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
Air Arabia H1 profit $122.8m
More than 2.7 million passengers flew with Air Arabia from Mar-June.
- More than 5.2 million passengers flew with Air Arabia between January and June 2022 across the carrier’s five hubs.
- The company’s turnover for the second quarter of 2022 increased by 125 percent as demand for air travel increased.
Business
Saudi finance ministry partners with Al-Ahly to develop savings bonds
Saudi’s Ministry of Finance and the National Center for Debt Management has partnered with Al-Ahly Financial Company to develop and...
- Saudi Finance Ministry and National Center for Debt Management partner with Al-Ahly Financial Company.
- The deal between the two entities is aimed at promoting the culture of saving in the Kingdom.
Business
ADDED, EWEC sign MoU to improve sustainability, clean energy adoption
The Emirates Water and Electricity Company (EWEC) and the Abu Dhabi Department of Economic Development (ADDED) today signed a Memorandum...
- EWEC will collaborate with ADDED through the Industrial Development Bureau (IDB) to develop new solutions that will support the innovation of energy products.
- They will also lead the drafting of proposals to ensure ongoing improvements to the ecosystem, attract new investments and enable sustainable firms to thrive in Abu Dhabi.
Business
ADNIC H1 net profit $50m
The company's gross written premiums up by 20.9%.
- The company's net underwriting income stood at AED253.9 million, against AED280.3 million during 2021.
- ADNIC's net investment and other income were AED62.0 million, compared to AED87.3 million last year.
Business
Salam International H1 net profit $8.6m
The profit dropped by 3.21 percent compared to H1 2021.
- In a bourse filing on Tuesday, the company said the Earnings per share (EPS) amounted to QR 0.027 versus QR 0.028 for the same period of 2021.
- brokerage firm Dlala Holding posted a net profit of QR 4.943 million for the first half of 2022.
Kuwait stresses nuclear weapons-free Middle East
Kuwait underscored the significance for Israel of joining the treaty since it is the only party in the region that...
- Kuwait underscored the significance for Israel of joining the treaty since it is the only party in the region that did not join
- Al-Dai called for abiding by the outcomes of the conferences of 1995, 2000 and 2010 mainly those related to the free Middle East of nuclear weapons
Business
UAE and UK partner to boost Senegal’s emergency response
Etihad Credit Insurance (ECI) and UK Export Finance (UKEF) have partnered to boost Senegal's national emergency response infrastructure.
- Under the $147 million Redco Project Senegal, the country will receive fire fighting vehicles, airport firefighting and rescue vehicles, ambulances and medical vehicles
- Etihad Credit Insurance in partnership with UKEF has provided guarantees for the loan obtained by the Senegal Ministry of Economy, Planning and Cooperation
Business
SAR passenger numbers rise
More than 2.3m passengers used Saudi Railways in H1.
- The company said that the freight service also contributed to the removal of more than 871,000 trucks from the roads
- Saudi Railways CEO said results are reflective of the high-quality service and emergence of Saudi railways as a reliable transportation option
Business
Doha Bank raises non-Qatari ownership threshold to 100%
Doha Bank, a Qatari public shareholding company, announced it after having earned all necessary approvals
- Doha Bank, a Qatari public shareholding company, announced it after having earned all necessary approvals.
- The change has been made at the Qatar Central Securities Depository with immediate effect, the bank said in a statement
Business
Barwa records rise in profit
The net profit posted 0.73% jump to $147.25m in H1.
- The developer's earnings per share (EPS) amounted to QR 0.138 versus QR 0.137 for the same period of 2021
- Barwa, founded in 2005, established itself as one of the pioneering companies operating in real estate sector in Qatar with a total capital hovering around $1.68 billion
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Geostrategy
ADFD finances US$30m sustainable water project in Mauritania
ABU DHABI, UAE - Abu Dhabi Fund for Development (ADFD) has signed an agreement with the government of Mauritania to...
Geostrategy
UAE Federal Treasury Sukuk Program appoints ADIB as primary dealer
ABU DHABI, UAE - Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has been appointed as a primary...
Economy
Iraqi PM, Lebanese minister discuss economic cooperation
BAGHDAD, IRAQ - Iraq Prime Minister Muhammad Shia'a Al-Sudani said that the country is continuing regional economic communication. A statement...
Geostrategy
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Business
UAE delegation explores investment opportunities in US
“The United States is a long-standing trade and investment partner for the UAE – and an important ally in the...
- The delegation held multiple meetings with leading Austin-based start-ups, deploying technologies such as AI, blockchain and quantum computing.
- UAE minister Thani bin Ahmed Al Zeyoudi highlighted UAE’s unique innovation ecosystem during his meetings with US businesses.
Geostrategy
Iran, Syria pledge to strengthen ties, develop economic relations
During late-night talks Thursday, Raisi and his Syrian counterpart Bashar al-Assad discussed "ways to develop and strengthen bilateral relations" and...
- Tehran has been a key ally to Damascus throughout Syria's long-running war, offering vital economic and military assistance.
- Raisi concluded his two-day trip early Friday and had described the visit as a "turning point" in the neighbors' bilateral relations.
Geostrategy
UAE, Switzerland discuss enhancing bilateral relations
BERN, SWITZERLAND - The UAE discussed bolstering strategic relations and cooperation in various development, economic and financial fields of common...
- A UAE minister said financial dialogue offers opportunities for collaboration between both countries to achieve further growth and prosperity.
- He also mentioned that the global economy went through fast developments since both parties last met in Abu Dhabi in March 2022.