Dubai Chambers, DP World partner to lure global investment to the emirate
Dubai, UAE--Dubai Chambers has signed a memorandum of understanding (MoU) with DP World to enable the chambers to leverage DP...
Economy
Middle East commercial aircraft services market to grow to US$28bn
Abu Dhabi, UAE--The MENA region's commercial aircraft services market will more than double in value by 2042, according to Airbus’...
Business
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
Business
Ithmaar Bank H1 profit up
Its net profit rose to US$4.14m as against US$3.96m last year.
- Its total assets were $5.85 billion at the end of June 2023, 4.6 percent lower than $6.14 billion as on 31 December 2022
- The bank said total owners' equity rose to $100.21m at the end of June 2023, a 4.3 percent increase from $96.06m as on December 31, 2022
Economy
UAE commends UN for successful oil transfer from decaying Yemen tanker
Abu Dhabi, UAE--The UAE has applauded the UN for the successful unloading of oil from the deteriorating tanker, FSO Safer,...
- The UAE's Ministry of Foreign Affairs praised the efforts of the UN, its secretary general and the donor nations for preventing the disaster
- It cost some $143 million to transfer the oil from the stricken tanker to a new vessel, much lower than $20 billion in cleanup cost in the event of a spill
Geostrategy
Iraq restores Telegram app after week-long ban over data violations
Baghdad, Iraq--Iraq has restored access to the popular messaging app, Telegram, on Sunday after a week-long ban. The ban, which...
- According to the ministry of communications, Telegram agreed to disclose the identities of individuals or entities covertly sharing the data of Iraqi citizen
- Prime Minister Mohammad Shiya al-Sudani who ordered the lifting of the ban said that companies operating in Iraq must respect the nation's laws and security protocols
Dubai Chambers, DP World partner to lure global investment to the emirate
Dubai, UAE--Dubai Chambers has signed a memorandum of understanding (MoU) with DP World to enable the chambers to leverage DP...
Economy
Company News
Al Saqr names chairman of board
Business
Latest News
Passenger traffic at Sharjah airport jumps to 15.3 million in 2023
Sharjah, UAE--The number of passengers travelling through Sharjah airport reached 15.3 million in 2023, as compared to 13.1 million in...
Business
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...
Economy
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...
World Economic Forum
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Business
DEWA unveils new distribution substations
It commissioned 1,414 substations of 11kv in Dubai.
- The CEO of DEWA said the construction of the substations and related tasks resulted in a total of 996,648 man-hours
- He said DEWA is planning to boost the transmission and distribution networks based on electricity demand forecast until 2030
Business
BRICS to launch bonds worth US$28bn in local currencies
Tehran, Iran-- BRICS is preparing to launch new bonds in global markets, which will be available in local currencies rather...
- The BRICS bank will soon release the bonds called ‘Maharaja Bonds’ worth $28 billion
- The new bonds will be made available for governments, financial institutions, and regular investors
Business
ADQ, ADNEC to buy stake in TMG
The two will acquire 40.5% stake in the Egyptian firm.
- The two firms will invest through a special purpose vehicle, with 49 percent equity ownership by ADQ and 51 percent equity ownership by ADNEC
- The buying of a stake represents a major foreign direct investment in Egypt and marks a strong vote of investor confidence in the Egyptian tourism and hospitality sector