Dow, S&P 500 hit fresh records, but Nasdaq ticks lower
The tech-rich Nasdaq slipped by 0.3 percent to 15,996.82 -- a day after surging by 3.0 percent following strong earnings...
Business
Top Saudi banks see increase in deposits and financing in Q2
Top Saudi banks have seen strong growth in the second quarter of the current fiscal in financing and deposits. According...
- The outlook for cost of risk remains relatively stable, says Alvarez & Marsal
- L&A and deposit growth was supported by the merger of NCB and SAMBA to form Saudi National Bank
Business
ESG wins $12.5m contract for upkeep of Abu Dhabi’s Corniche Road
Emirates Stallions Group, a subsidiary of the International Holding Company (IHC,) has secured a $12.5 million contract from the Abu...
- Landscaping contract is one of largest public municipality projects of its type
- ESG has presence in 20 markets in the region, with assets of 537 million dirhams as of the end of the first quarter this year
Business
Dragon Oil to double output by 2026
Dragon Oil to double output by 2026
- The company is eying new developments in Turkmenistan, Iraq, and Egypt
- It achieved a positive performance in 2020, and continued to maintain steady annual growth in 2021
Business
Imdaad signs three contracts in a month
The total value of the contracts signed with several UAE clients is AED90 million.
- Several UAE-based clients have awarded contracts in retail, sports and real-estate sectors.
- Imdaad was hired by the Dubai World Trade Centre for Total Facilities Management services at Expo Village.
Business
UAE has advantage in leading global hydrogen market: Report
DUBAI: The UAE has the foundations and competitive advantages to become one of the largest producers of low-carbon hydrogen in...
- UAE’s strong infrastructure, export facilities, geographic location key advantages.
- ADNOC is already a producer of over 300,000 tons per year of hydrogen in its downstream facilities.
Business
flydubai signs pact with Saudi company
The Saudi company will undertake ground handling services for flydubai.
- The AED 100m agreement has been signed for five years.
- flydubai said the agreement reflects the longstanding relations between it and Saudi partners.
Business
Al Salam Bank buys back shares
The bank has bought 320,664 shares on DFM and Bahrain Bourse.
- The bank has bought 320,664 shares on Dubai Financial Market and Bahrain Bourse
- The move increases the total holding of treasury shares from 110,779,910 to 111,100,574
Business
UAE outperforms ten global tourism destinations in H1
The emirates achieves hotel occupancy rate of 62 percent, ahead of the US, UK and Turkey
- Hotel revenues grew by 31 percent to reach AED11.3 billion.
- Domestic tourism accounted for 30 percent of the total number of guests at hotels.
Science
New Iraq project to reduce flaring at oilfields, consolidate gas production
The new project, signed in 2017 with oil services company Baker Hughes, will eventually allow 200 million cubic feet of...
- The implementation of the project and the gas exploitation may have to wait 30 months for the completion of infrastructure works
- The amount of gas torched in Iraq annually reached 17.37 million cubic metres last year, says the World Bank
Research
Saudi biggest Arab economy, Sudan most indebted
The Saudi economy, as per IMF, is recovering "well" from the pandemic, estimating the kingdom's non-oil economy will grow by...
- COVID-19 increased the average debt in Arab countries to 81.8 percent of its GDP in 2020, up from 69.4 percent in 2019.
- Qatar has the highest GDP per capita in the Arab world due to its small population.
Company News
DEWA Q1 profit $207.8m
Business
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QGIRCO reports Q1 profit drop
Business
Global trade in goods, services worth US$31trn in 2022: WTO
Dubai, UAE--Trade in goods and services amounted to US$ 31 trillion in 2022, a 13% rise year-on-year. According to the...
Economy
X, the former Twitter, lets users hide once-vaunted blue check
Blue ticks, long free at Twitter, were intended to signal the identity of certain users -- such as journalists, celebrities...
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Business
Trust for cryptocurrencies, CBDCs grows in MENA
Favoring CBDCs for efficiency, convenience, and security, 63% of MENA residents believe central banks should introduce them, and 73% are...
- Favoring CBDCs for efficiency, convenience, and security, 63% of MENA residents believe central banks should introduce them, and 73% are ready to use them, says a survey
- UAE has emerged as a regional hub as GCC countries differ in cryptocurrency regulation, adds the CFA Institute survey, seeking engagement for successful CBDC implementation
Business
European LNG imports fall to lowest level since start of Ukraine war
Brussels, Belgium - Europe's liquefied natural gas (LNG) imports fell to the lowest level since the start of the Russian...
- LNG deliveries fell 7% in July from a year earlier to 8.6 million tons, the least since November 2021, according to ship-tracking data .
- This drop coincides with a slide in the regions benchmark gas prices, which have slumped more than 80% in the period.
Business
OERC, Jindal to set up sustainable transport logistics solution
Abu Dhabi, UAE - Oman and Etihad Rail Company (OERC) signed a deal with Jindal Shadeed Iron & Steel (Jindal)...
- It will allow Jindal to annually transport up to 4 million tons of raw materials and finished products from its steel complex at Sohar Port to the UAE’s markets.
- OERC will leverage its rail network to support Jindal in optimizing operational integration through facilitated loading and unloading processes.