Barclays bank to stop financing new oil, gas projects
London, United Kingdom -- British bank Barclays said Friday it would stop directly financing its energy clients' new oil and gas...
Business
OPEC Fund grants US$30m loan to Uganda to build key road link
Vienna, Austria--The OPEC Fund for International Development (OFID) has granted a US$30 million loan to support the development of a...
Economy
Business
Etisalat Q3 revenue up 2%
The aggregate subscriber base increases by 4 percent YoY.
- Net profit amounts to AED 2.4 billion, an increase of 1 percent compared to the same period last year.
- The company said that in the UAE, its subscriber base reached 12 million.
Business
DEWA wins Guinness World Record for first 3D lab in world
Dubai Electricity and Water Authority (DEWA) has another accomplishment to its credit, achieving the Guinness World Records title for the...
- The record was awarded for DEWA’s Robotics & Drone laboratory, housed within the Research & Development (R&D) Centre
- Al Tayer emphasized that Dubai provides a motivational environment to encourage construction in 3D printing
Infographics
10 big companies that changed their names
It was nothing new when Facebook changed its name to Meta, and invited people to the Metaverse. TRENDS has curated...
- While some have changed their names entirely, others have made only small alterations to the original names
- They have achieved varying degrees of success by changing their names
Business
Dubai increases ease of doing business by more than half
This was more than double the target of 30 percent reduction in business setup procedures that the emirate had set...
- The move is said to be part of Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum’s vision to make the emirate economically attractive
- The vision looks to achieve this by helping entrepreneurs set up and run businesses much more easily
Business
Maersk lands Saudi deal
Maersk will set up a Logistics Park at Jeddah Islamic Port.
- Maersk will set up an Integrated Logistics Park at Jeddah Islamic Port, investing more than SAR500m
- The agreement is a step to make Jeddah Islamic Port among the top ten ports in the world by 2030
Business
Etisalat Q3 revenues rise 2%
Its consolidated revenues in Q3 reached AED13.3bn ($3.62bn).
- Consolidated net profit after Federal Royalty amounted to AED2.4 billion ($653.5 million), an increase of 1 percent
- Consolidated EBITDA amounted to AED 6.7 billion ($1.82 billion), resulting in an EBITDA margin of 51 percent
Research
Israel eyes influx of tourists from UAE, Bahrain
Israel is anticipating a significant influx of Emirati and Bahraini tourists as the global tourism industry starts recovering from the...
- Israel expects 100,000 tourists a year from the UAE and Bahrain, with each tourist spending $1,500 per vacation
- The Jewish state is expected to make $150 million annually in revenues from the Gulf tourists
Business
Two Saudi defense firms sign contract to build SkyGuard UAV
Saudi Arabia's General Authority for Military Industries (GAMI) and Saudi Arabian Military Industries (SAMI) have signed a contract for the...
- SkyGuard is the outcome of numerous R&D efforts and geared towards developing a 'truly local' product.
- Saudi Arabia has set a target of spending 50 percent of expenditure on locally manufactured defense products and services by 2030.
Economy
Masdar City and ADRO facilitating Golden Visas for eligible persons
Masdar City Free Zone has been facilitating the processing and submission of Golden Visas for eligible persons and their families...
- The Golden Visa is a 10-year residency for certain professions including specialized degree-holders and others.
- Golden Visa is of particular relevance to Masdar City as it hosts more than 900 companies, says Executive Director Abdulla Balalaa.
Business
EFI readies for secondary ADX listing
The listing is part of the company's expansion plan.
- The company looks to strengthen its role as a partner in the UAE’s food security agenda, says the CEO.
- EFI is currently in the final stages of completing a state-of-the-art dairy factory in Al Ain.
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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
Barclays bank to stop financing new oil, gas projects
London, United Kingdom -- British bank Barclays said Friday it would stop directly financing its energy clients' new oil and gas...
Business
Company News
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ADNOC Drilling posts $446m net profit
The increase was attributed to expansion in fleet and services.
Business
ADNOC to acquire stake in Absheron field
TotalEnergies and SOCAR will hold 35% stake each in the field.
Business
Amazon, Apple beat earnings forecasts
Apple views AI as integral to its growth.
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Business
Abu Dhabi International Airport sees 67% surge in H1 passenger traffic
Abu Dhabi, UAE - Abu Dhabi International Airport (ADIA) registers an increase of 67 percent in passenger traffic with 10,258,653...
- The airport also recorded 67,835 flights, a rise of 36 percent compared to 49,919 flights during H1 2022
- The destination with the highest passenger traffic served by the airport during the period was Mumbai
Business
Oil prices fluid amid geopolitics, economic recovery
Geopolitical tensions, such as the Russian-Ukrainian war and the trade war between the United States and China, have sent shockwaves...
- Geopolitical tensions, such as the Russian-Ukrainian war and the trade war between the United States and China, have sent shockwaves through the oil market, says an expert
- OPEC's decisions to extend oil production cuts have stabilized markets, but challenges from non-OPEC+ producers and the global economic outlook continue to impact oil prices.
Business
Adidas posts $92m Q2 profit
Adidas now expects to end the year with an operating loss of $492m.
- The German sportswear giant reported a net profit of 84 million euros ($92 million) from April to June.
- Adidas shares were up 1.4 percent on the Frankfurt Stock Exchange after the results were released.