China’s Guangdong province now boasts of 75,000 high-tech companies
Shenzen, China--The total number of high-tech enterprises in south China's Guangdong Province has exceeded 75,000, local authorities have said.By the...
Economy
Saudi holdings of US Treasuries surge to $131.9b in December 2023
ABU DHABI, UAE - Saudi Arabia’s holdings of US Treasuries reached US$131.9 billion in December 2023, up $3.8 billion month-on-month,...
Economy
Geostrategy
Naval vessels begin to arrive in Abu Dhabi for NAVDEX 2023
Abu Dhabi, UAE--The first batch of naval vessels arrived at the Abu Dhabi National Exhibition Centre Waterfront (ADNEC Marina) today,...
- The first batch comprised of seven naval vessels of different sizes and uses, coming from a range of countries
- NAVDEX 2023 will be held in conjunction with IDEX 2023 from 20th-24th February
Business
EDGE buys 70% stake in GRADEONE
It will focus on the development of defense trading.
- The announcement has comes ahead of the International Defence Exhibition (IDEX) to be held at the Abu Dhabi Exhibition Centre (ADNEC)
- GRADEONE specialises in providing various solutions to the military and defence sectors, including army, special forces, navy, air force, law enforcement, and search and rescue
Business
Milaha’s profit up by 40%
The company's net profit in 2022 jumped to $278 million.
- The earnings per share (EPS) amounted to QR 0.89 versus EPS QR 0.64 for the same period in 2021
- The board of directors decided to recommend to the general assembly to distribute a 35% cash dividend of the par value of a share, equivalent to QR 0.35 per share
Business
Emaar Properties sales boom
Driven by new projects, its sales in 2022 touch $9.5bn.
- EBITDA and net profit for 2022 increased by 18 percent and 80 percent, respectively, to AED 9.8 billion (US$ 2.7 billion) and AED 6.8 billion (US$ 1.9 billion) compared to 2021
- It reported revenue of AED 24.9 billion (US$ 6.8 billion) in 2022, supported by the continuous strengthening of the Dubai real estate market and growth
Economy
Atkins wins delivery partner role in Saudi futuristic city
Riyadh, Saudi Arabia--Atkins has been appointed as a delivery partner organization for what Saudi Arabia terms as "The Line" in...
- A linear development, The Line, once completed, will be 170 km long and only 200 m wide cognitive city run on 100% clean energy
- The development’s infrastructure will be embedded with sustainable smart technology containing essential utilities and transportation services
Business
ADNOC Distribution completes buyout of 50% stake in TotalEnergies Egypt
Abu Dhabi, UAE--ADNOC Distribution announced on Wednesday that it has completed its acquisition from TotalEnergies Marketing Afrique SAS of a...
- TotalEnergies Marketing Egypt is among the leading fuel retail operators in the country
- The partnership includes a diversified downstream portfolio of 240 fuel retail stations, 100+ convenience stores, 250+ lube changing stations, and car washes
Economy
UAE and Kuwait link up traffic systems
Abu Dhabi, UAE--Abu Dhabi today announced the inauguration of the bilateral linkage of the traffic systems between the UAE and...
- The Kuwaiti delegation was briefed on the Security Support Operations Room of the General Directorate of Security Support
- The linkup of traffic systems would be completed within an integrated Gulf project aimed at exchanging information, unifying procedures and facilitating the services
Business
Salama records profit in 2022
The insurance firm posted a net profit of $12.32 million.
- The company attributed the result to its strategy to extend its leadership position in the UAE Takaful industry
- Salama said that it has achieved consistent growth in gross written contributions and prudent underwriting controls, as well as continuing investment in strategic partnerships
Business
EIB to invest US$27m into UAE-based venture capital firm
Luxembourg--European Investment Bank (EIB) Global, a branch of European Investment Bank, announced on Monday that it will provide $27 million...
- The fund aims to increase targeted equity investment in high-growth e-commerce, health, and education technology companies across the Middle East and Pakistan
- Venture capital investment is expected to support creation of more than 8,000 jobs
Business
QII records profit in 2022
The insurance firm's net profit vaulted to $28 million.
- The earnings per share (EPS) amounted to QR 0.67 as of December 31, 2022 versus EPS QR 0.55 for the same period in 2021
- The board recommended the distribution of cash dividends of 45 % from the share par value i.e. QR 0.45 for each share for the year 2022
China’s Guangdong province now boasts of 75,000 high-tech companies
Shenzen, China--The total number of high-tech enterprises in south China's Guangdong Province has exceeded 75,000, local authorities have said.By the...
Economy
Company News
Latest News
ADSB to make two vessels for ADNOC Logistics & Services
ABU DHABI, UAE - Abu Dhabi Ship Building (ADSB) announced that it is building two 28-meter vessels for ADNOC Logistics...
Business
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...
Economy
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Business
Sharjah Civil Aviation Department and WFP sign aviation-safety agreement
Sharjah, UAE--The Sharjah Civil Aviation Department (SCAD) and the United Nations' World Food Programme (WFP) have signed an agreement to...
- The WFP's Regional Aviation Safety Office will hold training sessions, seminars, conferences, and special projects, in order to benefit both parties
- The Sharjah Civil Aviation Department will send qualified lecturers and trainers to conferences, workshops, and other events hosted by the WFP
Business
LNG trade to grow 25% to 500m tons in 5 years: IEF
According to a report "Fragile Equilibrium: LNG Trade Dynamics and Market Risks" China has surged ahead of Japan to become...
- LNG's share of gas demand in Europe rose from 12 percent a decade ago to more than 50 percent
- Faced with the sudden loss of pipeline gas, Europe turned to LNG to fill the void, sending prices up
Business
Dubai Airports expect to cross pre-pandemic passenger numbers in 2023
Dubai, UAE--Dubai Airports is expecting annual passenger traffic at Dubai International (DXB) to touch 86.8 million – surpassing 2019 traffic,...
- It forecasts annual passenger traffic at Dubai International (DXB) to touch 86.8 million, crossing 2019 traffic, propelled by strong growth
- Some 23m passengers passed through the airport in Q3, taking the total traffic for the first nine months of the year to 64.5m passengers