US pushes naval coalition as Yemen rebels vow to attack more ships
The United States pushed to build up a multinational naval task force to protect a key global shipping lane from...Business Economy
15% increase in air traffic at UAE airports during COP28, says GCAA
ABU DHABI, UAE – Airports in the country witnessed a 15 percent increase in air traffic during the 28th Conference...Business Economy Aviation
Aramco net income rises to $25.5 billion in Q2
Higher oil prices and a recovery in demand, easing of COVID-19 curbs, vaccination campaigns, stimulus measures, and accelerating activity in...The company announces a dividend of $18.8 billion.
Higher oil prices and a recovery in worldwide demand, easing of travel restrictions drive the rise in income.
MG Cars unveils first ever all-electric SUV in Qatar
The electric car is capable of travelling for 335km NEDC on a single battery chargeStylish, compact SUV is first pure electric model from MG in the Middle East
The electric car is capable of travelling for 335km NEDC on a single battery charge
Retail coffee prices rise as frost hits Brazil produce, freight costs go up
Arabica coffee on the ICE Futures US exchange has doubled in price over the last 12 monthsThe Covid-19 which caused shipping logjams has also contributed to cost escalation by pushing the freight costs to record levels
Arabica coffee on the ICE Futures US exchange has doubled in price over the last 12 months
Aramco likely to post bumper profit for Q2
Aramco is expected to post a bumper profit for the second quarter of this fiscal on the back of high...Bank of America predicts a net profit of $24 billion in the second quarter, up 16 percent from the previous three months
JPMorgan estimates $23.7 billion, while Alrajhi Capital is expecting Aramco to report $25.3 billion
SVC provides 75 startups with nearly $250m
Saudi Venture Capital Company (SVC) has funded nearly 75 startups since its birth in 2018, providing them with about $250...SVC has $750 million to invest and has deployed around $250 million thus far: CEO Nabeel Koshak
The company is currently focusing on sectors that lack funding, such as the health and industrial sector: Koshak
Saudi Arabia gets a pat on the back from US
Saudi Arabia has received warm praise about its improved rankings on a number of global lists from the US State...It highlights the great progress made by the kingdom in its ‘investment and business climate’ over the past two years
Efforts to provide more jobs for Saudis and diversify the economy raised some concerns in the annual Investment Climate Statements
SABIC’s net profit shoots up to 2.04bn
Saudi Basic Industries Corp. (SABIC) has reported a big jump in second-quarter profit as it sold more chemicals at higher...Net profit jumped 57 percent to $2.04 billion in Q2
Selling prices increased 10 percent, sales volumes rose 3 percent
Airlines suffer $126.4bn loss amidst Covid-19
Airlines across the world took a heavy beating from the Covid pandemic lockdown, posting on the whole net losses to...IATA said passenger numbers were down 60 percent year-on-year
The Middle East was the worst impacted, with a 67.6 percent fall in passenger numbers compared to Asia-Pacific, the least impacted with a decrease of 53.4 percent
DIB ups foreign ownership limit to 40 percent
Group CEO says the bank geared towards benefitting from the re-opening of the Dubai economy post Covid-19 pandemic.Group CEO says the bank geared towards benefitting from the re-opening of the Dubai economy post Covid-19 pandemic.
The enhancement of FOL was executed through the Dubai Financial Market.
$1.9 billion weeklong realty transactions in Dubai
An apartment in Marsa Dubai sold for AED 508 million and properties worth AED 4 billion mortgaged.91 plots of land sold for AED 715.83 million and 1,083 apartments and villas for AED 2.53 billion.
An apartment in Marsa Dubai sold for AED 508 million and properties worth AED 4 billion mortgaged.