BP to pour US$1.5bn into Egypt oil exploration
It plans to hike investments in the country to US$5 billion.
Business
Qatar real-estate trading volume in January stands at US$521m
Doha, Qatar--The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at the Ministry...
Business
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
Business
GISC posts bumper net profit
The company's profit jumped to $80 million in 2022.
- The earnings per share (EPS) amounted to QR 0.156 as of Dec. 31, 2022, compared to EPS of QR 0.029 for the same period in 2021
- It recommended a cash dividend distribution for the year 2022 amounting to QAR 0.1 per share, which is 10 percent of the nominal value of share
Business
Dubai to see flying taxis launch in three years
Dubai, UAE-- Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai...
- Dubai has offered promises to launch flying taxis in the city already home to the world's tallest building and other architectural wonders
- The city plans four “vertiports” by Dubai International Airport, the world’s busiest for international travel, downtown Dubai, the Palm Jumeirah archipelago and Dubai Marina
Economy
UAE minister stresses importance of data protection at WGS
Dubai, UAE--Ohood Al Roumi, the UAE's Minister of State for Government Development and the Future and Vice Chair of the...
- Al Roumi said that the future belongs to those who succeed in employing data to drive progress and innovation
- She stressed the importance of establishing joint efforts between governments, decision makers, and societies to protect data and enhance data regulations
Business
Boursa Kuwait posts profit
The stock exchange's net profit jumped 13% to $59m in 2022.
- The company also recorded operating revenue of $115 million over the same period, an increase of 12.8%
- Its earnings per share increased 13.3% from 79.15 fils in 2021 to 89.67 fils for the financial year ended December 31, 2022
Economy
IMF concerned over public debt in MENA countries
Speaking at the Arab Fiscal Forum in Dubai, the head of the IMF Kristalina Georgieva stated that public debt in...
- The IMF cautioned last month that economic growth in MENA could slow to 3.2% this year, before ticking up to 3.5% in 2024
- She said the region needs to boost its average tax-to-GDP ratio to at least 15% from a current 11%
Economy
UAE rescue team saves two, five days after Turkey quake
More than a hundred hours after two earthquakes killed more than 23,000 people, an Emirati rescue team has pulled alive...
- As part of its ‘Gallant Knight/2’ operation, the UAE has dispatched 134 rescuers to help in the search for survivors in quake-hit Turkey and Syria
- Search and rescue teams, deployed from all over the world, have been racing against time to find survivors amid freezing winter temperatures
Business
Dubai Chamber of Digital Economy discusses sector’s future
Dubai, UAE--Dubai Chamber of Digital Economy, one of the three chambers operating under Dubai Chambers, has organised a workshop designed...
- The workshop discussed four main topics – regulations, funding, talent and infrastructure – with a chance to discuss their ideas, challenges and opportunities
- It is part of a series of similar workshop events Dubai Chamber of Digital Economy conducts on a regular basis.
BP to pour US$1.5bn into Egypt oil exploration
It plans to hike investments in the country to US$5 billion.
Business
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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