UAE ministry of defense, Masdar to set up solar plants in Abu Dhabi
Abu Dhabi, UAE--The UAE Ministry of Defence and Masdar have signed an agreement to develop multi-solar plants across Abu Dhabi.Emerge,...
Economy
Business
Oman Air Cargo revenue up
Its cargo revenue recorded a 42% jump in H1 to US$57.9m.
- Oman Air Cargo said that the jump in cargo aligns with the carrier's aim to retain its strong position in the market
- Launched in 2009, the airline has sustained an upward trajectory despite a fall in yield compared to the previous year
Economy
EU provides US$24m for payment of allowances to poor Palestinian families
Jerusalem--The European Union has disbursed $24 million for the payment of social allowances to 71,162 vulnerable Palestinian families through the...
- The EU during the last 17 years has supported the Palestinian Authority with funding to ensure social allowances are extended to the poor families
- The funding from EU has been routed through the PEGASE mechanism and will help 71,162 families living below the extreme poverty line
Business
Jordan exhorts ‘companies, institutions’ to switch to renewable energy
Amman, Jordan--Jordan is urging "companies and institutions" to switch to renewable and sustainable energy to reduce operating costs.In this regard,...
- The kingdom's energy minister said that opportunities exist for cooperation to cut energy consumption across various sectors
- The minister noted that in order to keep pace with the global energy transiton the kingdom must benefit from the experiences of various countries
Geostrategy
Aid agencies exhort immediate action on war-torn Sudan
Geneva, Switzerland--Four months into Sudan's conflict, the situation is spiraling out of control, with mass displacement and millions on the verge...
- The country for the last four months has been plagued by a great humanitarian crisis with more than six million people staring at famine
- The statement signed by the heads of UN agencies along with Save the Children and Care said that "there is no excuse for waiting"
Business
Gulf Hotels Group profit up
It posted a jump in net profit in Q2 to US$2.92 million.
- The bank said its income was $2.92 million in Q2 of 2023 compared to $1.03 million for the same period last year
- Its revenue for the second quarter was $20 million, compared to $17.55 million for the same period last year
Business
Oman LNG signs gas-export deal with Germany’s SEFE
Muscat, Oman-- Oman LNG has signed an agreement with Securing Energy for Europe (SEFE) to supply 400,000 tonnes of liquefied...
- The gas-supply deal looks to boost partnership between Oman LNG and international energy firms like SEFE, paving way for more agreements
- The 4-year-long contract evisages supplying a total volume of 0.4 million metric tonne per annum of LNG from Oman LNG to SEFE
Business
UAE banks provide US$7.73bn in financing to businesses in five months
Abu Dhabi, UAE-- The banks in the UAE increased their credit facilities for the business and industrial sectors by around...
- The banks raised their credit balance for the two sectors by $2.23 billion in May 2023, a monthly increase of 1.11 percent
- Abu Dhabi banks provided around $100.74 billion until the end of May, while Dubai banks lend some $96.31 billion
Business
Oil prices slide 1% on strong dollar, China economy worries
Dubai, UAE--Oil prices declined more than 1% on Monday as concerns about China's faltering economic recovery and a stronger dollar...
- U.S. West Texas Intermediate crude was at $82.12 a barrel, down 1.3%, while Brent crude futures fell $1.07, or 1.2%, to $85.74 a barrel
- Prices retreated as the U.S. dollar index extended gains after a slightly bigger increase in U.S. producer prices in July lifted Treasury yields
Business
GIS profit climbs in H1
Its net profit jumped to US$77.19m as against US$37.63m.
- Its earnings per share(EPS) amounted to QR 0.151 as of 30th June , 2023 as against EPS QR 0.074 for the same period in 2022
- In February this year, GIS reported a net profit of $79.67 million for the year ended December 31, 2022, with an earnings per share of QR0.156
Business
Saudi Arabia’s NDMC issues local sukuk worth US$9.57 billion
Riyadh, Saudi Arabia--The Saudi National Debt Management Center (NDMC) has issued new sukuk worth $9.57 billion under the Local Saudi...
- NDMC said in a statement that such a step is part of its initiative to activate its role in managing its public debt commitments
- The sukuk issuance will be done in four tranches of $2 billion, $3.86 billion, $2.88 billion and $853 million, said NDMC
UAE ministry of defense, Masdar to set up solar plants in Abu Dhabi
Abu Dhabi, UAE--The UAE Ministry of Defence and Masdar have signed an agreement to develop multi-solar plants across Abu Dhabi.Emerge,...
Economy
Company News
Empower, ASHRAE form alliance
Business
DEWA awards pipeline contract
Business
Latest News
Al Saqr names chairman of board
Business
CBUAE balance sheet touches US$182 billion in November 2023
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) saw its balance sheet soar to $182.43 billion at...
Economy
DEWA extends fibre-optic ducts across Dubai by 364 kms in 2023
Dubai, UAE--The Dubai Electricity and Water Authority (DEWA) has laid over 364 kilometres of fibre optic (FO) ducts across different...
Business
Microsoft becomes world’s largest company
The tech giant's market value has surged by over $1 trillion.
Business
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Economy
S&P estimates UAE GDP to grow beyond 5% in 2024
According to Tatiana Leskova, Associate Director of Corporate Ratings at Standard and Poor's Global Ratings that the global economy while...
- She said S&P expects continued strong momentum in Dubai's hospitality, wholesale and retail
- There was a sharp increase in Russian buyers becoming one of the largest investor groups in Dubai
World Economic Forum
Top economists warn global economy will weaken in 2024
Davos-Klosters, Switzerland--Global economic prospects remain subdued and fraught with uncertainty, according to the latest Chief Economists Outlook released today, as...
- Around 56% economists expect the global economy to weaken this year, while 43 percent foresee unchanged or stronger conditions
- In the MENA region, US the outlook is weaker too, with about six in 10 respondents foreseeing moderate or stronger growth this year
Business
Qatar Chamber and CzechTrade look to boost trade cooperation
Doha, Qatar--Qatar and Czech Republic are looking to ramp up trade and investment cooperation between the two countries.In this regard,...
- The two sides looked at ways to bolster cooperation between Qatari companies and their counterparts from Czech Republic
- The trade volume between the two countries reached $183m in 2022, reflecting a 10% increase compared to the previous year