Macy’s rejects $5.8bn takeover deal
The company also owns the Bloomingdale's store chain.Company News Business
Bahrain Q4 2023 imports increase to US$3.92bn
MANAMA, BAHRAIN - The Information eGovernment Authority (iGA) has published its foreign trade report of Bahrain for Q4 2023, covering...Business Economy
UAE has advantage in leading global hydrogen market: Report
DUBAI: The UAE has the foundations and competitive advantages to become one of the largest producers of low-carbon hydrogen in...UAE’s strong infrastructure, export facilities, geographic location key advantages.
ADNOC is already a producer of over 300,000 tons per year of hydrogen in its downstream facilities.
flydubai signs pact with Saudi company
The Saudi company will undertake ground handling services for flydubai.The AED 100m agreement has been signed for five years.
flydubai said the agreement reflects the longstanding relations between it and Saudi partners.
Al Salam Bank buys back shares
The bank has bought 320,664 shares on DFM and Bahrain Bourse.The bank has bought 320,664 shares on Dubai Financial Market and Bahrain Bourse
The move increases the total holding of treasury shares from 110,779,910 to 111,100,574
UAE outperforms ten global tourism destinations in H1
The emirates achieves hotel occupancy rate of 62 percent, ahead of the US, UK and TurkeyHotel revenues grew by 31 percent to reach AED11.3 billion.
Domestic tourism accounted for 30 percent of the total number of guests at hotels.
New Iraq project to reduce flaring at oilfields, consolidate gas production
The new project, signed in 2017 with oil services company Baker Hughes, will eventually allow 200 million cubic feet of...The implementation of the project and the gas exploitation may have to wait 30 months for the completion of infrastructure works
The amount of gas torched in Iraq annually reached 17.37 million cubic metres last year, says the World Bank
Saudi biggest Arab economy, Sudan most indebted
The Saudi economy, as per IMF, is recovering "well" from the pandemic, estimating the kingdom's non-oil economy will grow by...COVID-19 increased the average debt in Arab countries to 81.8 percent of its GDP in 2020, up from 69.4 percent in 2019.
Qatar has the highest GDP per capita in the Arab world due to its small population.
NBF starts e-trading platform
NBFX will help customers digitally hedge their treasury requirements.The new platform is available for both conventional and Shariah-compliant banking customers on a 24/5 basis
Customers will be able to execute transactions during and beyond the bank’s working hours and benefit from liquidity across all time zones
Most of $3.8bn remittances to the Philippines in July came from Middle East
Filipinos living overseas have sent back some $3.8 billion in July with most of the remittances coming from the Middle...Central bank figures show personal remittances from overseas Filipinos reaching $3.18 billion in July
Saudi Arabia was the third-biggest source of these money transfers, while Qatar and the UAE were also in the top 10
Huawei to invest $15m in Middle East to widen cloud services market
Huawei, the Chinese tech giant, will invest $15 million across the Middle East during the next three years in order...The new investment includes $7.6 million being allocated for partner development, more than $2.5 million to be put behind credits and other cloud resources
Chinese tech giant looks to groom SMEs to use cloud computing services
Gargash Group buys out Deem Finance for unknown sum
Gargash Goup, the UAE-based conglomerate, has bought out Deem Finance, the financial services provider, for an undisclosed sum. The conglomerate...Firm looks to enhance its offerings in financial services sector
Deem Finance offers credit cards, personal loans and wholesale deposit products to UAE corporate clients
