Saudi tech show LEAP 2024 to close on ‘record-breaking’ note
Riyadh, Saudi Arabia--The biggest tech show in the Middle East, LEAP 2024, hosted by Saudi Arabia in Riyadh, is preparing...
Business
ADNOC partners with Viola Communications
They will utilize outdoor media-leasing spaces for advertising.
Business
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 took...
- 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
Business
QCB to grant licenses to website providers for comparing prices of insurance policies
Doha, Qatar--Qatar Central Bank (QCB) has exhorted companies willing to work in providing website services to compare prices of insurance...
- With this announcement, the central bank seeks to regularize and upgrade the financial sector in the country
- The bank said in a statement that the instructions are intended to streamline operations of service providers
Business
Cristiano Ronaldo’s goal propels Al-Nassr to win King Salman Club Cup
Taif, Saudi Arabia-- Cristiano Ronaldo led his team to victory as Al-Nassr FC won the 2023 King Salman Club Cup...
- Inspired by Ronaldo, Al Nassr beat its rival Al-Hilal after extra time despite playing for more than an hour with just 10 men
- The final match which went into extra time after the game was tied at 1-1 was held at the King Fahd Sports City Stadium in Taif
Business
EDGE signs agreement with Turbomachine to jointly build engines
Abu Dhabi, UAE--EDGE has signed an agreement with Turbomachine to work together on the development of engines, including turbofan and...
- The agreement will enable both to work together on the development of engines, including turbofan and propellant fan
- The Brazilian company specialises in research, innovation, and engineering and development of gas turbine engines
Economy
Kazakhstan keen to bolster joint investments with UAE: Razdykovich
The Kazakh minister said his country hopes to benefit from the UAE's experience in tourism and development sectors as he...
- The minister evinced his country's keenness to shore up cooperation with the UAE, particularly in sectors seen as crucial by both countries
- He pledged to support Emirati investors in order to boost areas of cooperation, reaffirming that Abu Dhabi will "always be an important partner for us"
Business
ADX profits vault to $11.70bn
It posted gains in one week on the back of company results.
- The value of stocks on the bourse increased to $781 billion at the end of Friday's session as against $770 billion at the close of last Friday
- Over the week, the equities market saw an inflow of liquidity exceeding $2.34 billion, split between $1.81bn in ADX and $539m in the DFM
Geostrategy
US accuses Sudan of threatening to expel UN mission
United Nations, United States--The United States on Wednesday accused Sudan of having threatened to expel the United Nations mission from the...
- US ambassador whose country is chairing the Council in August, deplored the absence of Volker Perthes, the special representative of the secretary-general in Sudan
- Sudan war, pitting army under General Abdel Fattah al-Burhan against the paramilitary Rapid Support Forces (FSR) of General Mohamed Hamdan, began in April
Business
Dubai Municipality parks attract more than 15m visitors in H1
Dubai, UAE-- More than 15 million people visited Dubai Municipality public parks, neighborhood parks, lakes, and recreational facilities for the...
- The record-breaking trend marks a 50 percent increase in the same period of 2022, which recorded approximately 10 million visitors
- The spike in the number of visitors to the parks and other recreational facilities is made possible by their location and ease of access
Saudi tech show LEAP 2024 to close on ‘record-breaking’ note
Riyadh, Saudi Arabia--The biggest tech show in the Middle East, LEAP 2024, hosted by Saudi Arabia in Riyadh, is preparing...
Business
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