Air traffic in Saudi Arabia surges 16 percent in 2023
Riyadh, Saudi Arabia - Saudi Arabia's aviation sector soared to new heights in 2023, with a significant increase in both...Business
Will sign US$13.7bn deal with Airbus, says Korean Air
SEOUL, SOUTH KOREA – South Korean flag carrier Korean Air said on Thursday it will sign a US$13.7 billion deal with...Business Aviation
SAB H1 profit up 59%
The bank's profit in Q2 increased by 43% compared to Q2 2022.SAB’s net profit dropped by 12.2 percent from SAR 1.76 billion in Q1 2023.Â
H1 profit rise was mainly due to an increase in net special commission income, income from FVSI financial instruments.
Borouge Q2 net profit $231m
The company posted first-half revenues of $2.8 billion.Second-quarter revenue increased by 2.5 percent quarter-on-quarter, to reach $1.4 billion, and declined on a year-on-year basis.
The company's board has endorsed a dividend of $650 million to be approved by the shareholders during the second half of the year.
Ford raises 2023 profit outlook
Profits in the second quarter were $1.9 bn.Profits in the second quarter were $1.9 billion, nearly triple the year-ago level on revenues of $45 billion
Ford slowed its timeframe for ramping up EV production, pushing back the timeframe to reach 600,000 per year in 2024
Iran carmaker Saipa supplies 2nd batch of cars to Venezuela
Tehran, Iran – Iran's second-largest carmaker, Saipa, has successfully delivered another batch of cars to Venezuela as part of an...The shipment consisted of 1,000 completely build-up (CBU) cars, which were sent to Venezuela during the Iranian calendar month ending in late June
Iran will supply a total of 200,000 cars to customers in Venezuela over the next five years as per the agreement between the two countries
UAE leads the charge in GCC’s electric vehicle market
Despite making up just over 1% of the UAE car market, EV popularity is growing, with plans to boost the...Despite making up just over 1% of the UAE car market, EV popularity is growing, with plans to boost the electric charging network by 170% by 2025, says a latest report
Ranked eighth globally for electric mobility readiness, the UAE's EV market is set to grow 30% annually from 2022-2028, with over 30% of residents considering EV purchases
European Commission orders probe into Microsoft over Teams
Brussels, Belgium - The European Commission on Thursday announced an antitrust probe into Microsoft bundling its Teams communication app with its...The investigation will check whether the US software giant is bundling its Teams communication app with its popular Office suite, on concerns it could be cutting out competitors.
Teams is a platform that allows users to communicate through messages, video calls and file sharing.
Saudi club Al-Ettifaq signs English footballer Jordan Henderson
Liverpool, United Kingdom - Liverpool captain Jordan Henderson completed his move to Saudi Pro League side Al-Ettifaq on Thursday, becoming the...The 33-year-old, who played 492 matches for Liverpool, scoring 33 goals, has finalized a deal with reported wages of up to £700,000-a-week.
Liverpool are due to receive an initial £12 million ($15.5 million) from the Saudi club. The England international will be reunited in Saudi with Gerrard, who is Al-Ettifaq coach.
Water loss, river pollution threaten Syrian fishermen’s livelihood
The battered country, where half a million died in the conflict, has also suffered the impacts of climate change, from...Syria has endured more than a decade of civil war, and the nearby town of Raqa was the center of the Islamic State group's brutal "caliphate" until their ouster in 2017.
Raqa province received only 208 mm per month of rainfall last year, according to the UN Food and Agriculture Organization.
Major energy firms post sliding profits as oil and gas prices dip
Gas prices had soared last year after Russia cut gas shipments to Europe while oil markets were also rocked by...Shell on Thursday said its profit after tax came in at $3.13 billion in the second quarter (Q2), down 80 percent compared with Q2 last year.
French group TotalEnergies said its net profit dropped 28 percent to $4.1 billion in the second quarter from a year earlier.
ADIB posts 61% net profit growth in H1
The bank's revenue grew by 50 percent to AED 4.3 billion.The bank's cost to income ratio was managed down with an improvement of seven percentage points to 33.9 percent.
Total assets increased 28 percent to AED 182 billion, driven by 18 percent growth in gross financing and 22 percent growth in investments.
