GCC and EU hold talks to boost economic, political ties
Brussels, Belgium-- The Gulf Cooperation Council (GCC) and the European Union have held talks in Brussels in order to enhance...
Geostrategy
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
Business
Burjeel Holdings profit surges
Its revenue spiked to US$898m in the first 9 months of 2023.
- The company posted a162.6 percent increase to $37.30 million during the third quarter of 2023
- It plans to set up two medical centres in Dubai and Abu Dhabi and one Burjeel Day Surgery Centre in Al Dhafra
Business
GCC chief stresses need for combating corruption to fuel economic growth
Muscat, Oman-- Secretary General of the Gulf Cooperation Council (GCC), Jasem Mohamed Albudawi, has underscored the importance of cooperation in...
- Albudawi spoke on corruption at the 9th meeting of the Ministerial Committee concerned with combating corruption in the GCC countries
- He said fighting corruption has globally gained importance in recent years, in light of the growing negative impact of corruption on economies
Business
EITC Q3 profit soars 57.7%
Its revenues grew 3.7% to US$896 million in the quarter.
- The company posted a 57.7% jump in net profit to $137.23m, its highest quarterly level over the last three years
- The company has been pushing further the deployment of 5G network which reached 98.5% coverage
Business
Saudi Ministry of Investment and Agility sign MoU to boost healthcare sector
Riyadh, Saudi Arabia-- Saudi Arabia and Agility have signed a memorandum of understanding (MoU) to introduce cutting-edge health technology and...
- The agreement includes the potential to widen digital health services and localizing the supply chain for innovative new medical technologies
- The MoU looks to widen people's access to preventative health services to combat chronic diseases such as cardiovascular disease and breast cancer
Business
Hamriyah Freezone and Amazon UAE sign lease agreement for new logistics center
Sharjah, UAE--Hamriyah Freezone Authority (HFZA) and Amazon UAE have signed a lease agreement for a new logistics centre which will...
- The agreement supports Amazon UAE’s commitment to investing across the country in order to shore up economic growth and innovation
- The freezone's infrastructure and location together with Amazon's technology are expected to boost customer convenience and reliability
Economy
Bahrain’s SCE signs agreement with Foulath Holding Company
Manama, Bahrain--The Supreme Council for the Environment (SCE) signed a cooperation agreement with Foulath Holding Company to boost sustainable development...
- The signing of the agreement would pave way for planting and preserving mangrove trees in line with the sustainable development goals (SDGs)
- The SCE said the agreement falls within the framework of protecting the environment, and preserving and developing its living resources
Business
Hamriyah Freezone Authority, Amazon UAE ink pact for logistics center
SHARJAH, UAE - Hamriyah Freezone Authority (HFZA) and Amazon UAE have signed a lease agreement for a new logistics center...
- Once launched, the new center will enable a seamless delivery experience across the Northern Emirates.
- HFZA’s location and over 20 years of Amazon’s technology and operational expertise will enhance convenience for customer orders.
Geostrategy
NY Times probe casts doubt on Israel’s account of Gaza hospital blast
Dubai, UAE--The New York Times's Gaza hospital blast investigation does not conclude in any way who is responsible for the...
- The New York Times asserts that the projectile seen in the Al Jazeera live footage, cited by many as central to the investigation, came from Israel
- The American newspaper's finding does not answer what caused the Al-Ahli Arab Hospital blast in the Gaza Strip, or who is responsible
Economy
Capital flows to emerging markets facing short-term headwinds: QNB
Doha, Qatar--Qatar National Bank (QNB) said that the global macro trends are starting to present short-term challenges to emerging markets...
- QNB said in its weekly analysis that after a span of positive inflow of capital to emerging markets touching US$50bn in January, the flow turned negative since August
- Indicators suggest below trend growth in the Euro area, China and several other EM and as a result the growth gap is expected to further widen in favour of the US versus EM
Geostrategy
UAE and Belgium urge accelerated efforts to ‘restore regional stability’
Abu Dhabi, UAE-- The UAE and Belgium have stressed the importance of coordinating regional and international efforts to protect civilians...
- The call for intensification of efforts to protect civilian lives came in a meeting between UAE's and Belgian foreign ministers in Abu Dhabi
- The two ministers touched on the fighting between Israel and Hamas and efforts to end extremism, violence, and deescalate tensions in the region
GCC and EU hold talks to boost economic, political ties
Brussels, Belgium-- The Gulf Cooperation Council (GCC) and the European Union have held talks in Brussels in order to enhance...
Geostrategy
Company News
KEZAD to build new warehouses
Business
Ghitha 2023 revenue at $1.2bn
Business
Latest News
Qatar’s ties with Iran closer than ever: Sheikh Tamim bin Hamad
Doha, Qatar-- Qatar's Emir Sheikh Tamim bin Hamad Al Thani has affirmed that the ties between Qatar and Iran have...
Geostrategy
UAE residents plead for lifestyle changes to save planet
Dubai, UAE-- As many as 81% of people in the UAE say that they owe it to future generations to...
Economy
Archaeological sites discovered in Southern Saudi Arabia
ABHA, SAUDI ARABIA Â - The Heritage Commission announced its most prominent discovery in Jurash, Asir region, as one of the...
Arts & Culture
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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