Alcoa to buy Alumina in all-stock deal
The US aluminum producer will buy Alumina for US$2.2bn.Business
WTO launches US$50m fund for women entrepreneurs in developing countries
ABU DHABI, UAE - The director general of the World Trade Organization, Ngozi Okonjo-Iweala, on Sunday launched a $50 million fund...Business Economy Geostrategy Global
RAKEZ supports F&B industry investors to set up, expand in UAE
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) is participating in the Gulfood exhibition to showcase its...With an aim to promote the F&B industry, RAKEZ regularly participates in the annual Gulfood exhibitions.
RAKEZ supports investors to gain a foothold in the local, regional and global markets through its business ecosystem.
Dubai airport arrivals double in 2022 as more Russians pour in
The UAE has maintained a neutral stance towards Russia's war in Ukraine, which is nearing its one-year anniversary. The Gulf...The airport "welcomed a total of 66,069,981 passengers during 2022", representing year-on-year growth of 127 percent.
In 2021, around 29.1 million passengers passed through Dubai, and the authorities had expected 57 million visitors for the year 2022.
Lockheed Martin, 4 GCC firms partner for sustainment support
Abu Dhabi, UAE – Lockheed Martin has partnered with four companies operating in Gulf Cooperation Council (GCC) countries to provide...The four companies are AL TAIF (part of EDGE Group), Mohamed Abdulrahman Al Bahar (Al Bahar), ArabCal, and TLD MEAI (part of Alvest Group), WAM reported.
These partnerships aim to improve sustainment operations in the region by reducing turnaround times and costs for the US military and its allies operating in the Gulf.
Dubai Chambers adds 56,000 new members during 2022
Dubai, UAE--Dubai Chambers' membership increased by 20 percent in 2022 to 347,600, adding 56,000 new members during the year.In a...The Chambers said the exports and re-exports of its members grew by 20 percent in 2022, totaling AED272.7 billion.
Dubai International Chamber opened four new international offices in 2022, growing its international network to 15 offices.
Saudi non-oil exports down by 24 percent to $6 billion in Dec 2022
Riyadh, Saudi Arabia-- Saudi Arabia's non-oil exports (including re-exports) fell by 24.4 percent to SAR 22.7 billion ($6.05 billion) in...Overall merchandise exports increased by 1.1 percent in December 2022, SAR 108.2 billion, compared to SAR 107.0 billion in December 2021.
This increase was mainly due to oil exports, which rose by SAR 8.5 billion or 11.1 percent in the same period,
Sharjah, Costa Rica explore trade, food security
SHARJAH, UAE - Chairman of the Department of Government Relations (DGR) in Sharjah Sheikh Fahim Al Qasimi recently met with...The Costa Rican delegation was briefed on Sharjah free zones and industrial zones.
The Costa Rican minister said the meeting explored opportunities to strengthen trade between the two sides.
Jordan, Algeria discuss closer economic cooperation
AMMAN, JORDAN - A Jordanian ministerial delegation met with a number of Algerian ministers in the North African country on...Jordan and Algeria reached an agreement on a roadmap to advance economic, trade, and investment cooperation for the years 2023–2025.
The road map highlights key cooperation projects with the objective of expanding trade exchanges, inter-investment volume.
Amanat 2022 net profit up 24%
The net profit for the year was $31.96 million, the firm said.The company's total income grew 16 percent to AED 178.2 million in 2022, against the AED 153.7 million in 2021.
In a statement, the company said it has proposed dividends of AED 100 million, which is 88 percent of profit attributable to equity holders.
Dubai records over $517 million in realty transactions
Dubai, UAE -- Dubai real estate market recorded real estate transactions worth AED1.9 billion ($517 million) on Monday, Dubai Land...These included 561 sales transactions worth AED1.7 billion, in addition to 100 mortgage deals of AED94.43 million.
The sales included 527 villas and apartments worth AED1.43 billion, and 34 land plots worth AED268.94 million.
HSBC pre-tax profits tank
It, however, posted a jump in revenue to $15.7bn.In a statement to the Hong Kong stock exchange, HSBC detailed the tough global economic climate international banks are facing
The bank said last year reflected "a strong overall financial performance", and announced a full-year dividend of $0.32 per share
