‘Israeli army tortures and rapes Palestinian girls’
The experts have expressed concern that an unknown number of Palestinian women and children, including girls, have reportedly gone missing...
Geostrategy
Business
UAE’s Central Bank sanctions 6 banks operating in the country
Financial sanctions covers banks’ failures to achieve appropriate compliance regarding required due diligence and reporting procedures and standards. All banks...
- CBUAE implemented certain provisions of Common Reporting Standard (CRS) for the sanctions.
- Banks were sanctioned after failing to comply with due diligence and set standards and procedures.
Economy
Saudi economy to be fastest-growing economy in 2022, says IMF
The International Monetary Fund (IMF), in its World Economic Outlook, 2022 said that the Saudi economy will register a 7.6...
- The International Monetary Fund in its World Economic Outlook, 2022 says the Saudi economy will register a 7.6 percent growth rate this year
- Saudi Arabia's expected growth, as per IMF, would be the highest among advanced, emerging market and developing economies
Business
DP World signs two deals
The projects will strengthen F&B cluster in Jebel Ali.
- The new integrated quayside facilities will enhance year-round availability and production of essential grains and pulses, DP World said.
- The concessions with Adroit Canada and Al Amir Foods in the Jebel Ali Port will ensure a reliable, consistent, and safe agricultural value chain within the region, it added.
Economy
UAE launches Power to Liquids roadmap to decarbonize aviation sector
The United Arab Emirates has launched the Power-to-Liquids (PtL) Roadmap: Fueling the Aviation Energy Transition in the United Arab Emirates,...
- The PtL roadmap shows the financial, economic and environmental benefits of PtL in decarbonizing the UAE's aviation industry.
- It says PtL offers a unique opportunity for the Emirates to leverage domestic resources, infrastructure and expertise to grow and decarbonize the economy.
Business
Multiply H1 2022 profit up US$126m
Net profit equates to a healthy 91% of revenue for the period.
- Net profit equates to a healthy 91 percent of revenue for the period with investment and other income of AED 300 million helping to drive profitability
- The Group continues to benefit from a strong liquidity position, with AED 3.24 billion in cash and bank balances and negligible debt
Business
UDC profit up 23% in H1 2022
The company earned a profit of US$37,302,472 in HI 2021.
- The EPS amounted to QR 0.047 as of June 30, 2022, versus an EPS of QR 0.038 for the same period in 2021
- United Development Company was established in 1999 and has an authorized capital of QR 3.5 billion
UAE lauds Turkiye’s role in Russia-Ukraine grain exports pact
The UAE foreign minister Sheikh Abdullah bin Zayed Al Nahyan in a phone call to his Turkish counterpart Mevlüt Çavuşoğlu...
- The UAE foreign minister Sheikh Abdullah bin Zayed Al Nahyan in a phone call to his Turkish counterpart Mevlüt Çavuşoğlu described the agreement as a ''key step''
- Sheikh Abdullah and Çavuşoğlu also discussed ways of boosting cooperation between the two friendly countries in order to serve their mutual interests
Business
Saudi Central Bank, CMA support 12 fintech startups
The startups presented their innovative solutions following months of hard work that contributed to developing their product strategies and business...
- The startups presented their innovative solutions following months of hard work that contributed to developing their product strategies and business models
- The companies that took part displayed cutting-edge fintech products that directly address social demands and provide solutions to pressing issues
Economy
US Fed decision impacts key policy rates across GCC
While Saudi apex bank has raised its repurchase rate by 75 bps to 3%, and its reverse repo rate by...
- Hours after the US Federal Reserve hiked its key interest rates by 75 bps, the GCC countries followed the suit and increased their policy rates by the same margin
- While the Fed’s step was aimed at combating the soaring inflation, the regional economies followed the US moves as their currencies are pegged to the dollar
Business
21 business, investment deals boost KSA-Greece ties
The agreements cover logistics and transportation, renewable energies, manufacturing, environment services, aquaculture, defense, trade, engineering and agriculture.
- The bilateral agreements cover logistics and transportation, renewable energies, manufacturing, environment services, aquaculture, defense, trade, engineering and agriculture
- 32 representatives from Greek firms, chambers of commerce and trade associations attended the event, taking part in B2B and G2B meetings to explore business opportunities
Most Read
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
‘Israeli army tortures and rapes Palestinian girls’
The experts have expressed concern that an unknown number of Palestinian women and children, including girls, have reportedly gone missing...
Geostrategy
Company News
Latest News
UAE records fastest growth rate in 10 years, says economy minister
Abu Dhabi, UAE - UAE's Minister of Economy Abdullah bin Touq Al Marri said Wednesday that in 2022, the UAE...
Business
Khalifa Fund announces winner of CEO Program
ABU DHABI, UAE - Khalifa Fund for Enterprise Development, in partnership with the Abu Dhabi Department of Economic Development (ADDED)...
Economy
Most Read
Business
Amwaj merges with Shaqab, Atyab
Qatar-based Gulf International Service has successfully accomplished the merger.
- The merger is an all-share combination of Amwaj with in-kind contribution from two new incumbent strategic merging shareholders
- New strategic shareholders of Amwaj along with GIS have jointly agreed to make the Merger's effective date as the Jan. 1, 2023
Business
Emirates Steel Arkan 2022 profit $138.44m
Revenue in fourth quarter of 2022 was $630m.
- The Group’s net profit for the full year 2022 was AED508.5 million compared to a pro-forma loss of AED636.7 million in financial year (FY) 2021.
- The Group’s 4Q22 EBITDA was AED300 million, showing a continuing growth on the AED269 million achieved in the third quarter (3Q) of 2022.
Business
CBUAE unveils FIT program to promote digital transactions
Dubai, UAE---The Central Bank of UAE Sunday launched Financial Infrastructure Transformation Program (FIT program) to accelerate the digital transformation in...
- In a statement, the bank said the FIT is a step towards enabling the CBUAE to be among the top central banks globally.
- As part of the FIT Program, the CBUAE will strengthen its digital leadership by adopting advanced supervisory technologies and data management solutions.