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flydubai net profit $572m
This is the carrier's strongest-ever performance.
- The company's total annual revenue settled at AED11.2 billion ($3 billion) compared to AED9.1 billion ($2.5 billion) in 2022, an increase of 23 percent compared to 2022..
- flydubai carried 13.8 million passengers across its network, an increase of 31 percent compared to 2022. The carrier took delivery of 13 new aircraft and ended 2023.
Economy
WTO meet in UAE to discuss decentralization of global supply chains
WTO Director-General Ngozi Okonjo-Iweala. told WAM that many global private-sector investors are currently focused on the 'China+1' model, pairing China...
- To build resilience, the private sector has to consider investing in developing countries with the right investment environment as they reshape their supply chains.
- Around 164 nations and trading blocs will participate in the Ministerial Conference, the WTO's top decision-making body, in Abu Dhabi from 26-29 Feb.
Business
EDGE Group, Fincantieri launch multi-billion dollar joint venture
Abu Dhabi, UAE -- EDGE, an advanced technology and defense groups, and Fincantieri, one of the largest shipbuilding companies in...
- EDGE will hold a 51 percent stake in the venture, which has a commercial pipeline valued at approximately 30 billion euro ($32 billion).
- The JV will concentrate on sales, commercial operations, and engineering for design and service, taking charge of developing shared intellectual property.
Business
Mobily 2023 profit up 35%
The company's Q4 2023 net profit surged 23%.
- The positive performance was driven by the increase in revenue across all segments and expanding customer base.
- Mobily recorded an increase in the EBITDA by 7.22 percent to SAR 6.62 billion in 2023, compared to SAR 6.17 billion in the prior year.
Science
Saudi varsity enters Guinness records for world’s largest dental hospital
Riyadh, Saudi Arabia -- King Saud University (KSU) has achieved a new global milestone by entering the Guinness World Record...
- The King Saudi University dental hospital has a total area of 37,165 square meters.
- The university's medical city provides treatment services through its three campus hospitals and eight affiliated centers of excellence.
Geostrategy
US draft UNSC resolution supports temporary Gaza truce: Report
Dubai, UAE -- The United States has proposed a rival draft resolution at the United Nations Security Council, emphasizing its...
- The proposed resolution echoes the language US President Joe Biden's said he used in his recent discussions with Israel's Prime Minister Benjamin Netanyahu.
- Washington has been hesitant to use the term "ceasefire" in UN actions regarding the Israel-Hamas conflict and shielded Israel from UN action.
Business
SIB approves 10% cash dividend
The bank appointed Dr Al Saadi as Sharia Supervisory Committee member.
- Al Owais said SIB posted a net profit of AED851.5 million, an increase of 31 percent compared to AED650.9 million in 2022.
- He added that net operating profits saw an increase of 29 percent to reach AED1.3 billion, compared to AED1.0 billion for the previous year.
Arts & Culture
London hosts showcase for world’s biggest grand opera in Arabic
London, United Kingdom -- The production operations of Zarqa al-Yamamah Opera, the first grand opera to be produced by Saudi Arabia...
- The Zarqa al-Yamamah Opera is set to begin in Riyadh in mid-April and extend to multiple local and international performances.
- Zarqa Al-Yamamah is a legendary character in Arab history during the pre-Islamic era.
Business
solutions to pay 60% cash dividend
The company posted a 13 percent rise in net profit for 2023.
- The profit increase was mainly due to the SAR 587 million uptick in gross profit, as revenues grew year-on-year (YoY) by 25.4 percent.
- In Q4 2023, net profit fell 17.8 percent to SAR 162 million from SAR 197 million in Q4 2022.
Business
Tabreed 2023 revenue up 9%
The company reported a net profit of $204 million.
- Tabreed’s Board of Directors has recommended a record high dividend payment of 15.5 fils per share in cash.
- Net cash from operating activities totaled AED 1.31 billion in 2023 (AED 1.35 billion in 2022), while free cash flows increased by 8 percent to AED 1.21 billion.
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Media’s Role in the Age of Algorithms
In a world where 5 billion people are active on social media, our digital voices shape culture, foster belonging, and...
Opinion
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Hackers stole US$2.2bn in crypto through 2024, Chainalysis Research
Crypto hackers stole US$2.2bn worth of crypto. This amount was a 21 percent yoy increase, the fourth consecutive year they...
Coal use at record high in 2024, the world’s hottest year: IEA
Paris, France -- World coal use is set to reach an all-time high in 2024, the International Energy Agency said Wednesday,...
Geostrategy
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Business
Ras Al Khaimah tourism sector contributes 5 percent to GDP: Official
Ras Al Khaimah: Ras Al Khaimah seeks to welcome 3.5 million tourists annually by 2030, says Raki Philipps, CEO of Ras...
- The tourism sector's contribution toward GDP is expected to rise to one third by 2030, says CEO RAK Tourism Development Authority Raki Phillips.
- Ras Al Khaimah includes over 38,000 companies across more than 50 sectors, with businesses from over 100 countries.
Business
Vegetable oil pushes global food prices to seven-month high in Nov
Rome, Italy -- The benchmark for world food commodity prices rose in November to its highest level since April 2023,...
- Global palm oil prices climbed further amid concerns about lower-than-expected output due to excessive rainfall in Southeast Asia.
- The Sugar Price Index decreased 2.4 percent, influenced by harvest activities in India and Thailand and improved sugarcane crop prospects in Brazil following recent rains.
Business
ADNOC signs deal with PETRONAS
Under the agreement, ADNOC will supply 1m tons of LNG per year.
- The LNG will primarily be sourced from the Ruwais LNG project, which is currently under development in Al Ruwais Industrial City, Abu Dhabi.
- Deliveries are expected to start in 2028 upon commencement of its commercial operations.