DAE net profit up 36.2%
Revenues grew by 9 percent to $1.42bn from $1.31bn in 2023.Company News Business
OPEC+ sticks to oil output plan after Trump’s price demand
In a bid to boost prices, the Organization of the Petroleum Exporting Countries (OPEC) headed by Saudi Arabia and Russian-led allies...Business Energy Geostrategy
KSA, Kuwait lead as Islamic banking prospers in GCC
With the support of Vision 2030 projects and a surge in real estate lending, the banking sector's performance in the...With the support of Vision 2030 projects and a surge in real estate lending, the banking sector's performance in the Gulf region has been commendable, says a report
Despite challenges such as intricate transactions and the demand for universal standards, the potential of financial technology and green financing is immense, it adds
Lebanon national carrier halves flights amid fears of Israel war
BEIRUT, LEBANON - Lebanon's national carrier on Friday said it was cutting more than half of its flights as tensions along...Only eight of the Middle East Airlines company’s 22 planes would operate as of next week, with the rest of the fleet relocated to other airports.
Other airlines, including Swiss International Air Lines and Germany's Lufthansa have already temporarily suspended Beirut flights,
DCT signs MoU with Microsoft to transform Abu Dhabi tourism
Dubai, UAE -- The Department of Culture and Tourism - Abu Dhabi (DCT Abu Dhabi) and Microsoft have signed an...Activities under the MoU will also drive growth, foster innovation and enhance knowledge among DCT Abu Dhabi employees.
The MoU spans across the optimization, automation, and modernization of IT and security infrastructure and will be enabled by Microsoft’s cloud computing platform Azure.
Air Arabia launches non-stop flights between UAE’s Sharjah, Egypt’s Giza
SHARJAH/ ABU DHABI, UAE - Air Arabia announced the launch of a new route operating between Sharjah and Giza city...The non-stop flights will connect Sharjah International Airport with Giza and will have a frequency of five weekly flights.
British Airways announced that it will launch daily flights from London to Abu Dhabi next year.
MAWANI and SGP sign $266m contract
They will establish a logistics zone in King AbdulazizThe zone will provide major logistics services, unique solutions, integrated services, and environmental systems, including warehouses and yards.
It will also include a warehouse and re-export area to provide sorting, regional distribution, and value-added operations.
Indian firm halts uniform sales to Israel police over Gaza war
Maryan Apparel in the southern state of Kerala said it had supplied around 100,000 uniforms to Israel's police force for...Statement of Maryan Apparel said that a strike on a hospital and the "loss of thousands of innocent lives" in the conflict had prompted the decision
According to the statement, the Indian firm will fulfil its existing commitments to Israel, which end in December, but will not take new orders
Saudi Arabia, Singapore sign MoU on mutual recognition of halal certificate
Riyadh, Saudi Arabia - The Saudi Food and Drug Authority (SFDA) signed Thursday a memorandum of understanding (MoU) with the...The MoU aims to develop procedures for conformity assessment, standard specifications, and technical regulations for issuing these certificates
It also ensures mutual recognition between the two sides for exported local products as well as the exchange of expertise and knowledge
Stocks slide as investors worry over Middle East crisis
London, United Kingdom - European and US stock markets fell Thursday as investors worried over rising US Treasury yields and the...Wall Street opened higher after falling the previous day, but slid into loss during morning trading, while Europe's main stock markets extended losses
Risk aversion among traders was increased by concerns the Federal Reserve would hike interest rates again, or at least keep them elevated for an extended period
EU okays takeover of Seagen
Pfizer announced in March its deal with Seagen.The European Commission, the bloc's powerful anti-trust authority, said it had "unconditionally approved" the transaction after a market investigation
The firm came to major drugmakers' attention with its work on antibody-drug conjugates that are "designed to preferentially kill cancer cells"
PIF announces pricing of inaugural $3.5bn global sukuk issue
RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) on Thursday successfully priced its first dollar-denominated Shariah-compliant trust certificates (sukuk).The...The issuance will be listed on the London Stock Exchange’s International Securities Market (ISM).
The sukuk issuance was more than seven times oversubscribed, with orders exceeding $25 billion,
