BP posts US$15.2bn net annual profit
It will deliver US$1.75bn in buybacks for Q4 of last year.Business
Investors eye UAE’s booming sustainable finance sector
"Numerous opportunities exist in sustainable investments, especially in sectors like building systems, renewable energy, water, food and agriculture, shipping, among...Business Banking & Finance Uncategorized
Whistleblower payment is latest Musk reason to drop Twitter deal
A termination letter sent to Twitter accused the firm of not informing him about a multi-million dollar severance payment it...Musk's lawyers argued that failing to seek his consent before paying Zatko provides another legal basis to break the merger deal with Twitter
Musk has been locked in a bitter legal battle with Twitter since announcing in July that he was pulling the plug on the purchase of the company
Mubadala, TAQA Group to invest in power sector in Uzbekistan
The binding agreements will see Mubadala and TAQA each acquire a 40% stake in two gas-fired power plants.The binding agreements will see Mubadala and TAQA each acquire a 40% stake in two gas-fired power plants
The agreements follow the 2020 agreement with Uzbekistan’s Ministry of Investment and Foreign Trade
Aramco sets new profit record.
The Saudi firm made $279.4bn in profit in 12 months.The figure is equal to the combined profits of Apple, Google’s parent company Alphabet, and Microsoft
Apple, the leader among global companies in terms of market capitalization, ranked second in the profitability index, with profits of $120.5 billion during the 12 months
Ukraine rebuilding to cost US$350bn: report
It will cost some $350 billion to rebuild Ukraine from the devastation caused by the Russian invasion, according to a...The report estimates that $105 billion will be needed to address urgent needs such as restoring education and health systems and infrastructure
Ukraine Prime Minister Denys Shmyhal said reconstruction already was underway in the de-occupied territories but will require help from international partners
Qatar tests US$675m stadium with first sellout crowd
Almost two months before the start of World Cup, Qatar put the $675 million stadium, the venue for the final,...The stadium, shaped like a traditional Arabic bowl, is at the heart of a new city being built north of the tiny Gulf state's capital
FIFA president Gianni Infantino has said it will be the "best-ever" World Cup and that foreign fans will have an experience like a "child going to Disneyland for the first time"
Qatar World Cup to kick up region’s economic growth
The FIFA World Cup, which is likely to boost tourism across GCC, is all set to increase revenues for Gulf...The FIFA World Cup, which is likely to boost tourism across GCC, is all set to increase revenues for Gulf airlines, hotel and restaurant industries and domestic transportation
Beside Saudi Arabia, Dubai would benefit the most from the expected tourism boom in the Middle East during the World Cup, suggest latest reports
Stocks and oil prices rally, as dollar drops
Stock markets and oil prices rallied Friday, with investors largely pricing in more interest rate hikes aimed at taming runaway...The more confident mood across equity and oil markets was reflected in a cooler dollar.
The greenback's softness came after Federal Reserve chief reasserted the US central bank's determination to keep hiking interest rates to fight prices
ADNOC to supply natural gas to Dubai for clean energy transition
ADNOC says domestically produced natural gas is more commercially competitive compared to imported coal or gas and it will support...The natural gas will be used to generate electricity at Dubai Electricity and Water Authority (DEWA)’s Independent Power Producer Hassyan Power Complex.
The Complex was initially built to operate full-time at full load on both natural gas or clean coal but has been transformed to run only on natural gas.
Ajman Chamber, Russian delegation discuss trade ties
The Chairman of the Ajman Chamber of Commerce and Industry (ACCI) recently received an economic delegation from the Russian Federation...ACCI Chairman highlighted investment opportunities in the real estate, building and construction sectors to the Russian delegation.
The Chairman stressed Ajman Chamber's keenness to develop economic ties and attract investors to the emirate.
Qatar Central Bank’s foreign currency reserves rise to $59bn in August
Official reserves consist of four main components: foreign bonds and treasury bills, cash balances with foreign banks, gold holdings, special...Official reserves consist of four main components: foreign bonds and treasury bills, cash balances with foreign banks, gold holdings and special drawing rights deposits.
In addition to the official reserves, other liquid assets are in foreign currency deposits and the two together constitute what is known as "total international reserves".
