Two-State solution nearing point of no return: UN chief
He renewed calls for an immediate and lasting ceasefire, the unconditional release of all hostages, and full humanitarian access. He...
Geostrategy
Travel and tourism sector contributes 11.4 percent to Gulf’s GDP
Muscat, Oman --Â Travel and tourism sector's contribution to the Gulf's GDP by the end of 2024 reached approximately 11.4 percent,...
Business
First Abu Dhabi Bank Group net profit for nine months of 2022 $2.96 billion
The bank said impairment charges were AED1.7 billion, 11 percent lower YOY.
- The bank said that the total income reached AED18 billion, up 13 percent yoy, driven by 18 percent growth in net interest income.
- Total income for the nine months includes an AED3.1 billion net gain on the sale of a stake in Magnati.
Geostrategy
Aramco chief at FII6: World needs realistic, optimal energy transition plan
"The current transition plan isn't working. We are still dependent on coal. We need to have a new consensus on...
- Lord Adair Turner, chair of the Energy Transitions Commission, said Europe was burning more coal this year as it is shot of gas, but transition towards renewables is ongoing.
- Saudi Finance Minister Mohammed Al Jadaan said there is more thinking about renewable energy and a realization that the transition to renewables is not going to take place soon.
Economy
Early preparations put GCC in better place to face tough economic conditions: Saudi finance minister
Saudi Arabia has prepared for years for the conditions that the world is witnessing, which enabled it to be in...
- Saudi Arabia has prepared for years for the conditions that the world is witnessing, which enabled it to be in a better status than many other countries, says Al-Jadaan in Riyadh
- Saudi Arabia is mobilizing the capabilities of multilateral development institutions to ensure support for regional countries, the Kingdom's Finance Minister added.
Business
CMA approves 18 listings on Tadawul
Tadawul is also developing a market marker for the bourse.
- According to Mohammed al-Rumaih, CEO of Tadawul, the Capital Market Authority has approved 18 listings through 2022
- The number surpasses the 2021 figure, which saw 21 listings, as well as the number witnessed in 2020, when the market recorded only eight listings
Business
Inditex sells Russian business to Middle Eastern Daher Group
Inditex closed its over 500 stores in Russia in March.
- Following Moscow's invasion of Ukraine on February 24 and Western sanctions, Inditex closed its over 500 stores in Russia in March
- The UAE and a number of other Gulf and Asian countries are regarded by the Kremlin as friendly states, and their companies are encouraged to conduct business in Russia
Business
Mashreq posts net profit of US$708m
The embrace of digital services by it customers drove growth.
- Its operating income has increased by 24.3 percent over the previous year to $1.44 billion
- The operating profit at $871 million represents a 33.2 percent increase compared to the same period of 2021
Economy
‘World Cup is crucial — both economically and culturally — and Qatar is ready to prove itself’
Qatar is currently more like a workshop of preparation and equipping, in which Qataris and residents have engaged. Brotherly and...
- Qatar's GDP during the first half of this year increased by 4.3%, supported by a 7.3% growth rate of the non-oil sector
- The hike in energy prices turned a projected budget deficit at the beginning of the year into a surplus of about QAR 47.3bn in H1
Business
Al Seer Marine buys large crude carriers
The firm's total VLCC fleet value is now $245 million.
- VLCC Acrux (previously Elandra Everest) is the name of the third VLCC vessel Al Seer Marine has taken delivery of in October 2022.
- In addition to the three VLCCs, Al Seer Marine recently acquired two liquefied petroleum gas (LPG) tankers valued at US$70 million.
Economy
‘UAE government revenues rose by 26% in 2021’
ABU DHABI, UAE - In the UAE the revenues at the federal level increased by 26 percent from US$100 billion...
- Social contributions in the UAE also rose from US$3.5 billion (AED12.9 billion) in 2020 to $3.6 billion (AED13.5 billion) in 2021.
- The value of other revenues increased by 24 percent from $55.4 billion in 2020 to $68.5 billion in 2021.
Business
ADIB posts $272m net profit
The year-on-year growth in net profit was 53% for the first nine months of 2022.
- Revenue for the first nine months of 2022 improved 10 percent to AED4,516 million compared to AED4,093 million last year.
- This was driven by a 22 percent increase in fees and commissions and a 10 percent growth in funded income to AED2,802 million.
Two-State solution nearing point of no return: UN chief
He renewed calls for an immediate and lasting ceasefire, the unconditional release of all hostages, and full humanitarian access. He...
Geostrategy
Company News
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ICIEC, SAPICO ink pact
Business
Blinken calls on Israel to stop settler violence in West Bank: Report
Israeli settler violence has increased significantly since the outbreak of the ongoing Israeli genocide campaign in Gaza, rising from an...
Geostrategy
$5.8bn worth deals signed in first four days of Dubai Airshow 2023
DUBAI, UAE – Tawazun Council signed 16 deals, worth US$1.3 billion (AED 4.87 billion), with local and international companies on...
Business
UAE defense ministry orders 100 REACH-S unmanned aircraft from EDGE
DUBAI, UAE - EDGE, one of the world's leading advanced technology and defense groups, announced its first major order from...
Business
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Geostrategy
Saudi Arabia, CARICOM countries hold first summit for strategic partnership
RIYADH, SAUDI ARABIA - Since its foundation, the Kingdom has been keen to build bridges of communication with all the...
- The convening of the summit will contribute to mutual support for various global nominations of the Kingdom and CARICOM, including Saudi Arabia's bid to host Expo 2030.
- It will enhance coordination on regional and international issues of common interest, boosting tourism cooperation, and highlighting Saudi Arabia's tourist attractions.
Business
UAE warns of visa ban over job loss insurance fines
ABU DHABI, UAE - Some employees who failed to meet an October 1 deadline to sign up to the UAE's...
- Subscribers to the unemployment insurance scheme can make a single payment to cover the year's subscription or quarterly or monthly payments.
- The policy aims to provide a vital safety net for workers in the public and private sector if they lose their job.
Business
Mawani, CMA CGM Group lay foundation for logistics park at Jeddah Islamic Port
RIYADH, SAUDI ARABIA – The Saudi Ports Authority (Mawani) and CMA CGM launched on Wednesday a new logistics park at...
- The new logistics park will offer solutions and integrated environmental services and systems.
- It will offer an export center, storage and sorting services and refrigerated storage services.