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SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.

  • Iran-Russia trade surges 18 percent to US$1.7 billion in 2023

    Tehran, Iran--Trade between Iran and Russia has climbed 18 percent to US$1.7 billion in the first eight months of 2023.This...

    Jumping more than 40 percent up, the weight of trade between Iran and Russia was 3,748 million tons from March to November

    Iran revealed that $616, 326 million worth of goods were exported to Russia, which shows 32% increase compared to the same period last year

  • McDonald’s eyes big expansion

    The company plans about $2.5bn in capital expenditures in 2024.

    McDonald's will seek to effectively grow its network of namesake sites by about one quarter in what it called the speediest expansion in the brand history

    For CosMc's - which McDonald's executives had teased in July - the company plans an initial store in Chicago in 2024 and nine others in Texas

  • Egypt to sign agreement on curbing methane emissions

    Abu Dhabi, UAE--Egyptian Petroleum Minister Tarek el Molla announced an agreement on laying down a detailed road map for cutting...

    The agreement as per media reports will be signed by the the United States Trade and Development Agency (USTDA) within the framework of the COP28

    The minister said that Egypt supported green hydrogen projects in order to promote North African country's drive to become a green hydrogen regional center

  • Saudi Arabia offers 30-year tax cut to businesses shifting hqrs to kingdom

    Riyadh, Saudi Arabia - Saudi Arabia has rolled out a 30-year tax relief program aiming to lure multinational corporations to...

    Under the Regional Headquarters (RHQ) Program, participating companies will benefit from substantial tax incentives, including a zero percent rate on corporate income tax

    The RHQ Program, launched initially in 2021, has already licensed over 200 companies to operate their regional headquarters from Saudi Arabia

  • Masdar eyes Europe for growth

    It wants to build a supply chain between UAE and Amsterdam.

    It signed an agreement to explore the development of a green hydrogen supply chain between Abu Dhabi and Amsterdam to support Dutch and European markets

    The green fuel is generated with green electricity from renewables like wind or solar, in a process that separates water into oxygen and hydrogen via electrolysis

  • Air cargo demand up 3.8% in October

    Geneva, Switzerland - Global air cargo demand increased by 3.8% compared to October 2022, the International Air Transport Association (IATA)...

    Capacity was up 13.1% compared to October 2022 and 11.1% for international operations

    International belly capacity, for example, rose 30.5% year-on-year on the strength of passenger markets

  • GCC equity markets record first gain in four months

    The GCC equity market index rebounded notably in November 2023, with the MSCI GCC index rising 5.2%, led by Qatar...

    The GCC equity market index rebounded notably in November 2023, with the MSCI GCC index rising 5.2%, led by Qatar and closely followed by Saudi Arabia and Dubai.

    This resurgence is a positive sign for the region's markets, which are showing robust growth and diversification efforts, particularly in sectors like Pharma & Biotech.

  • Volkswagen to reduce workforce

    Volkswagen has some 675,800 employees worldwide.

    "Over the coming years, we will need to reduce our workforce in a socially responsible way," the group's human resources chief Gunnar Kilian said

    The focus would be on "partial retirement and early retirement schemes to the maximum extent possible," he added

  • BAT takes shock $32bn hit

    The impairment charge sent BAT shares sinking 7.6 percent.

    Companies like BAT face plunging demand for cigarettes in Western markets, where high taxes, smoking bans and health fears persuade many consumers to give up smoking

    The London-listed company added that its overall revenue growth for the current year was set to be at the "low end" of its previous guidance of between 3 and 5 percent

  • Airlines expected to carry 4.7 billion passengers in 2024: IATA

    "Some 4.7 billion people are expected to travel in 2024, an historic high that exceeds the pre-pandemic level of 4.5...

    Some 4.7 billion people are expected to travel in 2024, an historic high that exceeds the pre-pandemic level of 4.5 billion recorded in 2019," IATA said

    IATA also raised its profit outlook, expecting airlines to post $23.3 billion in net earnings in 2023, more than double the $9.8 billion it forecast in June