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
GCC and Sweden look to ramp up cooperation in ‘several areas’
Munich, Germany-- The Gulf Cooperation Council (GCC) and Sweden have discussed ways to ramp up cooperation in several areas, besides...
Geostrategy
Business
Emirates and Air Canada sign MoU to boost cargo services
Dubai, UAE-- Emirates SkyCargo and Air Canada Cargo have inked a Memorandum of Understanding (MoU) to provide additional benefits to...
- They will collaborate on a variety of projects, including extending cargo interline alternatives and block space arrangements
- Both have extensive expertise in hauling specialised cargo such as oil and gas drilling equipment, car components, and medicines
Business
Burjeel’s profit surges by 52%
The group's net profit rose to $96 million during 2022.
- The group recorded a revenue of $1.06 billion, up 17% YoY, driven by 125% growth
- Hospital inpatient footfall increased by 17%, outpacing outpatient footfall growth of 15%
Business
Inma Holding’s profit spikes
Its net profit jumped 61.7%, touching $2.69m in 2022.
- Its earnings per share (EPS) amounted to QR 0.173 as of December 31, 2022 versus EPS of QR 0.107 for the same period in 2021
- Its board of directors has recommended to distribute cash dividends 5% of the capital to shareholders, equivalent to 5 dirhams per share
Business
QIMC profit rises by 9.8%
Its profit rose to $42m during 2022 as against $38m in 2021.
- Its earnings per share amounted to QR 0.32 as of December 31, 2022 versus earnings per share QR 0.29 for the same period in 2021
- The net profit of the Doha Insurance surged 39.35% during 2022 to reach $28 million
Economy
Moody’s lowers Egypt rating to B3, changes outlook to stable
Cairo, Egypt-- Moody's has lowered Egypt's sovereign rating by one notch to B3 from B2 on Tuesday, citing the country's...
- The ratings agency changed its outlook for Egypt to stable from negative
- The country has continued to face a foreign currency shortage despite allowing the Egyptian pound to depreciate sharply in recent months
Business
International dental conference kicks off in Dubai
Dubai, UAE-- The three-day long dental conference has got underway in Dubai, bringing together leading experts in dentistry and oral...
- Some 66,000 participants from 155 countries are expected to attend AEEDC Dubai 2023
- More than 130 Korean companies are participating in the event, occupying 3,000 sqm of exhibit space
Economy
Dubai’s VARA brings out ‘specialized regulations’ for virtual assets
Dubia, UAE--Dubai’s Virtual Asset Regulatory Authority (VARA), has issued what it calls as Virtual Assets and Related Activities Regulations 2023....
- The VA Framework is structurally designed to offer regulatory certainty – allowing the market to have greater clarity on the expected level of operator responsibility
- The custom-designed construct reflects UAE’s commitment to building responsible safeguards, and Dubai’s confidence in delivering a progressive VA ecosystem
Business
Hong Kong looks to encourage Aramco to list in city
Hong Kong-- Hong Kong is looking to persuade oil giant Aramco and its units to consider a secondary listing in...
- Hong Kong Chief Executive John Lee is embarking on his first official visit to the Middle East
- The chief executive said before leaving that Saudi Arabia’s and the UAE’s development vision and needs are “exactly in line” with Hong Kong’s advantages
Geostrategy
UAE-Oman military exercise ‘Cooperation-3″ gets underway
Abu Dhabi, UAE--A joint Oman-UAE military exercise codenamed “Cooperation-3” began in Oman on Monday. The 11-day drill, which concludes on...
- The joint military training exercise, titled, “Cooperation 3,” began in Oman, as part of the cooperation, coordination and exchange of expertise
- The exercise, which will end on 16th February, 2023, is being held under the framework of joint Gulf Cooperation Council (GCC) action and aims to improve the military capacities
Business
GMG buys out Aswaaq LLC
It will add 22 supermarkets to GMG's retail network in the UAE.
- Last April, GMG acquired Géant operations in the UAE from Urban Foods by Dubai Holding, adding 18 hypermarket and supermarket outlets to its retail footprint
- The company has introduced over 120 brands and has announced plans to double its global workforce by 2025
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
Company News
Endava to widen UAE operations
Business
Masdar City, ADAFZ sign MoU
Business
Latest News
Adnoc and Occidental sign deal
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,...
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...
Business
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Economy
UAE non-oil activities to continue to see robust growth in 2024: OPEC
Vienna, Austria--The UAE's non-oil economic activities continued to see robust performance and are expected to extend healthy development into 2024,...
- Its monthly report for November noted that it anticipates the upward trend in non-oil activities to continue supporting further growth for the next year
- The report said the country's tourism sector, accounting for nearly 16% of its GDP, showed strong growth, with 8.5 million visitors coming to the UAE, a 19% jump
Business
Jet fuel sales to reach over billion gallons by end of 2023: ENOC
Dubai, UAE--ENOC Group will reach more than one billion gallons of jet fuel sales at the end of this year...
- The company in line with its long-term strategy intends to supply Sustainable Aviation Fuel (SAF) to Dubai Airports in 2024
- The company plans to enhance sales volume globally, apart from seeking potential acquisitions, partnerships, and greenfield projects
Economy
Egypt annual core inflation falls 1.6 percent in October
Dubai, UAE--Egypt's annual core inflation rate decelerated by 1.6 percent in October, recording 38.1 percent, down from 39.7 percent in...
- According to the country's central bank, the annual headline urban consumer inflation rate reached 35.8% in October, down from 38% in September
- Last week, the government also announced increases in petrol prices of up to 14.3% amid higher global prices and a weakened exchange rate