Arab Bank for Economic Development in Africa expects financing to touch US$2.5bn
Abu Dhabi, UAE--The Arab Bank for Economic Development in Africa (BADEA) expects the bank's annual financing to reach US$2.5 billion...
Economy
Business
DMCC launches global trade roadshow in London to attract FDI from UK
Dubai, UAE--DMCC has kicked off the ninth edition of its global trade roadshow, Made For Trade Live, in London, seeking...
- During the four quarters to the end of Q2 2023, the UAE-UK bilateral trade grew 47.3% year-on-year to reach $32.40 billion
- In 2023, more than 200 British companies joined DMCC’s business district alone, representing a 10% year-on-year growth
Business
Gulf Warehousing Company profit down
Its net profit fell 10.24% to US$59.07 million in 2023.
- Its earnings per share (EPS) decreased to QR 0.37 in 2023 compared to EPS of QR 0.41 in the previous year, the company said
- Its board of directors ratified the distribution of dividends of QR 0.11 at a rate of 11 percent per share for the year 2023
Business
ADIB records 45% jump in net profit
Its revenue climbed 36 percent to US$2.53 billion in 2023.
- The bank in a statement said that Its net profit for Q4 2023 jumped to $408 million, an increase of 29 percent as against Q4 of 2022
- The Abu Dhabi-based bank said that its revenue for 2023 improved by 36 percent to $2.53 billion compared to $1.85 billion last year
Business
Dubai Customs records 30.4m transactions in 2023, posting 17.5% growth
Dubai, UAE--Dubai Customs has successfully processed more than 30.4 million customs transactions during the entire year of 2023.This set a...
- The figures for 2023 have set a new record for the highest number of customs transactions by Dubai Customs, showcasing a 17.5% growth
- The new accomplishment has resulted from the ongoing success of the Comprehensive Economic Partnership Agreements program
Economy
Abu Dhabi establishes Artificial Intelligence and Advanced Technology Council
Abu Dhabi, UAE-- The UAE President Sheikh Mohamed bin Zayed Al Nahyan has issued a law, as the ruler of...
- The council has been set up to develop policies and strategies related to research, infrastructure and investments in AI in Abu Dhabi
- It will formulate plans in collaboration with local and global partners to enhance Abu Dhabi's status in the fields of artificial intelligence
Business
Bahrain and GCC look to boost ‘convention, exhibition’ industry
Manama, Bahrain-- Bahrain and the Gulf Cooperation Council (GCC) are looking to boost cooperation in the convention and conference industry...
- The Bahrani minister spoke of the kingdom's resolve to continue developing the exhibitions' sector by providing it with facilities
- The two sides discussed establishing more major international events and exhibitions across the cities of the GCC countries
Business
IPT Energy floats new firm in Sharjah
It will engage in the import and trading of oil products.
- The new company will be involved in the import and trading of refined oil products, petrochemicals, lubricants, and grease
- It has invested $11m as first stage investment in the emirate and plans to double this investment to $22 million by 2025-26
Business
SABIC to build petrochemical plant in China
The Saudi giant will develop the US$6.4bn plant in Fujian.
- SABIC will own 51% of the project and Fujian Fuhua Gulei Petrochemical Co. Ltd. will have 49% ownership of the joint venture
- The company said that the complex will consist of a mixed feed steam cracker with an annual ethylene capacity of up to 1.8m tons
Business
Qatar Chamber discusses ways to boost ties with Korean companies
Doha, Qatar--The Qatar Chamber (QC) discussed ways to enhance cooperation and exchange expertise with Korean companies in agriculture and food...
- The discussion between the chambers and Hyundai Research Institute (HRI) centered upon ramping up ties in the agriculture sector
- A chamber official emphasized the status of Qatar as a leading investment destination and how it can become a hub for food security
Business
QIIB lists sukuk on London Stock Exchange
The sustainable sukuk is worth US$500 million.
- The sukuk drew investors from the GCC, the Middle East, Europe, Asia and America
- According to a bank's statement, the issue was oversubscribed more than eight times
Company News
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DIEZ profit jumps 64.6% in 2023
Business
GAS, SPPC ink two contracts
Business
Qatar and Estonia sign agreement to avoid double taxation
Doha, Qatar--Qatar and Estonia have signed an agreement to avoid double taxation and prevent income tax evasion.The agreement was signed...
Economy
UAE ministry of defense, Masdar to set up solar plants in Abu Dhabi
Abu Dhabi, UAE--The UAE Ministry of Defence and Masdar have signed an agreement to develop multi-solar plants across Abu Dhabi.Emerge,...
Economy
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Economy
European tourists make a beeline for Sharjah as 400,000 visit in 2023
Sharjah, UAE-- Nearly 400,000 visitors from Europe have traveled to Sharjah during last year, marking a notable 28 percent increase...
- Sharjah is showcasing its unique locations at a travel-trade show in Berlin, seeking to entice more Europeans to the emirate
- Tourism officials from Sharjah held meetings with investors and business leaders interested in the tourism and trade sectors
Economy
Dubai Chambers, DP World partner to lure global investment to the emirate
Dubai, UAE--Dubai Chambers has signed a memorandum of understanding (MoU) with DP World to enable the chambers to leverage DP...
- The MoU corresponds with the goals of Dubai Global Initiative, aiming to establish offices around the world to attract foreign direct investment
- The Dubai Global initiative is led by Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers
Economy
Qatar Central Bank head calls for enhanced GCC action to tackle challenges
Doha, Qatar--Governor of Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud Al-Thani has called for strengthening joint action among...
- Al-Thani exhorted the GCC to boost efforts to fight off financial challenges in relation to growth, sustainable development, financial stability, and interest rate
- He applauded the GCC for great achievements registered during the last few years, which contributed to the advancement and prosperity of the region