Sharjah Islamic Bank Q1 profit rises 19.4 percent
Sharjah Islamic Bank (SIB) reported a 19.4 percent rise in first-quarter net profit, supported by higher income from Islamic financing...
Business
AD Ports records $564 million 2025 net profit
The company said revenue grew 20 percent year-on-year to $5.65 billion, while net profit increased 16 percent, supported by strong...
Business
Saudi PIF secures $5 billion financing in collaboration with K-SURE
Riyadh, Saudi Arabia -- The Public Investment Fund (PIF) and Korea Trade Insurance Corporation (K-SURE) have announced the signing of...
- The collaboration stems from a memorandum of understanding signed in March 2022 between PIF and K-SURE.
- The transaction will mark PIF’s first financing covered by an export credit agency, as it continues to diversify its sources of funding.
Economy
Saudi banks see moderate improvement in margins in Q3: report
Riyadh, Saudi Arabia - Operating income of Saudi banks increased by 2.9 percent QoQ, majorly due to net-interest income (NII)...
- Top 10 lenders demonstrate resilience with a 2.9 percent quarter-on quarter (QoQ) increase in operating income, fueled by robust net interest income growth
- Moderated credit growth is anticipated in Q4’2023, underscoring a positive economic outlook, driven by non-oil sectors and sustained government spending
EasyJet rebounds into annual profit
Profit after tax stood at £324 million.
- Profit after tax stood at $409 million in the 12 months to the end of September on higher demand and increased fares, EasyJet said
- "We see a positive outlook for this year with airline and holidays bookings both ahead year on year," EasyJet chief executive said in the statement.
Business
$128 billion in US company deals during Dubai Airshow: US Ambassador
Abu Dhabi, UAE - Martina A Strong, the US Ambassador to the UAE revealed on Monday that American companies secured...
- Martina A Strong underlined the UAE's significance as a market for American companies, highlighting the presence of over 1,500 American businesses
- The companies are drawn to the UAE's strategic location, its pro-business environment, and its gateway to burgeoning regional markets, she noted
Fashion giant Shein to go public
Shein was valued at $66 billion earlier this year.
- The company was valued at $66 billion earlier this year, and a public presence by the company in the United States could make huge waves on Wall Street
- Shein recorded $23 billion in revenue and $800 million in net profit in 2022, Journal said reporting that firm has told investors it has posted new records in 2023
Market Report
Q3 corporate earnings show mixed results in GCC
While the energy and commodity sectors faced declines due to falling prices, the banking and telecom sectors demonstrated remarkable resilience,...
- While the energy and commodity sectors faced declines due to falling prices, the banking and telecom sectors demonstrated remarkable resilience, says a latest report.
- The latest comprehensive analysis by Kamco Invest delves into the intricacies of the GCC's corporate financial performance during a turbulent economic period.
Business
Al Rajhi Bank appoints Abdullah Al Rajhi as chairman
RIYADH, SAUDI ARABIA - Al Rajhi Bank said on Monday that it has appointed Abdullah bin Sulaiman Al Rajhi as...
- Al Rajhi Bank is also the world’s largest Islamic bank by assets and market capitalization.
- It said in a regulatory filing that it also named Ibrahim bin Mohammed Al Romaih as vice chairman.
Business
Tesla sues Swedish state over strike fallout
Stockholm, Sweden - Electric carmaker Tesla on Monday filed a lawsuit against the Swedish state over a strike by postal workers...
- Tesla is currently facing strikes on multiple fronts in Sweden over its refusal to sign a collective wage agreement for its mechanics
- Tesla has asked the courts to compel the Swedish Transport Agency to make sure plates for vehicles registered with the agency "come into Tesla's possession"
Business
Abu Dhabi’s EWEC opens Q4 2023 Clean Energy Certificates auction
ABU DHABI, UAE - Emirates Water and Electricity Company (EWEC) on Monday announced that it will conduct its Q4 2023...
- CECs are the only accredited instruments in the Emirate that prove the environmental and economic benefits of consuming clean energy.
- Issued in units of 1MWh, each CEC certifies that the electricity consumed by the entity originates from a clean energy source.
Business
Abu Dhabi’s financial sector surges 30% in Q2, non-oil growth 12%
Abu Dhabi, UAE -- The financial sector in the UAE has experienced a surge of 30 percent in the second...
- Non-oil sectors now constitute nearly 54 percent of the total GDP, according to Ahmed Jasim Al Zaabi, chairman ADDED.
- Non-oil foreign merchandise trade expanded by 13 percent by the end of the third quarter.
Sharjah Islamic Bank Q1 profit rises 19.4 percent
Sharjah Islamic Bank (SIB) reported a 19.4 percent rise in first-quarter net profit, supported by higher income from Islamic financing...
Business
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Business
Stock markets rise on fresh hopes for Trump’s tariff approach
Investor sentiment has been jolted in recent weeks by fears that the president's hardball policies could deal a painful blow...
- Gold held at around $3,030 an ounce (28.3 grammes), having hit a series of records last week to a peak of more than $3,057 owing to a surge in demand for safe havens.
- Asian markets fluctuated through the day, with Tokyo falling while Hong Kong and Shanghai rose.
Business
Does ‘vibe coding’ make everyone a programmer?
New York, United States -- Can a complete tech novice create a website using everyday language on ChatGPT? That's the...
- The ChatGPT and Claude interfaces can write an entire program line by line on demand, as can Gemini, which launched its dedicated version, Gemini Canvas.
- Other generative AI platforms specifically dedicated to coding have also made their mark in recent months, from Cursor to Loveable, or Bolt, Replit and Windsurf.
Business
ADNOC Gas to pay $3.41bn dividend
It includes $1.7 billion scheduled for distribution in Q2 2025.
- It reported a record adjusted net income of $5 billion, up 13 percent year-on-year, and strong EBITDA growth of 14 percent year-on-year to $8.65 billion.
- ADNOC Gas' full-year 2024 results demonstrate the success of its disciplined strategy, unveiled in November 2024, the company said.