ADIB records 45% jump in net profit
Its revenue climbed 36 percent to US$2.53 billion in 2023.Business
Zee’s shares fall after merger fails
Disagreement over who would lead the new entity led to merger's failure.Company News Business
Total deposits by February end $541 billion: Central Bank of UAE
The Central Bank of the UAE said that total bank deposits increased by 0.3 percent, climbing from AED 1,982.4 billion...The bank said the rise in total bank deposits was due to growth in Resident Deposits by 0.5 percent, overshadowing the reduction in Non-Resident Deposits by 1.4 percent.
The Money Supply aggregate M1 increased by 0.8 percent, from AED 706.5 billion at the end of January 2022 to AED 712.1 billion at the end of February 2022.
Boeing shares dive on $1.2bn loss
The company is set for recovery in 2022-23, said analysts.Boeing shares finished 7.5 percent lower at $154.46, beyond the expectations of analysts as the firm is delaying release of its 777X model
Boeing will lift production of 737 MAX in next quarter of this year as it has reported a jump in the plane deliveries during the first quarter
TotalEnergies makes $4.1 bn writedown on Russian gas project
French energy firm TotalEnergies said Wednesday it had taken a $4.1 billion impairment charge on its Arctic LNG 2 gas...TotalEnergies took a stake in the project in 2019, making it its second in Russia's extreme north alongside the Yamal LNG facility
Chief executive Patrick Pouyanne said last month that TotalEnergies would not suddenly stop its Russian operations completely
Strong Meta profit calms investors
Investors had been worried that as the pandemic eased and people socialized more in real life that they would engage...Meta hits profit of $7.5 billion on revenue of $27.9 billion in the first three months of 2022
Meta owner Mark Zuckerberg cited pressure from TikTok, and launched his own short-form video sharing feature Reels as Facebook and Instagram
MA’ADEN Q1 profit is SAR 2.9b
The company recorded sales of SAR 8.9 billion, up by 64%.The company recorded sales of SAR 8.9 billion, up by 64 per cent from the same quarter last year
EBITDA stood at SAR 4.4 billion, up by 101 per cent compared to the same quarter of 2021
Samsung Q1 profit up almost 60%
Steady chip demand and brisk smartphone sales led to the rise.Samsung said net profit in January-March was 11.32 trillion won ($8.9 billion)
This was an increase of 58.6 percent year-on-year, beating expectations
DFZs to contribute AED250bn to Dubai’s GDP by 2030
DFZ Council chairman Sheikh Ahmed underlined the significance of facilitating the investor journey role in strengthening the UAE’s position as...DFZ Council chairman Sheikh Ahmed underlined the significance of facilitating the investor journey role in strengthening the UAE’s position as a preferred investment destination
The Council also explored a new phase of the Invest in Dubai platform that adds 80 new services, including electronic connectivity through a single portal
Algeria threatens to cut gas contract with Spain
Gas giant Algeria threatened Wednesday to break a contract to supply gas to Spain if Madrid transferred it onwards to...Algeria, Africa's largest gas exporter, previously also supplied gas through a second GME (Gaz Maghreb Europe) pipeline, which links Spain to Algeria via Morocco
But Algiers in November shut supply through the GME due to a diplomatic rupture with Rabat, depriving Morocco of Algerian gas
‘UAE’s new labor law is a game-changer’
Legal and business leaders tell TRENDS that the new legislation is in line with the industrial modernization roadmap that the...The changes in the new labor law are fairly substantial and necessitate amendments to existing employment contracts
They also call for modifications to policies and procedures concerning future agreements with new employees
UAE and Turkey close to signing economic partnership agreement
The UAE and Turkey are in final talks regarding the launch of a comprehensive economic partnership agreement, according to the...The new partnership is expected to double bilateral trade between both countries.
Bilateral trade between the UAE and Turkey has climbed 80 percent over the past three years.
