Sovcomflot 2023 net profit $900m  Â
In 2023, the firm demonstrated strong financial results.
Business
Qatar real estate trading volume amounts to US$382m in February 2024
DOHA, QATAR – The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at...
Business
Economy
Qatar’s central bank’s foreign currency reserves hit $58bn in July
Qatar Central Bank’s (QCB) foreign currency reserves and liquidity increased 2.79 percent to reach QR 211.32 billion ($58bn) in July...
- The rise in reserves driven by an increase in the central balances of bonds and foreign treasury bills.
- The reserves consist of four categories: foreign securities, balances with foreign banks, gold, and Special Drawing Rights (SDR).
Business
Jordan’s online payment system records transactions worth $13.4bn
Online bill payments through National Electronic Payment System in Jordan surged 27 percent in 2021 to JD 9.5 billion ($13.4bn)....
- Mobile phone payments increased 107 percent in volume with 25 million transactions.
- Payment and electronic money transfer firms issued around 148,000 credit and prepaid cards.
Business
Gender gap narrows in account ownership
This expansion created new economic opportunities, narrowing the gender gap in account ownership, and building resilience at the household level...
- Two-thirds of adults worldwide now make or receive a digital payment, with the share in developing economies grew from 35% in 2014 to 57% in 2021
- The gender gap in account ownership has narrowed, helping women have more privacy, security, and control over their money, latest surveys highlight
Economy
Total assets of UAE national banks at $816b in Jan to May 2022
Total assets of the 22 national banks rose to US$816.8 billion (AED 3.023 trillion) in the first five months of...
- Total assets of the 22 national banks rose to US$816.8b (AED 3.023 trillion) in the first five months of 2022, up four percent
- Assets of national banks accounted for 87.8 percent of gross banking sector's assets of US$937 billion (AED 3.442 trillion)
Videos
UAE ahead of US, UK as millionaire destination
The Ukraine conflict has triggered the biggest immigration of high-net-worth Russians, many of whom are likely to move to the...
- Destinations such as Australia, Singapore, Israel, Switzerland, the United States, Portugal, Greece, Canada and New Zealand are behind UAE as preferred millionaire destinations.
- Henley Global Citizens Report estimates that 15,000 High Net Worth Individuals could leave Russia by the end of this year.
Economy
Amman Chamber members’ exports rise by 57 percent in 7 months
Exports by member firms of the Amman Chamber of Industry (ACI) increased by 57 percent during the past seven months,...
- Media reports said exports spiked to JD4.159 billion ($5.86 billion) during the past seven months of the year, compared to JD2.656 billion in the same period of 2021.
- Jordanian industries can access more than 142 markets around the world through the export of 1,400 commodities.
Business
Sulaiman Group’s profit soars
The hospital operator's profit jumps to $210m in H1 of 2022
- The company's revenue posted 16 percent jump to $1.06 billion for the six months period ended 30th June 2022
- The hospital operator's board recommended distributing $80 million in dividends at SR0.86 per share during the second quarter of 2022
Videos
Ways of digital banking in Middle East
The establishment of over 40 financial free zones in the UAE has encouraged innovation in digital banking. The fintech market...
- Banking that is done through the digital platform without any paperwork is referred to as digital banking.
- Increased efficiency, cost reduction and increased accuracy are some of the advantages of digital banking.
Business
Pacts boost presence of Saudi-made products on market shelves
Saudi authorities have signed agreements with big retail stores in the kingdom to promote the ‘Made in Saudi Arabia’ program,...
- Under the agreements, signed by Saudi Exports Development Authority, large stores allocate platforms and outlets for Saudi-made goods.
- Saudi products displayed in some retail stores in the local markets amount to account for 70 percent of more than 128,000 items.
Business
Qatar records 19% jump in international tourist arrivals
Qatar has seen a nineteen percent increase in tourist arrivals with 729,000 visitors coming to the country in the first...
- In June alone some 149,000 visitors came to the country, marking the highest arrivals in the summer month in the last 5 years
- Qatar will unveil some 50 hotels by the end of the year, besides launching several tourism attractions such as kite beach resorts and Lusail Winter Wonderland
Sovcomflot 2023 net profit $900m  Â
In 2023, the firm demonstrated strong financial results.
Business
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Arts & Culture
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...
Geostrategy
Sharjah okays Genetic Coding Program to classify emirate’s biodiversity
Sharjah, UAE - The Sharjah Executive Council (SEC) approved Tuesday the "Genetic Coding Programme" project to classify biodiversity in Sharjah,...
Science
UAE, Morocco discuss ways to strengthen trade relations
Rabat, Morocco - The UAE is keen to strengthen economic and trade relations with Morocco, in a way that enhances...
Business
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Geostrategy
MoHAP inks deal with Coursera to upgrade skills of employees
The agreement also provides for the creation of a cohesive relationship between the ministry's strategic priorities and training needs, as...
- Under the agreement, MoHAP’s teams will gain the requisite skills to expedite innovation and digital transformation within the Ministry.
- The agreement sets a training plan that prioritizes the development of employees' capabilities in leadership, technical and behavioral skills.
Geostrategy
Flight carrying humanitarian aid from Red Cross lands in Sudan
KHARTOUM, SUDAN -  A first Red Cross plane laden with humanitarian aid on Sunday landed in Sudan, where deadly clashes between...
- The shipment took off from the Jordanian capital Amman and arrived in the eastern city of Port Sudan.
- Only 16 percent of hospitals are functioning in the capital Khartoum, according to the World Health Organization.
AI key to global opportunities, practical solutions
"Projections indicate that AI solutions are set to contribute an estimated $13 trillion to the global GDP by 2030, optimizing...
- Key research projects at MBZUAI focus on sustainable environment, infrastructure, healthcare, education, and large language models, says an official
- AI has the potential to contribute to the UAE's net-zero strategic initiative by reducing greenhouse gas emissions and advancing climate progress