Iran receives US$6.7bn foreign investment in May 2023 EXPO, says official
TEHRAN, IRAN - Foreign companies and governments committed some US$6.7 billion worth of investments during an exhibition that was held...
Economy
Business
Emaar property sales at $5.7bn
Emaar Development sales were AED20.943 billion in Jan-Sept 2021.
- The $5.7-billion property sales revenue was said to be an increase of 382 percent compared to the first nine months of 2020
- The build-to-sell property development business is majority-owned by Emaar Properties
Business
Qatar Islamic Bank named world’s second strongest Islamic bank
The Qatar Islamic Bank (QIB) has been ranked as the "Fourth Strongest Bank in the Middle East" and "Second Strongest...
- Financial services company The Asian Banker also ranks QIB as the "Fourth Strongest Bank in the Middle East".
- QIB has recently posted a net profit of QR2.5 billion ($686 million) for the first nine months of 2021.
Business
UAE rich reset life goals after Corona but find confidence shaky: Survey
About 88 percent of the affluent people in the UAE have reset their life goals following the Corona pandemic, and...
- The 'confidence gap' is more pronounced among the emerging affluent, according to Standard Chartered survey.
- Volatility in financial markets and fear of poor returns on investments are the major causes of low confidence.
Videos
Trade balance of key Arab countries in 2020
This week's TRENDS Explainer Video focuses on top Arab economies in terms of trade balance in the year 2020.
- One of the best ways to judge the strength of a country's economy is to look at its trade balance, or the difference between exports and imports
- If exports surpass imports, the trade balance is surplus. If imports surpass exports, the trade balance is deficit
Business
DONIA: UAE Central Bank’s new transactions index to start from 7 Dec
The Central Bank of the UAE (CBUAE) will publish a new index for actual overnight funding transactions denominated in UAE...
- Dirham Overnight Index Average (DONIA) is computed as a volume-weighted money market rate for all actual overnight funding transactions of AED10 million or above.
- It would be published on UAE official working days by 09:30 hours local time on the CBUAE’s website and via Bloomberg and Refinitiv Eikon.
Business
AD Ports 9M revenue up by 22 percent
The rise is attributed to volume growth, business diversification.
- EBITDA rose 7 percent year-on-year to AED1.161 billion during this period, up from AED 1.081 billion during the same period in 2020.
- General cargo volumes rose to 37 million metric tonnes in year-to-date September 2021, up from 22 million metric tons in the same period in 2020.
Business
Tadawul bars Anaam Holding from trading for one day
Tadawul, the Saudi Exchange, has barred Anaam International Holding Group from trading for one day, after an adverse comment in...
- Anaam will be able to resume trading for 20 trading sessions with the possibility of another suspension
- The poultry processing company reported that its net losses widened by 525 percent in the nine months period of 2021
Business
Yahsat of Abu Dhabi figures in MSCI’s global indices
Al Yah Satellite Communications Company (Yahsat) of Abu Dhabi has been included in MSCI’s global indices.
- Yahsat’s inclusion will be effective on December 1, 2021
- The company began trading on the Abu Dhabi Securities Exchange (ADX) in July following its initial public offering (IPO)
Geostrategy
US-Qatar talks dwell on cooperation
The fourth US-Qatar Strategic Dialogue led to both sides discussing to several economic, commercial, regional, and humanitarian issues.
- The US underlined Qatar’s commitment in providing $75 million over five years for the cause of human rights
- The US side also highlighted Qatar’s collaboration with UN agencies in the form of a $500-million assistance pledge to aid refugees
Business
Gulf Air boosts frequencies
Passenger numbers have grown ahead of the holiday season.
- Bahrain’s national carrier Gulf Air has boosted frequencies to popular destinations
- This is said to be in line with increasing demand for air travel and relaxed travel restrictions in many countries
Most Read
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
Company News
Qassim Cement’s profit tumbles
Business
Latest News
US Gecko Robotics set to establish international HQ in UAE
The Pittsburgh-based company is looking to establish a state-of-the-art manufacturing plant in Khalifa Industrial Zone Abu Dhabi.
Business
Saudi banks provide $630 billion loans till August 2022
Riyadh, Saudi Arabia - Saudi bank loans granted to public and private sectors grew 15 percent by the end of...
Economy
Cultural policy vital for diversified economy, says UAE Minister
UAE Ministry of Culture and Youth participated in the UNESCO World Conference on Cultural Policies and Sustainable Development – MONDIACULT...
Arts & Culture
Most Read
Videos
Saudi growth in 2022 to outpace Asian giants
The kingdom recovered quickly from Covid-induced recession and is reaping the rewards of high global energy prices and increased energy...
- The kingdom is set to be the fastest growing of the world’s largest economies in 2022, outpacing the Asian giants of China, India, Indonesia, South Korea and Taiwan.
- It is expected to grow much faster than the struggling major economies in Western Europe and North America.
Business
Sharjah Chamber organizes forum, briefs Russian delegation
The Sharjah Chamber of Commerce and Industry (SCCI) has organized a forum to discuss ways to boost economic ties and...
- The forum witnessed bilateral meetings between business owners from Sharjah and Russia.
- The chamber briefed the Russian trade mission on Sharjah’s business advantages and facilities.
Business
Mawani, Tabadul to develop port community management systems
Riyadh, Saudi Arabia---Saudi Ports Authority (Mawani) and the Saudi Information Exchange Company (Tabadul) signed an MoU to develop new port...
- The MoU aims to achieve the expansion of services provided in Saudi ports and doubling their number from 46 to 150 besides.
- It also aims at enabling modern and emerging technologies in accordance with international best practices.