Qatar and Estonia sign agreement to avoid double taxation
Doha, Qatar--Qatar and Estonia have signed an agreement to avoid double taxation and prevent income tax evasion. The agreement was...
Economy
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
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
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"
Qatar and Estonia sign agreement to avoid double taxation
Doha, Qatar--Qatar and Estonia have signed an agreement to avoid double taxation and prevent income tax evasion. The agreement was...
Economy
Company News
Empower, ASHRAE form alliance
Business
DEWA awards pipeline contract
Business
Al Saqr names chairman of board
Business
Latest News
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
Most Read
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...
- 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