IHC posts net profit of US$8.97bn
Its revenue jumped to US$16.33 billion, a rise of 17.9 percent.
Business
Japan’s Moon craft SLIM revives after lunar night
TOKYO, JAPAN – Japan's Moon lander has produced another surprise by waking up after the two-week lunar night, the country's space...
Science
Business
BitOasis, UAE-based crypto trading platform, raises $30m to fund MENA expansion
BitOasis, the UAE-based crypto trading platform, has obtained $30 million in funding, and intends to use the capital to expand...
- The new funds will be used to expand the company’s presence in the region
- The Series B round was led by Chicago-based VC firm Jump Capital, along with Jordanian startup platform Wamda
Business
Dana Gas doubles its earnings to $256m from its sites in Egypt and Iraq
Dana Gas, the UAE-based natural gas company, has seen its earnings double from its operations in Egypt and Iraqi Kurdistan...
- In the Kurdistan Region of Iraq (KRI), the company’s share of collections from sales of condensate, LPG and gas jumped 77 percent
- The company's earnings have seen a 102 percent jump to $256 million as compared to the same period last year
Business
Aramco’s market value jumps to $2 trillion for the first time in two years
The market value of Aramco has exceeded $2 trillion after its shares vaulted to their highest level since the start...
- The Saudi company helped fuel a rise in the Kingdom's stock market, with the Tadawul index exceeding 11,600 points for the first time in 14 years today
- Aramco shares came at the forefront of the active shares in the market, with a 1.08 percent rise and reaching SR37.45 per share
Business
ADGM-registered can now list shares on UAE markets
Entities registered with the Abu Dhabi Global Market or ADGM will now be able to offer and list shares on...
- An MoU was signed between the Registration Authority of the ADGM and the Securities and Commodities Authority or the SCA.
- The agreement aims to reinforce regulatory and supervisory cooperation between the two parties
Business
Kuwait private sector partner in boosting trade ties: UAE chambers
KUWAIT: A delegation from the Federation of UAE Chambers of Commerce and Industry and officials of the Kuwait Chamber of...
- Federation of UAE Chambers and Kuwait Chamber hold a meeting to discuss ways of promoting investment opportunities.
- Kuwait Chamber chairman expects Kuwait-Abu Dhabi cooperation in healthcare, education and food security.
Business
Saudi to punish expats who engage in jobs for personal benefit
The punishments could include monetary penalties, imprisonment, and then subsequent deportation.
- Any self-employed expatriate who engage in jobs for their own personal benefit could be fined SAR50,000 (around $13,300), jailed for six months
- The self-employed expatriate would be deported after serving the jail term and the payment of fines
Expo 2020 DUBAI
Pakistan invites auto-sector investment at Expo
The Federal Board of Investment of Pakistan has invited auto-sector investors to set up business within the country.
- The Pakistan government promises a safe and secure environment for foreign investors with legal protection under the Acts of Parliament
- It also promises investment opportunities in all sectors of economy for foreign investors with 100 percent equity or joint ventures
Business
Credit insurance firms of UAE and France sign reinsurance pact
DUBAI: Etihad Credit Insurance (ECI), a UAE Federal export credit company, and Bpifrance Assurance Export, a French export credit agency,...
- Etihad Credit Insurance and Bpifrance Assurance Export will push more Emirate and French projects globally.
- The UAE is France’s second-largest trade partner in the region. Non-oil foreign trade between the countries was AED 19.7 billion in 2020.
Business
Ducab unveils new brand identity
The UAE-based company will now focus on providing ‘Energy for change’.
- The UAE-based company will now focus on providing ‘Energy for change’
- The company seeks to generate positive economic, social, and environmental impact
Business
Bahrain VAT rate hike may boost sales of UAE retailers
Bahrain plans to double its VAT rate to 10 percent, which is likely to drive its citizens to shop in...
- In the GCC, Saudi Arabia and the UAE were the first to introduce a VAT system in January 2018
- Bahrain followed a year later, and Oman brought in the tax in April 2021
IHC posts net profit of US$8.97bn
Its revenue jumped to US$16.33 billion, a rise of 17.9 percent.
Business
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SoftBank Group Q1 loss $3bn
The investment giant was hit by a drop in the share prices of major holdings.
Business
Dubai’s realty transactions exceed AED2bn Tuesday
Dubai, UAE -- Dubai's real estate market recorded real estate deals worth more than AED 2 billion ($544 million) on...
Business
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Business
Yahsat H1 net income up 5%
The company reported a revenue of $205m in H1 2023.
- Yahsat said it delivered revenue growth in infrastructure, the Group’s largest segment providing communications capacity to the UAE government.
- Mobility Solutions, the Thuraya business providing mobile satellite services using L-band spectrum, recorded 12 percent growth in the second quarter.
Business
Boeing looks to get Starliner spaceship ready to fly by March
Right now, based on the current plans, we're anticipating that we're going to be ready with the spacecraft in early...
- The troubled program has experienced numerous postponements but was finally meant to send astronauts to the International Space Station on July 21
- NASA hopes to certify Starliner as a second "taxi" service for its astronauts to the space station -- a role that Elon Musk's SpaceX has provided since succeeding in a test mission
Business
ADQ ties up with Dutch firm to set up greenhouse at AgTech Park in KEZAD
Abu Dhabi, UAE-- In a boost to the UAE's effort to secure self-sufficiency in the food sector, ADQ has partnered...
- The facility operating under a cooling system that reduces carbon and water footprint will enable the year-round cultivation of tomatoes and cucumbers
- The Dutch firm's experts will work with local agronomists to encourage the development of technology adapted to the local climate and growing conditions