CBUAE cancels license of First Insurance Brokers Company
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) has cancelled the license of First Insurance Brokers Company...
Geostrategy
Business
SABIC posts 33% rise in profit
The chemical giant of KSA has posted SR6.47bn profit in Q4.
- The Riyadh-based company attributed the stronger results to higher average selling prices which were up 3 percent
- The company CEO said SABIC will remain focused on delivering its growth strategy
Economy
UK gives visa waiver to Saudi Arabia, Bahrain
The UK Home Office affirmed that “an electronic visa waiver allows the holder to travel to the UK without obtaining...
- The UK Home Office affirmed that “an electronic visa waiver allows the holder to travel to the UK without obtaining a visa provided they complete an online waiver for each visit
- UK Home Secretary Priti Patel said that the visa waiver for Bahrain and Saudi Arabia will better connect the people of our countries and boost economic prosperity
Business
Air Arabia Q1 profit at $79.24m
The profits were up 756% compared to $9.26 million in 2021.
- More than 2.4 million passengers flew with Air Arabia between January and March this year, across the carrier’s five hubs
- This marked an 86-percent increase compared to a total of 1.3 million passengers carried in the first quarter of last year
Economy
Oman-India Joint Commission to discuss Free Trade Agreement with GCC
A meeting of the Oman-India Joint Business Council, under the umbrella of the Federation of Indian Chambers of Commerce and...
- A meeting of the Oman-India Joint Business Council, under the umbrella of the Federation of Indian Chambers of Commerce and Industry and the Oman Chamber will be held Friday
- At this meeting, ministers from both sides will interact with the business communities, the Indian Ministry of Commerce and Industry said
Business
DEWA develops terminals for nanosatellite DEWA-SAT1
The terminals provides hybrid connectivity with both the Long-Range (LoRa) IoT terrestrial network operated by InfraX, and DEWA's nanosatellites.
- DEWA launched it as part of its Space-D program and became the first utility worldwide to use nanosatellites to improve operations.
- DEWA Research Center developed the satellite IoT terminals to connect DEWA's assets to the satellite directly and be suitable for grid applications.
Emirates shares could be placed for IPO, says chairman
The flagship carrier’s chairman, Ahmed Al Maktoum was reported to have announced plans by Emirates to repay 15 billion dirhams...
- The chairman noted that the decision to sell shares to the public is up to the government of Dubai
- The potential IPO will be an extension of an ongoing share-sale spree of government-owned entities
Business
IHC doubles its profit in Q1
The Abu Dhabi company has posted $970m profit.
- In comparison, the profit in Q1 2021 was reported to be AED 1.5 billion ($410 million)
- Also, with a revenue of AED 10.49 billion; the total assets stood at AED 96.04 billion
Economy
Abu Dhabi’s non-oil foreign trade in Q1 grows by 15 percent to $16.74 billion
Abu Dhabi’s non-oil foreign trade in the first quarter (Q1) of 2022 amounted to AED61.522 billion ($16.74 billion), a 15...
- Exports grew by 35 percent in the first three months of the year compared to the same period of last year to reach AED24.449 billion.
- Saudi Arabia accounted for the largest share of total trade of 23 percent, valued at AED13.921 billion.
Business
Alpha Dhabi Q1 net profit $773m
Revenues stood at AED8.17 billion, a year-on-year increase of 700 percent.
- This was the first set of Q1 results for Alpha Dhabi since its direct listing on ADX in June 2021.
- The company's acquisitions and investments totaled AED5.21 billion.
Business
Empower provides district cooling services to 17% of the hotels in Dubai
Empower revealed this at the launch of the ‘Arabian Travel Market 2022’, which is being held at the Dubai World...
- Empower revealed this at the launch of the ‘Arabian Travel Market 2022’, which is being held at the Dubai World Trade Centre
- Empower expects its growth in the share of the hospitality sector to go up as a result of dozens of new applications received by the company from developers of new hotels
Company News
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Like in climate discourse, digital transformation will eventually edge out the big players, says media expert
“Some big techs are facing crisis with large-scale layoffs and investment cuts. As digital space offers enough space and opportunity...
Business
UAE president waives over $146 million debt for 1,214 Emiratis
The Non-performing Debt Relief Fund will settle the money owed by Emiratis to 17 banks and institutions.
Economy
OIC countries suffer US$63bn trade deficit in halal products; Turkey, Indonesia, Malaysia top exporters
The bloc's exports of halal products equaled US$275 billion, while their imports totaled US$338 billion last year, says the 2022...
Economy
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Infographics
Will Gulf economies expand despite global woes?
Thanks to a strong rebound in domestic activities and higher oil prices, the latest IMF report suggests the GCC economies...
- Thanks to a strong rebound in domestic activities and higher oil prices, the latest IMF report suggests the GCC economies to expand further than previously expected.
- In 2023, the UAE economy will grow 4.2 percent, outpacing Saudi Arabia (3.7 percent), Bahrain (3 percent), Oman (4.1 percent), Kuwait (2.6 percent), and Qatar (2.4 percent)
Geostrategy
Commemoration Day enhances loyalty to nation, says UAE President
ABU DHABI, UAE - President Sheikh Mohamed bin Zayed Al Nahyan has said that November 30 is a day that...
- In a statement to mark Commemoration Day, Sheikh Mohamed spoke of the UAE's admiration and respect for those who gave their lives.
- Sheikh Khalifa bin Zayed Al Nahyan designated November 30 as a day to salute the precious sacrifices of the nation's martyrs.
Business
DIEZ posts 42% revenue jump
Its earnings grew by 17 percent in H1 of 2022.
- The results, according to the company, confirm that the DIEZ benefited from integrating returns on investment
- The increase in commercial licences and government services amounted to 49 percent