China steps up green transition drive to meet carbon-emission goals
Beijing, China--China is moving away from traditionally energy-intensive industrial sectors toward green development across key sectors, in efforts to fulfill...
Economy
China maintains basic balance in international payments in 2023
Beijing, China--China maintained a basic balance in its international payments last year, with its current account surplus amounting to US$264.2...
Economy
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
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
China steps up green transition drive to meet carbon-emission goals
Beijing, China--China is moving away from traditionally energy-intensive industrial sectors toward green development across key sectors, in efforts to fulfill...
Economy
Company News
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....
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