Binaa Al Bahrain aims to create expansive mixed-use projects
ABU DHABI, UAE – Chairman of Eagle Hills International Mohamed Alabbar has said that US$4 billion joint venture Binaa Al...
Business
e& 2023 net profit is US$2.8bn
e& said the net profit is a growth of 3 percent year-over-year.
Business
Business
FAB profit up 50 percent
The company's net profit amounted to $2.18 billion.
- FAB said the total income was AED12.5 bn, up 31% year-on-year
- Customer deposits reached AED648 billion, up 8% sequentially
Business
Etihad profit for H1 $296 million
The profits rose despite 60 percent hike in fuel costs.
- Etihad carried 4.02 million passengers in H1 2022, over 3 million more than last year (H1 2021: 980,000), with an average seat load factor of 75 percent.
- Passenger loads increased consistently over the first six months, rising by 21.9 percentage points as travel demand recovered.
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
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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
Binaa Al Bahrain aims to create expansive mixed-use projects
ABU DHABI, UAE – Chairman of Eagle Hills International Mohamed Alabbar has said that US$4 billion joint venture Binaa Al...
Business
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etisalat by e& announces first 5G satellite communications in UAE
ABU DHABI, UAE - etisalat by e& announced on Saturday the implementation of the Eutelsat Quantum satellite solution, becoming the...
Business
UAE minister meets UN Secretary-General on global climate action
NEW YORK, US - Minister of Industry and Advanced Technology and COP28 President-Designate Dr. Sultan bin Ahmed Al Jaber met...
Geostrategy
Mohamed bin Zayed issues law to establish Abu Dhabi Transport Company
ABU DHABI, UAE - In his capacity as the Ruler of Abu Dhabi, President Sheikh Mohamed bin Zayed Al Nahyan...
Business
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Arts & Culture
Saudi Arabia’s Film AlUla launches platform for women in cinema, fashion
The launch is part of a year-round program that will allow women filmmakers to collaborate with leading industry professionals and...
- The launch of AlUla Creates is part of a year-round program that will allow women filmmakers to collaborate with leading industry professionals.
- AlUla Creates is part of a wider strategy to develop a film-friendly ecosystem which will include a world-class purpose-built studio.
Geostrategy
UNCTAD rallying global action to assist 46 least developed countries
UNCTAD’s Secretary-General Rebeca Grynspan and Deputy Secretary-General Pedro Manuel Moreno will lead the organization’s delegation to the fifth UN conference...
- UNCTAD is calling for effective debt relief and international support to build stronger productive capacities.
- Least developed countries are the most vulnerable economies in the world, accounting for only 1.3 percent of global GDP.
Geostrategy
Qatar Emir announces $60 million for Doha Program of Action
Doha, Qatar - Qatar Emir Sheikh Tamim ibn Hamad Al Thani announced Sunday a $60 million financial contribution to Doha...
- Held every 10 years, the UN Conference on the Least Developed Countries comes in the wake of numerous challenges facing the poor nations.
- The summit aims to mobilize international community's commitments towards the implementation of the Doha Program of Action for the LDCs (2022-2031).