The DCO Council announces multilateral initiatives to bridge digital divide
Manama, Bahrain - The Digital Cooperation Organization (DCO), a global intergovernmental organization dedicated to fostering digital prosperity for all by...Business Tech & Media
IMF says Red Sea shipping down one-third due to Houthi attacks
"Container shipping... has declined by almost 30 percent," said Jihad Azour, director of the IMF's Middle East and Central Asia...Business Geostrategy
Saudi Crown Prince ends Europe trip with deals, MoUs
Strategic partnership remains in focus as Mohammed bin Salman leaves France after heading a wide-ranging talks along with French President...Strategic partnership remains in focus as Mohammed bin Salman left France today after heading a wide-ranging talks along with French President Emmanuel Macron
Earlier, a delegation of senior Saudi ministers held separate talks with their French counterparts at at the Elysée Palace
UAE, Kenya to begin negotiations on free trade agreement
UAE and Kenya announced their intention to begin talks for a Comprehensive Economic Partnership Agreement (CEPA) between the two countries...UAE and Kenya announce their intention to begin talks for a Comprehensive Economic Partnership Agreement
If inked, the CEPA pact will be the first free trade deal between UAE and an African nation
Aldar Properties profit up 44 percent
Net Profit of Aldar in Q2 2022 amounted to $229 million.Aldar's group sales rose to a record level of AED 5.33 billion ($1.45bn) for H1 2022.
Sales surge was driven by strong domestic and international demand for existing inventory.
ADNOC eyes stake in key Egypt firm
ADNOC Distribution will acquire 50 percent stake in TotalEnergies Egypt.ADNOC Distribution said it will acquire a 50 percent stake in TotalEnergies Egypt for about US$186 million
The acquisition will also see the refurbishment of several service stations to full ADNOC branding
TotalEnergies doubles Q2 profit
Rising oil, gas prices are yielding bumper profits across the sector.TotalEnergies profit amounted to $5.8 billion in the period from April to June.
TotalEnergies second-quarter sales were up 37 percent at 74.8 billion euros.
FAB profit up 50 percent
The company's net profit amounted to $2.18 billion.FAB said the total income was AED12.5 bn, up 31% year-on-year
Customer deposits reached AED648 billion, up 8% sequentially
Etihad profit for H1 $296 million
The profits rose despite 60 percent hike in fuel costs.Etihad carried 4.02 million passengers in H1 2022, over 3 million more than last year (H1 2021: 980,000), with an average seat load factor of 75 percent.
Passenger loads increased consistently over the first six months, rising by 21.9 percentage points as travel demand recovered.
UAE’s Central Bank sanctions 6 banks operating in the country
Financial sanctions covers banks’ failures to achieve appropriate compliance regarding required due diligence and reporting procedures and standards. All banks...CBUAE implemented certain provisions of Common Reporting Standard (CRS) for the sanctions.
Banks were sanctioned after failing to comply with due diligence and set standards and procedures.
Saudi economy to be fastest-growing economy in 2022, says IMF
The International Monetary Fund (IMF), in its World Economic Outlook, 2022 said that the Saudi economy will register a 7.6...The International Monetary Fund in its World Economic Outlook, 2022 says the Saudi economy will register a 7.6 percent growth rate this year
Saudi Arabia's expected growth, as per IMF, would be the highest among advanced, emerging market and developing economies
DP World signs two deals
The projects will strengthen F&B cluster in Jebel Ali.The new integrated quayside facilities will enhance year-round availability and production of essential grains and pulses, DP World said.
The concessions with Adroit Canada and Al Amir Foods in the Jebel Ali Port will ensure a reliable, consistent, and safe agricultural value chain within the region, it added.
