ESG 2023 net profit at US$187m
The firm posted a year-on-year net profit rise of 316 percent.
Business
At 10% growth, Saudi banking sector shows resilience
With Vision 2030 steering the economic diversification, Saudi banks face challenges and opportunities in liquidity, asset quality, and navigating geopolitical...
Business
Business
Meta to tweak ad policy
Meta ads will not consider race, religion, sexuality, or political party.
- From January 19, apps in the Meta family will no longer offer advertisers the option to target people based on certain ‘sensitive’ topics
- While this may tighten privacy, it may also affect non-profit groups seeking fundraising or small companies looking for customers
Business
AD Ports Group to develop multipurpose terminal at Egypt’s Safaga Port
A multipurpose terminal in Safaga Port of Egypt will be developed and operated by AD Ports Group. Under an MoU...
- AD Ports signed an MoU with the Egyptian Group for Multipurpose Terminals, the commercial arm of the Egyptian Ministry of Transportation.
- Under the pact, AD Ports Group will explore investment opportunities and conduct feasibility and local market studies related to the project.
Economy
Dubai non-oil economy surges to two-year high in October
Dubai's non-oil economy continued to grow in October, courtesy of a sharp rebound in new orders and increased tourism activity...
- A sharp rebound in orders and Expo boost raise Purchasing Manager's Index.
- Despite the growth of businesses, job hiring remained marginal. Overall expectations of firms at their highest since March 2020.
Business
Mercer says UAE firms to hire more staff next year
UAE firms are expected to hire more staff and increase salaries next year to attract and retain talents as the...
- The expected average raise in the salary for companies in high-tech, life science and consumers goods would be around 4 percent
- The survey covered 599 companies across UAE with response indicating that salaries in 2021 incremented at an average of 3.6 percent
Business
Mashreq Bank of UAE reports 25% drop in net profit to $72m
Mashreq Bank, the UAE lender, has seen its net profit drop off by a quarter in the first nine months...
- Total net profit for the period ending September 30, 2021 reached 265 million dirhams ($72.14 million), down by 24.7 percent from 352 million dirhams a year earlier
- Quarterly net profit stood at 180 million dirhams ($49 million), down by 1.6 percent from 183 million dirhams in the same period last year
Business
CBRE study depicts upbeat future for Saudi hotel industry
With the Covid infection tapering off in Saudi Arabia, there has been a reasonable increase in hotel occupancy rates in...
- The average daily rate (ADR) at hotels across the Middle Estate jumped 9.9 percent in the first nine months of the year
- The growth has been fueled by higher levels of tourism activity in major destinations like Jeddah, Khobar and Riyadh
Business
ADNOC Distribution’s Q3 profit is $144m
The profit is 21 percent lower than Q3 2020 due to a lower fuel margin.
- The company's net profit for the first nine months of 2021 was AED 1.7 billion, six percent higher compared to the corresponding period in 2020.
- ADNOC Distribution said it plans to open 40-45 new stations in Saudi Arabia in 2021 as part of its expansion plans for the UAE and the kingdom.
Business
Standard Chartered starts sustainable account in UAE, Aldar first to open it
Abu Dhabi-based developer Aldar Properties became the first corporate in the UAE to open a sustainable bank account started by...
- Deposits in the accounts are used to fund sustainable projects.
- The bank has said the surplus cash will be used in addressing the climate crisis and financial exclusion.
Business
DFM picks new CEO
The Dubai Financial Market (DFM) has hand-picked Hamed Ahmed Ali as the new Chief Executive Officer (CEO) in the wake...
- The newly formed board of directors approved the appointment as part of efforts to “empower new leaders”
- Ali was previously appointed Deputy CEO and Chief Markets Officer of DFM in July 2020
Business
National Bonds ups stake in Taleem
Taleem Holdings is one of the largest education providers in the Middle East.
- National Bonds increased the stake in Taaleem, a company with paid-up capital of AED 750 million, from 19.6 percent to 23 percent.
- By end of Q3 2021, National Bond's investment portfolio has grown by more than 32 percent to surpass AED 10 billion ($2.72 billion).
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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
ESG 2023 net profit at US$187m
The firm posted a year-on-year net profit rise of 316 percent.
Business
Company News
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Masdar, Airbus sign deal
Economy
PIF sets up women’s fitness and wellbeing firm Kayanee
Riyadh, Saudi Arabia -- Saudi Arabia's sovereign wealth fund, the Public Investment Fund, Monday announced the establishment of the Kayanee...
Business
Saudi Arabia, Argentina sign geological cooperation and investment deal
Jeddah, Saudi Arabia -- The Saudi Geological Survey (SGS) and the Argentine Mining Geological Service (SEGEMAR) have signed a Memorandum...
Business
FMCG sector drives global economic growth, innovation
"The growth of the FMCG industry is closely tied to population growth, urbanization, and rising disposable incomes. The sector is...
Opinion
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Business
Qatar non-energy private sector firms record strong growth in July
Doha, Qatar -- Non-energy private sector companies recorded the second highest growth in 2023 so far, according to the latest...
- Growth rates for output, new orders, employment and purchasing increased, and the 12-month outlook remained firmly positive, the data from Qatar Financial Center said.
- Data for July 2023 indicated another increase in employment in non-energy private sector economy in Qatar, at the fastest rate since July 2022.
Business
Milaha posts marginal profit in H1
Its net profit jumped 1.1 percent to US$178 million.
- Its earnings per share (EPS) amounted to QR 0.57 as of 30th June 2023 as against earnings per share (EPS) of QR 0.56 for the same period in 2022
- The company's net profit in 2022 climbed to $278 million in comparison to a net profit of $199 million for the same period of the previous year
Business
Dubai mega-wheel billed as world’s largest stops turning
Ain Dubai (Dubai Eye) was designed as a tourist-luring landmark in the United Arab Emirates' glam-hub, which is home to...
- The giant wheel, made of more steel than the Eiffel Tower, features prominently on the list of Dubai's top tourist attractions
- With no official explanation, rumours are rife on the Ferris wheel's apparent technical issues, especially among employees at Bluewaters