WTO ministers struggle to forge deals as talks go into overtime
ABU DHABI, UAE – World trade ministers were locked in disagreement Thursday on fisheries subsidies, agriculture and digital customs duties as...
Geostrategy
Electronic Arts announces job cuts
The company is cutting about 5 percent of its workforce.
Business
Saudi Arabia picks HSBC to spot “investment opportunities”
Saudi Arabia has roped in HSBC to “identify and promote” sustainable investment opportunities. The agreement between the two was signed...
- It covers identification and promotion of sustainable investments in the Kingdom for domestic and international investors
- “I welcome today’s agreement, which is further proof that the Kingdom’s ambitions to become a global sustainable investment destination is on track"
Business
Airbus flies back to profit
European planemaker booked net profit of 404 mn euros.
- European planemaker said in a statement that it booked net profit of 404 million euros ($470 million) in the period from July to September
- The company said it now expects an operating profit of 4.5 billion euros in 2021, up from the four billion euros previously forecast
Business
DFM posts net profit of AED 38.1 mn in the first nine months of 2021
The Company’s total revenue reached AED 183.1 million in this timeframe compared to AED 271 million during the corresponding period...
- DFM's expenses decreased 4 percent to AED 145 million by the end of September
- The company has waived the minimum trading commission from September 1
Business
ADIO and Etisalat to facilitate digital economy access for firms in Abu Dhabi
Abu Dhabi Investment Office (ADIO) and Etisalat will work together to unlock opportunities for businesses in Abu Dhabi by introducing...
- ADIO’s $545-million Innovation Programme provides incentives to businesses in high-growth areas to expand in Abu Dhabi.
- Etisalat Digital’s FutureNow program invites innovative technology companies to accelerate their businesses in the UAE.
Business
Eni of Italy discovers three new oil and gas wells in Egypt
Eni of Italy has discovered three new oil and gas wells in Egypt, according to the Egyptian Ministry of Petroleum.
- Oil, gas, and condensate (a mix of light liquid hydrocarbons) were found in the Meleiha concession area, and oil in the southwest Meleiha zone
- The MWD-21 well, which has already been linked to production, also yielded a stable rate of 2,500 bpd
Business
Saudi Investment Bank records 9% rise in net profit to $206.7m
The Saudi Investment Bank (SAIB) has recorded a 9 percent rise in net profit to $206.7 million in the first...
- The bank attributed the profit rise to a decline of 11.6 percent year-on-year (YoY) in total operating expenses amid lower salaries and employee-related expenses.
- Total shareholders' equity, excluding minority interests, reached SR14.69 million during the first nine months of 2021
Economy
44 MNCs decide to set up regional HQs in Riyadh
Pepsico, Deloite, Siemens, Haliburton, KPMG, PwC, Novartis and OYO are among the companies that will establish their regional headquarters in...
- The licenses were issued at the 5th edition of the Future Investment Initiative under the Regional Headquarters program.
- The direct and indirect benefits from the presence of companies (in Saudi Arabia) will amount up to $45 billion, says minister.
Business
Sharjah Economic Development Department processes 14,210 licenses during Q3
Sharjah Economic Development Department (SEDD) has processed 14,210 licenses submitted through its smart applications on its website as well as...
- The majority of the licenses processed belonged to the commercial sector, followed by professional.
- The growth of business licenses confirms the strength of the local economy, Sultan Abdullah bin Hadda Al Suwaidi.
Business
Advanced Petro Co. of KSA posts nearly 40% jump in net profit
Advanced Petrochemical Company of Saudi has posted nearly 40 percent increase in net profit to $58 million for the third...
- “Net profit increased by 39 percent compared to Q3 2020 mainly due to the increase in polypropylene sales”
- Sales revenue for the current quarter surged by 47.7 percent to 805 million riyals, while total comprehensive income grew from 286 million riyals to 356 million riyals
Business
Singapore-based Near acquires minority stake in MEmob+
Near will work with MEmob+ to continue its global expansion with a push into the Middle East and Africa.
- Near will work with MEmob+ to continue its global expansion with a push into the Middle East and Africa
- The companies will look to accelerate the adoption of cutting-edge technologies to support the performance of businesses everywhere
WTO ministers struggle to forge deals as talks go into overtime
ABU DHABI, UAE – World trade ministers were locked in disagreement Thursday on fisheries subsidies, agriculture and digital customs duties as...
Geostrategy
Company News
Gulf Air, Emirates sign deal
Business
Latest News
UAE banks provide US$7.73bn in financing to businesses in five months
Abu Dhabi, UAE-- The banks in the UAE increased their credit facilities for the business and industrial sectors by around...
Business
AD Ports Q2 revenue grows 66%
The company attributed growth to increased volume across key sectors.
Business
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Business
Abu Dhabi, Dubai realty resilient despite surging inflation, interest rates
Abu Dhabi, UAE – Real estate markets of UAE capital Abu Dhabi and Dubai demonstrated resilience in the face of...
- A report by Asteco, a full-service Real Estate company, said approximately 1,400 apartments were added to the Abu Dubai market during Q2 2023.
- Average apartment, villa, and office rental rates in Dubai increased by 6 percent, 3 percent and 6 percent respectively over the quarter.
Business
Agility posts Q2 earnings of $46m
Net profit was affected by higher interest rate.
- For the first six months of 2023, Agility’s net profit stood at US$95.5 million.
- There was an increase in debt for financing the firm’s acquisitions last year.
Geostrategy
International Military Forum Army-2023 opens in Moscow
MOSCOW, RUSSIA - The international military-technical forum Army-2023 opens at the Patriot Congress and Exhibition Center here. About 1,500 prominent...
- About 1,500 prominent Russian companies of the military-industrial complex will present their products.
- 85 foreign companies and organizations from seven countries will also participate in the forum.