PIF’s diverse investments transform Saudi economy
From sports and gaming to pharmaceuticals and aviation, the Saudi Public Investment Fund's strategic initiatives are shaping a dynamic future...Business
Oil prices rise on Red Sea escalation, corporate earnings season
Crude prices spiked more than four percent before ebbing somewhat after the allies launched deadly strikes following weeks of disruptive...Business Economy Energy
Jazeera Airways posts 138% growth in passenger traffic in Q2
The operational performance shows positive signs that travel will recover at a fast pace after eased restrictions come to effect...The operational performance shows positive signs that travel will recover at a fast pace after eased restrictions come to effect by the middle of Q3 2020
The airline registered a net loss of KD6.5 million for Q2 on account of the higher costs due to increased operations and higher fuel prices
Sky Abu Dhabi to invest around $1bn in Egypt in two years
Sky Abu Dhabi Development will invest nearly a billion dollars in Egypt during the next two years in the North...Sky, a subsidiary of United Arab Emirates-based Diamond Group, set up in Egypt in February 2021 and launched its first project in March
Sky's project in the new capital comprises 1,000 housing units and 15,000 square meters of commercial and office space
Qatar pulls up 106 firms for violating summer work hours
The action has been taken under a new law that prohibits laborers from working outside between 10 am and 3:30...Qatar’s labor ministry said the 106 companies it pulled up were caught during an intensive inspection campaign
The ministry said the violating companies are chiefly from the contracting sector: building maintenance, to be specific
Dana Gas reports $139m net profit in H1
Dana Gas, the UAE-based energy producer, is out of woods with a big rise in its net profit to $139...The first half is one of the strongest financial periods for the gas company
The firm reported a net profit of $139 million for the January to June period, compared to a loss of $19 million a year earlier
Etihad Cargo’s tonnage up 20 percent on pre-Covid volumes
The cargo and logistics arm of Abu Dhabi’s Etihad Aviation Group said it is looking to facilitate a global trade...The airline has reclaimed 90 percent of its pre-Covid destinations.
It currently services 72 network destinations across the Middle East, Asia, Europe, Africa, and the Americas.
Palm Jumeirah beckons rich with its luxury
Dubai’s Palm Jumeirah has seen its sales and prices touch newer levels during the last few years, spurred by strong...More than half of multi-million dollar homes sold in Dubai in H1 are Palm properties
The average transacted prices for residential units on the man-made island stood at 2,100 dirhams ($571) per square foot in the second quarter of 2021
UAE firms face multiple cyber attacks in a day
Cyber criminals have targeted an organization in UAE 295 times per week on an average in the last six months....The most impacted industry is the finance and banking sector with 407 weekly attacks per organization, says a report.
Most organizations had at least one employee download a malicious mobile application, which threatens their networks and data.
Dubai Airports expects robust growth for DXB in H2
DXB is currently serving 68 percent of the destinations in 94 percent of the countries on 70 percent of the...Dubai Expo 2020 and Dubai Airshow 2021 may increase passenger numbers in months ahead, says CEO.
India DXB’s top destination country by traffic volume in H1 with passenger numbers exceeding 1.9 million.
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
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
