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
Total value of Saudi Arabia’s export of dates reaches US$389m in 2023
RIYADH, SAUDI ARABIA - According to data released by the National Center for Palms and Dates (NCPD), the value of...
Business
Business
DP World launches e-commerce site Dubuy in Kenya
Dubuy.com aims to provide Kenya a secure and reliable way for its businesses to grow.
- Dubuy.com, an e-commerce platform of DP World, has launched in Kenya
- It has already seen over 500,000 website visits from African vendors since its launch in Rwanda six months ago
Business
Dubai’s Mashreqbank hit with $100m fine in US
The fine was one of several actions by US regulators requiring the bank to fix lapses in its processes to...
- The fine was one of several actions by US regulators requiring the bank to fix lapses in its processes to ensure its overseas branches comply with US sanctions
- The breaches involved the bank's London office handling payments through the US financial system without making clear they were going to a Sudanese entity
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.
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
Company News
Latest News
Al Mahhar to list on QSE
Business
Dubai real estate market records deals worth $653 million
Dubai, UAE -- Dubai's real estate market recorded deals worth AED 2.4 billion ($653 million) on Thursday, according to Dubai...
Business
Falconers meet in Abu Dhabi for special auction from Sept 2-8
Abu Dhabi, UAE -- Following the success of the Falcon Auction in the last edition of Abu Dhabi International Hunting...
Arts & Culture
Most Read
Business
DP World H1 EBITDA $2.6bn
The company's revenue grew 13.9 percent to $9.03 billion.
- CEO Sultan Ahmed bin Sulayem said the company's balance sheet remains robust, and it continues to generate high levels of cash flow.
- DP World's focus on high-margin cargo, end-to-end bespoke supply chain solutions and cost optimization has been crucial in securing these results.
Ooredoo partners with Tech Mahindra, Google Cloud
Doha, Qatar - Ooredoo Group has announced new partnerships with Tech Mahindra and Google Cloud that will see the company...
- Ooredoo's IT operations will be modernized by deploying a digital platform-based approach, which will enhance performance
- Tech Mahindra is an Indian multinational information technology services and consulting company
Economy
Disparity remains as Saudis, Emiratis see wealth gains
The financial landscape of Saudi Arabia and the UAE is undergoing a significant transformation, with most adults in the region...
- The net worth per adult in Saudi Arabia surged by an impressive 8.6 percent in 2021, followed by a 6.6 percent increase in 2022, both measured in US dollars.
- The Gini coefficient for wealth inequality in 2022 was 86.7 in Saudi Arabia and 86.9 in the UAE, placing both nations among the highest in global wealth inequality rankings.