3 percent to reach AED 27.5 billion compared to AED 26.9 billion at 2022 year-end.
Business
Xlinks secures $37m funding
The funds will be used in laying subsea cables between UK and Morocco.
- It is one of several first-of-a-kind long-distance renewable energy generation and cross-border export project being planned globally.
- It had secured 25 million pounds of investment from Abu Dhabi National Energy Company (TAQA) and 5 million pounds from Octopus Energy Group.
Business
Amanat acquires stake in Sukoon
Amanat will own 85 percent of the post-merger entity.
- The merger creates the largest pan-GCC post-acute care provider with 400 operational beds and an additional 300 bed expansion underway.
- Following completion adjustments, Amanat Holdings will own 85 percent of the post-merger entity.
Geostrategy
Tokyo firm loses contact with lander carrying UAE’s moon explorer
The UAE-made Rashid Rover aboard the Hakuto Mission 1 Lunar lander was nearing its destination on the Moon when the...
- The lander was travelling at around 16 mph (25 kph) at the time of the communication blackout.
- The mission control team is still trying to locate and confirm the status of the lander.
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...
Geostrategy
Company News
Latest News
Investcorp portfolio firm listed
Business
UAE most competitive MENA economy
Infographics
Mahmoud Abbas turns down call from Joe Biden: Israeli radio
Tel Aviv, Israel -- Palestinian President Mahmoud Abbas declined to take a telephone call from US President Joe Biden during...
Geostrategy
DCT signs MoU with Microsoft to transform Abu Dhabi tourism
Dubai, UAE -- The Department of Culture and Tourism - Abu Dhabi (DCT Abu Dhabi) and Microsoft have signed an...
Business
Most Read
Business
Israel-Gaza conflict won’t impact Riyadh FII summit outcome: CEO
Riyadh, Saudi Arabia -- The tragic developments in Gaza won't have a huge impact on the overall outcome of the...
- Richard Attias. brushed aside the fears of slowdown in investment in the region due to the ongoing Israel-Palestinian conflict.
- He said that most investors take a long-term view, so the ongoing war won't have big impact on the overall investment climate.
Business
Turkey’s Atis Yapi opens Dubai office
This is the real estate giant's first office in the UAE.
- This follows signing of agreements and MoUs worth $50.7 billion between UAE President Sheikh Mohammed bin Zayed Al Nahyan and his Turkish counterpart Recep Tayyip Erdoğan in July.
- Atış Yapı said it is set to develop a modern and competitive portfolio of residential and commercial projects in the UAE.
Economy
Saudi Arabia’s economy to grow 3.2% from 2023-2026: Moody’s
Riyadh, Saudi Arabia -- Saudi Arabia’s economy is expected to grow by 3.2 percent on average between 2023 and 2026,...
- The National Debt Management Center quoted the agency's forecasts that the non-oil sector will be strong in the coming year.
- The Saudi government, according to Moody's, is making progress in implementing its comprehensive reform program.