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
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
Business
Black Cobra signs MoU with NFFSP to make military footwear in MENA region
Abu Dhabi, UAE--Black Cobra Military Supplies (BCMS) and the National Factory for Safety and Security Products (NFFSP) have signed a...
- Aided by the Emirates Defence Companies Council (EDCC), the MoU looks to offer a sustainable platform that supports the strategic goals of the two companies
- NFFSP's CEO said the agreement will enable the two companies to produce modern, high-quality items "that fulfill the needs of the region's military and security forces"
Business
Saudi Arabia organizes trade mission to Japan to drive non-oil exports
Riyadh, Saudi Arabia--The Saudi Export Development Authority organized a trade mission to Japan under the theme of "Saudi Made" in...
- The Saudi Export Development Authority's initiative to organize the campaign in Japan is designed to boost non-oil Saudi exports
- The kingdom's non-oil exports to Japan totaled $438 billion over the past five years (2018-2022), including $99.20 billion last year
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 Â
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
Company News
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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