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...
Business
Jordan’s investments increase by 47.6% in H1 2023
Amman, Jordan - Jordan's total volume of investments witnessed a 47.6 percent increase, according to data released by the Ministry...
Economy
Geostrategy
UAE leader chats with Syrian President to improve relations
Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed al-Nahyan reviewed developments in Syria and the Middle East in a phone...
- the two leaders spoke about the relations between ‘the two fraternal nations’ and prospects of advancing cooperation across various fields
- Many countries from the Middle East have stepped up economic and diplomatic ties with Assad
Business
Lloyds Bank, the British lender, to shut down 48 branches
Lloyds Banking Group will close a further 48 branches across England and Wales, the British lender said on Wednesday, as...
- The closures are the latest in a string of such moves by the bank, which in June announced the closure of 44 different branches
- Lloyds said it is responding to customers using branches less frequently
Business
EDB, ADIO join hands to boost business in Abu Dhabi
The two parties have signed an MoU to promote business establishments and Foreign Direct Investments.
- The main aim of the MoU is the expansion of the private sector in Abu Dhabi and inclusive economic growth
- The collaboration is expected to enable investment in Abu Dhabi from SMEs, big firms, and startups
Business
Sharjah Islamic Bank board okays 40 percent foreign ownership ceiling
Sharjah Islamic Bank has announced that its board of directors agreed to raise the percentage of foreign ownership in the...
- The board's nod will now be submitted to the bank’s general assembly for a discussion and final decision.
- In its recent financial results, the bank had announced an increase in its net profit by 29.6 percent for the nine months ended Sept. 2021.
Business
DP World launches digital platform CARGOES Logistics
The platform is apparently aimed to address complexities and inefficiencies that exist in global supply chains.
- The first phase of the launch is expected to immediately offer customers access to book cargo from UAE to India
- They can also book cargo from India to multiple destinations across the Middle East, Subcontinent, Southeast Asia, the Far East, and North Africa
Business
Dubai records $4.4 billion realty sales in September, highest since 2013
The months leading up to the launch of Expo 2020 Dubai witnessed a surge in realty transactions, with September recording...
- A total of 5,762 sales transactions in September bring the year-to-date total value to over AED100 billion.
- In September 2021, 56 percent of all sales transactions were for secondary/ready properties and 44 percent were for off-plan properties.
Business
Boeing says MENA will need 3,000 new aircraft in 20 years
The MENA region will need some 3,000 new aircraft worth $700 billion in the next 20 years to cater to...
- The value of the Middle East’s commercial jet market including services over the next 20 years will be around $1.4 trillion
- The region’s single-aisle fleet of 660 is forecast to nearly triple to 1,750 jets over the next 20 years
Business
Etisalat Group and G42 partner to merge Khazna data centers
Etisalat Group and G42 have joined hands to merge their data centers, creating the UAE's largest data center provider. A...
- A total of 12 data centers will be combined in under the joint venture operating under Khazna Data Centres.
- G42 and Etisalat Group will each own 60 percent and 40 percent of Khazna Data Centres, respectively.
Business
Emirates Islamic net profit $218m
Higher non-funded income, reduction in the cost of risk push profits up.
- The total income rose 14 percent year on year and 43 percent on the same quarter in 2020 by higher non-funded income.
- The customer financing stood at AED 42.4 billion, an increae of 4 percent from 2020.
Business
Emirates Integrated Telecommunications Company profit rises to AED283 million in Q3
According to financial results, mobile customer base reached 6.5 million. The postpaid segment remains resilient with net-adds of 13,000. The...
- The revenues have grown 6.9% to AED 2,874 million on sustained demand for broadband services
- EBITDA amounted to AED 1,100 million due to cost optimization which helped contain margin pressure
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
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...
Business
Company News
QAMCO profit rises by 112%
Business
QIG’s H1 profit surges 71.5%
Business
Latest News
Saudi Education Minister meets founder of edX platform in US
Saudi Arabia's Minister of Education Dr. Hamad bin Mohammed Al AlSheikh has met with the leaders of edX platform at...
Business
Saudi Arabia to launch two astronauts into space aboard Elon Musk’s SpaceX
The sources told Reuters that the deal was signed privately earlier this year with Houston’s Axiom Space.
Science
Most Read
Business
Some 72% children fall victim to online threats globally: report
These were the findings of a report from Boston Consulting Group (BCG) and the Global Cybersecurity Forum (GCF), based on...
- while 83% of the children surveyed said they would turn to their parents if threatened online, only 39% of parents had been approached with concerns about online threats
- only 41% of parents would report problematic content received by their children to the police, and only 34% would report such content to their children's school
Economy
GCC central banks up interest rates, tracking US Fed
Taking a cue from Federal Reserve, GCC central banks have raised interest rates, tracking a hike in the US Fed's...
- The UAE central bank raised the Base Rate applicable to the Overnight Deposit Facility (ODF) by 75 basis points – from 2.4% to 3.15%
- The US central bank announced its third consecutive interest rate increase of 0.75 percentage point, continuing the forceful action to tamp down inflation
Business
ENOC Group announces 50% Emiratisation during Careers UAE 2022
The various energy career opportunities were revealed during ENOC’s participation at the 21st edition of Careers UAE.
- The various energy career opportunities were revealed during ENOC’s participation at the 21st edition of Careers UAE
- ENOC is recruiting young talented Emirati nationals in the energy sector in specialisations including chemical, mechanical, and electrical engineering