Air Arabia shareholders approve 20% dividend for FY2023
SHARJAH, UAE – Air Arabia shareholders approved the distribution of a 20 percent cash dividend for the financial year ended...Business Aviation
Dubai receives 1.77m international tourists in January this year
Dubai, UAE--Dubai welcomed 1.77 million international tourists in January 2024, an increase of 21% compared to 1.47 million visitors in...Business
Dubai records over $680 million in real estate transactions
Dubai, UAE -- Dubai real estate market recorded real estate transactions worth AED 2.5 billion ($680 million) on Thursday, Dubai...The transactions included 744 sales worth AED2 billion, in addition to 153 mortgage deals of AED542.55 million, and 27 gift deals amounting to AED31.3 million.
The sales included 688 villas and apartments worth AED1.56 billion, and 56land plots worth AED435.15 million.
Bank of England hikes rate half-point even as high inflation remains
LONDON, UK - The Bank of England on Thursday lifted its key interest rate by a half-point to five percent to...The decision came one day after data showed UK annual inflation remained at 8.7 percent in May, defying expectations of a slowdown.
The half-point lift was in stark contrast to the Federal Reserve, which last week pressed pause on US rate hikes after a sharp easing in the country's inflation.
Sipchem to pay 12.5% H1 dividend
The total dividend of $241.63 million will be paid on July 19.During the past three financial years, the company has paid cash dividends at SAR 5.99 per share.
Sipchem's net profit for the first quarter of 2023 fell by 56 percent to SAR 470.3 million from SAR 1.07 billion in the same period of 2022.
Hub71, Abu Dhabi’s global tech ecosystem, adds 15 more startups
Abu Dhabi, UAE - Hub71, Abu Dhabi's global tech ecosystem, has welcomed its first cohort of the year comprising 15...The addition of the latest cohort has increased the size of Hub71’s vibrant community to over 240 startups
67 percent of the selected startups are headquartered outside the UAE, reinforcing the global status of Abu Dhabi as an innovation hub
Emirati, Iraqi private sectors to benefit from Ma’an initiative
Sharjah, UAE -- The Federation of UAE Chambers of Commerce and Industry (FCCI) and the International Development Bank (IDB)-UAE have...It was launched by the Federation of UAE Chambers of Commerce and Industry (FCCI) and the International Development Bank (IDB)-UAE have launched Ma'an (Together).
The name "Ma’an" signifies the deep historical ties between the UAE and Iraq, especially in trade and business, the Chambers said.
Suez Canal annual revenue hits record $9.4bn
Cairo, Turkey – Suez Canal revenue surged by 35 percent to $9.4 billion in the financial year 2022-23, up $7...Suez Canal Authority Chairman Osama Rabie attributed the Suez Canal's revenue increase to the crisis in Ukraine and ongoing development projects by the authority
The SCA, he said, is preparing to offer a 20 percent stake in Canal Rope on the Egyptian Exchange (EGX) as part of Egypt's government IPO programme
UAE airports receive 31.8 million passengers in Q1: CBUAE
Abu Dhabi, UAE--The UAE airports have received nearly 31.8 million passengers in the first quarter of 2023, a rise of...In the UAE, the aviation sector contributes, directly or indirectly, to about 14 percent of GDP as against 2 to 3 percent in emerging markets
In 2022, Dubai's airport, one of the busiest in the world, received 66 million passengers, more than double the previous year
Arabs endorse draft law, strategy to regulate social media, up to $2m penalty for violation
The law will apply to a wide array of “illegal content” including, but not limited to, false and fake news,...The objective is to establish a harmonized Arab legislative and fiscal base, which will safeguard Arab content and users
The strategy will address a wide array of “illegal content” including, but not limited to disinformation campaigns, false and fake news
UAE government unveils next generation of ‘future design tools’
Dubai, UAE--The UAE has unveiled what it calls as the next generation of future design tools, enabling government entities to...The network released a guidebook that will be a reference for national institutions to craft initiatives aligning with global transformation trends
The platform will encourage government entities to adopt future-proof practical projects, prioritize future-supporting projects and support cooperation
UAE banking system maintained stable funding in Q1 of 23: CBUAE
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has noted with satisfaction the persistent credit appetite of...The apex bank noted the strong liquidity and funding positions of the UAE banking system in the first quarter of 2023, supported by strong deposit growth
It revealed that the net NPL ratio moderated from the peak during the Covid-19 pandemic to 2.9 percent in Q1, showing a rise in credit growth and a fall in NPLs
