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
Business
Waha Capital’s profit rises by 23%
The company recorded a full-year revenue of $192m in 2022.
- Its total assets under management stood at $1.74 billion at the end of 31st December, 2022, an increase of 12 percent from the $1.55 billion
- Last year the company was recognised by Forbes Middle East as one of the region’s “Top 30 Asset Management Companies” for the second consecutive year
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
Company News
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Endava to widen UAE operations
Business
Masdar City, ADAFZ sign MoU
Business
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
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...
Business
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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
Business
Google warns against downloading its AI model from external sources
Washington, US--Google has warned users against trying to obtain its Cold generative artificial intelligence (AI) model from external sources currently...
- According to Google the download delivers malware to victims, stealing sensitive data and starts from a user's social media accounts
- The company is working on Bard tools to integrate them into many of the different services it provides from search engine to Pixel phones