UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...Business Banking & Finance Economy
Saudi Fisheries posts losses
The news of the loss of $6.4m in H1 led to a slide in firm's stock.The news of the poor financial results dragged down the company's stock by 3.35 percent to SR37.55
The firm reported a 34 percent surge in revenue during the same period to reach $7.73 million
Elon Musk subpoenas former Twitter chief Jack Dorsey
Records made public on Monday show Dorsey was served with a legal order to give Musk any communications or documents...The company accuses Musk of contriving a story to escape a merger agreement that he no longer found attractive
Twitter co-founder Dorsey in November of last year ended his second stint as chief of the company and had voiced support for Musk taking it over
Airfares increase as demand soars for flights to UAE
Demand for air tickets to destinations outside the UAE also surged in June and July, even as the travel costs...Demand for air tickets to destinations outside the UAE also surged in June and July, even as the travel costs grew sharply due to rising oil prices and global inflation
Even as airfares to Dubai rise up to 40 percent, ticket costs are expected to decrease in September once all passengers living in the UAE return home
Stocks slide as traders mull Fed outlook, gas price spike
World stocks sank Monday and the dollar rallied on concern the Federal Reserve will stick to its interest rate-hiking plans...The euro is under pressure after Russia's Gazprom said late Friday that the Nord Stream pipeline would be closed for maintenance.
Oil slumped on speculation over an Iran nuclear deal that could ease a supply crunch caused by producer Russia's invasion of Ukraine, as well as recession fears.
Foreign investors in Arab exchanges buy $119.6bn in 2021
The Arab Monetary Fund (AMF) said that the Abu Dhabi Securities Exchange (ADX) was ranked first in the Arab region...ADX was ranked first in the Arab region in 2021, in terms of buy and sell transactions by foreign investors, says AMF
Buying transactions by foreign investors in ADX totaled $32.2 billion at the end of last year
Hydrogen policy will help UAE in generating clean energy
Abu Dhabi Department of Energy (DoE) Monday announced that the development of its hydrogen policy and regulatory framework aims to...The development of hydrogen policy and regulatory framework aims to accelerate the UAE's global leadership in low-carbon and clean hydrogen.
For the policy, the DoE is working with key Abu Dhabi government and private sector stakeholders.
Abu Dhabi’s Al Bateen Executive Airport reopens after upgrade
Al Bateen Executive Airport has reopened following the successful completion of a major refurbishment project which will allow the airport...Al Bateen Executive Airport has reopened after the completion of a major refurbishment project.
The work, completed in under 90 days, involved resurfacing and widening the 3.2km runway to accommodate wide-body aircrafts, among others.
Raya CX, Zain Saudi sign pact
Raya CX will provide outsourcing services to Zain Saudi Arabia.RAYA CX operates through three branches in Bahrain, Saudi Arabia, and the United Arab Emirates.
The partnership reinforces Zain commitment to providing best customer experience, said Sultan bin Abdulaziz Al-Daghthir, CEO of Zain Saudi Arabia.
ALEC Energy, Stantec sign deal
They will enable firms to achieve UAE Energy Strategy goals.Under the agreement, the two companies will jointly work on projects to establish best practices in buildings design, systems and services.
Both companies will also jointly share knowledge with the industry and sponsor events, training programs and workshops with industry stakeholders.
SEC’s profit fell to $1.9bn in H1
The Saudi utility firm's sales however surged to $8.80bn.The company however made $8.80 billion in sales during the period, up from $8.53 billion in 2021, propelled by rising demand for electric power
The utility saw its shares lose 1.9 percent to SR26 in early trading
