Sub-Saharan Africa: Nigeria takes #2 spot in global crypto adoption
Sub-Saharan Africa accounts for the global cryptocurrency economy’s smallest share, representing 2.7% of transaction volume worldwide between July 2023 and...
Economy
How Pakistan is becoming a top tech hub in the GCC
Pakistan's IT sector is thriving, with growing exports and recognition as a tech hub, driven by government support, skilled talent,...
Economy
Geostrategy
Syria claims US responsible for military escalation in country
BEIRUT, LEBANON – The US is responsible for the military escalation in eastern Syria, where terrorist groups such as the...
- Syria pledged to continue its operations against terrorists until the threat is fully eliminated.
- At least 33 Syrian servicemen were killed on August 10 when a bus they were travelling in was ambushed near Al Mayadin city.
Geostrategy
Saudi Arabia, France vow to promote secure, affordable and sustainable energy
RIYADH, SAUDI ARABIA – Prince Abdulaziz bin Salman and Agnes Pannier-Runacher, Minister for Energy Transition of the French Republic met...
- Addressing climate change, promoting secure, reliable, affordable, sustainable supplies of energy are shared strategic priorities of Saudi Arabia and France.
- Both countries acknowledge the importance of implementation of the United Nations Framework on Climate Change and the Paris Agreement.
Business
Air Arabia Q2 profit $125m
The company’s turnover during the second quarter was $380m.
- The profit increased by 187 percent compared to AED160 million ($43.56m) net profit reported for the same period last year.
- The company’s turnover for the same period increased by 25 percent, as the strong demand for air travel continued.
Business
Al Hammadi H1 2023 net profit $43.5m
In Q2 2023, net profit jumped 25.7% to $21.8 million.
- The growth was spurred by revenues, which grew by 7.96 percent year-on-year (YoY) to US$153 million.
- This was driven by higher revenues reported by Al Hammadi’s medical services and pharmaceutical segments.
Geostrategy
ADFD finances $105.4m energy security project in Tanzania
ABU DHABI, UAE - The Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the Government of...
- The project’s objective is to fully connect the Kagera administrative region with the national electricity grid.
- It will reduce dependency on energy imports from Uganda and provide sustainable electricity source.
Business
6 MNCs among new businesses attracted by Dubai Chamber in H1
Dubai, UAE - Dubai International Chamber attracted 56 businesses to the emirate during H1 2023, including six multinational corporations and...
- It also supported the expansion of 15 local and national companies into global markets, either by increasing their exports or helping them to establish a presence abroad.
- During H1 2023, Dubai International Chamber inaugurated six global representative offices in Hong Kong, Australia, the United Kingdom, Indonesia, South Africa, and Singapore.
Geostrategy
Ukraine ‘satisfied’ with Saudi-led mediation to end war
Russia, which was not invited to the summit, said that a resolution was possible if Ukraine "stopped the hostilities and...
- Representatives from around 40 countries including China, India, the United States and Ukraine took part in the peace summit, which was held in Jeddah
- The head of Ukraine's presidential office, Andriy Yermak, said there was an agreement on the next meeting, "but there are no exact dates"
Business
Dubai Investments net rises to $157m
Real estate sector remains one of the key business verticals.
- Total income for the Group increased by 31 percent from US$422 million (AED 1.55 billion) in H1 2022 to US$552 million (AED 2.03 billion) during H1 2023.
- Total shareholder equity increased to US$3.5 billon as of June 30 2023, compared to US$3.5 billion (AED12.84 billion) as of year ended December 31 2022.
Business
Empower H1 2023 revenue at $333m
The company’s EBITDA in H1 2023 was US$178 million.
- In the July 2022 to June 2023 period, Empower’s consolidated revenue was US$778 million.
- Empower CEO said the firm continues to expand investments in its portfolio of assets and infrastructure.
Business
European LNG imports fall to lowest level since start of Ukraine war
Brussels, Belgium - Europe's liquefied natural gas (LNG) imports fell to the lowest level since the start of the Russian...
- LNG deliveries fell 7% in July from a year earlier to 8.6 million tons, the least since November 2021, according to ship-tracking data .
- This drop coincides with a slide in the regions benchmark gas prices, which have slumped more than 80% in the period.
Sub-Saharan Africa: Nigeria takes #2 spot in global crypto adoption
Sub-Saharan Africa accounts for the global cryptocurrency economy’s smallest share, representing 2.7% of transaction volume worldwide between July 2023 and...
Economy
Company News
Mammoet, Aertssen sign agreement
Business
PureHealth buys Circle Health
Business
Latest News
ADQ, ADNEC Group sign agreements
Business
Air Arabia 2023 net profit $408m
The firm recorded a 27 percent rise in profit compared to 2022.
Business
solutions by stc, Devoteam ink MoU
The aim is to foster avenues for collaboration in technology.
Business
GPSSA issues circular on pensions, gratuity in UAE
ABU DHABI, UAE – The Emirates General Pension and Social Security Authority (GPSSA) has issued a circular to government and...
Business
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Business
stc Group inks several pacts
The pacts were signed at the PIF’s Private Sector Forum.
- The annual Private Sector Forum brings together policymakers, key local private sector players, visionaries and industry leaders.
- The agreements signed covered a range of strategic stc Group objectives, from sustainability to digital transformation.
Business
Iran agricultural, food exports hit US$4.8bn in 10 months
TEHRAN, IRAN – The country has exported more than 6.7 million tons of agricultural and food products worth US$4.8 billion...
- Of this amount, 4,944,481 tons worth $2,930,585,728 were dedicated to the export of agricultural products.
- While 1,133,710 tons worth US$931,961,158 were dedicated to the export of food products.
Geostrategy
Saudi Arabia’s air defense commander examines Russia’s S-350, S-400 systems
RIYADH, SAUDI ARABIA – The Commander of the Royal Saudi Air Defense Force Lieutenant-General Mazyad bin Suleiman Al-Amr has inspected...
- The Royal Saudi Air Defense Force Commander saw various radars from the Almaz-Antey air defense concern.
- The commander visited the stands of Russian defense industry companies and paid special attention to the air defense systems.