• ADIB records 45% jump in net profit

    Its revenue climbed 36 percent to US$2.53 billion in 2023.

    The bank in a statement said that Its net profit for Q4 2023 jumped to $408 million, an increase of 29 percent as against Q4 of 2022

    The Abu Dhabi-based bank said that its revenue for 2023 improved by 36 percent to $2.53 billion compared to $1.85 billion last year

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    Mocktail mania in Saudi, where dry January lasts all year

    Riyadh, Saudi Arabia - The concept was controversial: a pop-up bar offering bellinis and spritzes that, while non-alcoholic, were served in...

    Saudis say the trend is consistent with a broader push by Crown Prince Mohammed bin Salman to transform his oil-dependent nation into a foreigner-friendly business

    King Abdulaziz enacted Saudi Arabia's alcohol ban in the early 1950s, not long after an incident in which one of his sons got drunk and, in a rage, shot dead a British diplomat

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    Dubai Customs records 30.4m transactions in 2023, posting 17.5% growth

    Dubai, UAE--Dubai Customs has successfully processed more than 30.4 million customs transactions during the entire year of 2023. This set...

    The figures for 2023 have set a new record for the highest number of customs transactions by Dubai Customs, showcasing a 17.5% growth

    The new accomplishment has resulted from the ongoing success of the Comprehensive Economic Partnership Agreements program

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    European Union probes Lufthansa’s proposed ITA Airways stake

    The European Commission said it had "preliminary concerns that the transaction may reduce competition in the market for passenger air...

    Lufthansa, one of Europe's biggest carriers, last year agreed to pay 325 million euros ($350 million) for a 41 percent stake in ITA

    The deal provided the German company various options to increase its stake or acquire ITA Airways outright at a later date

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    P&G posts mixed quarterly results

    Earnings per share dropped 12 percent to $1.40.

    The company behind Bounty paper towels, Gillette razors and Tide detergent saw its revenue rise three percent from a year ago to $21.4 billion in the quarter ending in December

    This was slightly lower than expected, and analysts are eyeing the performance of P&G and other consumer companies on whether they can keep prices up even as inflation cools

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    Zee’s shares fall after merger fails

    Disagreement over who would lead the new entity led to merger's failure.

    The initial 30 percent plunge saw Zee lose as much as 55 billion rupees ($661 million) in market value.

    "Considering that Zee still has six billion rupees cash on books... we see no bankruptcy risks," an expert said.

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    Masdar, 3 firms sign agreement

    They will establish e-methane supply chain from UAE-Japan.

    Masdar tweeted that this partnership will contribute to both nations’ shared goal of achieving carbon neutrality by 2050.

    E-methane is synthetic methane produced from carbon dioxide (CO2) and green hydrogen.

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    Dubai real estate market records $925 million in daylong transactions

    Dubai, UAE -- Dubai's real estate market recorded 510 sales transactions worth AED1.36 billion on Tuesday, in addition to 210...

    The sales included 446 villas and apartments worth AED949.04 million, and 64 land plots worth AED411.67 million.

    On Monday, emirate recorded 715 sales transactions worth AED2.28 billion, in addition to 201 mortgage deals of AED993.9 million.

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    Estithmar sets up issuance program

    The Group said the program is valued at $933 million.

    The Program is expected to be admitted to the London Stock Exchanges International Securities Market.

    It has been rated (qaBBB) with a stable outlook at the national scale rating by Capital Intelligence Ratings Ltd (CI).

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    India’s stock market edges out Hong Kong to become world’s fourth largest

    New Delhi, UAE--India's stock market has edged out Hong Kong to become the world's fourth-largest, a milestone that underscores growing...

    According to data compiled by Bloomberg, the value of shares listed on Indian exchanges hit $4.3trn on Monday, higher than Hong Kong's $4.29trn

    Hong Kong's benchmark Hang Seng index, which includes shares of many influential Chinese companies, ended last year 14 percent lower