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...
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
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.
Economy
Arab Parliament ratifies Jordan’s idea on center for food security
Cairo, Egypt--The Arab Parliament on Saturday endorsed a proposal submitted by Jordan's Lower House Speaker Ahmad Safadi, stipulating the establishment...
- Safadi said Jordan can facilitate and coordinate Arab and international action, and the proposed center would accelerate and enhance the global response to food crises
- He underscored the importance of supporting Libya and Yemen, and voiced rejection of all forms of external interference in their affairs
Business
PIF raises US$5.5bn in bond issue
The capital will finance PIF's green investments.
- It was issued in 3 tranches, comprising: $1.75 billion 7 years, $2 billion 12 years, $1.75 billion 30 years
- The bond was sold to a wide range of institutional investors globally, including Asia
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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...
Economy
Company News
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Endava to widen UAE operations
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
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...
Economy
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...
Business
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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
Business
Iran to link up electricity grid with Russia via Azerbaijan
Tehran, Iran-- Iran is linking up its electricity grids with Russia via Azerbaijan in order to make up for its...
- The Iranian minister said feasibility studies for connecting power grids have been conducted through three routes including Georgia, Azerbaijan, and Turkmenistan
- He said the use of electricity in Iran’s industrial sector has exceeded that of the household sector for the first time in the history of the country’s power industry
Business
AD Ports net profit up
It posted a 189% jump in revenue in Q3 to US$1.15bn.
- Its EBITDA rose by 28% YoY to $207 million during the third quarter, largely supported by the acquisition of Noatum and Karachi Gateway Terminal
- The company said that the negative net operating cash flows of $158 million were impacted by a temporary deterioration in working capital