Dubai Land Department records $172bn in realty deals in 2023
Dubai, UAE -- The Dubai Land Department (DLD) records an all-time high of 1.6 million transactions worth AED 634 billion...Business
Qatar and Egypt discuss ways to boost economic, trade ties
Doha, Qatar-- Qatar and Egypt are looking to boost trade and economic ties between the two countries, besides exploring ways...Business
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.
GM lifts 2022 profit forecast
The automaker now sees 2022 net profit of between $9.6 bn and $11.2 bn.Net income in the first quarter dipped three percent to $2.9 billion on an 11 percent jump in revenue to $36 billion.
GM's auto deliveries declined in all its operating regions in the wake of supply chain shortages, especially a crunch of semiconductors.
US calls for immediate end to Libya oil shutdowns
The US said Wednesday it was "deeply concerned" about an ongoing closure of key oil installations in Libya, calling for...The closure of several sites this month, including oilfields and export terminals, has seen Libya's output halve to around 600,000 barrels per day
Libya's reduced output also comes as global oil prices remain under pressure since Russia, an OPEC+ producer, invaded Ukraine in February
Saudi Arabia to purchase some 100,000 Lucid electric vehicles
Saudi Arabia has signed an agreement with Lucid Motors to purchase a minimum of 50,000 electric vehicles and up to...The Saudi sovereign wealth fund, also known as the PIF, owns a considerable stake in Lucid
The kingdom is setting up its first electric vehicle manufacturing plant in the country with Lucid
