Sovcomflot 2023 net profit $900m  Â
In 2023, the firm demonstrated strong financial results.
Business
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
Business
Vodafone Qatar profit up 61%
Net profit for H1 2022 reaches $60 million.
- The increase in profit is mainly due to growth in earnings before finance, tax, depreciation and amortization
- Vodafone Qatar commenced commercial operations in 2009 with a capital of QR 4.277 billion
Dubai marine service to enhance maritime sector efficiency
The service aims to establish a unified civilian entity affiliated with the DMCA, Dubai Municipality and Dubai International Marine Club.
- The service aims to establish a unified civilian entity affiliated with the DMCA, Dubai Municipality and Dubai International Marine Club
- Dubai Maritime City Authority said the purpose of Marine Assistant service was to develop a system that enhances the efficiency and competitiveness of Dubai’s maritime
Business
DIFC unveils wealth center
The center will be a hub for high-net-worth individuals.
- The center will look to provide advisory and concierge services, education and training, outreach and high-end networking, besides undertaking research and issuing publications
- Tarek Hajjiri, CEO for the new project, said that the new center will play a unique role in guiding family businesses in relation to governance, succession, ownership, wealth
Economy
Ajman records 13% growth in certificates of origin during H1, 2022
Abdullah Al Muwaiji, Chairman of the ACCI, said that the export growth in Ajman was supported by the advanced infrastructure...
- Abdullah Al Muwaiji, the ACCI Chairman, said that the export growth in Ajman was backed by the advanced infrastructure
- ACCI has issued a set of commercial reports to its members, traders, and industrial business owners, to identify export opportunities available in global markets
Geostrategy
UAE, Germany to cooperate in ecotourism, environment conservation
UAE and Germany have reviewed cooperation on biosphere reserves, ecotourism, and environmental conservation. A delegation from the German Development Cooperation...
- AE’s Ministry of Climate Change and Environment (MOCCAE), represented by its Biodiversity Department, shared insights on ecotourism prospects with a German delegation.
- The ministry explored collaboration to control marine pollution and promote sustainable aquatic environment.
Company News
Musabbeh Al Kaabi to join ADNOC
Business
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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.