Air Arabia 2023 net profit $408m
The firm recorded a 27 percent rise in profit compared to 2022.
Business
Iran agricultural, food exports hit US$4.8bn in 10 months
TEHRAN, IRAN – The country has exported more than 6.7 million tons of agricultural and food products worth US$4.8 billion...
Business
Economy
Dubai records decade-high sales transactions in May
Mo’asher’s data for May highlights the continuous positive performance of Dubai's real estate sector throughout 2022.
- The emirate's real estate market recorded a total of 6,652 sales transactions in May 2022, a 52 percent increase in volume and a value growth by 66 percent
- Mo’asher’s data for May highlights the continuous positive performance of Dubai's real estate sector throughout 2022
Business
ENOC to open 10 new eLink stations
The group has seven eLink stations, five located in Dubai and two in Abu Dhabi.
- The eLink station is a mobile fuelling format that enables motorists and customers with easy access and convenient fuelling services.
- Since its launch, eLink has fuelled over 100,000 vehicles with a total fuel volume of nearly 5 million.
Geostrategy
Egypt, European Union review cooperation on climate and energy challenges
Egypt and the European Union have reviewed and discussed enhanced cooperation on climate, energy and industrial transformation challenges ahead of...
- A joint statement was issued by EU and Egypt following a meeting between European Commission President Ursula von der Leyen and Egyptian President Abdel Fattah El Sisi.
- The cooperation will have a particular focus on renewable energy sources, hydrogen, and energy efficiency.
Morocco and Israel face off in women basketball ‘friendly’ game
The Moroccan women's basketball team hosted their Israeli counterparts for the first time on Wednesday in a quiet slice of...
- According to the Israel Basketball Federation (IBBA) website, it was the first time that Arab female players had faced an Israeli national team in their country
- There were no spectators at the invitation only event
Geostrategy
Jordan king discusses food security with European Commission president
The meeting covered regional and international developments, especially the Palestinian cause.
- The meeting covered regional and international developments, especially the Palestinian cause
- The meeting also discussed integrating efforts to counter food security, environment challenges
Economy
GCC central banks raise interest rates
Taking a cue from US Federal Reserve's decision to hike interest rate, Saudi Arabia, the UAE, and Bahrain have raised...
- The Saudi central bank raised repo rate by 0.5 percent to 2.25 percent from a previous 1.75 percent, and the reverse repurchase agreement (reverse repo) rate by 0.5 percent
- The UAE was quick to follow Saudi Arabia in hiking interest rate
Business
Tecom lists 12.5% shares on DFM
Price for the 625,000,000 shares ranges between AED2.46 and AED2.67 per share.
- Tecom Group, the owner, manager and operator of 10 business districts across Dubai, will float 625,000,000 shares
- The qualified institutional offering and the exempt offer subscription period is expected to run from June 16-24
Business
Aramco sustainability report lays down plans for net-zero ambition
Aramco publishes its first sustainability report which outlines ways in which the company plans to further tackle emissions while delivering...
- The report provides information on Aramco's efforts to support the broader energy transition
- Aramco expects to update the sustainability report on an annual basis
Business
Qatar Chamber and Jordan to enhance private sector cooperation
Qatar Chamber and the Jordanian Ministry of Labor discussed Tuesday ways to enhance bilateral relations and the private sector's role...
- Qatar Chamber First Vice-Chairman Mohamed bin Twar Al Kuwari met with Jordanian Minister Nayef Stetieh.
- Jordanian Minister of Labor Nayef Stetieh pointed to the Qatari initiative to employ 20,000 Jordanians in Qatar.
Business
OIC aims for 25 percent trade among member states by 2025
OIC has set a target of 25 percent trade among member states in the next three years by 2025 and...
- Organization of Islamic Cooperation has set a target of 25 percent trade among member states by 2025
- Biennial general trade fair is vital for promotion of trade and services among OIC member states
Air Arabia 2023 net profit $408m
The firm recorded a 27 percent rise in profit compared to 2022.
Business
Company News
Latest News
UAE leads Arab world in IMD World Talent Ranking 2022
The country was ranked among the top ten in nearly 30 percent of the report’s indexes.
Economy
Saudi Arabia, UAE mediation efforts aid the US-Russia prisoner swap
The mediation efforts were led by the Emirati president Sheikh Mohammed bin Zayed bin Sultan Al Nahyan and the Crown...
Geostrategy
Six years later, Saudi King Salman and China’s Xi sign comprehensive strategic partnership agreement
Beijing is ready to expand its crude oil trade with Riyadh and will "list Saudi Arabia as a destination country...
Geostrategy
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Business
Saudi Central Bank licenses debt-based crowdfunding finance firm Manafa
Riyadh, Saudi Arabia---The Saudi Central Bank (SAMA) has licensed Manafa, a finance company specialized in debt-based crowdfunding in the kingdom....
- Manafa  is a closed joint-stock company with a capital of SAR 40 million.
- The license was granted to the company after a successful trial run in SAMA's Regulatory Sandbox, an experimental environment dedicated to innovative financial products, services.
Business
Dubai records over $462 million in real estate transactions: DLD
Dubai, UAE--- Dubai real estate market recorded deals worth AED1.7 billion ($462 million) on Thursday, according to Dubai Land Department....
- The deals included 617 sales transactions worth AED1.45 billion, in addition to 85 mortgage deals of AED257.35 million, and 19 gift deals amounting to AED34.64 million.
- The sales included 532 villas and apartments worth AED1.11 billion, and 85 land plots worth AED338.47 million.
Economy
Qatar Central Bank’s foreign reserves surge 6.82 percent in Nov
Doha, Qatar---The foreign currency reserves and liquidity of the Qatar Central Bank (QCB) increased by 6.82 percent to reach QR...
- The figures issued by the QCB show the bank's official reserves increased by the end of November 2022 year-on-year by about QR 13.169 billion to reach QR 166.109 billion.
- The rise has been driven by the increase in the QCB's balances of bonds and foreign treasury bills by about QR 18.896 billion to the level of QR 124.656 billion in November 2022.