ADNEC to organize first Bitcoin MENA Conference in Abu Dhabi
Abu Dhabi, UAE--ADNEC Group has announced the launch of the region's first Bitcoin MENA Conference 2024 set to take place...
Business
Business
Durar launches ‘MASA Residences’ in Ras Al Khaimah worth US$190.58m
RAS AL KHAIMAH -- Durar, a prominent UAE real estate developer, is set to launch MASA Residences, a luxury residential...
- Christie’s International Real Estate Ras Al Khaimah will exclusively handle sales and marketing for the development
- The project marks Durar's entrance into the UAE's northern Emirates and is poised to elevate Al Marjan Island's landscape
Business
Chevron Q3 profit falls
Its earnings fell to US$6.5bn, down from $11.2bn last year.
- Its earnings have dropped from record year-ago levels as crude prices eased and higher costs ate up refining and chemical profits
- The company agreed to buy U.S. rival Hess Corp for $53 billion in an all-stock deal that expands its shale and deepwater oil production
Business
Abu Dhabi International Airport records 29.3% jump in Q3 passenger traffic
Abu Dhabi, UAE--Abu Dhabi International Airport has posted a 29.3 percent jump in passenger traffic for the third quarter of...
- The passenger traffic saw a 29.3 percent increase at the international airport between July and September of 2023
- The emirate's connectivity also expanded, with 119 destinations served from Abu Dhabi International Airport by 24 airlines
Geostrategy
Kuwait calls for turning Middle East into nuclear-free region
New York, US-- Kuwait's permanent envoy to the UN, Tareq Al-Bannai, has affirmed Kuwait's continuous efforts to make the Middle...
- Kuwait envoy Tareq Al-Bannai made the remarks during an event organised by Kuwait's permanent mission to the United Nations
- The ambassador said the responsibility for creating the zone falls on the members in the treaty on the prohibition of nuclear weapons
Business
ADCB profit up 22 percent
The bank's operating income rose 23% to US$3.32 billion.
- The bank said that net interest income rose 8% to $865 million QoQ and 24% YoY while non-interest income of $285 million declined 7% QoQ
- Its CEO said the bank delivered strong growth in the first nine months of the year, with net loan climbing by10% i and sound growth in CASA deposits
Geostrategy
UAE hosts seventh edition of Interpol’s strategic dialogue
Abu Dhabi, UAE--The UAE's Ministry of Interior and the Gulf Police Service hosted the seventh edition of the strategic dialogue...
- The strategic dialogue held in Abu Dhabi facilitated high-level discussions aimed at harmonizing efforts in the face of global threats
- It bolsters the global response to criminal threats and ramps up coordination between Interpol and regional policy and border management organizations.
Geostrategy
Iran and Saudi ties effective in solving regional issues: Raisi
Tehran, Iran--Iran's President Ebrahim Raisi believes the expansion of ties between Tehran and Riyadh will be effective in strengthening regional...
- He made the comments during a meeting with Abdullah bin Saud Al-Anzi, the newly appointed Saudi ambassador to Iran
- The new ambassador said the relations between Saudi Arabia and Iran are very strong because of commonalities between them
Business
Investcorp to float IPO
The listing of shares on ADX is set for November 17.
- According to the company, the subscription will be open from November 2 to November 9, 2023
- It plans to offer 321,500,000 new shares while 321,500,000 shares will be sold by selling shareholder, Investcorp S.A
Business
UAE-Zimbabwe trade touches US$2bn, poised to expand more
Abu Dhabi, UAE-- Trade between the UAE and Zimbabwe touched $2 billion last year as the bilateral relations between the...
- The UAE is Zimbabwe's second-largest trading partner and the relations between the two countries are poised to grow further
- Zimbabwe's ambassador to the UAE said that both countries are working to develop a number of sectors, like mining, and energy
Business
NMDC posts bumper profits
Its revenues for the first nine months stood at US$3bn.
- The company's net profits increased 115 percent to $411 million in the first nine months of 2023
- It attributed growth in revenues and net profits to progress of the major projects underway
Company News
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South Korea presses for enhanced ties with UAE in high tech and AI
Dubai, UAE--South Korea has pressed for boosting cooperation with the UAE in the field of advanced technology and artificial intelligence...
Economy
Al Mal Capital REIT to launch rights issue
The fund has an existing portfolio valued at US$158m.
Business
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Business
SCCI and Oman Chamber aim to boost investment cooperation
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) and the Oman Chamber of Commerce and Industry (OCCI) discussed ways...
- The two chambers discussed opportunities in several sectors, with a specific focus to support start-ups
- The delegation from Oman invited the private sector in Sharjah to take part in the Suhar Investment Forum
Economy
Bahrain to host ‘smart cities summit 2024’ in March
Manama, Bahrain--Bahrain will hold the seventh edition of the "Bahrain Smart Cities Summit 2024" from March 5 to 6 under...
- The two-day long summit will highlight the best global practices in AI, smart housing, sustainable architecture, and food security
- It will feature an exhibition showing the latest solutions for smart buildings, sustainable energy systems, and artificial intelligence
Business
Nissan profit drops to US$195m
Its sales in China slumped 35% from April to December.
- The automaker said its profit was $195 million in the last quarter, down from $341 million a year earlier
- Its quarterly sales jumped nearly 10% to 3.1 trillion yen ($21 billion) for the maker of the Leaf electric car