Oil may rise to $100, gold to hit $3,000 by 2025, says Citi
ABU DHABI, UAE - Oil prices could rise to $100 per barrel and gold prices could reach $3,000 per ounce...
Economy
Business
Bupa Arabia’s profit dips by 16%
Its stock fell after it posted a drop in profit to $114m in H1.
- The company saw a big jump in payouts to $259 million on claims incurred during the six-month period
- The Saudi-based insurer said the decrease in profit was caused by a drop of 12.3 percent in underwriting income
Business
TECOM H1 profit jumps 43%
Revenue for the first half of 2022 increased 16%.
- Revenue for the first six months of 2022 increased 15.8 percent year-on-year (YoY) to AED989 million on increase in occupancy rates
- The EBITDA, or the earnings before interest, taxes, depreciation, and amortisation, for the first half of 2022 grew 22.4 percent YoY to AED723 million
Business
SNHC posts 122% jump in profit
Sharjah Hotels occupancy rate jumped to 67 percent in H1.
- The improved performance brought the hotel group closer to pre-pandemic levels in the second half of 2022, showing a steady return in customer confidence
- The hotel group is looking for opportunities to expand its portfolio of managed hotels and catering contracts
Business
Aramco, Sinopec to partner on projects in Saudi Arabia, China
This latest collaboration builds on existing joint ventures between the two companies.
- This latest collaboration builds on existing joint ventures between the two companies
- The companies will discuss the establishment of a manufacturing hub in King Salman Energy Park
Business
Hotel construction to see boom in Saudi Arabia: TOPHOTEL Projects
Saudi Arabia will see a boom in construction of hotels in 2023, with some 63,753 to be available for guests...
- According to the TOPHOTEL Projects, some 80 hotel projects in the kingdom are scheduled for completion next year
- Saudi Arabia has led the hotel construction market in the Middle East with some 37,654 rooms being built at the end of the second quarter of 2022
Economy
Saudi job numbers see big jump in July, highest in three years
Due to an improvement in business conditions in July, Saudi Arabia has posted a strong growth in job numbers in...
- The report said that the improved business conditions resulted in stronger demand for talents, which has now reached the highest since September 2019
- It further added that Saudi Arabia faced slightly lower inflation in July but still marked the second fastest price increase since August 2020
Economy
Qatar Broad Money Supply hits $185 billion by June 2022
Qatar’s Total Broad Money Supply (M2) recorded about QR 675.1 billion ($185.4bn) during June 2022, marking an increase of 9.3...
- Cash equivalents; including Commercial Bank Deposits, attained for approximately QR 984 billion during June 2022.
- The report noted the increase in deposits and credit facilities for commercial banks at a monthly rate of 1.7 percent and 0.7 percent.
Business
UAE accounts for 25 percent of MENA digital media subscriptions: Report
UAE’s publishing sector has grown by 150 percent during the current decade and it will reach $650 million in 2030,...
- UAE’s publishing sector has grown by 150 percent during the current decade and it will reach $650 million in 2030.
- The global media and entertainment services sector will reach $2.4 trillion in 2023.
Business
45 types of dates on auction at Buraidah Dates Festival in Saudi
More than 45 types of dates have been placed at the auction grounds at the Buraidah Dates Festival, which began...
- The auction yards also witnessed the arrival of more than 3000 thousand cars and 950 tons of dates within three days.
- Agriculture is still the cornerstone of the economy in Buraidah. Thousands of farmers and young people depend on the income generated from date farming.
Business
Ajman posts 16 percent growth in new licenses in first half of 2022
The Department of Economic Development in Ajman (Ajman DED) has said the number of new economic licenses grew by 16...
- The number of industrial licenses increased by 51 percent to 83, compared to 55 licenses in H1 2021.
- While Ajman accounted for 91 percent of licenses, Masfout area accounted for 5 percent and Manama 2 percent.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
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WTO 2023 to put spotlight on trade role in sustainable future
GENEVA, SWITZERLAND - The WTO’s annual Public Forum 2023 will focus this year on how trade can contribute to a...
Science
UAE, Costa Rica start talks to form economic partnership agreement
UAE minister said that the emirates will continue its efforts to build partnerships with strategic global markets under the country’s...
Business
UAE launches National Genome Strategy for healthcare efficiency
Genome programs will also help create new economic opportunities in the UAE by attracting partnerships in fields such as artificial...
Geostrategy
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Science
UAE urges investment, action for water sustainability at UN meet
DUBAI, UAE – UAE Minister of Climate Change and Environment Mariam bint Mohammed Almheiri emphasized the importance of collaboration, data...
- The UAE is on track to reduce total water consumption of its food sector by over 15 percent despite doubling production by 2030.
- The UAE’s national plan - the Water Security Strategy 2036 - ensures that programs are implemented on the supply and demand side.
Business
UAE, Pakistan discuss ways to enhance mutual trade, investment
The UAE accounts for over 40% of Pakistan's trade with Arab countries, with non-oil exports from the UAE to Pakistan...
- UAE is Pakistan's leading investment partner in the Gulf and fifth at a global level, a report said at the end of 2021.
- The non-oil trade between the two hit the figures of $7 bn in 2022, marking an increase of 30 percent compared to 2021.
Business
Dana Gas proposes dividend
The company had reported a net profit of $182 m for 2022.
- A payout of 4.5 fils per share for the second half of 2022 would take the total dividend payment for 2022 to AED630 million ($171.5m)
- The increased payout reflects higher global energy prices and the company’s good operational performance for the year, Dana said.