EDGE, Brazilian Army to establish cyber defense center in Brazil
Dubai, UAE -- EDGE Group and the Brazilian Army will establish a Cyber Defence Centre of Excellence in Brazil, the...
Business
Iran dismisses new US sanctions threat as ‘same movie’ amid escalating economic war
Araghchi’s comments came as Washington signalled that its next round of measures would go beyond targeting Iran itself, potentially placing...
Geostrategy
Business
Borouge full-year net profit $1bn
The firm posted third consecutive rise in quarterly earnings.
- Borouge management intends to distribute 15.9 fils per share in dividends for the full year 2024, equating to a 6.6 percent current dividend yield.
- Fourth quarter revenue reached $1.5 billion, unchanged quarter-on-quarter and declining 6 percent on a year-on-year basis on weaker global demand.
Business
Middle Eastern carriers record 1.6% increase in air cargo demand: IATA
Geneva, Switzerland -- Middle Eastern carriers reported a 1.6 percent increase for global and international demand in 2023 compared to 2022...
- In December, airlines in the region posted an 18.3 percent increase in demand for both global and international operations compared to 2022.
- Global full-year demand in 2023, measured in cargo ton-kilometers (CTKs), was down 1.9 percent compared to 2022 (-2.2 percent for international operations).
Business
CBD posts record net profit of $721m
The bank has proposed record cash dividend of 44.38 fils per share.
- Operating income was AED 4.93 billion, up 29.5 percent attributable to higher net interest income and improved fee and commission income.
- The bank proposed record cash dividend of 44.38 fils per share. It added that higher market interest rates contributed to the increase in revenue.
Business
Oman and Etihad Rail Co, Al Jazeera Steel sign MoU for raw materials
Sohar, Oman -- Oman and Etihad Rail Company (OER), the developer and operator of the UAE-Oman Rail Network, and Al...
- Under the terms of the agreement, OER will leverage the UAE-Oman Rail Network to support Al Jazeera Steel in optimizing inbound and outbound logistics from its factories in Oman.
- Once fully operational, the UAE-Oman Rail Network will unlock efficiency in freight movement by reducing travel time between both countries.
Business
25,647 new economic licenses issued in Abu Dhabi in 2023, says ADDED report
ABU DHABI, UAE - The Abu Dhabi's “Business Activity Report” for the year 2023, issued by the Abu Dhabi Department...
- 24,143 commercial sector licences were issued in 2023, comprising 94.1 percent of the total.
- Active licences in Abu Dhabi rose to 143,617, a growth of 10.9 percent compared to the year 2022.
Business
Dubai Investments buys GFP stake
GFP secures nearly $60 million in equity financing to expand its network.
- GFP aims to create the leading fertility network in the region, and one of top 10 globally, according to a statement.
- Saudi Arabia will be the focus of the investment. GFP’s facility in Riyadh is currently under construction and is due to commence operations later this year.
Business
Qatar’s foreign merchandise trade surplus $5.13 billion in Dec 2023
Doha, Qatar - Qatar's foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus...
- The trade balance showed a decrease of about QR 9.5 billion, or 33.7 percent, compared to December 2022.
- The YoY decrease was mainly due to lower exports of Petroleum Gases and Other Gaseous Hydrocarbons.
Business
Egypt exploring dirham, rupee bond issue: Finance Minister
Hong Kong -- The Egyptian government is mulling over the possibility of issuing bonds for the first time denominated in...
- The move is part of the ministry's pursuit of a diversified financing strategy, encompassing multiple markets, investors and financing tools.
- He underscored the recent issuance of green bonds worth $750 million and sovereign sukuk worth $1.5 billion.
Business
QatarEnergy, Excelerate sign agreement
Under the 15-year deal, they will supply LNG to Bangladesh.
- Excelerate will purchase 0.85 MTPA of LNG in 2026 and 2027, and one MTPA from 2028 to 2040.
- Qatar is the largest LNG supplier to Bangladesh and aspires to continue being the LNG supplier of choice for partners in the South Asia LNG markets.
Business
Saudi Arabia launches global tourism campaign featuring Messi
Riyadh, Saudi Arabia -- Saudi Arabia's national tourism brand, "Saudi Welcome To Arabia," has launched a new global marketing campaign...
- The campaign, called "Go Beyond What You Think," aims to address misconceptions about Saudi Arabia and encourage people to experience the country's cultural transformation.
- The campaign launch coincides with Messi's upcoming return to Saudi Arabia, where he will play two matches with his club, Inter Miami, against Al Nassr and Al Hilal.
EDGE, Brazilian Army to establish cyber defense center in Brazil
Dubai, UAE -- EDGE Group and the Brazilian Army will establish a Cyber Defence Centre of Excellence in Brazil, the...
Business
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Saudi Arabia mandates tougher money laundering risk assessments
Dubai, UAE -- Saudi Arabia has updated the executive regulations of its Anti-Money Laundering Law, introducing stricter disclosure requirements for...
Business
US and Iran trade strikes again, threatening fragile ceasefire
US Central Command said American fighter jets struck 10 Iranian military sites in and near the Strait of Hormuz, while...
Geostrategy
Iran claims retaliation against US as Hezbollah protests Israel-Lebanon agreement
Tehran warned of broader retaliation if attacked again as Washington defended its military action, while unrest spread to Beirut after...
Geostrategy
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Business
SpaceX’s blockbuster IPO gives way to volatile trading as investors reassess valuation
Among the several factors that contributed to the volatility is the limited share float. Only around 4.2% of total shares...
- SpaceX shares trade around $157, above the $135 IPO price but well below the post-listing peak of about $226.
- The stock briefly became the world's fourth most valuable listed company, surpassing Amazon and Microsoft, before retreating.
Geostrategy
IAEA prepares to inspect Iran nuclear sites as US, Gulf states back Tehran accord
In Israel, Prime Minister Benjamin Netanyahu and Defence Minister Israel Katz said Israeli forces would remain indefinitely in what they...
- Wall Street Journal reported that the Pentagon is reviewing its military posture in the Middle East following recent Iranian strikes on U.S. facilities in the Gulf.
- U.S. Secretary of State Marco Rubio and Gulf Cooperation Council foreign ministers reaffirmed their backing for the U.S.-Iran agreement following a meeting on Thursday.
Business
Global equities, gold may extend gains in H2 2026 despite market risks: Standard Chartered
UAE and Middle East investors remain supported by stable oil markets, easing geopolitical risk premiums and strong liquidity, the bank...
- Bank forecasts S&P 500 reaching 7,950 and gold rising to $5,100 by mid-2027.
- Global equities have gained more than 12% this year, supported by earnings and AI optimism.