Resilient supply chains are essential to global trade: Expert
DUBAI, UAE – For over 30 years, globalization has been the evergreen megatrend as global trade has helped lift some...
Business
Business
Emirates NBD profit up 18 percent
The bank said it was the highest quarterly profit since 2019.
- The bank said the total income was up 3 percent year on year to AED 6.4 billion on improved loan mix and cheaper deposits.
- The bank’s total assets rose 1 percent to AED 694 billion despite the Turkish Lira depreciation, it said.
Business
UAE and South Korea sign agreement to boost ties
The UAE and South Korea have signed an agreement to boost ties between the two countries to develop entrepreneurship and...
- Under the terms of the MoU, the two parties will jointly design flexible partnership program during the next phase
- They will also cooperate in exchanging knowledge regarding the development of program, policies and legislation related to the entrepreneurship sector in the two countries
Economy
UAE’s central bank launches two new notes made of recyclable polymer
The Central Bank of the UAE (CBUAE) has launched two new banknotes, in five and ten dirham denominations, made of...
- The new banknotes are the third issue of the national currency, following the success of the initial 50-dirham polymer note.
- The bank said the new notes are more durable and sustainable than traditional cotton paper banknotes, lasting two or more times longer in circulation.
Business
UAE government holiday for Eid al-Fitr begins on 29th day of Ramadan
The holiday will last till the third day of the month of Shawwal, which is yet to be declared.
- The holidays will begin on Tuesday, the 29th day of Ramadan
- That date corresponds to April 30 on the Gregorian calendar
Business
ADNOC Drilling approves 2021 dividend
The company saw revenues increase by 8.2 percent.
- The company saw revenues increase by 8.2 percent, EBITDA of more than US$1 billion and 6 percent in net income growth
- The dividend will be paid to shareholders in accordance with Securities and Commodities Authority (SCA) regulations
Business
Red Sea Development Company to use biofuel for all tourist facilities
The company has chosen MAN Energy Solutions to provide 25 sets of biofuel generators for the sustainable tourism destination.
- The Red Sea destination will apparently use solar energy stations that include storage batteries with the system of MAN GenSets
- These generators will reportedly have engines that will let them use the climate-neutral B100 biofuel
Business
Tesla reports record profits
Tesla shares rose 5% to $1,026.99 in after-hours trading.
- Elon Musk's high-flying electric vehicle company notched a new record in quarterly profits of $3.3 billion
- This follows the unveiling of factories in Germany and the US state of Texas that have begun commercial deliveries
Business
UAE’s hospitality sector delivers strong results in Q1 2022
The uplift in overall performance was primarily driven by beachfront and luxury developments.
- The uplift in overall performance was primarily driven by beachfront and luxury developments
- The office market continued to perform well as rents in well-managed quality buildings rose
Business
Al Seer Marine signs VLGC deal
Al Seer Marine and BGN International sign the $134 million financial transaction.
- The deal was agreed and signed by ABGC DMCC, the joint-venture firm of Al Seer Marine and BGN International, an energy, trading, storage and transportation company.
- ABGC has two new VLGC’s on order with Hyundai Heavy Industries in Korea.
Business
AMEA Power awarded two projects
These solar projects in Morocco were part of a large international tender.
- The Moroccan Agency for Sustainable Energy (Masen) and the Ministry of Energy Transition and Sustainable Development announced the award of projects.
- The sites are located in Taroudant, in the Souss-Massa region, and in El Hajeb, in the Fès-Meknès region.
Resilient supply chains are essential to global trade: Expert
DUBAI, UAE – For over 30 years, globalization has been the evergreen megatrend as global trade has helped lift some...
Business
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Iran’s Khamenei says negotiating with US won’t end recent ‘troubles’
TEHRAN, IRAN - Iran's supreme leader Ayatollah Ali Khamenei said Saturday that negotiating with the United States would not put...
Geostrategy
UAE University’s agriculture college launches campaign to cut food waste
AL AIN, UAE - The College of Agriculture and Veterinary Medicine at the United Arab Emirates University launched an awareness...
Science
Qatar ready to provide up to $10 billion in funding to Turkey: sources
Turkish and Qatari official are in the final stages of talks to work out the modalities of extending the funding.
Economy
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Business
ENBD REIT announces H1 NAV
The company achieved a gross rental income of $15 million.
- The property portfolio value increased by $4.7 million from the previous quarter to $362 million
- The company achieved a gross rental income of $15 million, up 0.7 percent from the same period last year
Ibn Khaneen: First Saudi driver to compete in FIA WTCR 2022 series
He will become the 91st driver to race in the WTCR. He will drive an Audi RS3 with Comtoyou Team...
- He will become the 91st driver to race in the WTCR. He will drive an Audi RS3 with Comtoyou Team Audi Sport
- After winning Bahrain's Championship for 2000 in 2018 and 2019, Khaneen won third place in the 2018-2019 season of the Jaguar I-Pace Championship
Business
Abu Dhabi’s GDP expands 11.2% in the first half of 2022: SCAD
The quarterly GDP growth rate reached its highest value in six years during the second quarter of 2022.
- The quarterly GDP growth rate reached its highest value in six years during the second quarter of 2022
- The growth is seen as a reflection of the Emirate's ability to sustain growth despite global economic challenges