Dubai International Boat Show helps in marine business
DUBAI, UAE – Dubai International Boat Show has wrapped up following a hugely successful week of high-value boat sales, important...
Business
Iraq economy likely to grow this year, says IMF
BAGHDAD, IRAQ – Economic growth of the country is projected to continue amid fiscal expansion, an International Monetary Fund (IMF)...
Business
Business
Israeli weapons-maker Elbit Systems launches UAE venture
Israeli weapons-maker Elbit Systems launched a new venture in the United Arab Emirates on Sunday, an announcement that comes ahead...
- Elbit Systems is the manufacturer of the Hermes armed drone and cutting-edge surveillance technology.
- Israeli air force commander Amikam Norkin was in the UAE over the weekend to attend the Dubai Airshow
Business
Qatar Islamic Bank named world’s second strongest Islamic bank
The Qatar Islamic Bank (QIB) has been ranked as the "Fourth Strongest Bank in the Middle East" and "Second Strongest...
- Financial services company The Asian Banker also ranks QIB as the "Fourth Strongest Bank in the Middle East".
- QIB has recently posted a net profit of QR2.5 billion ($686 million) for the first nine months of 2021.
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
Dubai International Boat Show helps in marine business
DUBAI, UAE – Dubai International Boat Show has wrapped up following a hugely successful week of high-value boat sales, important...
Business
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Hungarian companies want to expand work in Russia, says PM Orban
BUDAPEST, HUNGARY – Hungarian Prime Minister Viktor Orban said that companies from his country plan to expand their activities in...
Geostrategy
Indonesia president to participate in BRICS summit in South Africa
Jakarta, Indonesia--Indonesian President Joko Widodo departed for South Africa on Sunday to attend the BRICS summit in Johannesburg amid speculation that...
Economy
Al Hilal wins over Fulham striker Mitrovic for US$64m
Saudi Arabia's football clubs continue to win over global stars with Serbian forward Aleksandar Mitrovic becoming the latest player to...
Business
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Geostrategy
Over 113 Emirati projects in Ethiopia, trade exceeds $6bn, says UAE envoy
ADDIS ABABA, ETHIOPIA - UAE Ambassador to the Federal Democratic Republic of Ethiopia Mohammed Salem Al Rashidi said that the...
- Masdar signed a joint development agreement with the Ethiopian government in January 2023 in Abu Dhabi to develop two solar power plants.
- Ethiopia is a key investment partner for the UAE in East Africa, as it has a large and emerging consumer market of over 100 million people.
Economy
Oil prices inch up 1% on signs of slow US output, posts first loss in 8 weeks
Dubai, UAE--Oil prices jumped about 1% on Friday on signs of slowing U.S. output, but both crude benchmarks also ended...
- After industry data showed that the US oil and natural gas rig count fell for the sixth week in a row, both benchmarks pushed higher on Friday
- A worsening property crisis in China added to concerns about the country sluggish economic recovery as oil prices dropped about 2 percent from last week
Business
UAE’s investments in Ethiopia touch US$2.9bn as non-oil trade expands
Abu Dhabi, UAE-- As the UAE President Sheikh Mohamed bin Zayed visits Ethiopia to strengthen relations with the African country,...
- According to Dr. Thani bin Ahmed Al Zeyoudi, the investments encompass four key sectors: chemicals, food and beverages, aluminum and pharmaceuticals
- He said the country's re-exports to Ethiopia climbed 8.6 percent year-on-year to $553.3 million in 2022, continuing a strong upward trend since 2018