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
Huawei to invest $430m in Northern Africa over 5 years
Shanghai, China - Huawei has unveiled an ambitious five-year initiative that will see a total investment of $430 million dedicated...$200 million will be allocated to establish the region's first public cloud center, which will offer more than 200 cloud services
An additional $200 million will be used to support 200 local software partners and empower 1,300 channel partners
Qatar and Libya sign MoU to boost cooperation in civil aviation
Tripoli, Libya-- Qatar and Libya have signed a memorandum of understanding (MoU) to boost cooperation in the field of civil...The MoU is a component of joint efforts by the two countries to deepen bilateral relations in the aviation sector
It is also designed to enhance ways of cooperation in the field of security and safety, and exchanging experiences
UAE, KSA lead the way in Islamic fintech innovation
Islamic fintech assets will rise from 0.8% to more than 1 percent globally by 2025, driven by young Muslim demand...Islamic fintech assets will rise from 0.8% to more than 1 percent globally by 2025, driven by young Muslim demand and favorable regulations, predicts Moody's
Gulf's Shari'ah-compliant banks, led by Saudi Arabia at 83% market share, are expected to outpace traditional banks through 2024, with Bahrain following at 69%
DIB to buy stake in TOM Group
DIB felt Turkey is a great investment destination.DIB will acquire 20 percent shareholding across T.O.M. Group with an option to increase shareholding to 25 percent within 12 months.
DIB has long held the view that Turkey was an attractive investment destination for a financial services institution.
US to auction three new oil and gas leases in the Gulf of Mexico
WASHINGTON, US - President Joe Biden's administration on Friday announced it would auction three new oil and gas leases in the...The move triggered a furious reaction from environmental groups who said the move would accelerate climate change.
The action was denounced by advocates of the fossil fuel industry as it reduced the number of lease sales planned by previous US administration.
Credit Suisse expects Q3 loss
The bank said the loss could be as much as $2.2 billion.Its exit from certain loan portfolios is expected to result in a $1.6 billion loss, Credit Suisse said in a first-half results statement
The winding down of certain management arrangements may result in an additional loss of up to $600 million, the bank added
Cathay Pacific orders A320neo planes
The value of the deal is expected between $3.2 billion to $4.1 billion.Financial details of the sale were not disclosed, though at current list prices the deal would be worth $3.2 to $4.1 billion
Airbus says the more fuel-efficient versions of the single-aisle A320 planes are the best sellers in the industry
Europe should move faster on energy transition, say IEA, ECB
PARIS, FRANCE - Europe must invest more quickly and massively in its energy transition if it wants to remain a global...Europe must invest more quickly in its energy transition if it wants to remain a global industrial power, top policymakers said.
Private sector investment faces barriers including policy uncertainty, bureaucratic red tape and higher energy costs, they said.
Saudi Central Bank’s assets drop $6.39 billion in August
Riyadh, Saudi Arabia -- Assets held by the Saudi Central Bank (SAMA) declined by SAR 24 billion ($6.39 billion) month-on-month...When compared to August 2022, SAMA’s assets fell by around SAR 229.2 billion, according to data released by SAMA, Argaam reported.
SAMA’s investments in foreign securities, which represent nearly 56 percent of its total assets, shrank by 12 percent year-on-year (YoY) to around SAR 986.2 billion last month.
GCC, Pakistan ink preliminary free trade agreement
RIYADH, SAUDI ARABIA - Secretary-General of the Gulf Cooperation Council (GCC) Jasem Mohamed AlBudaiwi said that preliminary free trade agreement...The agreement was signed by GCC Secretary-General Jasem Mohamed AlBudaiwi and Pakistani Commerce Minister Dr. Gohar Ejaz.
The Secretary-General stressed that the GCC countries are proceeding with free-trade negotiations with other countries.
