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
Woqod posts 10% profit rise
The firm's profit jumped to $294 million at the end of last year.
- The company said in a statement that the earnings per share amounted to QR 1.08 as of Dec. 31, 2022 versus EPS of QR 0.98 for the same period in 2021
- Woqod CEO and Managing Director Saad Rashid Al Muhannadi attributed the increase in net profit and earnings per share to the increase in the volume of sales
World Economic Forum
Golden age of AI is underway and will redefine work: Microsoft CEO
Davos-Klosters, Switzerland-- Satya Nadella, Microsoft Chairman and CEO, believes that a golden age of AI is underway and will redefine...
- Nadella said that the future of work is not just about technology and tools but about new management practices
- The cutting-edge chatbot ChatGPT is capturing the world’s imagination and the new artificial intelligence site amassed 1 million users in just five days after its recent launch
World Economic Forum
WEF selects UAE’s Gender Balance Council as knowledge partner
Dubai, UAE--The World Economic Forum (WEF) has selected the UAE's Gender Balance Council (GBC) as a knowledge partner to advance...
- President of the UAE Gender Balance Council affirmed the council's keenness to forge influential partnerships that can help advance gender balance globally
- She said that being selected as the World Economic Forum’s knowledge partner is an endorsement of the UAE’s ability to set a global example for advancing gender balance
World Economic Forum
India’s minister calls on rich nations to ‘walk the talk’ on food systems
Davos-Klosters, Switzerland-- India's Minister for New and Renewable Energy Raj Kumar Singh has told developed countries to '"walk the talk"...
- The minister was speaking at a session on “Interplay of Food, Energy and Water” at the 53rd World Economic Forum Annual Meeting
- The actor Idris Elba who was part of the discussion said that countries need a food systems ministry, not just an agriculture ministry
Business
Iraq to partner with General Electric to build 400 energy plants
Baghdad, Iraq--Iraq has begun constructing 400 energy plants of high-quality specifications in all regions across the country.In a press statement,...
- Iraqi Minister of Electricity Ziyad Ali Fadel said that the Ministry in this regard has discussions and contracts with General Electric and other American companies
- He said the ministry is engaging in negotiations with Siemens to maintain and rehabilitate the old generating plants manufactured by the company
Geostrategy
FNC looks to deepen parliamentary cooperation with Morocco
Abu Dhabi, UAE-- The UAE and Morocco have agreed to deepen parliamentary cooperation between the two countries in order to...
- The two sides reviewed aspects of enhancing parliamentary cooperation for the benefit of their peoples, highlighting the depth of the UAE-Morocco fraternal ties
- The UAE's support for sustainability efforts, enhancing energy security and climate action was emphasized in the meeting
Business
Qatar signs agreement with Saint Lucia for air service
Doha, Qatar-- Qatar and Saint Lucia have signed an air services agreement allowing the Gulf country's airline to expand its...
- The agreement was signed by Qatar's Minister of Transport Jassim bin Saif bin Ahmed Al Sulaiti and Saint Lucia's Minister for External Affairs Alva Romanus Baptiste
- The two ministers reviewed ways to strengthen and develop relations between the two countries in the field of civil aviation and various air transport activities
Economy
Sharjah ruler announces ‘valuable’ projects in central region
Sharjah, UAE-- Ruler of Sharjah Dr. Sheikh Sultan bin Muhammad Al Qasimi has affirmed that work is underway to complete...
- He announced the employment of 50 engineers from the region to work on Sharjah Electricity, Water and Gas Authority (SEWA)’s projects
- The lake will contain 420 million gallons of water, and it will not only provide Sharjah with water, but it will also reduce the temperature in the city of Al Dhaid
Economy
Qatari banks to shore up liquidity position, profits in 2023: report
Doha, Qatar-- As a windfall of the FIFA World Cup, banks in Qatar are expected to build profits and shore...
- The report noted that credit rating agencies see the banking sector in Qatar buoyant in 2023 , as their strong provisioning levels will help them maintain a good run for the year
- Domestic liquidity conditions are expected to help reduce Qatari banks’ reliance on external funding
Economy
King Abdullah stresses building infrastructure in Petra to boost tourism
Petra, Jordan--King Abdullah on Sunday highlighted the importance of further developing the city of Petra, and diversifying its tourism product.During...
- King Abdullah said developing tourism services in the "golden triangle" of Petra, Wadi Rum, and Aqaba, will have a positive impact on Petra and Jordan at large
- The number of visitors rose to 905,000 in 2022, increasing by 283 per cent compared to 2021
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
Company News
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Export Bahrain and Alibaba sign MoU to boost global trade
Manama, Bahrain--Export Bahrain and Alibaba.com have signed a memorandum of understanding (MoU) to boost global trade and economic growth in...
Business
Saudi FDI flows revised to US$33bn in 2022 under new IMF-approved methodology
Riyadh, Saudi Arabia-- Foreign direct investment (FDI) into Saudi Arabia amounted to $32.52 billion in 2022, revised upwards from $8...
Economy
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Business
Yahsat net profit up
Its revenue stood at US$323m in the first nine months of 2023.
- The company has recorded an increase in net profit to $75 million in the first nine months of 2023
- Its CEO said the construction of the Thuraya-4 NGS satellite remains on track for launch in 2024
Business
Ajman DED reports 11% increase in economic licenses issued in Q3
Ajman, UAE-- The Department of Economic Development in Ajman (Ajman DED) has reported an 11 percent growth in the total...
- According to Ajman DED, there were 1,428 licenses issued with most of the recipients hailing from the UAE, India and Pakistan
- The report noted that licenses of the "Taziz" program for SME development and "Reyada" licenses for practicing home activities grew by 9% each
Business
Agthia Group revenue soars
It posted an 11% jump in net revenue to US$890 million.
- Its net profit jumped 12.7% year-on-year to $56 million, with the faster rate of growth relative to revenue reflecting EBITDA margin expansion
- The company holds cash and equivalents of $136 million with net debt to EBITDA ratio of 1.4x (net debt of $245 million) down from 2.3x