MENA print media revenues fell 30% from 2018 to 2022: survey
The report stresses the urgent need for MENA news organizations to overhaul business models, adopt digital strategies, and diversify content...
Saudi tech firm Alat to ally with Softbank, Carrier Corp, Tahakoum, Dahua Tech
Riyadh, Saudi Arabia - Alat Company, a subsidiary of the Saudi Public Investment Fund (PIF), has announced four global partnerships...
Business
Business
Saudi anti-concealment law violators get grace period
The period has been extended from August 23, 2021, to February 16, 2022, with violators looking at fines of around...
- The Saudi Ministry of Commerce has already given a six-month grace period once to violators of the anti-concealment law
- Several enterprises, whose annual revenues exceeded SR6 billion ($1.6 billion), benefited from this
Business
Egypt’s exports vault 22 percent to $17.70bn
 Egypt’s non-oil exports leaped up by 22 percent during the first seven months of 2021, posting $17.70 billion as compared...
- In July 2021, Egyptian non-petroleum exports rose by 4% to $2.95 billion, from $2.21 billion in July 2020
- The non-petroleum imports increased slightly by 11% to $42.39 billion during the seven-month period ended July 31st, 2021
L’Oréal ME sales up 750% since 2018
The growth was driven by a partnership with CNNB Solutions.
- L’Oréal Middle East entered into a D2C e-commerce and e-distribution partnership with Dubai-headquartered CNNB Solutions
- CNNB developed a set of services, which include a model where it Solutions buys inventory from L’Oréal ME
Business
Dubai’s Alcazar bought out for $500m by China
Dubai’s Alcazar Energy Partners, a wind and solar developer, has been bought out by the state-owned Chinese company Three Gorges...
- AEP is a leading independent developer and power producer, headquartered in the Dubai International Financial Centre
- AEP's investors include Mubadala Infrastructure Partners, BluStone Management and DASH Ventures, IFC, a member of the World Bank Group, and IFC’s Catalyst Funds
Business
Majid Al Futtaim’s H1 revenue dips 10 percent
Majid Al Futtaim, a shopping mall operator in the Middle East, has reported a drop in revenues for the first...
- Mall operator maintains its H1 2021 performance remained robust
- Revenues for the period reached 15.6 billion UAE dirhams ($4.2 billion), down by 10 percent from a year earlier
Business
UAE hotel occupancy leaps up as tourists return
In a sign of normalcy returning, hotels across the United Arab Emirates (UAE) have reported a significant rise in occupancy...
- From January to June, overall occupancy climbed to 62 percent compared to 53.6 percent during the same period in 2020
- International, domestic tourism boost occupancy levels
Business
$24bn deals signed at Fifth China-Arab States Expo
Eight Chinese provinces and cities, including Beijing, Tianjin, Zhejiang, Henan, and Guangdong, have signed 12 investment projects with Arab countries...
- A total of 287 deals worth about $28.56 billion were signed at the Fourth China-Arab States Expo.
- More than 1,000 domestic and overseas enterprises have registered as exhibitors this year.
Business
Saudi defense sector opens up for investment
Saudi Arabia has opened up its defense sector for local and international companies to invest in, and in this direction...
- GAMI launched digital marketplace platform offering investors easy access to local suppliers
- Saudi Arabia’s General Authority for Military Industries GAMI has identified 74 investment opportunities, across six domains of the military industries sector
Business
Aldar launches Yas Acres Magnolias
The community consists of 312 properties available for purchase from September 4.
- The gated community consists of 312 villas and townhouses available for purchase from Sept. 4.
- Each unit has fixtures that reduce water and energy consumption, the company said.
Business
Court to help UAE combat financial crimes established
DUBAI: A court has been set up in the United Arab Emirates with a focus on combating money laundering, Dubai...
- UAE had earlier established the Executive Office of the Anti-Money Laundering & Countering the Financing of Terrorism.
- The new court will reinforce UAE’s compliance with international anti-money laundering and law-enforcement standards, says Judge Dr. Abdullah Al Shamsi.
MENA print media revenues fell 30% from 2018 to 2022: survey
The report stresses the urgent need for MENA news organizations to overhaul business models, adopt digital strategies, and diversify content...
Company News
Dana Gas approves cash dividend
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Gulf bank Q1 net profit $56.50m
Business
NBF Q1 net profit up 151 percent
Business
Kuwait records its first fiscal surplus in nine years on oil prices surge
The Gulf emirate, whose revenues rely heavily on hydrocarbons, closed its fiscal balance with a surplus of $21 billion, the ministry...
Economy
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...
Business
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Business
DIB H1 2023 net profit $844m Â
Profit driven by core revenues, effective cost management.
- Gross new underwriting and sukuk investments during H1 2023 reached US$12 billion compared to US$8.9 billion in H1 2022.
- Total income reached to US$2.5 billion compared to US$1.6 billion, a solid expansion of 49 percent year on year.
Business
Nissan Q1 net profit $750m
Results due to better sales in Japan, North America.
- Sales rose 37 percent to US$20.6 billion, even as tougher competition and a sluggish post-Covid recovery hurt its performance in China.
- The auto giant raised its annual net profit forecast to US$2.4 billion from its previous estimate of US$2.2 billion, boosted in part by cost-cutting.
Business
RAKBANK H1 profit $245m
This is the bank's highest-ever half-yearly profit.
- Net profit for the second quarter was AED 450.5 million, up 46.6 percent compared to Q2 2022.
- Net interest income and income from Islamic products net of distribution to depositors was AED 1.6 billion.