Air Arabia 2023 net profit $408m
The firm recorded a 27 percent rise in profit compared to 2022.
Business
Economy
UAE’s FRC forms council for financial reorganization
UAE's Financial Restructuring Committee has formed a Consultative Council to provide an open discussion forum between the FRC and experts...
- Consultative Council has been formed to provide an interactive relation between FRC and the community
- The Council will discuss and provide advice on financial reorganization and bankruptcy
Business
Oman Air to be a part of Oneworld alliance by 2024
Oman Air's joining will add new destinations to the Oneworld network including Duqm and Khasab in Oman and Chittagong (Bangladesh).
- Oman Air's entry into Oneworld will provide more flights and destinations to customers planning global travel across the alliance's members.
- It makes Oneworld the only global airline alliance with three members in the Middle East after Qatar Airways and Royal Jordanian.
Business
Global personal luxury goods market hits US$300bn
The market benefited from an exuberant 2021 holiday shopping season across the regions, with a seven percent increase over the...
- Global personal luxury goods experienced a remarkable performance in the first quarter 2022
- Luxury brands enjoyed growth from a strong holiday shopping season, maintain momentum in the US
Economy
Leadership supports growth of UAE as global manufacturing hub: Minister
UAE's Minister of Industry Dr Al Jaber said at the 'Make it in the Emirates' Forum that the national industrial...
- The national industrial strategy will leverage the UAE's competitive advantages to build a strong industrial sector
- The strategy will help the country develop a diversified, self-sufficient and sustainable economy
Business
UAE, Israel export credit agencies to back Ghana healthcare project
Etihad Credit Insurance (ECI) and Israel Export Insurance Corporation have entered into an agreement under which ECI will provide buyer’s...
- The project involves construction of four healthcare facilities in Ghana, including a general hospital in the country's largest port city, Tema.
- The agreement is related to the first Public-Private Partnership project between the UAE and Israel after the signing of the historic Abraham Accords in September 2020.
Business
Three companies to buy Masdar stakes
TAQA, ADNOC, and Mubadala enter binding agreements worth $1.9bn.
- The agreements will see TAQA acquire a 43 percent controlling stake in Masdar's renewables business, with Mubadala retaining a 33 percent interest and ADNOC 24 percent.
- ADNOC will hold a 43 percent controlling stake in Masdar's new green hydrogen joint venture, Mubadala will retain a 33 percent interest and TAQA a 24 percent effective stake.
Geostrategy
Jordan ranks 57, improves position in Global Peace Index
Jordan strengthened its position on several security indicators, especially on the crime rates in society and the indicator of security...
- Jordan moved up for the third year in a row on the Global Peace Index in 2022 to be ranked third in the Arab world
- The Kingdom was ranked third among the countries in the MENA region, in 2021 it was fourth
Business
ADNOC signs manufacturing pacts
Identifies $19bn worth of products that can be manufactured in UAE.
- The agreements, which were signed at the “Make it in the Emirates Forum”, will see the UAE and international companies set up and expand manufacturing facilities in the UAE.
- The local manufacturing opportunities comprise of over 100 products which will be utilized across ADNOC's full value chain.
Business
Abu Dhabi Chamber looks to boost trade ties with Mexico
Abu Dhabi Chamber of Commerce and Industry has held discussions with a business delegation from Mexico to boost trade ties...
- The Ambassador called on Emirati investors to leverage the facilities his government provides for foreign investors
- The meeting discussed boosting trade cooperation and opening up new doors for economic cooperation between the two sides
Business
Saudi crude oil exports jump to 147,000 barrels per day in April
Crude oil exports of Saudi Arabia grew 147,000 barrels per day in April to 7.38 million, a level not seen...
- Exports of crude rose by 2 percent in April from 7.24 million bpd in March 2022
- As for the production of crude, in April it grew by 141,000 bpd to 10.44 million bpd
Company News
Latest News
UAE, Turkmenistan review enhancing bilateral relations
ASHGABAT, TURKMENISTAN - Minister of Industry and Advanced Technology Dr. Sultan bin Ahmed Al Jaber has left the UAE on...
Geostrategy
G20 Interfaith Forum to convene in Abu Dhabi
Abu Dhabi, UAE— The G20 Interfaith Forum (IF20), the world’s leading organisation focused on the intersection of faith and policy...
Geostrategy
DEWA receives 29 EOIs to set up desalination project at Hassyan complex
The company has received 29 expressions of interest to implement first phase of its Hassyan Sea Water Reverse Osmosis Plant.
Business
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Economy
US climate envoy commends decision to hold COP28 in UAE
Washington, US— The US has commended the decision to hold next year’s 28th UN climate change conference in the UAE....
- John Kerry said that fossil fuel economies should be encouraged to lead the transition to clean energy
- The climate envoy said that this year’s COP27 conference nudged the world closer to the goal of the 2015 Paris Agreement to limit the rise in global temperatures
Economy
Jordan minister opens Grotto of the Nativity in Dead Sea
The Grotto of the Nativity, the largest in Jordan, is a model that represents the birth of Jesus Christ, the...
- The Grotto of the Nativity, the largest in Jordan, is a model that represents the birth of Jesus Christ, the son of Mary
- Setting up the Grotto of the Nativity as Christmas is approaching is to create religious tourism diversity in the Dead Sea area, Al-Fayez said
Economy
SASO, Chinese SAC renew technical cooperation program
The program aims to strengthen the strategic partnership between the two countries and contribute to ensuring the quality and safety...
- The program aims to strengthen the strategic partnership between the two countries and contribute to ensuring the quality and safety of goods
- It also aims to establish frameworks for joint cooperation in several areas, most notably the exchange of information and research studies