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...
Geostrategy
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...
Business
Economy
Parliament’s finance committee approves Israel’s 2021-22 budget
The finance ministry lowered its 2021 budget deficit target to 5.5%-5.7% of gross domestic product from 6.8% due to higher-than-expected...
- Snap elections would be triggered if the spending package is not finalized by Nov. 14
- The Israeli economy is expected to grow 7% in 2021 after contracting 2.2% in 2020
Business
DFM posts net profit of AED 38.1 mn in the first nine months of 2021
The Company’s total revenue reached AED 183.1 million in this timeframe compared to AED 271 million during the corresponding period...
- DFM's expenses decreased 4 percent to AED 145 million by the end of September
- The company has waived the minimum trading commission from September 1
Business
ADIO and Etisalat to facilitate digital economy access for firms in Abu Dhabi
Abu Dhabi Investment Office (ADIO) and Etisalat will work together to unlock opportunities for businesses in Abu Dhabi by introducing...
- ADIO’s $545-million Innovation Programme provides incentives to businesses in high-growth areas to expand in Abu Dhabi.
- Etisalat Digital’s FutureNow program invites innovative technology companies to accelerate their businesses in the UAE.
Business
Eni of Italy discovers three new oil and gas wells in Egypt
Eni of Italy has discovered three new oil and gas wells in Egypt, according to the Egyptian Ministry of Petroleum.
- Oil, gas, and condensate (a mix of light liquid hydrocarbons) were found in the Meleiha concession area, and oil in the southwest Meleiha zone
- The MWD-21 well, which has already been linked to production, also yielded a stable rate of 2,500 bpd
Business
Saudi Investment Bank records 9% rise in net profit to $206.7m
The Saudi Investment Bank (SAIB) has recorded a 9 percent rise in net profit to $206.7 million in the first...
- The bank attributed the profit rise to a decline of 11.6 percent year-on-year (YoY) in total operating expenses amid lower salaries and employee-related expenses.
- Total shareholders' equity, excluding minority interests, reached SR14.69 million during the first nine months of 2021
Economy
44 MNCs decide to set up regional HQs in Riyadh
Pepsico, Deloite, Siemens, Haliburton, KPMG, PwC, Novartis and OYO are among the companies that will establish their regional headquarters in...
- The licenses were issued at the 5th edition of the Future Investment Initiative under the Regional Headquarters program.
- The direct and indirect benefits from the presence of companies (in Saudi Arabia) will amount up to $45 billion, says minister.
Business
Sharjah Economic Development Department processes 14,210 licenses during Q3
Sharjah Economic Development Department (SEDD) has processed 14,210 licenses submitted through its smart applications on its website as well as...
- The majority of the licenses processed belonged to the commercial sector, followed by professional.
- The growth of business licenses confirms the strength of the local economy, Sultan Abdullah bin Hadda Al Suwaidi.
Economy
Jordan discusses projects with World Bank and Ukraine
Jordan’s Minister of Agriculture had a meeting with a World Bank official and a minister of Ukraine.
- Jordan discussed the promotion of exchange of goods and bilateral ties with Ukraine
- With the World Bank, Jordan discussed water strategies and afforestation
Business
Advanced Petro Co. of KSA posts nearly 40% jump in net profit
Advanced Petrochemical Company of Saudi has posted nearly 40 percent increase in net profit to $58 million for the third...
- “Net profit increased by 39 percent compared to Q3 2020 mainly due to the increase in polypropylene sales”
- Sales revenue for the current quarter surged by 47.7 percent to 805 million riyals, while total comprehensive income grew from 286 million riyals to 356 million riyals
Business
Singapore-based Near acquires minority stake in MEmob+
Near will work with MEmob+ to continue its global expansion with a push into the Middle East and Africa.
- Near will work with MEmob+ to continue its global expansion with a push into the Middle East and Africa
- The companies will look to accelerate the adoption of cutting-edge technologies to support the performance of businesses everywhere
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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
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...
Geostrategy
Company News
DIFC unveils wealth center
Business
Latest News
Southern Cement H1 profit $40mn
Business
Saudi launches five projects to produce electricity using renewable energy
Riyadh, Saudi Arabia--Saudi Arabia has launched five new projects to produce electricity using renewable energy, which is part of the...
Economy
Bayt survey says 71% of professionals may quit jobs in 2023
When asked why professionals may change their careers entirely, “to find their real passion” ranked first (37%) followed by opportunities...
Business
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Business
Iraq and Qatar look to boost cooperation in aviation sector
Iraq and Qatar are looking to enhance cooperation in the field of civil aviation, especially in technical, air transport, and...
- Head of the Iraqi Civil Aviation Authority and Minister of Transport and Qatar Aviation Authority discussed the prospects for joint cooperation
- The two looked at boosting ties in technical, air transport, air safety and aviation security, as well as scholarships and training for the Civil Aviation Authority
Geostrategy
UAE, Russia review bilateral relations, strategic ties
The UAE foreign minister noted both the countries support each other to achieve sustainable economic growth and enhance the prosperity...
- Sheikh Abdullah discussed Ukraine crisis with Lavrov and promised full support to efforts aimed at finding a peaceful solution to the conflict.
- The two also discussed issues of common concern including energy and food markets and the importance of their stability to the global economy.
Geostrategy
UAE, UN Women discuss gender equality, empowerment
NEW YORK, US - UAE foreign minister Sheikh Abdullah bin Zayed Al Nahyan discussed enhancing the prospects of women empowerment...
- Both sides reviewed UAE’s efforts in areas of women’s empowerment across all segments of society.
- The two also discussed the critical role of women in conflict prevention, resolution and peacebuilding