CBI 2023 net profit at $46.5m
The 2023 annual net profit rose 14 percent from 2022.Company News Business Banking & Finance
Passenger traffic at Sharjah airport jumps to 15.3 million in 2023
Sharjah, UAE--The number of passengers travelling through Sharjah airport reached 15.3 million in 2023, as compared to 13.1 million in...Business
Alturki Holding oil arm buys out US drilling firm Newsco for undisclosed sum
Alturki Holding oil arm, the Saudi Sawafi company, has bought out Newsco, the US drilling services company, for an undisclosed...Newsco is one of the most important directional drilling companies in the petroleum industry in the world
Sawafi, the global leader in upstream technologies, will now control about 9 patents in directional drilling
Central Bank of UAE penalizes six exchanges for flouting rules on money laundering
The Central Bank of the United Arab Emirates has penalized six exchange houses for flouting rules to combat money laundering...The sanctions imposed last month followed the exchange houses’ failures to comply with AML & Sanctions Compliance Frameworks by end-2019
The UAE has in recent months beefed up regulations targeted at banks and financial institutions to combat and prevent money laundering
Home buyers in Middle East long for a villa in the countryside
Home buyers in the Middle East are looking to settle in rural areas and possess bigger homes than they have...Around 57 percent of respondents in the region said they would be most likely to buy a villa
Half of the respondents cited the energy efficiency of their home being a “very important” issue
TMG of Egypt looks to take advantage of demand for housing in Saudi Arabia and Iraq
Talaat Moustafa Group, the Egyptian real estate company, is looking to expand into Saudi Arabia and Iraq to take advantage...TMG has formed a committee to study investment opportunities in Saudi Arabia and Iraq
The company recently proposed the Nour City project, east of the capital Cairo
Art sales rebound to an all-time high of $2.7 billion after Covid-19 slump
Sales soared between June 2020 and June 2021 as auctioneers quickly adopted a more online approach.NFTs, or "non-fungible tokens", allow people to buy the rights to online art, including images, animation or even tweets.
In March, US artist Beeple sold an NFT of his digital artwork "Everydays: The First 5,000 Days" for $69.3 million.
Outdoor ad firm Al Arabiya announces IPO
The company expects to sell 30 percent of its shares in the offering.The IPO is expected from Oct. 22 to Oct. 26 and a book-building process will determine offer price per share.
In June, the Capital Market Authority had approved the company's request for the IPO.
Emirates and Qantas extend partnership
Together, the airlines are making millions of reward seats available for frequent flyers to access more than 100 destinations.For Emirates customers, the deal provides access to over 55 Australian destinations to where Emirates does not fly
Qantas customers are able to fly on Emirates to Dubai and access over 50 cities in Europe, the Middle East and North Africa, to where Qantas does not fly
Panama law firm heavily implicated in ‘Pandora Papers’ revelations
Alcogal created offshore shell companies to hide money in tax havens for politicians and public figures. They included "some accused...Nearly two million of the 11.9 million leaked documents associated with the Pandora Papers came from Alcogal.
The firm rejected accusations, saying it was considering legal action to defend its reputation.
Expert at AVSEC symposium: Need to rethink security approaches
The 5th edition of the AVSEC Global Symposium, which started on Sunday in Dubai, brought together globally recognized security experts,...The three-day event will host 35 speakers and over 700 delegates from more than 50 countries.
Held since 2013, the symposium is one of the most significant aviation security events in the region and one of the biggest globally.
ADQ to buy stake in IHC subsidiary
Abu Dhabi-based firm will acquire Eltizam Asset Management for AED111.6 million.IHC has entered into a strategic partnership with ADQ to sell a 50% stake in its subsidiary
Eltizam offers an integrated suite of strategic management and real estate services
