Commercial vehicle sales in China soar 79.6% in January
Beijing, China--China's commercial vehicle sales soared 79.6 percent year on year to 324,000 units in January, according to industry data.Specifically,...
Business
China home prices edge down in January, data shows
Beijing, China--Major Chinese cities reported falling home prices in January with narrowing declines, official data showed on Friday.The National Bureau...
Economy
Business
ADNOC Distribution’s profit up
Its profit vaulted to US$150 million in Q1 of 2023
- The company said the profit resulted from strong performance and improvement in efficiency measures across all operations
- It acquired a 50 percent stake in TotalEnergies Marketing in Egypt, and plans to open the first service station in Cairo in Q2
Economy
Egypt’s headline inflation slows to 30.6% in April, first such drop in 9 months
Cairo, Egypt--Egypt's annual urban consumer inflation in April dipped to 30.6% from 32.7% in March, data from the state statistics...
- Following a series of currency devaluations since March 2022, inflation in the North African country has gone up, fueled by shortage of foreign currency
- According to Moody's, the slow implementation of its asset sale plan hobbles the country's foreign exchange liquidity and weakens trust in its currency
Economy
UAE’s GDP expected to have grown by 7.6% in 2022: CBUAE
Abu Dhabi, UAE-- The UAE's gross domestic product (GDP) is estimated to have grown 7.6 percent in 2022, shored up...
- The bank said that in spite of the rise in global inflation, the UAE's remained below the average rate of 4.8 percent, with a decline expected in 2023
- The report noted the bank's efforts to ramp up monetary stability, improve financial sector's resilience, and support economic activity in the UAE
Business
Dana Gas posts fall in profit
Its net profit fell 7 percent to US$50 million in Q1 of 2023.
- Its revenue also plunged to $122 million in Q1 as against $140 million in the same period of last year
- The company attributed the decline in revenue and net profit to a fall in energy prices from high levels
Economy
Rise of ChatGPT: GCC might lose 10 million jobs in 5 years
Its transformative power to reshape life has left people awestruck across the world, but the technology that powers ChatGPT might...
- According to a Goldman Sachs economist, more than 65 percent of occupations will be partially or fully automated in the coming years
- Critics of generative artificial intelligence that powers chatbots argue that it can never be able to replace the genius of human mind
Geostrategy
Oman to ramp up ‘military and defense industry’ ties with Iran
Tehran, Iran-- Oman is keen to improve the military and defense ties with Iran in order to ensure the security...
- Sultan of Oman underscored the importance of developing military and defense industry cooperation between the two countries
- The visiting Iranian Major General Mohammad Bagheri termed Tehran-Muscat relations as stable and positive
Business
ADNIC records 17% profit rise
The firm's net profit soared to US$27.14mn in Q1 of 2023.
- The insurance company's total revenue took a dive to $273 million in Q1 of 2023 from $300 million for the same period in 2022
- Its net income from investment however shot up 94.0% to $12.60 million compared to $6.50 million for the same period in 2022
Business
Saudi Arabia, South Korea sign two MoUs for mobility, road projects
Riyadh, Saudi Arabia--Saudi Arabia and South Korea have signed two agreements on Tuesday for future mobility and roads in the...
- The agreements between the two countries will boost cooperation in mobility and innovation in the transport and logistics services sectors
- Both the countries will, in accordance with the spirit of the agreement, exchange experiences to solve challenges in adopting modern technologies
Business
Central Bank of Oman issues treasury bills valued at US$36.35 million
Muscat, Oman--The Central Bank of Oman (CBO) has raised $36.35 million by way of allotting treasury bills on Tuesday, the...
- According to the central bank, the value of the allotted treasury bills amounted to $26 million, for a maturity period of 28 days
- The bank added in a statement that the allotted treasury bills amounted to $10.38 million for a maturity period of 91 days
Economy
UAE begins talks with Thailand under CEPA to boost trade
Seeking to widen its foreign trade and grow national economy, the UAE has signed Comprehensive Economic Partnership Agreement (CEPA) negotiations...
- The UAE has signed four agreements with India, Israel, Indonesia and Turkey, with the first two having already come into force
- The country is holding negotiations with many other nations in the neighborhood and beyond to arrive at similar agreements
Commercial vehicle sales in China soar 79.6% in January
Beijing, China--China's commercial vehicle sales soared 79.6 percent year on year to 324,000 units in January, according to industry data.Specifically,...
Business
Company News
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Egypt to sign agreement on curbing methane emissions
Abu Dhabi, UAE--Egyptian Petroleum Minister Tarek el Molla announced an agreement on laying down a detailed road map for cutting...
COP28 UAE
First Movers Coalition emerges as top advocate of climate-friendly technologies
Dubai, UAE-- Since its launch two years ago, the First Movers Coalition (FMC) has become the world's largest private sector...
COP28 UAE
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Business
FAB partners with Engie
They will advance solutions in financial decarbonization.
- The partnership entails both to focus on derivatives or financing solutions related to energy, carbon, renewables, battery energy storage systems, and green products
- Engie is a global leader in low-carbon energy and services, including renewables, committed to accelerate the transition towards a carbon-neutral world
Business
Crypto markets witness dynamic asset allocation amid volatility, says study
DUBAI, UAE – Institutional traders (INS) in the crypto markets maintain a conservative approach, with 50 percent of their portfolio...
- In September 2023, institutional traders allocated half of their portfolios to Bitcoin, the report said.
- Retail traders showed a lower percentage of Bitcoin holdings, which could be linked to their higher leverage levels.
COP28 UAE
Global Fund to allot 70% of its funding to countries hit by climate change
Dubai, UAE--The Global Fund to Fight AIDS, Tuberculosis and Malaria (Global Fund) announced at COP28 that more than 70% of...
- Peter Sands, of the Global Fund, said the fight against deadly infectious diseases "must go hand in hand with addressing climate change”
- The fund will also invest over US$2.9 billion over the next three years in the 50 most climate-vulnerable countries to strengthen health systems