Lego net profit falls
Its net profit fell five percent to 13.1 billion kroner ($1.24bn).Company News Business
Xiaomi announces release date for EV
It will be its first foray into the electric vehicle sector.Business
US Senate all set to pass debt deal bill as default almost avoided
US senators raced to pass a bipartisan debt limit deal approved overwhelmingly by the House of Representatives, with the worst-case...The bill passed the House on Wednesday with a big majority of 314 votes to 117 -- putting it on a glide path to the White House.
The Senate has to agree unanimously to fast-track legislation and any individual member can draw out consideration of a bill for days.
UAE exports to reach $544bn by 2030, says Standard Chartered report
DUBAI, UAE - The UAE is poised to play a pivotal role in global trade with its exports projected to...The report forecasts the global trade industry to reach US$32 trillion by 2030, with a projected growth rate of five percent.
The report said that corridors anchored in Asia, Africa, and the Middle East are expected to outpace the global trade growth rate.
Saudi merchandize exports down 14.6% in Q1 as oil exports fall
Riyadh, Saudi Arabia -- Saudi Arabia's merchandize exports decreased by 14.6 percent in Q1 2023, compared to Q1 2022, a...The value of exports amounted to SAR 313.5 billion ($83.6bn) in Q1 2023, down from SAR 367.1 billion ($97.86bn) in Q1 2022.
The decrease originated mainly from oil exports, which fell by SAR 43.1 billion ($11.47bn) or 14.9 percent in the same period.
First Abu Dhabi Bank prices $600 million five-year green bond
Dubai, UAE -- First Abu Dhabi Bank (FAB) has raised $600 million from an offering of a five-year bond, which...The green bond was upsized to $600 million from the initial $500 million after the orderbook was oversubscribed 2.8 times.
A substantial 85 percent of the allocation went to international investors, the highest achieved by a MENA issuer in 2023.
MoIAT, Shahin sign strategic partnership to enhance UAE’s green mobility
ABU DHABI, UAE - UAE Ministry of Industry and Advanced Technology (MoIAT) has signed a Letter of Intent (LoI) with...According to the Global Electric Mobility Readiness Index (2022), the demand for electric vehicles in the UAE has been rising over the past few years.
The report shows the UAE, which has more than 300 charging stations, has one of the largest charging-station-to-vehicle-ratios in the world.
QatarEnergy signs 15-year gas deal with Bangladesh firm
The state-owned hydrocarbon giant will supply 1.5 million tons annually starting in January 2026, the Qatari firm said at the...QatarEnergy chief said the gas could come from the North Field project which holds the world's biggest natural gas reserves and extends beneath the Gulf into Iranian territory.
QatarEnergy currently supplies Bangladesh with more than 3.5 million tons of LNG per annum, Kaabi said. Qatar is one of world's top LNG producers.
Dubai’s main investment arm ICD posts record $9.8bn in net profit for Q1
Dubai, UAE -- The Investment Corporation of Dubai (ICD) has posted a net profit of AED 36.1 billion ($9.8 billion)...Revenues increased by 58 percent to AED 267.4 billion due to a significant surge in travel and tourism activities reflected in the transportation and Other segment.
Banking and financial services, the largest contributor this year, generated AED 15.3 billion of net profit.
IEA says renewable energy capacity to increase at record level in 2023
PARIS, FRANCE -  Renewable power capacity will grow by a record number this year as high fossil fuel prices and energy...Global additions of renewable energy capacity are expected to rise by 107 gigawatts to more than 440 GW in 2023.
Newly installed solar and wind capacity is estimated to have save EU electricity consumers $107 billion between 2021-2023.
Saudi Arabia’s SME sector grows by 4.8% in Q1 2023
Riyadh, Saudi Arabia - The number of SMEs in Saudi Arabia increased by 4.8 percent in the first quarter of...Riyadh, the capital city of Saudi Arabia, is playing a crucial role in fostering a business-friendly environment and is home to over 41% of the country's SMEs
One of the significant contributors to the growth of SMEs in Saudi Arabia was the Biban 23 forum, a global entrepreneurship event held in Riyadh in March
UAE Economy Ministry fines 137 companies for AML/CFT violations
Dubai, UAE -- A total of 137 companies operating from the UAE were fined AED65.9 million for failing to comply...The Ministry fined these companies, which are operating in the UAE's non-financial business or professions (DNFBP) sector, after carrying out inspection of 840 companies.
The Ministry of Economy revealed that a total of 831 violations committed by violators were found, including failure to adopt necessary measures.
