e& 2023 net profit is US$2.8bn
e& said the net profit is a growth of 3 percent year-over-year.
Business
Saudi National Bank launches US dollar-denominated sukuk
RIYADH, SAUDI ARABIA - Saudi National Bank (SNB) commenced the US dollar-denominated senior unsecured sukuk issuance through a special-purpose vehicle. The sukuk are offered to qualified...
Business
Ooredoo to pay 3% interest
Group EBITDA for the period was QR4.5 billion.
- The company will pay the accrued interest of 3.25 percent to the bondholders amounting to $1 billion and due on Feb. 21, 2023
- Ooredoo revenue for the half year ended 30 June 2022 stood at QR11 billion, an increase of 4 percent compared to the same period last year
Business
stc profit jumps to $1.6bn in H1
The Saudi Telecom Co. will pay $532m in quarterly dividend.
- According to Olayan Alwetaid, the CEO of the company, DARE 2.0, a company specialized in cloud computing, was established with SR894 million capital
- The telecom giant’s profit jump from SR5.77 billion in the same period a year ago came on the back of a 7 percent surge in sales
Economy
Metaverse Strategy set to position emirate as global Web3 hub
Dubai is already home to more than 1,000 companies in the metaverse and blockchain sector.
- Dubai is already home to more than 1,000 companies in the metaverse and blockchain sector
- The DMS aims to support more than 40,000 virtual jobs and add $4 billion to Dubai’s economy
Economy
UAE’s Ministry of Climate Change and EDB partner to help SMEs
The Ministry of Climate Change and Environment (MoCCAE) and Emirates Development Bank (EDB) have joined hands to set up a...
- The partnership will contribute to the UAE’s sustainable economic development and food security
- The MoU aligns with ministry's endeavors to scale up local agricultural production to increase the sector’s role in strengthening the country’s food security
Business
Suez Canal revenue hits a record $704 million
Canal Authority Chairman Osama Rabea said that the Canal reached its highest monthly transit rate of 2,103 ships, as well...
- Canal Authority Chairman Osama Rabea said that the Canal reached its highest monthly transit rate of 2,103 ships, as well as monthly net tonnage of 125.1 million tonnes
- Rabie attributed the big leap in the revenues to the rise in the number and tonnage of ships transiting the canal during 2021-2022
Economy
UAE climate change ministry, EDB to finance agro ventures
UAE Ministry of Climate Change and Environment and Emirates Development Bank sign a Memorandum of Understanding to finance agricultural SMEs...
- UAE Ministry of Climate Change and Environment and Emirates Development Bank ink pact to finance agricultural SMEs
- This move will help to contribute to the UAE’s sustainable economic development and food security
Business
Three-day Liwa Ajman Dates and Honey Festival to begin Friday
The 7th edition of Liwa Ajman Dates and Honey Festival begins Friday at the Emirates Hospitality Centre in Ajman. Showcasing...
- Organized by Ajman Department of Tourism Development, the festival targets more than 400 participants.
- The festival also includes events that aim to revive the old Emirati customs and traditions.
Economy
UAE maintains reputation as top tourist destination
The UAE continues to maintain its regional and international leadership as a distinguished travel destination and a preferred country for...
- The UAE has strengthened its position on the world tourism map, becoming a leading international tourism destination.
- UAE is in the top 10 country in several international competitiveness indexes related to the tourism, travel and hotels sectors in 2021
Business
AD Ports, Hutchison to explore investments in GCC, Asia, Africa
Abu Dhabi Ports and Hutchison Ports have signed an MoU to identify joint investment and business opportunities related to feedering,...
- They will partner to operate within Tanzania to enhance the capabilities and market competitiveness of port operations in the country, including Dar Es Salaam Port.
- Potential areas of focus include improving servicing to several of Tanzania’s landlocked remote areas and neighboring countries.
Geostrategy
UAE minister discusses economic cooperation, trade with Mongolia
During the meeting, the minister emphasized the UAE's commitment to solidifying its economic and trade partnership with Mongolia to support...
- Minister of Economy Abdullah bin Touq Al Marri held a meeting with Ambassador Extraordinary and Plenipotentiary of Mongolia to the UAE Odonbaatar Shijeekhuu
- The meeting was held in Dubai with an aim to strengthen trade and economic cooperation between the UAE and Mongolia
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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
e& 2023 net profit is US$2.8bn
e& said the net profit is a growth of 3 percent year-over-year.
Business
Company News
Latest News
AI partnership to boost Abu Dhabi sustainability efforts
Abu Dhabi, UAE - The Technology Innovation Institute (TII) said Monday its AI and Digital Science Research Center (AIDRC) has...
Economy
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...
Science
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...
Business
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Science
SEWA discusses water desalination technologies for sustainability
SHARJAH, UAE - Sharjah Electricity, Water and Gas Authority (SEWA) participated in a discussion on modern and innovative technologies in...
- SEWA seeks to increase desalinated water production in Sharjah by establishing a plant in Hamriyah to produce 90 million gallons daily.
- SEWA also wants to raise the production efficiency of Al Hamriyah plant to a maximum capacity of 20 million gallons of clean water per day.
Business
China third-largest investor in UAE, its top trading partner
The mutual investments between the two countries are witnessing continuous growth in various economic and commercial sectors, most notably real...
- Bilateral investments between the UAE and China reached nearly AED 44 billion (US$12 billion) until early in 2021.
- Value of non-oil intra-trade between the two countries amounted to more than AED 264.2 billion (US$72 billion) in 2022.
Science
EU unveils plans to scale up net-zero technology
BRUSSELS, BELGIUM- The European Commission proposed the Net-Zero Industry Act to scale up manufacturing of clean technologies in the EU...
- The Act aims to enhance the resilience and competitiveness of net-zero technologies manufacturing in the EU, while making energy system more sustainable.
- EU seeks to increase overall strategic net-zero technologies manufacturing capacity approaches or reaches at least 40 percent of the Union's deployment needs by 2030.