Business

Air Arabia profit falls

Revenue rises despite regional cost pressures

FAB plans $4.08bn rights issue

UAE’s largest bank seeks capital for growth.

flydubai launches new flights

Riga, Salzburg, Vilnius flights begin from Dec

ADNOC Gas Q3 profit $1.34bn

Stronger earnings support higher full-year outlook

Agthia 9M profit nearly triples

Third-quarter revenue increased 14.4 percent.

China discovers world’s largest metamorphic rock oilfield in Bohai Sea

BEIJING, CHINA – The China National Offshore Oil Corporation (CNOOC) has announced the recent discovery of the largest metamorphic rock...

Business

Tech revolutionizes professional landscape for women

Women First Jobs offers tailored solutions for women in the UAE, overcoming societal norms and unequal access to opportunities, says...

Business
Economy

SEDCO Capital, Lombard Odier launch Shariah-compliant fund

The Fund's composition reflects a convergence of SEDCO Capital's Prudent Ethical Investment (PEI) approach with Lombard Odier's investment expertise
  • The Fund's composition reflects a convergence of SEDCO Capital's Prudent Ethical Investment (PEI) approach with Lombard Odier's investment expertise
  • The Fund aims to deliver capital growth through an active asset allocation strategy with the goal of outperforming the Dow Jones Islamic Market World Developed Total Return Index

ACWA Power final IPO price nearly $15 per share, targets raising $1bn

The company expects to raise more than $1 billion from the public offering, valuing the company at about $10 billion.
  • Retail offering started on Wednesday and will run until Oct. 1
  • ACWA is considering issuing green bonds in 2022 and beyond to raise funds for some renewable energy projects.

Elon Musk wants US regulators to let cryptocurrency ‘fly’

Los Angeles: Tesla chief executive Elon Musk thinks US regulators should take cryptocurrency out of their crosshairs, leaving it free...
  • China's central bank last week said all financial transactions involving cryptocurrencies are illegal.
  • Tesla early this year announced it had bought $1.5 billion worth of Bitcoin.
Business

Tariq Al Samahiji CEO of GFH Group’s UK ops

Al Samahiji is the non-executive chairman and co-founder of Orpheus Partners.
  • He served as CEO of BNP Paribas Najmah and Global Head of BNP Paribas Islamic Finance and Investments.
  • GFH said it currently has assets of over $12 billion globally and looks to build its international portfolio through organic and inorganic growth.
Economy

DEWA partners with Global Manufacturing and Industrialisation Summit

DEWA has implemented Fourth Industrial Revolution technologies, such as Artificial Intelligence, Cloud Computing and the Internet of Things to drive...
  • DEWA and GMIS will collaborate to promote the use of advanced energy-saving innovations
  • The collaboration will enable greater synergy between utility providers and industrial enterprises to eliminate energy wastage
Business

OPEC sees oil demand growing over next two decades

The cartel's world oil outlook goes against the vision of the International Energy Agency, which warned in May that demand...
  • Developing countries will fuel demand while it will begin to fall in wealthier nations from 2023, said OPEC.
  • The OPEC report comes as Brent crude oil prices jumped above $80 per barrel for the first time in almost three years.
Business

Saudi Arabia digitizes 50m realty papers under National Transformation Program

Saudi Arabia has managed to digitize some 50 million real estate documents under the Real Estate Title Digitization Initiative. It...
  • The central digitization labs work around the clock and are the largest of their kind in the MENA region
  • The digitization process goes through several steps: listing and collection of documents, entry and revision, transfer to digitization labs, sterilization and restoration
Geostrategy

Meetings with Syria should translate into projects: Jordan PM

He said the projects should benefit the two countries and cement a historical brotherhood bonding them.
  • A Syrian delegation in Jordan has held a series of meetings with its Jordanian counterparts over the course of two days
  • It reviewed the outcome of discussions with the Jordanian ministers in the areas of transport, intra-trade, water, agriculture and energy
Business

Ukraine looks to bolster investment cooperation with GCC, especially Kuwait

Ukraine is looking to bolster investment cooperation with the Gulf Cooperation Council (GCC) countries, especially Kuwait.
  • Ukrainian Deputy Foreign Minister Dmytro Kuleba said that the Ukrainian government has recently enacted many pieces of legislation targeting holistic economic reforms
  • The Ukrainian official hoped that Kuwaiti companies would join the execution of these strategically significant projects in Ukraine
Geostrategy

Kuwait, China keen on institutional framework

The Consul General of Kuwait in Shanghai, Mishal Al-Shamali, during a meeting with Shanghai Deputy Mayor Zhong Ming, said that...
  • The framework is needed to start implementing the agreements concluded between the two countries
  • This will help develop and strengthen bilateral ties between Kuwait and China in the upcoming years

China discovers world’s largest metamorphic rock oilfield in Bohai Sea

BEIJING, CHINA – The China National Offshore Oil Corporation (CNOOC) has announced the recent discovery of the largest metamorphic rock...
Business

Company News

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PIF sets up SRJ Sports Investments firm

The investments are expected to localize partnerships.
Business

Jordan-Egypt trade expands to US$355.43m in first five months of 2023

Amman, Jordan--Trade between Jordan and Egypt expanded to $355.43 million in the January-May period of the current year, according to...
Business

Musk offers legal aid for users in trouble at work over X posts

Since Musk bought the social media platform for $44 billion last October, its advertising business has collapsed, in part because...
Business

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Business

Saudi Fund signs US$77m agreement to set up solar power plant in Belize

Riyadh, Saudi Arabia-- Saudi Arabia has signed a $77 million loan agreement with Belize to set up a solar power...
  • The agreement was signed by the CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, and the Prime Minister of Belize, John Antonio Briceño
  • The agreement aims to build a 60-megawatt solar power plant, complete with the supply and equipment of solar panels, to reduce emissions in the energy sector
Economy

Oman annual inflation inches up to 0.69 percent in June

Muscat, Oman--Oman annual inflation rate reached 0.69 percent by the end of June 2023, according to the monthly consumer price...
  • Inflation was fueled by the increase in most of the main groups making up the consumer price index and the prices of the food and non-alcoholic beverages
  • The prices of oils and fats rose by 4. 81%, fruits by 4.3%, other foodstuffs by 3.91%, bread and cereals by 2.34%, and non-alcoholic beverages by 0.67%
Business

UAE supplies 25.63 million barrels of crude oil to Japan in June

Tokyo, Japan--Japan's crude oil imports from the United Arab Emirates amounted to 25.63 million barrels in June 2023, or 37.4...
  • In the month of June, Japan's crude oil imports touched 68.5 million barrels, of which 66.7 million were provided by the UAE, Saudi Arabia and other countries
  • At least 41.4 percent of total imports in June came from Saudi Arabia, making the kingdom and the UAE the top oil providers of more than three-quarters of Japan's needs