UAE launches first legally established financial ombudsman unit
Abu Dhabi, UAE – Sanadak, UAE's and MENA region's first legally established independent Ombudsman Unit catering to consumers of financial...
Business
Business
Halwani Bros’ profit falls by 65%
The profit fell to $5m in HI due to rising cost of raw materials.
- The food company said the devaluation of the Egyptian currency also weighed on profits from its subsidiary in Egypt
- The rising raw material costs and increased marketing costs due to global inflation were also responsible for weaker financial results
Economy
World Green Economy Summit in Dubai supports UAE COP28
Since its launch in 2014, the WGES has succeeded in galvanising global efforts to promote the shift towards a green...
- Since its launch in 2014, the WGES has succeeded in galvanising global efforts to promote the shift towards a green economy
- The WGES also plays a key role in supporting the UAE’s outstanding climate action efforts and its commitment to sustainability
Business
Saudi Arabia’s Kingdom Holding to invest $3.4bn in next 3 years
The company completed its earlier investment program during the period between the second quarter of 2020 and Q2 2022.
- The company completed its earlier investment program during the period between the second quarter of 2020 and Q2 2022
- It invested in diverse sectors with a proven track-record of growth and strong financial position
Economy
Egypt to issue international bonds worth $6 billion
More than a year after it issued bonds for the Japanese market, Egypt intends to issue another tranche of international...
- Egypt offered $500 million worth international bonds for the first time denominated in the yen in the Japanese market
- Egypt plans to obtain external financing by about $7.62 billion, which means an increase in the volume of external financing by about 87 percent over last year
Business
Sharjah unveils ‘Holiday Homes Project’ to boost economy
The first phase of the project includes organizing field visits and inspection campaigns, as well as electronic or digital follow-up...
- SCTDA has mandated that the residential units be rented out on a rotational basis, regularly.
- The project will also empower prospective users with a new source of income recognized by the Government of Sharjah
Business
GIG H1 net profit $48.9 million
Improvement in underwriting and investment push profits up.
- The company said the rise in net profit was due to the improvement in the Group’s underwriting and investment performance compared to the same period last year.
- The total assets for the first half of the current year reached KD 1.34 billion, compared to KD 0.8 billion, an increase of 67.3 percent.
Economy
In Dubai 305m riders use public transport in H1 2022
Dubai’s Roads and Transport Authority (RTA) announced that the number of riders using public transport and shared mobility clocked nearly...
- The number of riders using public transport was 36 percent for Dubai Metro and 29 percent for taxis
- March 2022 was the busiest of all months recording 62 million riders
Economy
Electronic payments overtake cash in Saudi Arabia in 2021
The Saudi Central Bank (SAMA) said a study revealed that electronic payments increased from 44 percent in 2019 to 62...
- The Saudi Central Bank said a study revealed that electronic payments increased from 44 percent in 2019 to 62 percent by volume in 2021
- In the business sector, the share of electronic payments reached a substantial 84 percent of all payments in 2021
Business
AD Ports Group Q2 net profit $81.67m
The year-on-year growth in net profit was 59 percent.
- Capex reached AED 1.6 billion, in line with the Group’s capital investment plans to spend more than AED 15 billion across all clusters over the 2022-26 period, the statement said.
- Container volumes grew by 30 percent YoY while Ro-Ro and cruise passenger volumes continued their healthy recovery post COVID-19 disruptions.
Business
NADEC records $11m profit
The jump in profit was driven by growth in sales of dairy.
- There was a 21 percent revenue increase due to a high growth in sales of dairy and food processing
- The company had posted losses of $2.9 million in the same period last year
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UAE launches first legally established financial ombudsman unit
Abu Dhabi, UAE – Sanadak, UAE's and MENA region's first legally established independent Ombudsman Unit catering to consumers of financial...
Business
Company News
Dubai Islamic Bank lists sukuk
Business
Latest News
Khalifa Fund partners with Wio Bank
Wio will offer Khalifa members full digital account onboarding.
Business
DMCC to open office in Mumbai for Indian firms to expand through Dubai
Leveraging DMCC’s strong regulatory framework and reputation within Indian business circles, the office will provide a one-stop solution for Indian...
Business
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Economy
WEF meet to shed light on global economic transformation
Geneva, Switzerland - The 14th World Economic Forum (WEF) Annual Meeting of the New Champions is scheduled to take place...
- The meeting will tackle key issues concerning global companies and create and strengthen partnerships focusing on generating a positive impact.
- More than 1,500 leaders from business, government, and other global firms, along with innovators and academics, are expected to participate.
Business
ICIEC inks deal with SNB
ICIEC is world's only multilateral Islamic insurance firm.
- DCIP is a non-payment insurance policy against the default of issuing banks to meet their obligations under an irrevocable letter of credit.
- DCIP supports the potential of SNB to provide confirmation lines to various issuing banks in Saudi Arabia or ICIEC member states.
Science
Masdar, IRENA ink pact on tripling global renewable energy capacity by 2030
ABU DHABI, UAE - Masdar has signed an agreement with the International Renewable Energy Agency (IRENA) to cooperate on a...
- The main objective of the project is to establish a global baseline for renewable energy.
- The project will also highlight the challenges faced by different regions in meeting their renewable energy ambitions.