BP to pour US$1.5bn into Egypt oil exploration
It plans to hike investments in the country to US$5 billion.Business
Iran-EU trade surpasses US$5bn in 2023, says Eurostat
TEHRAN, IRAN - The Statistical Office of the European Union (Eurostat) reported that Iran and the 27 European Union member...Business Economy Geostrategy Global
Pfizer profit up 78% in June quarter
The company's earnings jumped on strong sales of Covid19 products.In the quarter ending June 30, profits were $9.9 billion, up 78 percent from the year-ago period following a 47 percent jump in revenues to $27.7 billion
US officials last month approved emergency authorization to Pfizer and Moderna for Covid-19 vaccines in under-five-year-olds
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
