ADQ launches new firm in healthcare sector
Arcera will aim to improve the quality of "human life."
Business
Business
Exxon Mobil posts bumper profit
The company profit vaulted to US$36bn during the year 2023.
- The company's earnings in the latest quarter still beat estimates and its Chief Executive Darren Woods signaled optimism about the coming year
- The oil giant's results included a $2.5 billion impairment charge for California properties that it has been trying to sell for more than a year
Business
Deutsche Bank to slash 3,500 jobs
The bank said it would buy back shares and pay dividends.
- The news came as the German bank posted a 30 percent slide in fourth-quarter profit that still beat analyst expectations
- The dividends and the share buyback will cost the bank nearly $1.7bn and will take place during the first half of the year
Business
GCC banks to maintain resilience in 2024, says S&P Global
Abu Dhabi, UAE--Despite geopolitical uncertainties and potential economic headwinds, S&P Global expects GCC banks to maintain their well-capitalised, profitable, and...
- The UAE and Saudi banking systems are expected to lead the region and credit growth and profitability will remain robust
- The ratings agency however warned that potential risks, including geopolitical tensions and real estate exposure, remain
Economy
GCC central banks mimic Fed, hold interest rates steady
Abu Dhabi, UAE--In a significant move that underscores the interconnectedness of global monetary policies, central banks across the Gulf Cooperation...
- CBUAE has kept the base rate applicable to the overnight deposit facility (ODF) at an unchanged level of 5.40%
- The US Federal Reserve held its key interest rate steady and hinted at the possibility of rate cuts in the future
Business
Air cargo demand rebounds in 2023 amid economic uncertainty
Geneva, Switzerland-- Air cargo demand rebounded in 2023 with a particularly strong fourth quarter performance despite economic uncertainties, according to...
- Carriers across the Middle East recorded a jump in demand of 1.6 percent for international operations in 2023 compared to 2022
- Airlines in the region posted an 18.3% increase in December in demand for both global and international operations compared to 2022
Business
UAE economy to grow 5.7% in 2024 in spite of global challenges
Abu Dhabi, UAE-- The UAE economy is projected to grow by 5.7% in 2024 despite prevailing global economic challenges, including...
- According to a top official in the ministry of finance, the country's initiative to diversify the economy and promote sustainable growth have proven effective
- The official said that the UAE's non-oil foreign trade touched a record of $338 billion in the first half of 2023, marking a 14.4% increase from the same period in 2022
Business
DFM net profit climbs 124 percent
Its board has proposed a cash dividend of US$76.24m.
- The upswing in profit was propelled by a significant uptick in trading activities, capital inflow and a notable influx of new investors
- The bourse consolidated its status as a premier market for IPOs, with the listing of Dubai Taxi Company and Al Ansari Financial Services
Business
UAE and UK seek to boost economic cooperation
Abu Dhabi, UAE-- Looking to enhance economic ties between the UAE and the United Kingdom, Abdulla bin Touq Al Marri,...
- The discussions to boost trade ties took place during a UAE delegation's visit to the UK to participate in Investopia London, to be held on January 31, 2024
- The UAE minister said the relations between the two countries serve as a prime example for advanced strategic ties and exceptional economic partnership
Business
KEZAD to build new warehouses
It will invest US$169m to develop new capacity.
- The building of new warehousing was spurred by strong demand for such capacity in both free zone and domestic industrial areas
- The group since the third quarter of 2022 has thrown open more than 270,000 sq metres of additional warehousing space in Abu Dhabi
Geostrategy
Saudi envoy to US deplores Western media criticism of women rights in kingdom
Washington D.C., US--– Saudi Arabia's ambassador to the US, Reema Bandar Al-Saud, has expressed disappointment with recent media criticism of...
- The ambassador, reacting to an opinion piece in the Washington Post, slammed the piece for relying on "outdated stereotypes and western-centric views"
- She cited inaccuracies in the portrayal of Saudi women as oppressed and devoid of rights and said that the kingdom has made substantial progress in women's rights
ADQ launches new firm in healthcare sector
Arcera will aim to improve the quality of "human life."
Business
Company News
Ooredoo partners with Dropbox
Business
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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....
Business
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...
Economy
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...
Geostrategy
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Business
Abu Dhabi launches technology investment company MGX
ABU DHABI, UAE – The Artificial Intelligence and Advanced Technology Council (AIATC) announced on Monday the creation of MGX, a...
- Mubadala and G42 will serve as foundational partners in the creation of the new company.
- MGX will invest to accelerate the development and adoption of AI and advanced technologies.
Economy
UAE and Greece hold talks to widen economic cooperation
Athens, Greece-- The UAE and Greece have held talks in Athens on a wide range of economic and strategic issues...
- Al Jaber held several bilateral meetings with Kyriakos Mitsotakis, PM of Greece, George Gerapetritis, Minister of Foreign Affairs, and Kostas Skrekas, Minister of Development
- The two sides discussed means of fostering cooperation within the UAE-Greece CEPA agreement, signed during the visit of the Greek PM's to the UAE in 2020
Business
United Arab Bank elects new chairman
Sheikh Mohammed bin Faisal will now lead the bank.
- The appointment of new chairman reflects the bank's and its shareholders' pledge to be at the forefront of innovation and growth
- He has wide experience of more than 30 years in many industries, including the financial, banking, real estate, and tourism sectors