Emirates becomes first airline cargo carrier to deploy Boeing 777-300ERSF
Dubai, UAE -- Emirates is marking a significant milestone in the expansion of its cargo fleet by becoming the first...
Business
Nasdaq Dubai lists $500 million Arab Energy Fund sukuk
Dubai, UAE -- Nasdaq Dubai has listed a $500 million sukuk issued by The Arab Energy Fund (TAEF), adding to...
Business
Business
Toyota sells record number of vehicles in 2023
It is the world's top automaker for the fourth year in a row.
- The automaker consolidated its position as the world's top-selling automaker for the fourth successive year
- Toyota said that by next year it plans to have an electrified version for every Toyota and Lexus model globally
Business
Hong Kong court orders liquidation of China’s Evergrande
Evergrande's demise has been closely watched as it was once a pillar of China's economy, with the construction and property...
- The order kickstarts a long process that should see Evergrande's offshore assets liquidated and its management replaced
- The company's executive director vowed the Hong Kong court's decision would not impact its operations domestically
Business
Bahrain and Hungary aim to boost trade, investment ties
Budapest, Hungary--Bahrain and Hungary have held discussions to boost economic and trade ties between the two countries. In this regard,...
- Chairman of Bahrain Chamber of Commerce and Industry said the Bahraini-Hungarian Business Forum aimed to boost trade, investment ties between the two countries
- According to Gabor Jenei, the CEO of Hungarian Export Promotion Agency (HEPA), Hungary's exports to Bahrain reached $15m and Bahrain's exports to Hungary at $8m
Business
Ghitha 2023 revenue at $1.2bn
Ghitha reported an operating profit of $69 million in 2023.
- Ghitha's revenue milestone indicates a significant growth rate of over 100 percent compared to 2022.
- This is due to the successful execution of strategic acquisitions and expansion across diverse categories.
Business
Toyota to suspend shipments of 10 models due to testing irregularities
Tokyo, Japan - Toyota said Monday it was suspending shipments of 10 models that use engines linked with testing irregularities at...
- The affiliate, Toyota Industries, did not conduct proper horsepower output testing for the certification of three diesel engine models, the parent group said
- Toyota Industries said in a separate statement that its workers adjusted the fuel injection amounts to make the data "better-looking"
Business
Dubai Investments buys GFP stake
GFP secures nearly $60 million in equity financing to expand its network.
- GFP aims to create the leading fertility network in the region, and one of top 10 globally, according to a statement.
- Saudi Arabia will be the focus of the investment. GFP’s facility in Riyadh is currently under construction and is due to commence operations later this year.
Business
Hamad Al Marar is EDGE CEO
EDGE has a local and global orderbook of over $5billion.
- Al Marar succeeds Mansour AlMulla, who is returning to ADQ Group following a successful two-year managerial secondment to EDGE.
- He will utilize his leadership skills and experience within the UAE’s defense industry to guide the group into the next phase of its evolution.
Business
Qatar’s foreign merchandise trade surplus $5.13 billion in Dec 2023
Doha, Qatar - Qatar's foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus...
- The trade balance showed a decrease of about QR 9.5 billion, or 33.7Â percent, compared to December 2022.
- The YoY decrease was mainly due to lower exports of Petroleum Gases and Other Gaseous Hydrocarbons.
Ryanair quarterly profit dives 93%
The carrier flies mostly throughout Europe.
- The carrier, which flies mostly throughout Europe, said net profit slumped to 14.8 million euros ($16 million) in the final three months of 2023
- Chief executive Michael O'Leary said Ryanair was narrowing its forecast for annual net profit to a range of 1.85 billion and 1.95 billion euros
Business
DAE, Turkish Airlines ink pact
Turkish Airlines will take on lease 10 Boeing 737-8 aircraft.
- The aircraft are scheduled to be delivered in 2025.
- DAE owns and manages 96 737 MAX family aircraft.
Emirates becomes first airline cargo carrier to deploy Boeing 777-300ERSF
Dubai, UAE -- Emirates is marking a significant milestone in the expansion of its cargo fleet by becoming the first...
Business
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DP World mobilizes $1 billion in working capital to boost trade flow
Dubai, UAE — DP World Trade Finance has mobilized more than US$1 billion in working capital to support businesses across...
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Dubai real estate transactions exceed $117.34 billion in first half of 2025
The number of new investors in the market reached 59,075, with investments totaling $42.74 billion, a 22 percent increase in...
- According to data issued by the Dubai Land Department, the number of real estate transactions reached 125,538, up from 99,947 during the same period in 2024, an increase of 26%.
- Women played a pivotal role in driving market activity, investing AED73.2 billion during this period with 34,792 transactions made by 30,487 female investors.
Business
UAB net profit up by 50% for H1
Total assets increase by 11 percent.
- Total income rose by 24 percent YoY to AED 374 million.
- The increase in net profit reflects significant growth in total assets—up 11 percent from December 2024—and the Bank’s disciplined approach to risk management.
Business
Ajman’s real estate sector deals up 37% in H1 to hit $3.37bn
Ajman, UAE -- The real estate sector in the Emirate of Ajman recorded real estate transactions worth AED 12.4 billion...
- Sheikh Abdulaziz bin Humaid Al Nuaimi, Chairman of the Department of Land and Real Estate Regulation in Ajman, stated the sector plays a pivotal role in the emirate's growth.
- He said the H1 results indicated a rising demand for properties and confirm the emirate’s attractiveness to investors and its strong competitive edge.