Saudi business delegation visits ZSBVC steel factory in Vietnam
HANOI, VIETNAM - A delegation of 80 Saudi businessmen, representing over 50 companies, and representatives from national specialized bodies and...
Business
Agthia okays H1’23 interim dividend
The interim dividend reflects the firm’s robust balance sheet.
Business
Business
Mercer says UAE firms to hire more staff next year
UAE firms are expected to hire more staff and increase salaries next year to attract and retain talents as the...
- The expected average raise in the salary for companies in high-tech, life science and consumers goods would be around 4 percent
- The survey covered 599 companies across UAE with response indicating that salaries in 2021 incremented at an average of 3.6 percent
Business
Mashreq Bank of UAE reports 25% drop in net profit to $72m
Mashreq Bank, the UAE lender, has seen its net profit drop off by a quarter in the first nine months...
- Total net profit for the period ending September 30, 2021 reached 265 million dirhams ($72.14 million), down by 24.7 percent from 352 million dirhams a year earlier
- Quarterly net profit stood at 180 million dirhams ($49 million), down by 1.6 percent from 183 million dirhams in the same period last year
Economy
Saudi Arabia’s real GDP grows by 6.8 percent in Q3 on rising global oil demand
Saudi Arabia's GDP has risen by 6.8 percent in the third quarter of 2021 compared to Q3 2020, according to...
- The growth attributed to an increase in oil activities by 9 percent due to the rising global demand for crude oil.
- Non-oil activities increased by 6.2 percent and government activities increased by 2.7 percent year-on-year.
Geostrategy
UN envoy says Yemen facing ‘uphill battle’ as 115 more die
Yemen is facing an "uphill battle" for peace, UN special envoy Hans Grundberg said on Monday, as the Saudi-led coalition...
- The Swedish diplomat, who took up the post in September, made the comments during a visit to Taez in the war-torn country's southwest
- Grundberg said "military operations (are) causing significant casualties, which are exacerbating the humanitarian situation
Business
CBRE study depicts upbeat future for Saudi hotel industry
With the Covid infection tapering off in Saudi Arabia, there has been a reasonable increase in hotel occupancy rates in...
- The average daily rate (ADR) at hotels across the Middle Estate jumped 9.9 percent in the first nine months of the year
- The growth has been fueled by higher levels of tourism activity in major destinations like Jeddah, Khobar and Riyadh
Business
ADNOC Distribution’s Q3 profit is $144m
The profit is 21 percent lower than Q3 2020 due to a lower fuel margin.
- The company's net profit for the first nine months of 2021 was AED 1.7 billion, six percent higher compared to the corresponding period in 2020.
- ADNOC Distribution said it plans to open 40-45 new stations in Saudi Arabia in 2021 as part of its expansion plans for the UAE and the kingdom.
Geostrategy
Saudi forces arrive in UAE for ‘One Destiny/1’ exercise
In order to boost military cooperation, and to exchange military expertise, members of Royal Saudi Land Forces arrived in the...
- The exercise aims to strengthen joint defense and military cooperation and knowledge between the two sides
- The exercise also aims to achieve readiness and operational compatibility and integration
Geostrategy
UAE and Cyprus look at ways to boost trade, cooperation
Foreign ministers of the United Arab Emirates and Cyrus reviewed bilateral relations and ways to boost trade between the two...
- The Ministers reviewed a number of issues of common concern, including the situation in the eastern Mediterranean
- Sheikh Abdullah lauded the distinguished bilateral relations between the UAE and Cyprus
Business
Standard Chartered starts sustainable account in UAE, Aldar first to open it
Abu Dhabi-based developer Aldar Properties became the first corporate in the UAE to open a sustainable bank account started by...
- Deposits in the accounts are used to fund sustainable projects.
- The bank has said the surplus cash will be used in addressing the climate crisis and financial exclusion.
Business
DFM picks new CEO
The Dubai Financial Market (DFM) has hand-picked Hamed Ahmed Ali as the new Chief Executive Officer (CEO) in the wake...
- The newly formed board of directors approved the appointment as part of efforts to “empower new leaders”
- Ali was previously appointed Deputy CEO and Chief Markets Officer of DFM in July 2020
Saudi business delegation visits ZSBVC steel factory in Vietnam
HANOI, VIETNAM - A delegation of 80 Saudi businessmen, representing over 50 companies, and representatives from national specialized bodies and...
Business
Company News
Latest News
Arab Parliament reelects Al-Asoumi as speaker for two years
During the session, Jordanian MP Khalil Attia was elected as second deputy speaker of the parliament, Iraqi MP Shaalan Abdul-Jabbar...
Geostrategy
UAE and China relations a model to follow: Suhail Al Mazrouei
The Energy Minister said the UAE encourages joint investments with China in every sector, most notably in digital economy, green...
Geostrategy
Dubai Metaverse Assembly takes delegates to Mars
Participants were taken on an immersive space journey to a detailed metaverse city on the Red Planet.
Economy
Most Read
Economy
Saudi Arabia hopes to post budget surplus of US$24bn
Saudi Arabia is expecting to record an increase in its budget surplus in 2022 to S24 billion, according to the...
- According to the ministry of finance, Saudi total revenues are expected to reach about $299 billion in 2023, while reaching about $323 billion in 2025
- The minister said the objectives of the general budget for the fiscal year 2023 come as a continuation of the process of work to strengthen the financial position of the kingdom
Business
Saudi to make US$32bn in income from recycling by 2035
Saudi Arabia is expected to generate an annual income of $32 billion from recycling waste by 2035, according to the...
- Mansour Al-Mushaiti said the forecast is based on estimates made by the National Center for Waste Management
- He also flagged up the move to zero carbon neutrality by 2060, as well as seeing 94 percent of waste recycled by 2035 instead of being taken to landfills
Science
Abu Dhabi launches healthcare grant to help research, innovation
The Department of Health – Abu Dhabi (DoH) launched the first edition of the Healthcare Research and Innovation Grant, a...
- The grant seeks to fuel healthy competition across the healthcare ecosystem in the emirate.
- It seeks to help start unique research projects and innovative products, technologies and services in Abu Dhabi’s healthcare facilities.