SCCI and Thailand look to boost economic cooperation
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry and Thailand have explored ways to boost trade and economic cooperation. In...
Business
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
Business
Qatar records 17-percent jump in building permits issued in October
Doha, Qatar--Qatar's Planning and Statistics Authority has given out 769 building permits in various municipalities in the country during the...
- The jump was seen in the majority of municipalities: Umm Salal (105%), Al Khor (47%), Al Shamal (30%), Al Sheehaniya (22%), Al Thakhira (21%), Al Wakra (20%), Doha (3%)
- Data on building permits and completion certificates holds special significance as an indicative measure of the performance of the construction and building sector
Business
Saudi Arabia, South Africa sign protocol for import of cattle, sheep and goat meat
Riyadh, Saudi Arabia--The Saudi Food and Drug Authority (SFDA) and South Africa’s Department of Agriculture, Land Reform and Rural Development...
- The two sides signed the protocol on the sidelines of the Saudi-Arab-African Economic Conference held in Riyadh
- It looks to accredit the regulatory body in South Africa by the SFDA to export cattle, sheep and goat meat to the kingdom
Business
DEWA Q3 revenue soars
The company posted an operating profit of US$1bn.
- DEWA’s increase in revenue was mainly driven by an increase in demand for electricity, water, and cooling services
- The company net cash from operating activities at the end of Q3 increased by a robust $205 million to $2.66 billion
Business
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...
- The agreement signed during the 6th China International Import Exhibition held in Shanghai will enable Export Bahrain and Alibaba.com to leverage their respective strengths
- The collaboration between the two entities will enable the Chinese giant to train and support Bahraini suppliers in utilizing e-commerce platforms effectively
Business
Aramex Q3 net profit down
It posted a five-percent decline in revenues to US$367m.
- It reported a decrease in net profit to $2.61 million in Q3 2023, a notable decline from $10.78 million recorded in Q3 2022
- Aramex, however, posted a 4% YoY increase in gross profit and a resilient EBITDA of $36.48m for the third quarter of 2023
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
SCCI and Thailand look to boost economic cooperation
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry and Thailand have explored ways to boost trade and economic cooperation. In...
Business
Company News
ADNOC Drilling to expand fleet
Business
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Exxon Mobil posts bumper profit
Business
China maintains basic balance in international payments in 2023
Beijing, China--China maintained a basic balance in its international payments last year, with its current account surplus amounting to US$264.2...
Economy
Qatar real-estate trading volume in January stands at US$521m
Doha, Qatar--The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at the Ministry...
Business
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Business
Saudi Arabia aims to build ties with Canada in scientific and research fields
Riyadh, Saudi Arabia-- Saudi Arabia is exploring investment opportunities in education and aiming to attract investments to the kingdom from...
- The Saudi education minister explored investment opportunities in education, besides seeking to foster scientific and research collaboration between the two countries
- The visit of the Saudi delegation also looked to consolidate the partnerships between the kingdom's ministry of education and Canadian universities and colleges.
Geostrategy
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...
- The talks between the two leaders took place on the sidelines of the 60th Munich Security Conference in Munich
- The two discussed cooperation mechanism between the GCC and Sweden on a bilateral level, and with the EU too
Business
Tenaris sets up base in Abu Dhabi
The global pipe maker invested US$60m in the business.
- The new complex is expected to generate technical and administrative job opportunities for UAE nationals
- The newly built complex represents the first of its kind in the UAE to thread full-length premium connections