Monsha’at reports Q3 rise in SMEs driven by growth across non-oil sectors
RIYADH, SAUDI ARABIA - The General Authority for Small and Medium Enterprises (Monsha'at) has released its latest quarterly SME Monitor,...
Economy
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
Business
Dubai Expo 2020 likely to record 15m footfall soon
Music highlights included Filipina singing sensation Moira Dela Torre, who enthralled the audience at the Jubilee Stage last Monday.
- As of 21st February, total visitation stood at 14,719,277, days after Coldplay’s unforgettable concert on 15th February
- The international visitation is up 19 percent, primarily thanks to the popularity of the new AED50 Season Finale Pass
Business
UAE trades $22.8 bn worth of rough diamonds in 2021, hits top spot globally
UAE reached the top spot globally as a rough diamond hub, trading over $22.8 billion worth of rough diamonds in...
- Dubai boasts direct flights to other diamond hubs across the world, including mining countries in Africa and manufacturing centers in India.
- Since 2015, the UAE has increased its rough diamonds trade by 76 percent, overtaking Belgium as the world’s leading rough trade hub
Business
Dubai International Airport world’s busiest for eighth consecutive year
Dubai International Airport (DXB) continues to be the world’s busiest airport by international passenger numbers for the eighth consecutive year...
- Current forecasts indicate that traffic through DXB could reach 55.1m by the end of 2022.
- Â India retained its position as the top destination country for DXB by passenger volume, with passenger traffic for 2021 totaling 4.2m.
Business
Demand for natural gas has gone up 23% since 2011: GECF
Demand for natural gas has shot up 23 percent during the last ten years, according to Secretary-General of the Gas...
- Speaking at the opening session of the 6th GECF Summit, Hamel stressed the importance of natural gas as a type of clean energy in promoting sustainable development
- He also underlined that the convening of the sixth summit in Doha is an indication of the importance that different countries attach to this forum
Geostrategy
World leaders congratulate Saudi Arabia on its Founding Day
Saudi Arabia celebrated the anniversary of its founding day about three centuries ago. The anniversary of Saudi Arabia's founding day...
- The anniversary of Saudi Arabia's founding day coincides with 22 February 1727, since the era of Imam Mohammad bin Saud, the ruler of Diriyah.
- Pakistan Prime Minister Imran Khan the kingdom further progress and prosperity.
Business
Saudi stc posts $3bn profit in 2021 on the back of high sales
stc, Saudi Arabia's top telecom firm, has posted a three percent increase in net profit to $3 billion in 2021...
- Revenues during the year stood at SR63.4 billion, up from SR58.9 billion in 2020
- Separately, stc said it will distribute dividends of SR1.99 billion, or SR1 per share, for the fourth quarter of 2021
Economy
Fitch says outlook on Moroccan banks’ operating environment stable
Fitch Ratings has upgraded to AA(mar)/Stable the rating of Morocco’s Attijariwafa Bank (AWB), one of the five Moroccan banks whose...
- Fitch upgraded to AA(mar)/Stable the rating of Morocco’s Attijariwafa Bank (AWB).
- Five banks, which account for nearly 77 percent of Morocco's banking system assets were reviewed by the ratings agency.
Economy
4% growth in new companies registered in Ajman Free Zone in 2021
The record shows 1,792 newly registered companies in the zone, testifying to the increased investor confidence in the services provided...
- The record shows 1,792 newly registered companies in the zone, testifying to the increased investor confidence in the services provided by the emirates.
- The growth is attributed to the competitive advantages offered by AFZ such as the strategic location, advanced infrastructures and modern facilities.
Business
Ecommerce prospers in GCC amidst Covid-19 woes
An improved regulatory support, government promotional initiatives, and heightened interest from business leaders in the private sector benefits the sector...
- Together with Egypt, Saudi Arabia and the UAE now account for more than 80% of the region’s overall e-commerce market.
- Spurred on by a highly digitized population and a lockdown-induced spike in consumer demand, e-commerce valuation hits $22bn
Arts & Culture
Jusoor Foundation launches four development projects in Oman
The project includes the establishment of a park gate, mosque, security booth, toilets and parking lot.
- The projects are worth RO 345,000 ($0.9 million) and were funded jointly by OQ and Sohar Aluminium
- The first project is the development of the 28,000-square meter Al Qurm Natural Park in the Wilayat of Shinas
Monsha’at reports Q3 rise in SMEs driven by growth across non-oil sectors
RIYADH, SAUDI ARABIA - The General Authority for Small and Medium Enterprises (Monsha'at) has released its latest quarterly SME Monitor,...
Economy
Company News
Latest News
Jordan imported 405k barrels of Iraqi crude in October
AMMAN, JORDAN - Jordan imported about 405,550 barrels of crude oil from Iraq in October, an average of 13,000 barrels...
Geostrategy
UAE, Russia discuss ways to bolster medical collaboration
DUBAI, UAE - UAE's Ministry of Health and Prevention (MoHAP) discussed with the Russian Ministry of Industry and Trade ways...
Geostrategy
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Geostrategy
UAE-India manpower technical panel discuss collaboration
DUBAI, UAE - The UAE-India joint technical committee for manpower held its first meeting where it explored areas of collaboration...
- Both parties highlighted their keenness to enhance cooperation to ensure a safe, organized and legal transition of Indian laborers.
- The UAE delegation presented key insights on its job market, which is one of the preferred global destinations for work.
Business
Yahsat reports double digit revenue
The company posted an EBITDA of $189 million.
- The company also announced a normalised net income of $76 million, up 39 percent year-on-year
- It also posted an adjusted EBITDA of AED694 million ($189 million), up 10 percent year-on-year
Business
BinDawood’s profit falls by 74%
Its net profit tumbled to $16m in first nine months.
- The company attributed the weak figures to lower gross profit and higher operating expenses combined
- For the third quarter of the year, BinDawood accrued losses of $12.80 million from profits of $18.66 million in the same period of last year