Business
STC posts record net profit
The company posted a record net profit of $3.2bn in 2022.
- Its total revenues gained 7 percent to $18 billion in 2022
- The company said that the higher profit was driven by an increase in revenues of $1.17 billion, which was offset by a slight increase in the cost of revenues by $220 million
Economy
Saudi Arabia, Costa Rica to expand trade and investment ties
Riyadh, Saudi Arabia-- Saudi Arabia and Costa Rica have signed agreements to increase the volume of trade and investment between...
- Saudi Chambers and the Costa Rican Export Authority signed two agreements in the field of economic cooperation and the establishment of a joint business council
- Saudi Chambers Vice President Badr bin Suleiman Al-Ruzaiza said there has been a steep growth of 59% in the volume of trade exchange between the two countries
Business
UAE and Azerbaijan sign MoU to boost financial, banking ties
Abu Dhabi, UAE--UAE Banks Federation (UBF) has signed a memorandum of understanding (MoU) with the Azerbaijan Banks Association to enhance...
- The agreement is designed to run various activities in the finance and banking sector jointly by both parties in order to exchange knowledge and experience
- There has been a steep increase in trade exchanges and joint investments between the two countries, which increased by more than 100 percent in 2022
Geostrategy
G42 signs on as strategic partner for IDC at NAVDEX 2023
Abu Dhabi, UAE--G42 and its subsidiaries Bayanat, Presight.AI and G42 Cloud have announced their participation as a strategic partner at...
- The conference will serve as a global platform for decision-makers and the defence sector to highlight technologies and challenges
- This year will mark the 30th anniversary of IDEX and the 12th anniversary of NAVDEX, where the exhibitions will form the biggest events of their kind in the region
Economy
Sharjah Electricity, Water and Gas Authority installs 23,000 smart meters
Sharjah, UAE--Sharjah Electricity, Water and Gas Authority (SEWA) has completed the installation of 23,000 new smart meters in 2022 and...
- The new smart meters apart from being accurate give accurate readings free from errors, as well as rationalising energy consumption
- Dr. Hassan Al Zarouni, Director of the Electricity Distribution Department, said the installation of smart meters is part of the strategy towards digital transformation
Business
HFZA to highlight investment opportunities at Gulfood 2023
Sharjah, UAE--The Hamriyah Free Zone Authority (HFZA) will take part in the upcoming 28th edition of Gulfood 2023, the biggest...
- The exhibition will bring together some top players from the global food and beverage sector, working together towards shaping the future of the industry
- HFZA’s pavilion will also highlight exclusive services provided by the park, specifically tailored for food industry owners
Business
Abu Dhabi delegation in Israel explores business opportunities
ABU DHABI, UAE - A delegation of 10 Abu Dhabi entities visited Israel from February 12-16 to discuss business cooperation...
- The Abu Dhabi delegation participated in the 2023 OurCrowd Global Investor Summit in Israel.
- The delegation hosted the Abu Dhabi Pavilion showcasing business and investment opportunities in the emirate.
Geostrategy
International defense conference begins at ADNOC Business Center
Abu Dhabi, UAE--Â The International Defence Conference (IDC 2023), which will be held one day ahead of the IDEX and NAVDEX...
- The conference is expected to see the participation of a large number of leaders and officials from regional and international defence and security companies
- The IDC 2023 is organised by ADNEC Group in cooperation with the Ministry of Defence and in strategic partnership with Tawazun Council (Tawazun)
Geostrategy
Kuwait FM meets EU’s Josep Borrell in Munich to discuss ties
Munich, Germany--Kuwait Foreign Minister Sheikh Salem Abdullah Al-Jaber Al-Sabah met High Representative of the European Union for Foreign Affairs and...
- Sheikh Salem explained the stance of Kuwait on the issue of Schengen visa waiver for Kuwaiti nationals.
- The talks between the two also dealt with several regional security challenges, including the war in Ukraine, the situation in the Middle East and Iran’s nuclear file
Business
Saudi Steel Pipe’s profit up
Its profit shot up more than 5,000% to $14.45m in 2022.
- Earnings per share also advanced to SR1.07 in 2022 from SR0.02 in 2021
- Gross profit rose to $29 million in 2022 from $7.28 million a year earlier because of better sales volume, improved efficiency and a mix of products sold
Company News
Samsung profits plunge
Business
Latest News
UAE receives first batch of patients from Gaza to undergo medical treatment
Dubai, UAE-- At least 15 patients from Gaza arrived in the UAE to receive medical treatment in the UAE's hospitals.The...
Economy
Bahrain and Thailand seek to boost economic cooperation
Manama, Bahrain-- Bahrain and Thailand have held discussions to enhance economic cooperation in a meeting between top officials of the...
Geostrategy
Abu Dhabi to host third edition of Investopia summit in February
Abu Dhabi, UAE-- The third edition of the Investopia summit will be held in Abu Dhabi in February next year,...
Economy
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Business
Dubai Investment posts profit
Its income for the first nine months of 2023 is US$816m.
- The company reported a net profit of $222.46 million for the nine-month period ended September 30, 2023
- The diversified investment company listed on the DFM said its total assets reached $5.71bn at the end of Q3 2023
Economy
Bahrain and Russia look to boost economic cooperation
Manama, Bahrain-- Bahrain and Russia have held discussions to enhance cooperation in various fields of the two countries' economies. In...
- The Bahraini oil minister spoke highly of the Bahraini-Russian relations and their steady progress across various domains, including in the energy sector
- The Russian official expressed his country’s keenness to further bolster its cooperation with the kingdom in various fields, wishing Bahrain further prosperity
Economy
Iran and Russia diplomats hold discussions on BRICS
Tehran, Iran--Senior Iranian and Russian diplomats held talks in Tehran to discuss the BRICS group and its fields of activities...
- The Iranian sides reiterated the Islamic republic's commitment to playing an "effective and constructive role in it" and resolved to participate in all activities in the grouping
- The Russian delegation enumerated the country's priorities in regard to BRICS during their presidency and presented a briefing on the history and background of the group's actions