Qatar posts trade balance surplus of US$16.7bn in Q3 2023
DOHA, QATAR - The merchandise trade balance of Qatar (difference between total exports and imports) recorded a surplus of US$6.7...
Business
EGA begins construction of UAE’s largest aluminum recycling plant
ABU DHABI, UAE - Emirates Global Aluminum (EGA) on Tuesday announced the start of construction of the country’s largest aluminum...
Business
Business
Dubal Holding profit at $735m
DH is Dubai’s commodities and mining investment arm.
- DH had seen profits of AED217 million ($59.09 million) for the previous year
- The numbers point to an increase of nearly 1,150 percent in net profit for the company
Business
Sharjah Airport records 7 million passengers in 2021
In 2021, the Sharjah Airport served more than 7 million passengers with more than 57,000 aircraft movements and approximately 1.2...
- The volume of cargo in 2021 crossed 140,717 tons, while the volume of sea-air cargo reached 18,696 tons, a 22.27 percent increase from 2019.
- The airport renewed the ACI’s Airport Health Accreditation (AHA) for the second consecutive year.
Business
Dubai passes new law to regulate virtual assets like Bitcoin
Dubai has promulgated a new law in order to regulate virtual assets that are becoming popular with many investors in...
- “We established an independent authority to oversee the development of the best business environment in the world for virtual assets," Sheikh Mohammed tweeted
- Virtual assets exist digitally and can include cryptocurrencies like Bitcoin and Ethereum
Business
Saudi stocks shoot up on the back of high oil prices
Nudged by high oil prices, Saudi stocks inched up as the main index, TASI, gained 0.24 percent to touch 12,882,...
- Oil prices kept rising rapidly, as Brent crude oil peaked at $130.85 per barrel, while US WTI crude reached $125.96 per barrel
- Wataniya Insurance Co. gained 4.40 percent at the opening bell to be the top gainer at the opening bell
Business
Major UAE companies to work for raising solar power production capacity
The companies are Emirates Global Aluminum (EGA), Abu Dhabi National Energy Company (TAQA), Dubai Holding and Emirates Water and Electricity...
- TAQA and Dubai Holding envisage acquiring EGA's electricity generation assets in the UAE, holding a 50 percent share each.
- For TAQA, the acquisition of EGA's power assets would increase the company's UAE-based capacity to more than 23 gigawatts.
Geostrategy
Kyrgyzstan and Ras Al Khaimah to expand cooperation in investment, trade
Kyrgyzstan and the UAE have discussed enhancing the investment and trade cooperation between the two sides. Mohamed Ali Musabbeh Al...
- Both sides agreed at a meeting to organize a business visit by a delegation from the chamber to Kyrgyzstan.
- The meeting also discussed several projects and investment opportunities that will increase the trade exchange between Kyrgyzstan and Ras Al Khaimah.
Economy
Over 27,800 new firms join Dubai Chamber of Commerce in 2021
Over 27,800 new member companies joined the Dubai Chamber of Commerce in 2021, a 66.8 percent increase compared to 2020,...
- The Chamber said it also achieved its goal of becoming 100 percent paperless by the end of 2021, representing an important milestone in its digital transformation mission.
- The value of exports and re-exports of Dubai Chamber of Commerce members amounted to AED227 billion.
Economy
Abu Dhabi’s agricultural production in 2020 reaches $3.72 billion
Abu Dhabi's agricultural production in 2020 was valued at AED13.7 billion ($3.72 billion) in 2020, with an increase of 12...
- Crop production reached 421,524 tons, about 59.6 percent of the total agricultural production, with an increase of 33 percent compared to 2017.
- Dates made up 61 percent of the total plant production with about 258,335 tons, compared to 39 percent of vegetable and fruit production.
Business
Most of Saudi employers to add to workforce in 2022: Hays
Some 80 percent of Saudi Arabia's employers are considering to add to their workforce in 2022, with a reasonable decline...
- The Hays report noted that 43 percent of employers intended to expand their workforce in 2021, while it was just 29 percent in 2020
- The research report suggests that 2022 may face a drought in hiring employees who fall under technology, managerial, and leadership
Business
Empower to pay $136m in dividends
The dividend is 53.4 percent of the net profit earned by the firm last fiscal.
- The total dividends to shareholders amounted to AED3.15 billion since its inception in 2004, Empower said.
- The company reported total revenue of AED2.464 billion in 2021, increasing 9.3 percent compared to 2020.
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Qatar posts trade balance surplus of US$16.7bn in Q3 2023
DOHA, QATAR - The merchandise trade balance of Qatar (difference between total exports and imports) recorded a surplus of US$6.7...
Business
Company News
e& forays into the metaverse
Business
Latest News
Bahrainis vote to elect members to Council of Representatives
People are choosing their candidates for the 40-member Council of Representatives, one of the two chambers of the bicameral parliament.
Geostrategy
Gulf Arab’s first casino being opened at Ras Al Khaimah resort
The casino would mark a watershed moment for the Gulf region.
Business
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Geostrategy
Tel Aviv-Doha World Cup flights draws criticism from Qatari activists
While Qatar's Gulf neighbours Bahrain and the United Arab Emirates established relations with Israel through agreements mediated by the United...
- The protest led by Qatar Youth Against Normalization was small but noticeable in a state where citizens very rarely speak out against authorities
- Qatar has stated that normalisation with Israel is contingent to the establishment of a Palestinian state
Economy
Companies have 50 days to achieve Emiratisation targets: Ministry
Dubai, UAE--- UAE's Ministry of Human Resources and Emiratisation (MoHRE) has said it was keen to support and empower private...
- Ministry of Human Resources and Emiratisation has said it was keen to support and empower private sector companies in the country and help them achieve their targets.
- Companies with 50 or more employees are targeted to raise their Emiratisation rate by 2 percent of their overall skilled jobs.
Business
FTX goes bankrupt in US
The Cryptocurrency platform chief executive quits.
- FTX Group announced in a statement that it filed for Chapter 11 bankruptcy proceedings.
- Chapter 11 is a US mechanism allowing a company to restructure its debts under court supervision while continuing to operate.