ADGM’s Registration Authority fines two firms for audit failings
ABU DHABI, UAE – The Registration Authority (RA) of Abu Dhabi Global Market has fined Baker Tilly Middle East Limited...Business Geostrategy
Asian markets up, Tokyo hits record as US tech earnings jump
Hong Kong, China - Asian markets rose on Thursday, with Tokyo's benchmark index posting a record high after greater-than-expected earnings from...Business
DP World H1 net profit $721m
Growth was supported by higher revenue from acquisitions.The global port operator said this was a 51 percent year-on-year and added that it expects growth rates to moderate for the rest of the year.
The company said its H1 revenue was $7.93 billion, a rise of 60 percent, supported by acquisitions, strong performance of feedering services and growth in high margin cargo.
Al-Othaim posts $37m profit
The retailer said the profit soared due to growth in sales.The retailer said that its share in the profit of its associate Gulf Flour Milling Co. boosted this period’s results, as it was not recorded in the prior year
The company incurred higher costs from opening new stores and enhancing competencies in senior positions
G42 launches $10bn technology growth fund
The fund, to be managed by a subsidiary of G42, will invest in late-stage growth companies with disruptive technologies and...The fund will invest in late-stage growth companies with disruptive technologies and strong business fundamentals
It will operate as a private equity investor, with a significant share of investment earmarked for high growth regions
TikTok rolls out plan to fight US election misinformation threat
TikTok will use automated systems and human fact-checkers to assess the accuracy of content, prompting users to "reconsider" sharing posts...TikTok has rolled out an "Elections Center" that will help users know how and where to vote
According to a recent Pew Research report, the social media giant has emerged as a top social media platform for US teens
Saudi jewelry sector records 36 percent sales jump in Q2
The gold and jewelry sector in Saudi Arabia has recorded a 36 percent growth in sales as the economy shows...The kingdom has also seen an upsurge in consumer spending in the second quarter exceeding $33 billion with an annual growth rate of 7 percent
Referring to data issued by the Jazan Chamber of Commerce, the report said the gold and jewelry sector was followed by clothing and footwear, which grew by 24 percent
Demand boost, price rise lift profits of Gulf oil firms
GCC countries have witnessed financial surpluses in their budgets for the first time in a long time on the back...GCC countries have witnessed financial surpluses in their budgets for the first time in a long time on the back of increase in oil prices, strengthening their credit ratings
Saudi Arabia, the largest OPEC producer, is among the first to benefit from the surge in oil prices and an increased demand, with a $21 billion surplus in the first quarter
UAE scores high in 11 best expatriate destination parameters: Survey
The UAE has exceeded international figures in 11 indexes on the best expatriate destinations based on various factors, which include...German research firm InterNations said UAE achieved advanced positions in four key pillars and 11 indexes, out of five pillars and 17 indexes.
About 94 percent of those surveyed felt safe in the UAE while the global rate was under 81 percent.
Dubai airport gears up to ease transit travel for World Cup supporters
Dubai International Airport, a major aviation hub, is gearing up to help ease transit travel for World Cup supporters ahead...The first World Cup ever held in a Middle Eastern country is set to kick off in Qatar on November 20, and will last until December 18.
Gulf states have agreed to ease administrative procedures for fans in transit, in particular through the United Arab Emirates.
Number of UAE-based private sector employees grows by 9% in Q2
The Ministry of Human Resources and Emiratisation said in its private sector workforce report that the construction sector accounted for...Twenty-six percent of the total private sector workforce registered with the Ministry are in the construction sector, followed by 21 percent in the trade and repair services.
Agriculture sector marked the highest (70 percent) growth in the number of new work permits issued, followed by social and personal services.
UAE, Saudi achieve above 60 percent pre-Covid travel recovery
Travel recovery witnessed in the UAE and Saudi Arabia has been very strong, according to a survey of nearly 2,000...A total of 98 percent of respondents in Saudi Arabia and 95 percent in the United Arab Emirates have used airport lounges in the past. .
Passengers from the UAE made an average of four return trips in 2021, which is a 67 percent recovery from the pre-pandemic average number of six return trips.
