MODON attracts US$34m investment to develop military industry in Saudi Arabia
RIYADH, SAUDI ARABIA - The Saudi Authority for Industrial Cities and Technology Zones (MODON) has attracted new investments worth US$34...Business
Jordan, Tunisia to enhance trade, investment relations
AMMAN, JORDAN - The Chairman of the Amman Chamber of Commerce Khalil Haj Tawfiq has called on Jordanian and Tunisian...Business Economy Geostrategy
‘UAE government revenues rose by 26% in 2021’
ABU DHABI, UAE - In the UAE the revenues at the federal level increased by 26 percent from US$100 billion...Social contributions in the UAE also rose from US$3.5 billion (AED12.9 billion) in 2020 to $3.6 billion (AED13.5 billion) in 2021.
The value of other revenues increased by 24 percent from $55.4 billion in 2020 to $68.5 billion in 2021.
DP World gross container volume rises 2%
On a third-quarter basis, DP World handled 20.1 million TEU.The third-quarter gross volume growth was mainly driven by Asia Pacific, Middle East & Africa, Americas, and Australia.
Jebel Ali (UAE) handled 3.5 million TEU in Q3, up 2 percent year-on-year.
ADIB posts $272m net profit
The year-on-year growth in net profit was 53% for the first nine months of 2022.Revenue for the first nine months of 2022 improved 10 percent to AED4,516 million compared to AED4,093 million last year.
This was driven by a 22 percent increase in fees and commissions and a 10 percent growth in funded income to AED2,802 million.
GM posts Q3 profit of US$3.3b
US automaker was bolstered by strong vehicle pricing.Revenues jumped 56 percent to $41.9 billion, a quarterly record.
GM Chief Financial Officer Paul Jacobson acknowledged rising worries about the drag from inflation on economic growth.
Gulf war couldn’t have been won without Kingdom’s support, says Saudi Energy Minister
Saudi Arabia is engaged with many European governments with regards to the current energy crisis, says Prince Abdulaziz bin Salmanat...Saudi Arabia is engaged with many European governments with regards to the current energy crisis, says Prince Abdulaziz bin Salmanat at FII Forum in Riyadh
Saudi Arabia has a lot to showcase in terms of Green initiatives at COP27, he said, adding that the Kingdom will announce several new projects in the field of energy
UBS Q3 net profit is US$1.7b
The bank income in Q3 fell by 10 percent to $8.2billion.The energy crisis had affected their retail and small business clients in Switzerland.
The CEO of UBS said clients are concerned about high inflation, elevated energy prices and the war in Ukraine,
SALIC, Minerva Foods buy Australian Lamb Company
ALC is one of the largest meat producers in Australia.The acquisition was done through Minerva Foods Australia, a joint venture established last year between SALIC and Minerva in Australia.
ALC operates two processing facilities in Victoria State, with a capacity to process up to 3.78 million heads annually.
GCC, S. Korea begin sixth round of talks on free trade agreement
SEOUL, SOUTH KOREA - The sixth round of revived negotiations between the Riyadh-based Gulf Cooperation Council (GCC) and the Republic...GCC and South Korea expressed readiness to advance discussions on a free trade agreement after a 13-year suspension.
The agenda of the sixth round include trade in goods and services, investment, digital trade, and intellectual property rights.
Doha Bank net profit climbs up 4.6 percent
It recorded the profit at $256m in the first nine months of 2022.According to data issued by the bank, published on Qatar Stock Exchange website today, earnings per share amounted to QR 0.30 in the period ending on Sept. 30, 2022
Doha Bank was established in 1979, with a capital of $852 million
Airbus employees to receive extra 1,500 euros as inflation hits
Airbus will make a one-off payment of 1,500 euros for all employees in its four founding nations, UK, France, Germany,...Airbus has decided that an exceptional premium will be paid before the end of 2022 to all Airbus* employees," including senior management, the company said
In a message to emloyees, Airbus said that widespread price rises is placing a heavy financial burden on companies and it also applies to airline's employees
