ADQ launches new firm in healthcare sector
Arcera will aim to improve the quality of "human life."
Business
Economy
South Korea presses for enhanced ties with UAE in high tech and AI
Dubai, UAE--South Korea has pressed for boosting cooperation with the UAE in the field of advanced technology and artificial intelligence...
- He affirmed his country's eagerness to explore and exchange digital best practices with the UAE
- Jean said the UAE has attracted Korean experts specialised in AI to enhance knowledge exchange
Business
ADNOC Drilling profit soars 29%
The company's revenue for the year 2023 was US$3.05bn.
- The company's EBITDA for 2023 shot up 20 percent to US$1.483 billion with industry-leading EBITDA margin of 49 percent
- It added 14 new drilling units in 2023, including four lease-to-own land rigs, making it one of the world’s largest fleets of 129 rigs
Business
Al Mal Capital REIT to launch rights issue
The fund has an existing portfolio valued at US$158m.
- Its CEO said the issue is a step in their journey to generate consistent and sustainable value for investors
- The fund has an existing portfolio valued at $158 million, primarily invested in educational assets in the UAE
Business
Barwa Real Estate net profit up
It posted an 8% jump in net profit to US$337m for last year.
- The developer's earnings per share (EPS) amounted to QR0.316 for the year ended December 31, 2023 compared to an EPS of QR0.292 in 2022
- Its board of directors proposed the distribution of a cash dividend of 18 percent of the shares’ par value at the rate of QR0.18 per share
Business
SCCI and Oman Chamber aim to boost investment cooperation
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) and the Oman Chamber of Commerce and Industry (OCCI) discussed ways...
- The two chambers discussed opportunities in several sectors, with a specific focus to support start-ups
- The delegation from Oman invited the private sector in Sharjah to take part in the Suhar Investment Forum
Economy
Bahrain to host ‘smart cities summit 2024’ in March
Manama, Bahrain--Bahrain will hold the seventh edition of the "Bahrain Smart Cities Summit 2024" from March 5 to 6 under...
- The two-day long summit will highlight the best global practices in AI, smart housing, sustainable architecture, and food security
- It will feature an exhibition showing the latest solutions for smart buildings, sustainable energy systems, and artificial intelligence
Business
Nissan profit drops to US$195m
Its sales in China slumped 35% from April to December.
- The automaker said its profit was $195 million in the last quarter, down from $341 million a year earlier
- Its quarterly sales jumped nearly 10% to 3.1 trillion yen ($21 billion) for the maker of the Leaf electric car
Economy
Arab countries public expenditure climbs to US$957.5bn in 2022: AMF
Abu Dhabi, UAE--The total public expenditure of Arab countries combined jumped by 9.8% to $957.5 billion in 2022, compared to...
- According to the AMF, the combined public budgets of Arab countries posted a surplus of about $119.6bn in 2022, compared to a deficit of $62.5bn in 2021
- The AMF report said Arab countries' GDP at constant prices climbed by about 6% in 2022, after reaching 3.6% in 2021, while it grew by 24.6% in 2022
Business
Economic forum in Amman to enhance trade ties between Iraq, Jordan
AMMAN, JORDAN - The Iraqi Business Council, in collaboration with the Jordanian and Amman Chambers of Industry, is set to...
- This event aims to enhance financial, industrial and commercial partnerships among Iraq, Jordan and other countries in the region.
- The event will spotlight the myriad of investment, commercial and industrial opportunities available in Jordan and Iraq.
Economy
OPEC Fund grants US$30m loan to Uganda to build key road link
Vienna, Austria--The OPEC Fund for International Development (OFID) has granted a US$30 million loan to support the development of a...
- The construction of the road will provide better, faster and safer transport connections in the central-east region of the country
- The Islamic Development Bank (IsDB) along with the government of Uganda will co-finance the road project in the African nation
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
ADQ launches new firm in healthcare sector
Arcera will aim to improve the quality of "human life."
Business
Company News
Latest News
Nakheel, Meydan join Dubai Holding
The Board of Directors of both Nakheel and Meydan will be abolished.
Business
Dubai receives 1.77m international tourists in January this year
Dubai, UAE--Dubai welcomed 1.77 million international tourists in January 2024, an increase of 21% compared to 1.47 million visitors in...
Business
ADNEC to organize first Bitcoin MENA Conference in Abu Dhabi
Abu Dhabi, UAE--ADNEC Group has announced the launch of the region's first Bitcoin MENA Conference 2024 set to take place...
Business
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Business
UAE records more than 25% growth in international card spending in 2023
Dubai, UAE--Total spending using international cards in the UAE witnessed a growth of more than 25% during the year 2023....
- Transactions via cards and digital payment solutions in the Middle East and North Africa surged by 20% in value and over 50% in volume
- A study found that Middle Eastern consumers are increasingly prioritising sustainability, with 9 out of 10 adults willing to take action
Economy
UAE financial system more secure and efficient than before, says CBUAE
Abu Dhabi, UAE--The technological and structural advancements in the UAE financial sector continues to enhance security, operational efficiency, accessibility of...
- According to a CBUAE report, the UAE financial system is more secure because of the implementation of technology throughout the economy
- The number of locally incorporated banks (excluding investment banks), at the end of the fourth quarter of 2023, remain constant at 22 banks
Geostrategy
Israeli air strikes in Lebanon’s city of Baalbek kill one
A security source said Israeli aircraft targeted a former Hizbollah building near Dar Al Amal Hospital, adding that Israel "conducted...
- The governor of the Baalbek-Hermel region, Bachir Khodr, also said a man had been killed in the strikes near Baalbek in a post on social media platform X
- The city of Baalbek in the Bekaa valley is a Hezbollah bastion, bordering Syria