e& 2023 net profit is US$2.8bn
e& said the net profit is a growth of 3 percent year-over-year.
Business
Dubai to host the world’s biggest ‘airport industry show’ in May
Dubai, UAE-- In the month of May scores of airport developers, officials, and suppliers from around the world will troop...
Business
Abu Dhabi’s IHC looks at ‘few billion dollars’ deals
International Holding Co (IHC), Abu Dhabi’s largest conglomerate, is looking at acquisitions of various companies in different sectors.
- IHC, now the most valuable company on the Abu Dhabi bourse with a market capitalization of $72bln, is also considering a 2022 IPO
- IHC is also looking at three or four targets in the food sector, as well as eyeing targets in the healthcare and leisure and retail sectors
Business
Qatar’s Islamic lender buys 5% stake in Al Rayan
Masraf Al Rayan, Qatar’s Islamic lender, has bought an additional 5 percent stake in Al Rayan (UK) from Qatar Holding...
- The Islamic lender’s shareholding in Al Rayan rises to 75 percent
- This represents a purchase of 5,000,000 ordinary shares of GBP1 par value
Business
Iran eyes Caspian Sea gas reserve for Europe supply
The exploration is being carried out by the Khazar Exploration and Production Company, or KEPCO.
- The Chalous Superstructure Drilling and Exploration project is expected to be completed over the next couple of years
- It will apparently be the second-largest natural gas block in the Caspian Sea, just behind the Alborz structure
Business
Oil tanker blows up in fire on Makkah-Jeddah expressway
A speeding car rammed into an oil tanker, causing the tanker to explode into a ball of fire on the...
- A video posted to the Makkah region’s official Twitter account showed cars driving by a raging fire stretching across the central divide of the highway
- Civil Defense teams at the site eventually managed to control the fire, authorities announce soon after 2 a.m. on Tuesday
Business
Jordanians tiff over copper mine in ‘natural reserve’
A public spat has broken out in Jordan over the decision to mine for copper in parts of the Dana...
- The Royal Society for the Conservation of Nature said it opposed any redrawing of the boundaries and that it would take “all legal and escalatory measures under Jordanian law”
- Dana is Jordan’s largest natural reserve, covering some 320 sq km of mountains and wadis along the Great Rift Valley.
Business
Iran to upgrade homemade Bavar 373 missile system
Iran unveiled the indigenously-designed surface-to-air Bavar 373 missile defense system in August 2019.
- Iran’s Deputy Defense Minister Brigadier General Mahdi Farahi made the announcement
- This is a new edition that may be at the same or higher level than S400
Analysis
Expo 2020 promises a productive Q4
The sale of tickets, easing of travel restrictions and positive investment projections point to a surge in economic activity in...
- Dubai intends to open its doors to visitors and re-establish 90 percent of its operating capacity at its airports in 2021.
- 66 percent of Dubai business leaders expected an improvement in business conditions in 2021 Q3, compared to 51 percent in the previous quarter.
Business
ADNOC signs $1bn deals with eight global contractors
Agreements have been signed for concept and front-end engineering design.
- 50 percent of project value can potentially flow back into UAE economy.
- The agreements signed with eight global engineering contractors will run for five years.
Graft, security issues feed the trade in Iraq’s past
The boom in looted objects from antiquity is a real problem in Iraq, where corruption is prevalent and archaeological sites...
- The boom in looted objects from antiquity is a real problem in Iraq, where corruption is prevalent and archaeological sites are poorly protected
- Sumerians, Assyrians and Babylonians all trod on the ancient land that is now Iraq, and that makes it a land of choice for smugglers.
Bitcoin jumps above $50,000 for first time since May
Bitcoin has been on a rollercoaster this year. After hitting $65,000 in April it tumbled below $29,000 in June, and...
- Bitcoin has been on a rollercoaster this year. After hitting $65,000 in April it tumbled below $29,000 in June, and is now back above $50,000
- In April, PayPal-owned mobile payments service Venmo began letting users in the US buy, hold or sell cryptocurrency using its app
e& 2023 net profit is US$2.8bn
e& said the net profit is a growth of 3 percent year-over-year.
Business
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Barclays Q1 net profit at $2.2bn
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Samsung Electronics profit falls
Business
Unilever revenue rises in Q1
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Dana Gas approves cash dividend
Business
Saudi Arabia at 16 position in Lloyd’s List 2023 rankings
RIYADH, SAUDI ARABIA - The Kingdom of Saudi Arabia was ranked 16 in annual container throughput by the 2023 edition...
Business
Kuwait posts fiscal surplus after almost a decade, says finance ministry
Kuwait recorded its first surplus in nine years for the 2022-2023 fiscal year which ended in March, the finance ministry...
Economy
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Business
NBF H1 net profit up 120 percent
Fujairah, UAE -- The National Bank of Fujairah (NBF) Wednesday posted 120.7 percent increase in first half net profit to...
- The robust performance in Q2 2023 contributed to this growth, with NBF posting a net profit of AED 180.1 million, a 99.8 percent increase from the corresponding quarter of 2022.
- The bank's operating profit for H1 2023 reached AED 785.3 million, a 28.9 percent increase from AED 609.1 million in H1 2022.
Business
Boeing shares surge despite Q2 loss
The aerospace company reported a $149 million Q2 loss.
- A jump in plane deliveries boosted quarterly revenues to $19.8 billion, up 18 percent from the year-ago level and above analyst expectations.
- In the second quarter, Boeing notched a 12 percent increase in commercial plane deliveries. Shares jumped 6.2 percent to $227.45 in early trading.
Business
Proton says will analyze VPN sign-ups to identify attacks on democracy
GENEVA, SWITZERLAND - Internet privacy company Proton announced Wednesday a new VPN Observatory, tracking demand for its services to detect attacks...
- Switzerland-based Proton said its new observatory would document spikes in sign-ups to its virtual private networks.
- VPNs provide a secure, encrypted connection over the internet between a user and a server, giving users greater anonymity.