Oil may rise to $100, gold to hit $3,000 by 2025, says Citi
ABU DHABI, UAE - Oil prices could rise to $100 per barrel and gold prices could reach $3,000 per ounce...
Economy
Business
Sky Abu Dhabi to invest around $1bn in Egypt in two years
Sky Abu Dhabi Development will invest nearly a billion dollars in Egypt during the next two years in the North...
- Sky, a subsidiary of United Arab Emirates-based Diamond Group, set up in Egypt in February 2021 and launched its first project in March
- Sky's project in the new capital comprises 1,000 housing units and 15,000 square meters of commercial and office space
Qatar pulls up 106 firms for violating summer work hours
The action has been taken under a new law that prohibits laborers from working outside between 10 am and 3:30...
- Qatar’s labor ministry said the 106 companies it pulled up were caught during an intensive inspection campaign
- The ministry said the violating companies are chiefly from the contracting sector: building maintenance, to be specific
Business
Dana Gas reports $139m net profit in H1
Dana Gas, the UAE-based energy producer, is out of woods with a big rise in its net profit to $139...
- The first half is one of the strongest financial periods for the gas company
- The firm reported a net profit of $139 million for the January to June period, compared to a loss of $19 million a year earlier
Business
Etihad Cargo’s tonnage up 20 percent on pre-Covid volumes
The cargo and logistics arm of Abu Dhabi’s Etihad Aviation Group said it is looking to facilitate a global trade...
- The airline has reclaimed 90 percent of its pre-Covid destinations.
- It currently services 72 network destinations across the Middle East, Asia, Europe, Africa, and the Americas.
Business
Palm Jumeirah beckons rich with its luxury
Dubai’s Palm Jumeirah has seen its sales and prices touch newer levels during the last few years, spurred by strong...
- More than half of multi-million dollar homes sold in Dubai in H1 are Palm properties
- The average transacted prices for residential units on the man-made island stood at 2,100 dirhams ($571) per square foot in the second quarter of 2021
Investigation
UAE firms face multiple cyber attacks in a day
Cyber criminals have targeted an organization in UAE 295 times per week on an average in the last six months....
- The most impacted industry is the finance and banking sector with 407 weekly attacks per organization, says a report.
- Most organizations had at least one employee download a malicious mobile application, which threatens their networks and data.
Business
Dubai Airports expects robust growth for DXB in H2
DXB is currently serving 68 percent of the destinations in 94 percent of the countries on 70 percent of the...
- Dubai Expo 2020 and Dubai Airshow 2021 may increase passenger numbers in months ahead, says CEO.
- India DXB’s top destination country by traffic volume in H1 with passenger numbers exceeding 1.9 million.
Business
TAQA’s net income shoots up 42 percent to $790m in first half
TAQA, the Abu-Dhabi government’s energy holding company, has reported a 42 percent jump in its net income for HI 2021...
- Company says revenues up 11 percent year-on-year due to higher oil and gas commodity prices
- The company recorded revenues of AED 22 billion, 11 percent up on the previous year, due to higher commodity prices in the oil and gas segment
Business
Saudi banks net profit up to $2.94bn in Q2
In a sign of economic rebound in Saudi Arabia, banks in the kingdom are reporting better than expected financial results...
- In the second quarter of 2021, Saudi banks reported a net profit of $2.94 billion
- The Saudi British Bank (SABB) saw the highest growth among nine Saudi banks that reported a rise in their quarterly incomes
Economy
Saudi Arabia issues record 478 licenses in first quarter
Following a 2018 reform in the Kingdom that allowed for a first time the 100 percent foreign ownership of companies,...
- In none of the quarters since 2005 has such a number of licenses been issued, according to Saudi investment ministry.
- Manufacturing sector accounted for the bulk (114) of new licenses issued followed by e-commerce and construction (78 each).
Oil may rise to $100, gold to hit $3,000 by 2025, says Citi
ABU DHABI, UAE - Oil prices could rise to $100 per barrel and gold prices could reach $3,000 per ounce...
Economy
Company News
Maqta Gateway buys TTEK
Business
Latest News
Stc to buy assets in Europe
Business
Eurozone witnesses steepest downturn in eight months in July
The painful PMI data comes as the European Central Bank is eyeing a further rate hike this week in its...
Economy
PSG allows Al Hilal to contact Mbappe over $333 million deal
Osaka, Japan - Paris Saint-Germain have given Saudi club Al Hilal permission to speak to Kylian Mbappe after tabling a world...
Business
DIFC Courts posts staggering 692% rise in value of first-half claims
Dubai, UAE -- Dubai's position as the leading hub for international dispute resolution has been further strengthened as the Dubai...
Business
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Business
Bank Albilad H1 profit up 14%
The H1 profit reached SAR 1.14bn ($303m) and Q2 profit SAR 585.9m.
- Albilad said net income has increased in the first half due to the increase in total operating income by 4 percent.
- The Q2 2023 net profit rose by 15 percent to SAR 585.9 million from SAR 510.98 million in Q2 2022.
Business
Binance US has been involved in wash trading activities, say reports
The Wall Street Journal (WSJ) reported that CZ confirmed that $70,000 worth of Bitcoin, traded on Binance US's launch day,...
- Among the claims, the lawsuit alleges that Binance utilized Sigma Chain, a company under CZ's ownership, to manipulate trading volume.
- Binance says it will list on Worldcoin, a digital currency linked to an identity project co-founded by AI programmer and entrepreneur Sam Altman.
Business
Burjeel to operate Al Dhannah Hospital
Al Dhannah Hospital in Al Dhafra region is owned by ADNOC.
- The contract is aimed to enhance the quality and accessibility of healthcare services to ADNOC employees, their families, and the community in Al Dhafra region.
- Al Dhannah has the capacity of 122 beds, accredited by the Joint Commission International (JCI) offering multi-specialty services.