Foreign investments rise in NE China due to several projects
SHENYANG, CHINA – Investments in the country’s northeast have grown over the past years as several multinational corporations put in...
Business
Iran, Russia to invest $38bn in developing INSTC
TEHRAN, IRAN – The Iranian head of Solyanka Port in Russia said that the International North-South Transport Corridor (INSTC) is a...
Geostrategy
Economy
Fitch downgrades Kuwait to “AA-“, with stable outlook
The downgrade reflects ongoing political constraints on decision-making that hinder addressing structural challenges related to heavy oil dependence.
- The downgrade reflects ongoing political constraints on decision-making that hinder addressing structural challenges related to heavy oil dependence
- There has been a lack of meaningful underlying fiscal adjustment to recent oil-price shocks and the outlook for reforms remains weak
Business
Emirates signs new distribution agreement with Amadeus
From 1st February 2022, all trade partners on Amadeus will be able to access Emirates’ content free of surcharge.
- From 1st February 2022, all trade partners on Amadeus will be able to access Emirates’ content free of surcharge
- The new agreement will also see Emirates’ new distribution capability content integrated into the Amadeus Travel Platform
Business
LVMH sees record sales, profit despite pandemic
The world's leading luxury group more than recovered from the coronavirus pandemic as it earns a record €64.2 billion ($71.5bn)...
- One reason for the luxury group's out-performance was improved profitability
- Its operating margin rose to 26.7 percent, up from 21.4 percent in 2019
Business
UAE and Amazon subsidiary to create cloud-based medical record system
The UAE's Ministry of Health and Prevention (MoHAP) has signed a memorandum of understanding (MoU) with Amazon Web Services (AWS),...
- The signing came on the sidelines of MoHAP's participation at Arab Health 2020 that is being held in Dubai.
- The project will implement the best means of strategic planning and decision-making, based on databases that help evaluate and measure the performance of health services.
Geostrategy
Kuwait Red Crescent Society, ICRC to support relief program for Rohingyas
Kuwait Red Crescent Society and International Committee of the Red Cross will support and implement a relief medical program for...
- The agreement with ICRC supports the health, water and sanitation sectors, said Dr. Hilal Al-Sayer, chairman Kuwait Red Crescent Society.
- Through these joint efforts, thousands of people will receive vital humanitarian assistance, including health care.
Economy
UAE launches ‘NAFIS’ to foster positive competition among its youth
The UAE has introduced a "NAFIS" program to foster positive competition among UAE nationals, and enable them to take job...
- The program will be steered by Emirati Talent Competitiveness Council (ETCC) in cooperation with the Federal Youth Authority.
- The program targets Emirati talents and connects them with private sector firms which are searching for qualified Emirati professionals to fill the job vacancies.
Geostrategy
US values the role Kuwait plays as advancer of peace: Antony Blinken
US Secretary of State Antony Blinken affirmed that his country places "tremendous value" on the role that Kuwait plays as...
- Kuwait has been an indispensable bridge to try to resolve challenges in the region and even beyond, Blinken said.
- He said Kuwait has developed relationships with both Lebanon and Iraq, which is something US places tremendous value in.
Economy
UAE industrial exports in 2021 $33bn amid surge in new production
The significant increase in the UAE’s industrial exports coincided with 220 new facilities commencing production in 2021, said Minister of...
- With the help of National In-Country Value (ICV) Programme, UAE pushed $11 billion back into the local market, the minister said.
- UAE rose five places in the Competitive Industrial Performance Index issued annually by the United Nations Industrial Development Organization.
Business
Abraaj Group founder faces $135.5m DFSA penalty
The DFSA alleges that the group founder Arif Naqvi was knowingly involved in misleading investors over the misuse of their...
- The DFSA alleges that the group founder Arif Naqvi was knowingly involved in misleading investors over the misuse of their funds by Abraaj Investment Ltd
- The authority says that the fine reflects the seriousness of Naqvi's alleged misdoings and is based on his earnings from the Abraaj Group
Business
Emirates Islamic 2021 net profit $224m on higher non-funded income
Emirates Islamic’s net profit jumped to AED 823 million ($224 million) for 2021 on higher non-funded income and a significant...
- The total income rose by 15 percent due to higher non-funded income.
- Emirates Islamic's major achievements was the successful issuance of a $500 million 5-year Sukuk, the bank said.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Foreign investments rise in NE China due to several projects
SHENYANG, CHINA – Investments in the country’s northeast have grown over the past years as several multinational corporations put in...
Business
Company News
APICO to list on Nomu
Business
Latest News
COP27: Time to move from negotiations and planning to implementation of promises and pledges
At COP26 countries agreed to deliver stronger commitments this year, including updated national plans with more ambitious targets. However, only...
Geostrategy
21 Saudi Universities figure in Times Higher Education list
RIYADH, SAUDI ARABIA - The number of Saudi universities in the Times Classification of Specializations increased to 21 Saudi universities,...
Science
Jordan to host renewable energy investment forum
AMMAN, JORDAN - Amman is scheduled to host the Seventh International Investment Forum for Renewable Energy and Energy Efficiency in...
Geostrategy
Most Read
Business
Stc posts US$2.5bn profit in Q3
It said profit was driven by multi-sector investments.
- The telecom company's revenues hit $13.33 billion during the nine-month period, up from $12.53 billion last year, which was offset by lower cost of revenue
- During the third quarter, stc’s profits jumped 21 percent to reach $933 million
Business
Abu Dhabi Airports revamp its brand identity
The makeover is geared to provide connectivity and hospitality that showcases the emirate as a prime travel destination.
- The makeover is geared to provide connectivity and hospitality that showcases the emirate as a prime travel destination
- It also aims at ensuring safe, secure and sustainable airport environments and operations
Business
Alpha Dhabi posts US$2.45bn net profit
It recorded a150% rise in profit in first nine months of 2022.
- Revenues also grew significantly standing at $7 billion, representing a year-on-year increase of 133 percent with strong contributions from the existing portfolio in the healthcare
- The Group remains well-funded with a strong cash position of $4. 62 billion