Passenger air traffic has surpassed pre-pandemic levels: ICAO
Montreal, Canada--The International Civil Aviation Organisation (ICAO) projected that passenger air traffic levels will be around 2 percent higher In...
Economy
GCC central banks hold rates steady, following US Fed
The Central Bank of the UAE kept the Base Rate for the Overnight Deposit Facility (ODF) steady at 5.40%, aligning...
Economy
Business
Iran ramps up oil production to 3.4m bpd, up from 2.9m bpd
Tehran, Iran-- Iran has ramped up its oil production to 3.4 million barrels per day (bpd), up from about 2.9...
- Iran's oil minister said the boost in the production is in line with measures taken by the current government of the Islamic republic
- According to officials in the oil sector, about 40,000 bpd have been added to the country’s oil production from the Sepehr and Jafir oilfields
Economy
Gulf central banks mimic US Fed, maintain interest rates
The UAE's central bank has kept its Base Rate for the Overnight Deposit Facility (ODF) unchanged at 5.40 percent. It...
- Federal Reserve's decision to hold interest rates comes amid concerns of persistent inflation
- The CBUAE and QCB's decision underscores the link between global and regional monetary policies
Geostrategy
UAE and Jordan sign MoU to boost investment cooperation
Abu Dhabi, UAE--The UAE and Jordan have signed a memorandum of understanding (MoU) to create a framework for investment cooperation...
- ADQ has entered into a strategic partnership agreement to create a joint investment fund with Jordan Investment Fund
- The agreement will enable the UAE and Jordan to explore opportunities to boost bilateral investments and enhance both nations’ GDP
Geostrategy
Bahrain and UK discuss boosting trade, investment ties
London, UK-- Bahrain and the UK have discussed way to boost bilateral cooperation in trade, investment and economic fields between...
- The foreign minister of Bahrain is on a visit to London to attend the first strategic dialogue between the two countries
- The two ministers then co-chaired the meeting of the Bahrain-UK joint committee, attended by representatives of the two countries
Business
Al Hilal ranks among world’s 50 wealthiest clubs
European clubs owned by Arabs continue to dominate the rankings, with Sheikh Mansour bin Zayed-owned Manchester City standing at the...
- Paris Saint-Germain, owned by Qatar Sports Investments, came in third with a market value of US$1.14 billion
- Newcastle United, owned by Public Investment Fund, is at 11th spot with a market value of $687.57 million
Business
Ooredoo net profit up
Its revenue rose to US$4.72bn in the first 9 months of 2023.
- The company posted a 28 percent rise in net profit to $741 million, compared to $576 million last year
- It made strategic investments in Oman, Iraq, Tunisia and Maldives to drive growth in these markets
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
Passenger air traffic has surpassed pre-pandemic levels: ICAO
Montreal, Canada--The International Civil Aviation Organisation (ICAO) projected that passenger air traffic levels will be around 2 percent higher In...
Economy
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KEZAD to build new warehouses
Business
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
WSG has ushered in a new decade of positive impact: Hamid Al Zaabi
Dubai, UAE-- The World Governments Summit (WGS) has ushered in a new decade of positive impact, inspiring governments and societies...
Business
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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
Geostrategy
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...
- The Iranian foreign minister stressed for the need to implement agreements reached between the two countries in order to further strengthen the ties
- Qatar's leader applauded the Iranian effort to support Palestine and its pursuit of a political solution to bring to an end the war and suffering of the people in Gaza