UAE insurance sector assets rise US$3.1bn in 9M 2023
ABU DHABI, UAE - The UAE insurance sector continues to exhibit robust growth, as evidenced by a 9.6 percent increase...Business Banking & Finance Economy
QatarEnergy, Shell sign agreement
QatarEnergy will supply 18m barrels of crude oil per year to Shell.Company News Business
Rio Tinto to ‘halve’ emissions
Mining releases 4-7% of global greenhouse gas emissions.Rio Tinto said it would spend around $7.5 billion from now until the end of the decade to reduce emission
The cut would be to so-called scope one and two emissions — from mining operations and power consumption
Jack Ma’s Europe trip sends Alibaba shares soaring
Jack Ma’s Ma's presence in Spain was reported by the South China Morning Post, which is owned by Alibaba. The...The news has renewed investor hopes that the worst of China's regulatory crackdown for the Alibaba Group might be over
Chinese officials last year spiked what would have been a world-record $37-billion IPO for Alibaba's financial group Ant
Sharjah Islamic Bank board okays 40 percent foreign ownership ceiling
Sharjah Islamic Bank has announced that its board of directors agreed to raise the percentage of foreign ownership in the...The board's nod will now be submitted to the bank’s general assembly for a discussion and final decision.
In its recent financial results, the bank had announced an increase in its net profit by 29.6 percent for the nine months ended Sept. 2021.
DP World launches digital platform CARGOES Logistics
The platform is apparently aimed to address complexities and inefficiencies that exist in global supply chains.The first phase of the launch is expected to immediately offer customers access to book cargo from UAE to India
They can also book cargo from India to multiple destinations across the Middle East, Subcontinent, Southeast Asia, the Far East, and North Africa
Dubai records $4.4 billion realty sales in September, highest since 2013
The months leading up to the launch of Expo 2020 Dubai witnessed a surge in realty transactions, with September recording...A total of 5,762 sales transactions in September bring the year-to-date total value to over AED100 billion.
In September 2021, 56 percent of all sales transactions were for secondary/ready properties and 44 percent were for off-plan properties.
Lebanon central bank audit demanded by creditors to resume
A New York-based firm contracted by the Lebanese government is to resume its audit of the central bank Thursday in...The International Monetary Fund and France are among creditors demanding an audit of Banque du Liban as part of urgent reforms to unlock financial support
The contract with A&M was signed by Finance Minister Youssef Khalil last month only days after he took up his post
Boeing says MENA will need 3,000 new aircraft in 20 years
The MENA region will need some 3,000 new aircraft worth $700 billion in the next 20 years to cater to...The value of the Middle East’s commercial jet market including services over the next 20 years will be around $1.4 trillion
The region’s single-aisle fleet of 660 is forecast to nearly triple to 1,750 jets over the next 20 years
Etisalat Group and G42 partner to merge Khazna data centers
Etisalat Group and G42 have joined hands to merge their data centers, creating the UAE's largest data center provider. A...A total of 12 data centers will be combined in under the joint venture operating under Khazna Data Centres.
G42 and Etisalat Group will each own 60 percent and 40 percent of Khazna Data Centres, respectively.
Emirates Islamic net profit $218m
Higher non-funded income, reduction in the cost of risk push profits up.The total income rose 14 percent year on year and 43 percent on the same quarter in 2020 by higher non-funded income.
The customer financing stood at AED 42.4 billion, an increae of 4 percent from 2020.
Netflix subscribers numbers jump
Streaming giant's profit grew 16 percent to $7.5 billionIts profit grew 16 percent to $7.5 billion
Streaming giant ended the quarter with 214 million subscribers.
