MENA brief Jun 11: Umrah returns, ADGM surges, Abu Dhabi property market up
China has extended visa-free entry for up to 30 days to citizens of Saudi Arabia, Oman, Kuwait, and Bahrain—boosting bilateral...
Geostrategy
New WEF report reveals how tech convergence will reshape industries
Geneva, Switzerland – The World Economic Forum today released a new report examining how emerging technology combinations are reshaping industries...
Geostrategy
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.
Business
Yahsat reports double digit revenue
The company posted an EBITDA of $189 million.
- The company also announced a normalised net income of $76 million, up 39 percent year-on-year
- It also posted an adjusted EBITDA of AED694 million ($189 million), up 10 percent year-on-year
Business
BinDawood’s profit falls by 74%
Its net profit tumbled to $16m in first nine months.
- The company attributed the weak figures to lower gross profit and higher operating expenses combined
- For the third quarter of the year, BinDawood accrued losses of $12.80 million from profits of $18.66 million in the same period of last year
Business
Al-Othaim’s profit up by 436%
Its profit rose to $235m in the first nine months of 2022.
- The company’s share price went up 1.57 percent to SR116.80, after releasing its earnings report on Monday
- Thanks to a 13 percent increase in revenue to $1.86 billion, the retailer’s profit surged 486 percent from $40 million in the same period last year
MENA brief Jun 11: Umrah returns, ADGM surges, Abu Dhabi property market up
China has extended visa-free entry for up to 30 days to citizens of Saudi Arabia, Oman, Kuwait, and Bahrain—boosting bilateral...
Geostrategy
Company News
Latest News
Russia, Saudi say sovereign Palestine state vital for regional peace
RIYADH, SAUDI ARABIA – Russia and Saudi Arabia expressed concern on the present situation in Gaza and said that a...
Geostrategy
Mideast ministers met with Joly, Trudeau in Ottawa to discuss Israel-Hamas war
OTTAWA, CANADA — A group of foreign ministers from the Palestinian Authority, Saudi Arabia and Turkey met Canadian Foreign Affairs...
Geostrategy
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Geostrategy
Russia’s Putin offers assistance in Gaza Strip de-escalation
MOSCOW, RUSSIA - Russian President Vladimir Putin has offered assistance in helping to deescalate the tense situation in the Gaza...
- This offer was made during a telephonic conversation between Russian President Vladimir Putin and Israeli Prime Minister Benjamin Netanyahu.
- The two leaders discussed continued cooperation regarding the evacuation of Russian nationals and family members from the region.
Geostrategy
Joint ministerial committee meets US secretary of state
Washington, US – A committee of the Joint Arab-Islamic Extraordinary Summit under the chairmanship of Prince Faisal bin Farhan bin...
- A ministerial committee led by Saudi foreign minister holds discussions with US Secretary of State.
- The committee asked the US to influence Israel and called for an immediate ceasefire in Gaza.
Geostrategy
IMF, UAE, other countries meet on anti-money laundering, counter terrorism financing
ABU DHABI, UAE - International Monetary Fund (IMF), in collaboration with the UAE Executive Office of Anti-Money Laundering and Counter...
- Participants from 15 countries and organizations took part in the meeting.
- They agreed on strong collaboration among AML/CFT supervisory agencies.