UAE banking sector looks poised for continued growth in 2024
Abu Dhabi, UAE--The UAE banking sector continued its growth momentum last year and is poised for further growth and recovery...
Economy
UAE records more than 25% growth in international card spending in 2023
Dubai, UAE--Total spending using international cards in the UAE witnessed a growth of more than 25% during the year 2023.J.K....
Business
Business
Nakilat profit jumps 4.8%
The company's profit swelled to US$327 million in Q3 of 2023.
- Its earnings per share (EPS) amounted to QR 0.21 as of Sep. 30, 2023, versus EPS of QR 0.20 for the same period in 2022
- The company, in March, obtained approval to raise the ceiling for non-Qatari ownership in the company's capital to 100%
Geostrategy
Iran president warns of escalation in war in Palestine
Tehran, Iran-- President of Iran, Ebrahim Raisi, has warned of an escalation in the war in Palestine if in his...
- The Iranian president said the situation can become more complicated and the battle will broaden if Israel's crimes are not ceased
- Nearly 2,269 people, including over 700 Palestinian children, have been killed so far and 9,814 others injured in Israel's bombing
Economy
GCC states post 7.3 percent GDP growth in 2022: Albudaiwi
Marrakech, Morocco-- In spite of economic disruptions, policymakers in the GCC countries have successfully alleviated the economic ramifications of the...
- The secretary general was speaking at the Arab governors' meeting with the President of the World Bank Group, Ajay Banga, in Morocco
- He warned that economic challenges present a risk to the mutual objective of a poverty-free world characterised by sustainable development
Geostrategy
MSNBC takes top three Muslim presenters off air
Dubai, UAE--American cable channel MSNBC has quietly taken three prominent Muslim journalists “out of the anchor’s chair” since the onset...
- MSNBC quietly took Mehdi Hasan, Ayman Mohyeldin, and Ali Velshi “out of the anchor’s chair” after the war broke out on October 7
- The channel did not broadcast its scheduled Thursday night episode of The Mehdi Hasan Show on the streaming platform Peacock
Business
Phoenix set for IPO on ADX
It is the first crypto entity to be listed on a Middle East bourse.
- The firm specialises in a range of services, from high-performance computing to crypto and cloud mining, data centre hosting, crypto trading, and crypto mining products
- The IPO on Abu Dhabi Securities Exchange would be the first privately owned crypto and blockchain entity to be listed on a Middle East stock market
Economy
UAE allots US$200m to boost growth in low-income countries
Marrakech, Morocco-- The UAE has allotted $200 million to the Poverty Reduction and Growth Trust (PRGT) to expand concessional financing...
- The minister made the announcement during the International Monetary and Financial Committee (IMFC) gathering in Marrakech
- The allotment of money aligns with the UAE’s efforts to realize the United Nations’ Sustainable Development Goal to eradicate poverty
Business
Kuwait Fund and Central American Bank sign MoU
Marrakesh, Morocco-- Kuwait Fund for Arab Economic Development (KFAED) and the Central American Bank for Economic Integration (CABEI) have signed...
- The MoU between the two entities is designed to respond to humanitarian crises and natural disasters, and to exchange information
- The agreement was signed by KFAED's Director-General Waleed Al-Bahar and CABEI's Executive Vice President Jaime Palacios in Marrakech
Economy
UAE economy robust, bolstered by tourism and real estate: OPEC
Vienna, Austria--The UAE’s economy remains robust, with constant contributions from the non-oil sector, especially from tourism, leisure, and real estate,...
- OPEC’s Monthly Oil Market Report (MOMR) for October 2023 noted that the UAE tourism sector continued to rebound and exceeded the pre-pandemic level
- The report added that the government launched reforms to attract further investments, such as allowing 100% foreign ownership of onshore companies
Economy
GCC keen to address economic problems: Albudaiwi
Marrakesh, Morocco-- The Gulf Cooperation Council (GCC) attaches great importance to finding solutions to economic problems such as the eradication...
- He made the remarks while taking part in the annual meetings of the World Bank and the IMF in the city of Marrakesh, Morocco
- The GCC chief underscored the collective responsibility in eliminating poverty by supporting developing and impoverished nations
Business
Red Sea Global launches Saudi’s first seaplane company
TABUK, SAUDI ARABIA - Red Sea Global (RSG), the multi-project developer behind the world’s most ambitious regenerative tourism destinations -...
- Fly Red Sea aims to transport guests to various resorts scattered among the islands of Red Sea Destination.
- These resorts include St. Regis Red Sea Resort and Nujuma, Ritz Carlton Reserve, which would be inaugurated later in 2023
UAE banking sector looks poised for continued growth in 2024
Abu Dhabi, UAE--The UAE banking sector continued its growth momentum last year and is poised for further growth and recovery...
Economy
Company News
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Economic forum in Amman to enhance trade ties between Iraq, Jordan
AMMAN, JORDAN - The Iraqi Business Council, in collaboration with the Jordanian and Amman Chambers of Industry, is set to...
Business
OPEC Fund grants US$30m loan to Uganda to build key road link
Vienna, Austria--The OPEC Fund for International Development (OFID) has granted a US$30 million loan to support the development of a...
Economy
UAE real GDP to grow 5.3 percent in 2024: S&P Global
Abu Dhabi, UAE-- The UAE's real GDP will grow 5.3 percent in 2024, compared to 3.4 percent in 2023, according...
Economy
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Business
ADNOC Drilling to expand fleet
The company aims to reach 142 operational rigs this year.
- The company's CEO said that it was looking to support ADNOC's 5 million-barrels-per-day-capacity target
- It has assembled one of the largest multi-disciplined fleets in the world, backed by the latest innovations
Business
Ghitha Holding buys stake in MNG Airlines
The acquisition of 44% stake is valued at US$211.20 million.
- The buying of stake in the airline is expected to mark a significant stride towards diversifying Ghitha Holding’s robust portfolio
- The Turkish airline offers specialized services including scheduled and block space charter, aircraft, crew, maintenance and insurance
IHC net profit soars to US$8.9bn
The company's revenue for the year 2023 stood at US$16.33bn.
- The company's earnings per share (EPS) witnessed a huge rise, more than doubling from AED 6.81 to AED 12.36
- The group said that its preliminary revenue rose to $16.33 billion, marking an 18% increase from the previous year