Bitcoin surpasses $47,000, first time since March 30, 2022
Abu Dhabi, UAE - Bitcoin surged above $47,000 on January 9, marking its highest value since March 30, 2022, as...Business Economy
SABIC records 412% spike in net profit to $1.5bn in Q3
Saudi Basic Industries Corp. (SABIC) has posted a nearly 400 percent spike in net profit to $1.5 billion for the...Sales jumped by 49 percent year on year to 43.7 billion riyals, while operational profit climbed 266 percent to 7.7 billion riyals
The company also noted that sales volumes in the third quarter were slightly down by 2 percent when compared with the second quarter of 2021
Middle East to see boost in tourism in 2021 and beyond
The tourism and travel sector in the Middle East is expected to grow 27.1 percent in 2021, a little behind...According to the World Travel and Tourism Council (WTTC) the region’s local economy has benefited from a rise in its domestic tourism spend of 38.6 percent in 2021
Employment in the sector could approach pre-pandemic levels in 2022, rising by 8.2 percent to 6.6 million, following a loss of 1.2 million jobs in 2020
Saudi Arabia picks HSBC to spot “investment opportunities”
Saudi Arabia has roped in HSBC to “identify and promote” sustainable investment opportunities. The agreement between the two was signed...It covers identification and promotion of sustainable investments in the Kingdom for domestic and international investors
“I welcome today’s agreement, which is further proof that the Kingdom’s ambitions to become a global sustainable investment destination is on track"
Airbus flies back to profit
European planemaker booked net profit of 404 mn euros.European planemaker said in a statement that it booked net profit of 404 million euros ($470 million) in the period from July to September
The company said it now expects an operating profit of 4.5 billion euros in 2021, up from the four billion euros previously forecast
DFM posts net profit of AED 38.1 mn in the first nine months of 2021
The Company’s total revenue reached AED 183.1 million in this timeframe compared to AED 271 million during the corresponding period...DFM's expenses decreased 4 percent to AED 145 million by the end of September
The company has waived the minimum trading commission from September 1
ADIO and Etisalat to facilitate digital economy access for firms in Abu Dhabi
Abu Dhabi Investment Office (ADIO) and Etisalat will work together to unlock opportunities for businesses in Abu Dhabi by introducing...ADIO’s $545-million Innovation Programme provides incentives to businesses in high-growth areas to expand in Abu Dhabi.
Etisalat Digital’s FutureNow program invites innovative technology companies to accelerate their businesses in the UAE.
Eni of Italy discovers three new oil and gas wells in Egypt
Eni of Italy has discovered three new oil and gas wells in Egypt, according to the Egyptian Ministry of Petroleum.Oil, gas, and condensate (a mix of light liquid hydrocarbons) were found in the Meleiha concession area, and oil in the southwest Meleiha zone
The MWD-21 well, which has already been linked to production, also yielded a stable rate of 2,500 bpd
Saudi Investment Bank records 9% rise in net profit to $206.7m
The Saudi Investment Bank (SAIB) has recorded a 9 percent rise in net profit to $206.7 million in the first...The bank attributed the profit rise to a decline of 11.6 percent year-on-year (YoY) in total operating expenses amid lower salaries and employee-related expenses.
Total shareholders' equity, excluding minority interests, reached SR14.69 million during the first nine months of 2021
44 MNCs decide to set up regional HQs in Riyadh
Pepsico, Deloite, Siemens, Haliburton, KPMG, PwC, Novartis and OYO are among the companies that will establish their regional headquarters in...The licenses were issued at the 5th edition of the Future Investment Initiative under the Regional Headquarters program.
The direct and indirect benefits from the presence of companies (in Saudi Arabia) will amount up to $45 billion, says minister.
Sharjah Economic Development Department processes 14,210 licenses during Q3
Sharjah Economic Development Department (SEDD) has processed 14,210 licenses submitted through its smart applications on its website as well as...The majority of the licenses processed belonged to the commercial sector, followed by professional.
The growth of business licenses confirms the strength of the local economy, Sultan Abdullah bin Hadda Al Suwaidi.
