UAE energy ministry announces Global EV Market transformational project
DUBAI, UAE - Â UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei on Tuesday announced the launch of...
Business
Ajman hotels posts 3% increase in revenues in Q1 2023
AJMAN, UAE - Ajman hotels and serviced apartments recorded a three percent growth in hotel revenues in the first quarter...
Business
Business
TAQA’s net income shoots up 42 percent to $790m in first half
TAQA, the Abu-Dhabi government’s energy holding company, has reported a 42 percent jump in its net income for HI 2021...
- Company says revenues up 11 percent year-on-year due to higher oil and gas commodity prices
- The company recorded revenues of AED 22 billion, 11 percent up on the previous year, due to higher commodity prices in the oil and gas segment
Business
Saudi banks net profit up to $2.94bn in Q2
In a sign of economic rebound in Saudi Arabia, banks in the kingdom are reporting better than expected financial results...
- In the second quarter of 2021, Saudi banks reported a net profit of $2.94 billion
- The Saudi British Bank (SABB) saw the highest growth among nine Saudi banks that reported a rise in their quarterly incomes
Geostrategy
UAE sends 300,000 COVID-19 vaccine doses to Comoros
An aircraft loaded with the supplies, which also included 600,000 injection needles, left the UAE for Comoros on Tuesday.
- With a population of nearly 890,000, Comoros has seen 4,031 cases of Covid-19 infection
- A total of 147 of these infections resulted in death, most of them in January-February this year
Geostrategy
Facebook bins anti-vaccine campaign
Influencers who caught onto the sham turned out to be the undoing of a deceitful influence campaign orchestrated by marketing...
- The company said it removed 65 Facebook accounts in July and 243 accounts at Instagram that were linked to the campaign.
- Anti-vaccine campaign targeted primarily India and Latin America, but also took aim at the United States.
Economy
Saudi Arabia issues record 478 licenses in first quarter
Following a 2018 reform in the Kingdom that allowed for a first time the 100 percent foreign ownership of companies,...
- In none of the quarters since 2005 has such a number of licenses been issued, according to Saudi investment ministry.
- Manufacturing sector accounted for the bulk (114) of new licenses issued followed by e-commerce and construction (78 each).
Geostrategy
MENA connectedness ranking rising: Survey
The UAE is the highest ranked in the region, and the fourth country globally, in terms of overall global connectedness.
- Ranks third among the world’s seven regions and is well above the global average.
- UAE is the highest ranked in the region, and the fourth country globally, in terms of overall global connectedness.
Business
ADNOC Distribution H1 net profit $313m
Higher fuel volumes, improvement in non-fuel and commercial gross profit margin and increased operational efficiencies made in the first half...
- The company’s fuel volumes saw progressive recovery towards pre-COVID-19 levels.
- In H1 2021, the company received no objection certificates from the Saudi General Authority for Competition to acquire 35 stations in the kingdom.
Business
Emaar Malls net profit leaps to $169m in H1
The owner of Dubai Mall attributes 80 percent jump in net to recovery in retail sector.
- Mall operator reports higher visitor spends, online sales
- Net profit for January to June 2021 reached 622 million dirhams ($169 million), registering an 80 percent increase
Dubai exports, re-exports to West Africa rise by 42% during H1
Nigeria was the largest West African export market for member companies, accounting for a 32 percent share of the value...
- Plastics accounted for 31 percent of exports, followed by electrical machinery/electronics (14 percent)
- Commodities with the highest untapped potential for export and re-export include polyethylene, sugar cane and rice, trigger batteries.
Geostrategy
Lebanon migrant workers need ‘urgent’ help
78 percent of the country's population lives in poverty, higher than last year's figure of 55 percent.
- 78 percent of the country's population lives in poverty, higher than last year's figure of 55 percent.
- Many migrant workers want to leave but they have no means to do, says UN.
UAE energy ministry announces Global EV Market transformational project
DUBAI, UAE - Â UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei on Tuesday announced the launch of...
Business
Company News
Latest News
DP World, NIIF expand ties
Business
Saudi review partnership with Bahrain in green sector
Bahrain targets zero neutrality by 2060 in the country.
Business
Saudi Arabia, Malaysia discuss food security
Saudi Arabia and Malaysia discussed cooperation in food security and the promotion of the private sector to benefit from investment...
Business
Most Read
Geostrategy
UAE, US discuss enhancing military, defence ties
Rear Admiral Pilot Sheikh Saeed bin Hamdan bin Mohammed Al Nahyan, explored means of fostering relations in all fields with...
- Rear Admiral Pilot Sheikh Saeed bin Hamdan bin Mohammed Al Nahyan, explored means of fostering relations in all fields with Vice Admiral Brad Cooper
- During the meeting, Rear Admiral Pilot Sheikh Saeed discussed the keenness to enhance ties with the US official across various domains
Economy
Saudi Fund to finance building of Cameroon hospital
The hospital will help tackle chronic disease and reduce mortality rates and also alleviate overcrowding in other hospitals of the...
- The agreement was signed by SFD CEO Sultan Al-Marshad, and the Cameroonian Minister of Economy, Planning, and Regional Development, Alamine Ousmane Mey
- The agreement will help to build and equip the hospital with 200 beds and develop specialized medical departments, centers, and buildings
Business
SALIC to set up storage center
Its CEO said the center will store imported edible oil.
- The announcement was made in a Saudi-Malaysian private sector meeting in Riyadh, which discussed areas of cooperation and investment opportunities
- The center, which will be constructed by the Public Investment Fund-owned firm, will serve as a distribution point for edible oils in the region