Air Arabia 2023 net profit $408m
The firm recorded a 27 percent rise in profit compared to 2022.Company News Arts & Culture Business Aviation
Al Mal Capital REIT to launch rights issue
The fund has an existing portfolio valued at US$158m.Business
CNN, IMI partner to launch CNN Business Arabic
The news channel will combine the digital first knowledge within the IMI group with the brand recognition and newsgathering capabilities...The news channel will combine the digital first knowledge within the IMI group with the brand recognition and newsgathering capabilities of CNN
The channel will join a network of ten existing CNN-branded partners which operate under license in countries around the world
China’s import of oil from Russia jumps 55% in May
The world's second-biggest economy imported around 8.42 million tons of oil from Russia last month.The world's second-biggest economy imported around 8.42 million tons of oil from Russia last month
The number was also a spike from the 5.44 million tons China imported in May 2021
EU terms blockade of Ukraine grain by Russia ‘real war crime’
EU foreign policy chief Josep Borrell said Monday that Russia should be held "accountable" if it keeps blocking the export...Western countries have demanded Moscow to stop blockading Ukraine's Black Sea ports to allow grain export
French Foreign Minister insisted that "Russia must stop playing with global hunger" as it seeks leverage on the West
DP World, Saudi Ports Authority to establish Jeddah Logistics Park
The port-centric park will boost Jeddah Islamic Port’s re-export activities and reduce the time and cost of logistics for importers...The port-centric park will boost Jeddah Islamic Port’s re-export activities and reduce the time and cost of logistics for importers and exporters
It will also offer processing, labelling, fulfilment, consolidation, de-consolidation, and temperature-controlled storage for cargo
Aramco sets up digital industries
It has tied up with Cognite to bolster digitization in MENA.The alliance announced the launch of CNTXT, which will be headquartered in Riyadh
CNTXT will support industrial digitalization in Saudi Arabia and the wider MENA region
Luxury brands in GCC look to metaverse for expansion
Virtual fashion and technologies will enable us to reduce our carbon footprints and the strain on the planet. Fashion firms...Despite the benefits of the metaverse world to the fashion industry, the technology still is in its early stages
Brands should be cautious of many scammers in this world as there are numerous grabbers and a lot of fraud going on
Ajman DoF adopts Oracle cloud-based management system
Ajman's Department of Finance (DoF) has teamed up with Oracle to adopt a cloud-based resource management system that enables more...The upgrade is part of the emirate's commitment to further improve operations and services and promote the digital transformation of the emirate
Ajman’s DoF’s migration to Oracle Fusion Cloud Applications is expected to increase productivity, reduce costs, improve controls, optimize supply chain management
UAE to attract super rich, say investment trends
One big factor for more HNWIs making their way to the UAE is the ongoing war in Ukraine which has...The UAE tops the list of the ten countries drawing net inflows of the wealthy in 2022, followed by Australia, Singapore and Israel
The report titled "The flow of the world's wealthy in the second half of 2022", tracks private wealth and investment migration trends worldwide
Russia eyes improved ties with Saudi Arabia, UAE
Putin and Arab leaders focus on boosting relations in various fields -- including technology, food security and energy -- during...Russia President Vladimir Putin and several Arab leaders stress on the importance of strengthening relations
Relations in various fields -- including technology, food security and energy -- remain in focus during SPIEF 2022
DCCC holds talks on UAE-India free trade agreement
Dubai Customs Consultative Council held a meeting on the historic UAE-India Comprehensive Economic Partnership Agreement, expected to increase trade between...The UAE-India Comprehensive Economic Partnership Agreement is expected to increase trade between the two countries by 120 percent
Due to CEPA, trade between the two countries is expected to reach US$100 billion within five years compared to US$45 billion currently
