European tourists make a beeline for Sharjah as 400,000 visit in 2023
Sharjah, UAE-- Nearly 400,000 visitors from Europe have traveled to Sharjah during last year, marking a notable 28 percent increase...
Economy
Business
Meeza to list on QSE
Its shares will begin trading on the bourse later this month.
- The company recently obtained the approval from the Qatar Financial Markets Authority (QFMA) and the QSE's board for a listing on the exchange
- The company's price will be floated on the first day of the listing and from the second day it will be allowed to fluctuate by 10% up or down
Business
DWTC’s hospitality branch growth up
The division recorded 32% growth in H1 of 2023.
- Apart from proving its culinary strength with a 32% growth, the division recently won a big haul of medals at Emirates Salon Culinaire 2023
- Its kitchen recently received grade A rating from Dubai Municipality and certifications from Hazard Analysis and Critical Control Points
Business
GSA discusses cooperation with IIHF, ISU to boost winter sports in UAE
Dubai, UAE-- The UAE's General Sports Authority (GSA) and the International Skating Union (ISU) and International Ice Hockey Federation (IIHF)...
- The discussion between officials touched on ways to develop the rules and regulations for ice sports leading to the promotion of winter sports in the UAE
- Sheikh Suhail bin Butti Executive Director of the Sports Development Sector at GSA said that the UAE intends to host international winter sports championships
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...
- 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
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Empower, ASHRAE form alliance
Business
DEWA awards pipeline contract
Business
Al Saqr names chairman of board
Business
Sharjah Chamber discusses collaboration with AAAID on trade, investment
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) has held discussions with the Arab Authority for Agricultural Investment and...
Business
World Economic Forum foresees ‘significant economic slowdown’
Davos, Switzerland--A new World Economic Forum report titled the Future of Growth Report 2024 foresees a significant economic slowdown, estimated...
World Economic Forum
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Business
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...
- With the laying of new ducts, the total length has increased to 3,998 kilometres, a 10% increase compared to 2022
- The installation has boosted infrastructure and smart grid, ensuring the availability of round-the-clock services
Business
Microsoft becomes world’s largest company
The tech giant's market value has surged by over $1 trillion.
- The company, which along with Nvidia and Amazon placed a significant emphasis on AI, has experienced huge market surges over the past year
- Microsoft's, according to LSEG data, market cap stood at $2.887 trillion, its highest ever, while Apple's market cap was $2.875 trillion
Business
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...
- The airport's traffic shot up 12 percent with over 98,000 flight movements in 2023 as compared to around 87,000 flight movements in 2022
- The airport also added three new destinations for air cargo including Houston in the United States, Kigali in Rwanda and Nasik in India