ADNOC Distribution 2024 net profit down 7%
Minus UAE corporate tax, it would have grown by 2.4% to $725mCompany News Business
UAE announces top-up tax for multinational enterprises
Abu Dhabi, UAE - The Ministry of Finance has announced the issuance of Cabinet Decision No. 142 of 2024 on...Business
44 large direct deals on IHC worth $1.205 bn at ADX Thursday
Abu Dhabi, UAE – A wave of 44 large direct deals swept over the International Holding Company (IHC) shares on...Large direct deals are trades that are executed outside the order book and do not affect the closing price of the relevant company's stock
They also do not affect the highest and lowest prices executed during the session and during the last 52 weeks
Angola departure a blow for OPEC+ as cartel tensions rise
Despite slashing oil production for months on end and announcing new cuts in late November, the Organization of the Petroleum...Prices are sitting at their lowest level in nearly six months despite the cartel's announcement in November to further cut output.
Angola is far from the first small country to quit the cartel. Indonesia left in 2009, Qatar in 2019 and Ecuador in 2020.
UAE consumer spending expected to rise by 5% in 2024: Mastercard report
Dubai, UAE -- Consumer spending in the UAE is expected to increase by 5 percent in 2024, while consumers and...Expansionary fiscal policy is set to continue to support growth in the Gulf Cooperation Council (GCC) countries, the report said.
GCC’s strong push to grow its tourism sector have made the region one of the world’s fastest-growing destinations.
UAE central bank cash deposits up by 10.2% in Oct to $187 billion
Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) said Thursday cash deposits surged to AED 687.2 billion...The Central Bank's cash aggregates statistics reveal a monthly increase of 0.19 percent, or AED 1.3 billion, compared to around AED 685.9 billion in September 2023.
During the first ten months of this year, cash deposits increased by 8.12 percent compared to about AED 635.6 billion at the end of last year, an increase of AED 51.6 billion.
Saudi Arabia’s holdings of US Treasuries up $399 million in Oct 2023
Riyadh, Saudi Arabia -- Saudi Arabia’s holdings of US Treasuries reached $117.5 billion in October 2023, up $399 million month-on-month...The Kingdom kept the 17th place among the largest holders of US Treasuries for the month, Argaam reported.
Saudi Arabia’s holdings of US Treasuries were distributed among long-term bonds worth $102.3 billion.
Sony PlayStation 5 sales cross 50 million units
Since releasing the first PlayStation in 1994, Sony has grown into a titan of console gaming, a market whose revenues...The PlayStation 5 was launched in November 2020 and its sales initially suffered because of widespread supply chain problems and a global chip shortage
PS5 reached the 50-million-unit milestone in almost the same period as its predecessor, the PS4, with Sony saying its flagship console enjoyed "strong momentum" in 2023
X users report global outage: monitoring site
With no way to post on X, social media users published updates about the outage on rivals including Facebook, Threads,...Reports of the platform's troubles began spiking just before 0600 GMT on monitoring site Downdetector
Timelines on the platform were emptied and no new posts visible, although the twitter.com site was available
Warner Brothers Discovery explores merger
Warner Brothers Discovery brands include CNN and HBO.Warner Brothers Discovery chief executive David Zaslav met with Paramount Global boss Bob Bakish for several hours to discuss the possibility of merging the companies
Warner Brothers Discovery brands include CNN, HBO, and its eponymous film studios, while Paramount’s properties include its movie studios of the same name
London’s transport shifts gears with TfL’s cargo bike action plan
London, United Kingdom - On a busy north London street, plumber Ben Hume-Wright zipped through the heavy rush-hour traffic to his...Transport for London (TfL), the local government body responsible for most of the British capital's transport network, launched its first "Cargo Bike Action Plan" earlier this year
The use of cargo bikes also increased during lockdown and encouraging their use chimes with Mayor Sadiq Khan's aim of a carbon net-zero city by 2030
ADIB, Aldar close $272m financing deal
Aldar's total ESG financing facilities reach $1.30 billion.Aldar intends to utilize the proceeds to finance sustainable projects such as green buildings, property upgrades to enhance energy efficiency.
The company also intends to use the proceeds to finance sustainable water management, pollution control measures and renewable energy sources.
