Saudi Arabia, China sign MoU to develop air transport cooperation
Beijing, China - Saudi Arabia and China on Thursday signed a memorandum of understanding (MoU) to develop air transport cooperation.The MoU...Business
Vietjet to buy 20 A330-900 planes
The company signed MoU with Airbus for the widebody aircraft.Business
DGCX reports 16% growth in total volume of trades in 2022
DUBAI, UAE - Dubai Gold and Commodities Exchange (DGCX) Thursday announced its full-year market statistics for 2022, reporting 8.239 million...The DGCX is the largest and most diversified derivatives exchange in the Middle East.
DGCX saw steady trading in Indian Rupee, as market participants looked to hedge their exposure to one of the world’s fastest-growing economies.
Emirates Islamic 2022 net profit $337m
The profit was driven by funded and non-funded income.The bank also reported a 36 percent increase in operating profit and a 15 percent increase in total assets to AED 75 billion.
The bank's total income went up 33 percent year-on-year driven by higher funded income and non-funded income.
Nokia 2022 net profit $4.7bn
The company's Q4 net profit surged to US$3.4 billion.Nokia's annual net sales grew 12 percent to US$27.1 billion (24.9 billion euros)
The company is engaged in a major competition to install 5G networks around the world
FAB 2022 net profit $3.64 bn
The total income was up 10 percent year on year.The fourth quarter 2022 net profit was AED2.5 billion, compared to AED2.9 billion in the previous quarter.
The total income reached AED23.9 billion, up 10 percent yoy, driven by 23 percent growth in net interest income.
New UAE commercial agency law will help in improving business environment
ABU DHABI, UAE - The UAE is determined to foster the attractiveness and competitiveness of the business environment in order...The UAE aims to offer a legislative framework to enable companies to promote the new economic model, particularly the commercial agencies sector.
With innovative projects and crucial commercial activities, this sector significantly contributed to the country's development during the past several years.
Over 4,200 new companies set up base at RAKEZ in 2022
Ras Al Khaimah, UAE-- Ras Al Khaimah Economic Zone (RAKEZ) welcomed over 4,200 new companies to its business community in...The economic zone recorded a 206 percent growth in new general trading companies, with 413 licenses issued.
Companies operating from RAKEZ also witnessed exponential growth in 2022, with 160 companies expanding their operations in various sectors.
IBM to lay off 3,900 workers
It posted profit of $2.9bn in the final three months of last year.The company said it would take a one-time $300 million charge in its first quarter this year
It announced late last year that it will invest $20 billion in semiconductors, quantum computing and other cutting-edge technology in New York state
QIIB profit surges by 7%
The board of directors has proposed a cash dividend of 40%The earnings per share (EPS) amounted to QR 0.64 as of December 31, 2022 versus EPS of QR 0.59 in 2021
The board of directors has proposed a cash dividend of 40% of paid-up share capital after the approval of QCB
GIS, DIG halt merger talks
The talks for the merger have not yielded a "common vision."According to a statement, the two groups have decided to end negotiations and to withdraw completely from the proposed merger partnership deal
The potential merger would have created one of the largest local insurance companies with highly competitive potential and financial strength
UAE banks’ investments totalled $139bn in Nov 2022, highest in 13 months
According to central bank's statistics, Banks’ investments rose in the first eleven months of 2022 by $10 billion or 8...According to central bank's statistics, Banks’ investments rose in the first eleven months of 2022 by $10 billion or 8 percent, compared to $129 billion in 2021
Securities that are debts to third parties, or bonds, accounted for the largest share of banks’ investments by over 49.1 percent, reaching $68 billion up to November 2022
