Qatar Central Bank head calls for enhanced GCC action to tackle challenges
Doha, Qatar--Governor of Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud Al-Thani has called for strengthening joint action among...
Economy
Qatar and Egypt hold talks to ramp up civil aviation cooperation
Cairo, Egypt-- Qatar and Egypt have discussed enhancing ties in the field of civil aviation between the two countries.In this...
Business
Business
Aramex profit plunges 53%
Its net profit for H1 of 2023 stood at US$11.70 million.
- The company's revenue was $762 million in the first half of 2023, a five percent decline year-on-year
- International Express business reported $101 million in gross profit for H1 2023, a YoY increase of 1%.
Geostrategy
West must keep ‘promises’ on Ukraine grain deal: Erdogan
Ankara, Turkey--Turkish President Recep Tayyip Erdogan said Tuesday that the revival of a deal with Russia to allow Ukrainian grain...
- Erdogan played a key role in the now collapsed deal allowing for safe passage of Ukrainian grain shipments via the Black Sea
- The accord, brokered by Ankara and the United Nations in July 2022, ended last month after President Vladimir Putin refused to extend it
Geostrategy
Russia to continue to enhance military cooperation with Iran: Ryabkov
Tehran, Iran-- In a defiant posture toward the West, Russia has declared that it will continue to enhance military cooperation...
- The Russian minister said that they have full right to develop and enhance the military ties between the two "friendly nations"
- He further noted that Iran will in due time become a full member of BRICS even as he refused to give a timeline for its membership
Business
Oman Air approves restructuring program to lower rising debt
Muscat, Oman--Looking to address its mounting debt, Oman Air has backed a restructuring program to reduce its losses by 15...
- In the month of May, the airline said it will reduce its net loss by a further 56 percent in 2023, compared to a reduction of 35 percent in 2022
- Its chairman said the program stands on four pillars: financial sustainability, corporate governance, commercial factors, and human capital
Business
Sharjah Chamber and FDI Office discuss ways to promote real estate sector
Sharjah, UAE--The Real Estates Sector Business Group has discussed with the Sharjah FDI Office (Invest in Sharjah) ways to promote...
- The discussion centered on how the sector can benefit from the Sharjah FDI Office's expertise to promote real estate ventures in the emirate
- Sharjah Chamber noted the remarkable growth in the sector, emphasizing how real estate is acting as a backbone to the emirate's economic prosperity
Business
Zain Group profit jumps 14%
Its net profit for Q2of 2023 rose to US$187m.
- The company during the period also received a first-ever cash dividend of $42 million from Zain KSA
- For H1 the group generated consolidated revenue of $3.03 billion, an increase of 12% YoY
Business
ADQ ties up with Dutch firm to set up greenhouse at AgTech Park in KEZAD
Abu Dhabi, UAE-- In a boost to the UAE's effort to secure self-sufficiency in the food sector, ADQ has partnered...
- The facility operating under a cooling system that reduces carbon and water footprint will enable the year-round cultivation of tomatoes and cucumbers
- The Dutch firm's experts will work with local agronomists to encourage the development of technology adapted to the local climate and growing conditions
Business
QEWC reports 12% profit jump
The Qatari company's net profit for H1 stands at US$211.26m.
- The company's earnings per share (EPS) amounted to QR 0.70 as of 30th June 2023, as against QR 0.62 for the same period in 2022
- According to a company statement, its revenue stood at $379 million compared to $329.67 million during the same period in 2022
Business
Dlala posts net loss in H1
The company suffered a net loss of US$0.79 million.
- The company said its loss per share amounted to QR 0.015 as of June 30, 2023 compared to earnings per share(EPS) QR 0.018 for 2022
- In October last year, the Qatar Stock Exchange (QSE) announced the resumption of trading of the shares of Dlala Holding Company
Economy
Dubai Taxi Corporation unveils digital transformation plan 2022-2025
Dubai, UAE--Dubai Taxi Corporation (DTC) has launched its strategic plan for digital transformation 2022-2025 designed to improve the quality of...
- The plan aims to achieve a string of goals underscored by digital mobility, excellent operation, financial sustainability, people’s happiness, and shaping the future
- The latest initiative by Dubai Taxi Corporation looks to protect its database and monitor systems to prevent disruptions caused by server downtime
Qatar Central Bank head calls for enhanced GCC action to tackle challenges
Doha, Qatar--Governor of Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud Al-Thani has called for strengthening joint action among...
Economy
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Saudi EVIQ unveils R&D facility
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...
Business
Saudi Arabia launches documentary Horizon on wildlife
RIYADH, SAUDI ARABIA - Konoz, an initiative of the Ministry of Media's Center for Government Communication (CGC), has released a...
Geostrategy
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Business
UAE and Costa Rica conclude talks on signing CEPA
Dubai, UAE-- The UAE and Costa Rica have concluded negotiations to sign a comprehensive economic partnership agreement.In this connection, Dr....
- The two countries will eliminate tariffs, reduce barriers to trade, promote private-sector collaboration and create pathways for investment
- Non-oil trade between the UAE and Costa Rica has been growing consistently year-on-year, climbing 23% in 2022 to reach US$60.4 million
Business
Federal Tax Authority, Etihad Credit Bureau tie up to boost tax compliance
Dubai, UAE--The Federal Tax Authority (FTA) has signed an agreement with Etihad Credit Bureau to enhance tax compliance in the...
- The agreement will enable to form an electronic link between the two entities, allowing the authority to directly access credit reports provided by the bureau
- The collaboration, according to officials from the two entities, will set a framework for bilateral cooperation, strengthening efforts to ensure high rates of tax compliance
Business
UAE, Saudi Arabia lift up Arab stock markets, post US$493bn in gains in 2023
Abu Dhabi, UAE-- Stock markets across the Middle East posted record highs in 2023, with combined gains of $493 billion,...
- ADX's market capitalization surged to US$803.4 billion and DFM's value jumped to $187.2 billion
- Saudi Arabia's stock exchange posted $368.2bn in gains, sendings it market capitalization up to $3trn