British Airways profit soars six-fold
The company said it was 92% booked for the first quarter of 2024.Business
QDB signs MoU with Global Ventures
The collaboration is expected to boost private sector in Qatar.Business
ADNOC signs ammonia pact
It will explore low-carbon ammonia value chain in Germany.The primary focus of the agreement will be the production and transportation of low-carbon ammonia and its application as a fuel in energy generation.
Ammonia, a compound of nitrogen and hydrogen, can be used as a low-carbon fuel across a wide range of industrial applications, including transportation.
Saudi National Bank chair resigns after Credit Suisse buyout
Saeed Mohammed Al Ghamdi, who had been serving as CEO, will replace AlKhudairy as chair, Monday's statement said. Talal Ahmed...Saudi bank's board of directors accepted the resignation of Ammar AlKhudairy due to personal reasons, said the statement published on Saudi stock exchange
Credit Suisse's shares plummeted on March 15 after AlKhudairy said the Saudi bank would not raise its stake from 9.8 percent due to regulatory constraints
Presight begins trading on ADX
Its IPO had been oversubscribed by 136 times.The company's IPO, witnessing huge demand from retail and professional investors, raised nearly US$496 million
Its chairman said the company has created a reputation for combining big data, analytics, and AI expertise to support insight-driven decision-making
Al Ansari Financial Services completes IPO, raising $195 million
Dubai, UAE - Al Ansari Financial Services on Monday announced it has set the final offer price for its IPO...The Global Offering attracted considerable demand from both the Qualified Investor Offering and the UAE Retail Offer
The Qualified Investor Offering saw strong demand from both international and regional investors
First Citizens agrees to buy failed Silicon Valley Bank
It will buy "all loans and deposits" from Silicon Valley Bank, whose fall this month set off global fears about...US regulators, in the wake of SVB fall, created Silicon Valley Bridge Bank, which will be taken over by First CItizens from Monday
On Sunday, the Federal Deposit Insurance Corporation said the transaction cover US$119 billion in deposits and US$72 billion in assets
Standard Chartered to sell Jordanian business to AJIB
Amman, Jordan--Standard Chartered has decided to sell its Jordanian business to Arab Jordan Investment Bank (AJIB), according to both the...The emerging markets-focused lender intends to exit seven markets in Africa and the Middle East
The bank wants to focus on faster-growing markets in the region, such as Saudi Arabia and Egypt
Zain KSA posts record profit
The company's profit vaulted 157% to US$147m in 2022.The company's revenue jumped from $2.10 billion in 2021 to $2.40 billion in 2022, propelled by growth in business-to-business, 5G and other revenue streams
The telecom operator invested $244 million in 2022 in order to develop the quality of services provided to its clients
Fed in dilemma over inflation, financial stability
"It appears that the Fed has not learned from the mistakes of the 1980s. Throughout much of the 1970s, the...If the US Federal Reserve had implemented an increase of more than 25 basis points, it could have triggered further instability
The Fed must learn from the past mistakes and proceed with caution to avoid financial instability, says deVere CEO Nigel Green
UAE-Israel free trade deal to take effect on April 1
The customs deal is viewed as the concluding phase of a free trade agreement following the normalization of relations between...The Israeli foreign ministry in a statement said the free trade deal would see customs duties "lowered or cancelled on approximately 96 percent of goods"
Last year trade between the UAE and Israel touch $2.5 billion, excluding software and services, making the Gulf country Israel's 16th largest trading partner
In an email to employees, Elon Musk puts Twitter’s value at just $20 billion
The email to employees dealt with a new stock compensation program in the San Francisco-based company and the attribution to...He cited a revenue drop of $1.5 billion a year and a debt-servicing burden of the same amount, leaving it with "only 4 months of money."
Musk said in the email that he sees a "clear but difficult path" to a valuation of $250 billion, without saying how long that might take
