Saudi Arabia’s travel account surplus reaches nearly $13.27bn
Riyadh, Saudi Arabia -- Saudi Arabia's tourism sector achieved a record surplus in the 2024 travel account, reaching SAR49.8 billion...
Business
Borouge proposes share buyback
The company had posted a 24% YoY increase in net profit to $1.24bn.
Business
Economy
Global tourism now at around 70% of pre-pandemic levels: UNWTO
“Our job is to create jobs,” UNWTO Secretary-General Zurab Pololikashvili told tourism sector leaders at the World Travel Market.
- “Our job is to create jobs,” UNWTO Secretary-General Zurab Pololikashvili told tourism sector leaders at the World Travel Market
- The WTM offers a platform for public and private sector leaders, addresses tourism’s most pressing issues and sets the agenda for the years ahead
Business
Saudi signs agreements with Oman, Egypt to boost energy ties
Sharm el-Sheikh, Egypt—Saudi Arabia has signed two separate agreements with Oman and Egypt to boost ties in the energy field....
- The MoU between Saudi Arabia and Oman also includes cooperation on hydrogen as well as enhancing digital transformation in the energy field
- The Saudi-Egypt deal aims to enhance cooperation in the production and export of electricity from renewable energy, transport of clean hydrogen, and electrical interconnection
Business
UAE, Jordan and Israel advance Project Prosperity
The three nations vow to advance clean energy and sustainable water desalination projects announced last year, while UAE, Indonesia unveil...
- The three nations vow to advance clean energy and sustainable water desalination projects announced last year, while UAE, Indonesia unveil Mangrove Alliance for Climate at COP27
- Led by the UAE and Indonesia, the MAC initiative seeks to scale up and accelerate the conservation and restoration of mangrove ecosystems for the benefit of communities worldwide
Arts & Culture
UAE views creativity through the lens of openness
"While living in Dubai, and through my performances in the UAE, I found that the culture of tolerance here is...
- The UAE’s far-sighted and rhythmic alignment with others has a great impact on the intercultural convergence it has made possible across creative sectors
- The country threw up a new model to catalyze creative growth in the music scene, through its ‘jazzy’ venture to provide a conducive environment
Business
Zain Group 9M net profit $492m
Revenue was up 12% to reach $4.2 billion for the same period.
- An interim cash dividend of 10 fils, totaling $140 million was distributed in September 2022.
- The company added 3.5 million active subscribers to a total of 52 million customers, a 7 percent year-on-year growth.
Geostrategy
Jordan imported 405k barrels of Iraqi crude in October
AMMAN, JORDAN - Jordan imported about 405,550 barrels of crude oil from Iraq in October, an average of 13,000 barrels...
- Jordan had imported roughly three million barrels of Iraqi crude from September 2021 to October 2022.
- The crude oil was transported by 11,565 Jordanian and Iraqi tanker trucks.
Geostrategy
UAE, Russia discuss ways to bolster medical collaboration
DUBAI, UAE - UAE's Ministry of Health and Prevention (MoHAP) discussed with the Russian Ministry of Industry and Trade ways...
- The two sides discussed ways to encourage more Russian companies to transfer some of their production lines to the UAE.
- The two sides discussed exchange of medical expertise and ways to expand partnerships in the pharmaceutical sector between UAE and Russia.
Business
Ahlibank 9M net profit $65m
Customer deposits up by 9.2% to reach $5.79 bn.
- Net loans, advances and financing grew by 7.3 percent, reaching RO 2.538 billion.
- The bank's operating income and expenses also increased to the tune of 13 percent (RO 67.93 million)
Business
ADNIC 9M net profit $72m
Net investment and other income reached AED93.8m.
- Sheikh Mohamed bin Saif Al-Nahyan, Chairman of ADNIC, said ADNIC's gross written premiums growing by 32.4 percent to AED4.29 billion.
- "The performance was driven by robust growth in the commercial division of 50.7 percent, and stable growth in consumer lines of 10 percent," he said.
Geostrategy
UAE-India manpower technical panel discuss collaboration
DUBAI, UAE - The UAE-India joint technical committee for manpower held its first meeting where it explored areas of collaboration...
- Both parties highlighted their keenness to enhance cooperation to ensure a safe, organized and legal transition of Indian laborers.
- The UAE delegation presented key insights on its job market, which is one of the preferred global destinations for work.
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Saudi Arabia’s travel account surplus reaches nearly $13.27bn
Riyadh, Saudi Arabia -- Saudi Arabia's tourism sector achieved a record surplus in the 2024 travel account, reaching SAR49.8 billion...
Business
Company News
Latest News
Mumtalakat, Investcorp ink pact
The firms have jointly launched a climate investment platform.
Business
Astra Tech to launch financial services powered by AI in 2024, says CEO
ABU DHABI, UAE - CEO and Co-Founder of Astra Tech Abdallah Abu-Sheikh said that the company will launch its first...
Business
58% of firms in Saudi Arabia plan to outsource cybersecurity
RIYADH, SAUDI ARABIA - Company bosses are boosting their cybersecurity following an alarming increase in cyberattacks, a new study commissioned...
Business
Most Read
Geostrategy
Debt Settlement Fund waives default loans worth over US$107m in UAE
DUBAI, UAE - The Citizens Debts Settlement Fund announced the exemption of 1,244 citizens from their debts with a total...
- The settlement of debts is subject to specific and strict laws and standards regarding the quality of loans and their areas of expenditure.
- Officials of banks, financial institutions and national companies expressed their pleasure and pride in taking part in this national initiative.
COP28 UAE
Rising global temperatures in focus as COP28 kicks off in Dubai
Dubai, UAE--Rising sea levels, vanishing Arctic landscapes, fading coral reefs, acidic oceans, and raging forest fires are common occurrences today....
- Climate change and the El Niño weather pattern, according to many scientists, are to blame for the recent record-breaking temperatures around the world
- According to UN Secretary General António Guterres, people around the world experienced “hell" in countries such as Egypt, France, Greece, and India
Business
UAE presents its maritime contributions at IMO meet in UK
DUBAI, UAE - Presenting its category B candidacy in the International Maritime Organization (IMO) Council at the organization’s focus group...
- The UAE’s strategic location at the crossroads of global shipping routes has enabled it to become a central maritime hub in the world.
- The country has strived to achieve continuous development in the maritime industry, which is a key pillar of its national economy.