Ireland wants to be a gateway for UAE, Gulf states to EU market: Irish minister
Abu Dhabi, UAE--Ireland wants to become a gateway for the UAE and other Gulf states to the European Union (EU)...
Economy
Business
Inma Holding profit tumbles
Its net profit fell 53.8% in H1 of 2023 to US$0.92m.
- Its earnings per share(EPS) declined to reach QR 0.059 as of 30th June 2023 versus EPS QR 0.128 for the same period in 2023
- The company posted a 61.7% jump in net profit in 2022, reaching $2.69 million in comparison to a net profit of $1.67 million
Economy
UAE’s real estate market remains strong in the first half of 2023: CBRE
Dubai, UAE--The UAE's real estate market has recorded a strong performance across all sectors in the first half of the...
- According to the CBRE report, the sector has benefitted from an expansion in the country's non-oil economy
- The report added that industrial and logistics sector has seen relatively strong levels of activity during the period
Economy
In Asia expansion push, Masdar to develop 2GW clean energy in Malaysia
Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) and Citaglobal Berhad have signed a memorandum of understanding (MoU) for developing...
- The two companies will join hands to build projects across the renewable energy mix in the picturesque Malaysian state of Pahang
- Masdar sees Southeast Asia as a key investment destination, where it has already built the region's biggest floating solar facility in Indonesia
Economy
Oman inflation spikes 2.8% in 2022, pushing up food prices
Muscat, Oman-- Oman's inflation rate increased by 2.8 percent in 2022 as the consumers price index (CPI) registered 109.7 points...
- Food and non-alcoholic beverages prices went up by 5.2 percent, and housing, water, electricity, gas and other fuels also rose 1.1 percent
- The steepest increase was in the prices of oil and gas products, registering a growth of 44.1 percent, with non-oil products rising 3.8 percent
Business
KPC posts bumper profits
The oil firm and its subsidiaries posted a net profit of US$8.4bn.
- The oil company's CEO Sheikh Nawaf Saud Al-Sabah said that the profits were the highest in the past ten years
- He added that results were driven by the country's success in running new projects that raised output of crude oil
Business
Boursa Kuwait profit declines
It fell to US$25.6 million in H1 of 2023, a 21.4 percent drop.
- The stock exchange in a statement said that lower trading activity was responsible for the decline in the net profit
- Its Chairman Hamad Al-Humaidhi said that the bourse showed "remarkable resilience in adapting to market fluctuations"
Business
Ooredoo posts 20% profit rise
The net profit surged to US$493 million in the first half of 2023.
- It attributed the results to strong revenue growth, free cash flow, increased customer base and a lower CAPEX spend
- The company's earnings per share amounted to QR 0.56 as of June 30, 2023 versus earnings per share (EPS) QR 0.47 last year
Economy
Fire at substation in Iraq sparks nationwide power outage
Baghdad, Iraq--A fire at an electricity substation in southern Iraq triggered a nationwide power outage Saturday, authorities said, just as demand peaks...
- In spite of the country's vast oil reserves, Iraq continues to suffer from frequent power outages with its power grid incapable of meeting peak demand
- The electricity ministry said in a statement that the power grid experienced a total shutdown due to a fire that affected a transmission substation
Economy
UAE sets more norms for ‘Qualifying Investment Funds’
The new set of conditions brought in by the finance ministry look to shore up the integrity of the corporate...
- Except for real estate investment trusts, the new conditions require investment funds to be chiefly involved in investment business activities
- The cabinet decision also requires a single investor and its related paties not to hold more than 30% or 50% of the ownership interests in a fund
Qatar National Bank foresees recession in US economy
Doha, Qatar--Qatar National Bank (QNB) Group foresees a recession in the US economy during the upcoming 12 months, pointing out...
- The bank notes that the US economy continues to be resilient in spite of headwinds from high inflation, tighter financial conditions
- In QNB's analysis while economic momentum should prevent a downturn for the US in 2023, a recession is not unlikely yet for 2024
Ireland wants to be a gateway for UAE, Gulf states to EU market: Irish minister
Abu Dhabi, UAE--Ireland wants to become a gateway for the UAE and other Gulf states to the European Union (EU)...
Economy
Company News
ADCB, EIH sign agreement
Business
Latest News
ADX signs MoU with SZSE
Business
UAE and India sign MoUs to deepen ties in renewable energy, healthcare
Abu Dhabi, UAE--The UAE Ministry of Investment has signed three memorandums of understanding (MoUs) with India, setting out frameworks for...
Business
UAE and Azerbaijan presidents pledge to boost ties
Baku, Azerbaijan-- The UAE and Azerbaijan have discussed ways to enhance cooperation in renewable energy, environmental protection, culture, education, and...
Geostrategy
Dubai’s RERA signs MoU with Zand Digital Bank
Dubai, UAE--The Real Estate Regulatory Agency (RERA), the regulatory arm of Dubai Land Department (DLD), signed a memorandum of understanding...
Business
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Geostrategy
GCC head and EU top diplomat review relations in Riyadh
Riyadh, Saudi Arabia--Jasem Mohamed Al Budaiwi, Secretary General of the Gulf Cooperation Council (GCC), and Josep Borrell, High Representative of...
- The two discussed the latest developments in regional and international arenas, including the Israeli war on the Gaza Strip
- Al Budaiwi noted the importance of collaboration and unity in efforts to halt the continuous Israeli attacks against Gaza
Business
CBB Sukuk Al Salam securities oversubscribed by 372%
Manama, Bahrain--The Central Bank of Bahrain (CBB) announced that the monthly issue of the Sukuk Al Salam Islamic securities has...
- With a maturity period of 91 days, subscriptions worth $426 million were received for the $114.36 million issue
- According to Bahrain News Agency, the expected return on the issue is 6.35%, equivalent to the previous issue
Economy
Qatar PMI data reveals ‘stable business conditions’ in non-energy sector
Doha, Qatar--Qatar's non-energy private sector registered broadly stable business conditions in December, the latest Purchasing Managers Index (PMI) survey data...
- The survey reveals that financial services remained a key source of growth at the end of the year and price pressures were still subdued
- The PMI registered 49.8 in December, from 51.5 in November and the latest figure was close to the mark of 50.0, signaling stable business conditions