Oil prices rise on Red Sea escalation, corporate earnings season
Crude prices spiked more than four percent before ebbing somewhat after the allies launched deadly strikes following weeks of disruptive...Business Economy Energy
Abu Dhabi real estate deals hit $517 million since Jan 1: DARI
Abu Dhabi, UAE -- Real estate transactions in Abu Dhabi amounted to approximately AED 1.9 billion ($517 million) in the...Business
UAE trades $22.8 bn worth of rough diamonds in 2021, hits top spot globally
UAE reached the top spot globally as a rough diamond hub, trading over $22.8 billion worth of rough diamonds in...Dubai boasts direct flights to other diamond hubs across the world, including mining countries in Africa and manufacturing centers in India.
Since 2015, the UAE has increased its rough diamonds trade by 76 percent, overtaking Belgium as the world’s leading rough trade hub
Dubai International Airport world’s busiest for eighth consecutive year
Dubai International Airport (DXB) continues to be the world’s busiest airport by international passenger numbers for the eighth consecutive year...Current forecasts indicate that traffic through DXB could reach 55.1m by the end of 2022.
 India retained its position as the top destination country for DXB by passenger volume, with passenger traffic for 2021 totaling 4.2m.
Demand for natural gas has gone up 23% since 2011: GECF
Demand for natural gas has shot up 23 percent during the last ten years, according to Secretary-General of the Gas...Speaking at the opening session of the 6th GECF Summit, Hamel stressed the importance of natural gas as a type of clean energy in promoting sustainable development
He also underlined that the convening of the sixth summit in Doha is an indication of the importance that different countries attach to this forum
Saudi stc posts $3bn profit in 2021 on the back of high sales
stc, Saudi Arabia's top telecom firm, has posted a three percent increase in net profit to $3 billion in 2021...Revenues during the year stood at SR63.4 billion, up from SR58.9 billion in 2020
Separately, stc said it will distribute dividends of SR1.99 billion, or SR1 per share, for the fourth quarter of 2021
Fitch says outlook on Moroccan banks’ operating environment stable
Fitch Ratings has upgraded to AA(mar)/Stable the rating of Morocco’s Attijariwafa Bank (AWB), one of the five Moroccan banks whose...Fitch upgraded to AA(mar)/Stable the rating of Morocco’s Attijariwafa Bank (AWB).
Five banks, which account for nearly 77 percent of Morocco's banking system assets were reviewed by the ratings agency.
HSBC 2021 profits double
The London-headquartered bank on Tuesday reported pre-tax profit of $18.9 billion in 2021, up $10.1 billion on the year before,...The London-headquartered bank on Tuesday reported pre-tax profit of $18.9 billion in 2021, up $10.1 billion on the year before, helped by lower bad loans and operating expenses
The lender endured a tumultuous 2020 like the rest of the banking sector as the virus outbreak rocked the economy
No full recovery until 2024, says Dubai airports chief
Traffic remains "nowhere near pre-pandemic levels" despite rising to 29.1 million passengers last year, Dubai Airports chief Paul Griffiths said...Traffic remains "nowhere near pre-pandemic levels" despite rising to 29.1 million passengers last year, Dubai Airports chief Paul Griffiths said in an interview
Passenger figures collapsed to 25.9 million in 2020, a drop of 70 percent, when Dubai airport was closed from March to July and fleets were grounded around the world
‘Suisse Secrets’ puts Swiss banking back in spotlight
No Swiss news media took part in the investigation against Credit Suisse due to the risk of criminal prosecution in...Investigations into Credit Suisse revealed the bank has held more than $8 billion in accounts of criminals, dictators, and rights abusers
48 media houses across the world participated in the Suisse Secrets investigation, coordinated by non-profit journalism group OCCRP
Ecommerce prospers in GCC amidst Covid-19 woes
An improved regulatory support, government promotional initiatives, and heightened interest from business leaders in the private sector benefits the sector...Together with Egypt, Saudi Arabia and the UAE now account for more than 80% of the region’s overall e-commerce market.
Spurred on by a highly digitized population and a lockdown-induced spike in consumer demand, e-commerce valuation hits $22bn
Jusoor Foundation launches four development projects in Oman
The project includes the establishment of a park gate, mosque, security booth, toilets and parking lot.The projects are worth RO 345,000 ($0.9 million) and were funded jointly by OQ and Sohar Aluminium
The first project is the development of the 28,000-square meter Al Qurm Natural Park in the Wilayat of Shinas
