In Middle East, ‘manufacturing’ is a new buzzword
Form Saudi Arabia to the UAE, Qatar to Kuwait, governments of the region compete to jumpstart an industrial sector. But...
Economy
ESG 2023 net profit at US$187m
The firm posted a year-on-year net profit rise of 316 percent.
Business
Business
UAE rich reset life goals after Corona but find confidence shaky: Survey
About 88 percent of the affluent people in the UAE have reset their life goals following the Corona pandemic, and...
- The 'confidence gap' is more pronounced among the emerging affluent, according to Standard Chartered survey.
- Volatility in financial markets and fear of poor returns on investments are the major causes of low confidence.
Business
Airbus takes off with big order of 255 aircraft on first day of Dubai Airshow
Airbus came out strongly at the Dubai Airshow on Sunday with a group order for 255 single-aisle A321 aircraft, marking...
- The total cost of the order was not disclosed, but list rates are rarely applied to large deliveries.
- Hungarian low-cost carrier Wizz Air will receive 102 aircraft, American Frontier Airlines will receive 91, while 39 will go to Mexico's Volaris and 23 to Chilean JetSMART.
Business
DONIA: UAE Central Bank’s new transactions index to start from 7 Dec
The Central Bank of the UAE (CBUAE) will publish a new index for actual overnight funding transactions denominated in UAE...
- Dirham Overnight Index Average (DONIA) is computed as a volume-weighted money market rate for all actual overnight funding transactions of AED10 million or above.
- It would be published on UAE official working days by 09:30 hours local time on the CBUAE’s website and via Bloomberg and Refinitiv Eikon.
Business
AD Ports 9M revenue up by 22 percent
The rise is attributed to volume growth, business diversification.
- EBITDA rose 7 percent year-on-year to AED1.161 billion during this period, up from AED 1.081 billion during the same period in 2020.
- General cargo volumes rose to 37 million metric tonnes in year-to-date September 2021, up from 22 million metric tons in the same period in 2020.
Business
Tadawul bars Anaam Holding from trading for one day
Tadawul, the Saudi Exchange, has barred Anaam International Holding Group from trading for one day, after an adverse comment in...
- Anaam will be able to resume trading for 20 trading sessions with the possibility of another suspension
- The poultry processing company reported that its net losses widened by 525 percent in the nine months period of 2021
Business
Yahsat of Abu Dhabi figures in MSCI’s global indices
Al Yah Satellite Communications Company (Yahsat) of Abu Dhabi has been included in MSCI’s global indices.
- Yahsat’s inclusion will be effective on December 1, 2021
- The company began trading on the Abu Dhabi Securities Exchange (ADX) in July following its initial public offering (IPO)
Business
Cham Wings halts Minsk flights
The airline cited the Belarus-Poland border crisis as a reason.
- Syrian airline stopped flying to Minsk due to the increasing tension of migrants moving to Poland
- This, even as hundreds of migrants mostly from the Middle East remained trapped on the Belarus-Poland border
Business
Gulf Air boosts frequencies
Passenger numbers have grown ahead of the holiday season.
- Bahrain’s national carrier Gulf Air has boosted frequencies to popular destinations
- This is said to be in line with increasing demand for air travel and relaxed travel restrictions in many countries
Business
UAE to list Salik toll system on Dubai Financial Market
The Dubai Securities and Exchange Higher Committee has decided to list Salik on Dubai Financial Market (DFM) in order to...
- The Salik toll system is one of Dubai’s premier infrastructure assets, with robust traffic volumes
- The eight Salik toll gates, Al Barsha, Al Garhoud, Al Maktoum, Al Mamzar South, Al Mamzar North, Al Safa, Airport Tunnel and Jebel Ali, aim to reduce traffic congestion
Business
Trade between Jordan and UAE grows to $891m in 2021
Trade between Jordan and the United Arab Emirates has grown to $891 million during the course of last year, and...
- The details of the growing economic ties between the two countries were shared by the prime minister of Jordan Bisher Khasawneh
- He said the UAE has poured almost $17 billion into the Kingdom investments as it considered as one of the key partner in this regard
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
In Middle East, ‘manufacturing’ is a new buzzword
Form Saudi Arabia to the UAE, Qatar to Kuwait, governments of the region compete to jumpstart an industrial sector. But...
Economy
Company News
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SoftBank Group Q1 loss $3bn
The investment giant was hit by a drop in the share prices of major holdings.
Business
Dubai’s realty transactions exceed AED2bn Tuesday
Dubai, UAE -- Dubai's real estate market recorded real estate deals worth more than AED 2 billion ($544 million) on...
Business
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Business
Yahsat H1 net income up 5%
The company reported a revenue of $205m in H1 2023.
- Yahsat said it delivered revenue growth in infrastructure, the Group’s largest segment providing communications capacity to the UAE government.
- Mobility Solutions, the Thuraya business providing mobile satellite services using L-band spectrum, recorded 12 percent growth in the second quarter.
Business
Boeing looks to get Starliner spaceship ready to fly by March
Right now, based on the current plans, we're anticipating that we're going to be ready with the spacecraft in early...
- The troubled program has experienced numerous postponements but was finally meant to send astronauts to the International Space Station on July 21
- NASA hopes to certify Starliner as a second "taxi" service for its astronauts to the space station -- a role that Elon Musk's SpaceX has provided since succeeding in a test mission
Business
ADQ ties up with Dutch firm to set up greenhouse at AgTech Park in KEZAD
Abu Dhabi, UAE-- In a boost to the UAE's effort to secure self-sufficiency in the food sector, ADQ has partnered...
- The facility operating under a cooling system that reduces carbon and water footprint will enable the year-round cultivation of tomatoes and cucumbers
- The Dutch firm's experts will work with local agronomists to encourage the development of technology adapted to the local climate and growing conditions