UAE and Kenya sign agreement to enhance digital, tech cooperation
Abu Dhabi, UAE--The UAE and Kenya have signed an investment memorandum establishing a framework for investment cooperation in digitalisation and...Business
UAE earns first spot in Global Entrepreneurship Monitor 2024 report
Abu Dhabi, UAE-- The United Arab Emirates has been ranked first globally for the third consecutive year in the Global...Business
Stocks extend global rally as US jobs data cements rate hopes
Hong Kong, China - Markets rallied again Monday following another strong performance on Wall Street, as below-forecast US jobs data fanned...All three main indexes on Wall Street jumped Friday after the jobs reading, which also fueled bets on an interest rate cut by June.
Asian markets tracked the rally in New York, with Tokyo more than two percent higher, while Hong Kong, Wellington, Manila and Jakarta were up more than one percent
$10 trn of ‘hidden costs’ on food and agriculture system per year, says UN
Paris, France - The food and agriculture system adds at least $10 trillion in "hidden costs" to the global economy every...The Food and Agriculture Organization said it conducted an analysis in 154 countries to determine the "true" cost of the agrifood system.
The global quantified hidden costs totaled around $12.7 trillion in 2020, representing almost 10 percent of the global gross domestic product.
Expat remittances in Saudi Arabia fall to $2.6bn in September
RIYADH, SAUDI ARABIA - Remittances by expatriates in Saudi Arabia dropped 13 percent year-on-year (YoY) to US$2.6 billion (SAR 9.9...On a month-on-month (MoM) basis, expat remittances in the Kingdom declined 8 percent, or US$229 million.
Remittances by Saudi nationals to other countries also fell 11 percent YoY to US$1.2 billion in September.
First SAF-powered Emirates flights cleared for take-off from Dubai
Dubai, UAE -- The first Emirates flights operating with sustainable aviation fuel (SAF) provided by Shell Aviation have taken off...Emirates’ flight EK 412 bound for Sydney on 24th October was among the first to operate with SAF.
Shell has supplied 315,000 gallons of blended SAF for use at the airline’s hub in Dubai.
EDGE acquires 52% of ANAVIA
ANAVIA focuses on developing unmanned helicopters.ANAVIA is a Switzerland-based company that specialises in versatile vertical take-off and landing systems of up to 750 kilograms.
ANAVIA’s unmanned helicopters can be adapted to EDGE's cross-complementary portfolio of air, land and maritime capabilities.
Saudi Arabia launches second phase of Visiting Investor Visa
RIYADH, SAUDI ARABIA – The Kingdom’s ministry of investment and ministry of foreign affairs launched the second phase of issuing...This service is offered to foreign investors as part of the Kingdom’s efforts to boost investment, consistent with Saudi Vision 2030.
The booking platform is affiliated with the Ministry of Investment “Invest Saudi,” through which the application will be processed.
GASCO 9M 2023 profit up 16%
Operating expenses and financing cost edged lower.GASCO noted an increase in revenue and financing income, along with higher share of results from associates.
In Q3 2023, net profit rose slightly by 0.4 percent to SAR 57.2 million from SAR 56.98 million in Q3 2022.
Ryanair profits soar
Its net profit is US$2.4bn in the six months to September end.Profit after tax came in at $2.4 billion in the six months to the end of September compared with 1.3 billion euros in the equivalent period one year earlier
Chief executive Michael O'Leary said the carrier's full-year outlook "remains highly dependent on the absence of any unforeseen adverse events
Luberef’s 9M profit up 2%
The company's third-quarter net profit dropped 28 percent.The nine-month profit was spurred by lower Zakat and income tax expenses, as Luberef has become subject to tax after listing its shares, Argaam reported.
Luberef’s bottom line dropped 25.2 percent quarter-on-quarter (QoQ) from SAR 454.86 million in Q2 2023, hurt by lower base oil crack margins, according to Argaam.
Sharjah looks to boost economic, investment ties with Uganda and Kenya
Sharjah, UAE-- The emirate of Sharjah is seeking to boost economic and investment cooperation with Uganda and Kenya.In this connection,...In order to boost trade with Uganda and Kenya, the Sharjah Chamber of Commerce and Industry (SCCI) will dispatch a trade mission to the African countries
The trade mission will explore ways to enhance development and foster stronger ties as part of the chamber's commitment to supporting the local business community
