COP hosts UAE, Azerbaijan, Brazil pledge stronger climate action
Paris, France--Past and future hosts of the UN climate negotiations the United Arab Emirates, Azerbaijan and Brazil announced Wednesday they would...
Science
Bahrain and France sign MoU to boost tourism education
Lyon, France--Vatel Hotel and Tourism Business School Bahrain signed a memorandum of understanding (MoU) with EKLYA School of Business in...
Business
Economy
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...
- The IMF-endorsed methodology relies on analyzing individual financial statements to realize highly accurate annual statistics
- The new methodology and figures for FDI was invented after nearly 18 months of work between the Ministry of Investment, GASTAT and SAMA
Business
UAE a key market for our businesses due to its location: French official
Dubai, UAE-- The UAE is a key market for French businesses due to its strategic location as a hub and...
- The French official said that his country's exports to the UAE exceed $5.13 billion, while UAE imports from France exceed $2.67 billion
- He said French exhibitors are looking to establish new partnerships, sign agreements, with specialized entities in the field of food industries
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
Business
COP28 huge moment for world and UAE: UK Economic Secretary to Treasury
Dubai, UAE-- Describing the COP28 as a huge moment for the world and the UAE, Andrew Griffith, Economic Secretary to...
- Applauding the UAE's COP28 Presidency and leadership, Griffith believes sustainable finance will be central to the global event
- Noting the UAE's diversification of its sources of revenue, he said the oil-rich country is a great example of "what the world needs to emulate"
Geostrategy
UAE and China urge UN Security Council meeting on Gaza
Dubai, UAE-- The United Arab Emirates (UAE) and China have called for a closed-door meeting of the UN Security Council...
- The security council will likely discuss, in particular, the strikes on the Palestinian refugee camp Jabalia in the north of the Gaza Strip and a convoy of ambulances
- According to Chinese Foreign Minister, the country will continue to push the UN to fulfill its responsibilities and adopt resolutions to help alleviate the ongoing Gaza crisis
Geostrategy
Jordan and Lebanon call for international initiative to stop war on Gaza
Amman, Jordan-- Jordan and Lebanon have called for the speeding up of international efforts to stop the war on Gaza...
- Jordan called for the speeding up of international efforts to stop the war on Gaza in order to prevent a spillover of the conflict into the region
- The Lebanese Prime Minister applauded Jordan’s efforts, led by the king, in defending Arab causes and working towards peace and stability
Business
Sharjah looks to boost economic, investment ties with Uganda and Kenya
Sharjah, UAE-- The emirate of Sharjah is seeking to boost economic and investment cooperation with Uganda and Kenya.In this connection,...
- In order to boost trade with Uganda and Kenya, the Sharjah Chamber of Commerce and Industry (SCCI) will dispatch a trade mission to the African countries
- The trade mission will explore ways to enhance development and foster stronger ties as part of the chamber's commitment to supporting the local business community
Business
Global assets in spot bitcoin ETFs hit US$4.16 billion
Dubai, UAE--Global assets invested in exchange-traded funds (ETFs) tied to the spot price of bitcoin now total US$4.16 billion, showed...
- Around half of that sum, or $2 billion, is invested in the seven spot bitcoin ETFs that have been launched in Canada since 2021
- Regulators in the United States are currently considering as many as 10 applications to launch similar spot-based ETFs in the U.S
COP hosts UAE, Azerbaijan, Brazil pledge stronger climate action
Paris, France--Past and future hosts of the UN climate negotiations the United Arab Emirates, Azerbaijan and Brazil announced Wednesday they would...
Science
Company News
Exxon Mobil posts bumper profit
Business
Latest News
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
ATO partners with ISM to boost tourism in the Middle East
Jeddah, UAE--The Arab Tourism Organization (ATO) has signed a partnership agreement with the International Strategic Management (ISM) company to achieve...
Business
Most Read
Geostrategy
India PM inaugurates grand temple in Abu Dhabi
According to the UAE authorities, the grand temple carved from pink stone spreads over an area of 55,000 square metres...
- The temple is in Abu Mureikha, near the motorway to the neighbouring emirate of Dubai
- Modi met UAE president Sheikh Mohamed bin Zayed Al Nahyan on Tuesday
Business
ADNOC L&S profit spikes 138%
Its revenue jumped 41% to US$748 million in 2023.
- The company reported 93% hike in EBITDA to $876 million (AED3,217 million) as all business segments continued to perform strongly
- Its board of directors recommended distributing a cash dividend of $130m, equivalent to 6.45 fils per share, for the second half of 2023
Economy
UAE economy posts best growth rates in comparison to others: IMF official
Dubai, UAE-- The UAE's economy has recorded the best growth rates in comparison to other economies in the region, according...
- The IMF official said the country's non-oil sector has significantly contributed to the country's economic resilience
- He said the UAE's diversification strategy has played a vital role in boosting the efficiency of the private sector