Middle East to receive millions of Chinese tourists lost in Covid pandemic
Dubai, UAE-- Outbound travel from China is estimated to almost double this year, compared with 2023 and will only be...
Business
Olympics tech firm Atos posts huge loss
The company posted a net loss of US$3.7 billion for 2023.
Business
Economy
New industrial licenses surge 17% in first year after Abu Dhabi Industrial Strategy launch
The number of new industrial Rowad permits issued in Abu Dhabi increased from 204 to 238 from July 2022 to...
- $15.36 billion in capital investments made by manufacturing facilities moved to the in-production phase over the year
- The number of operational manufacturers in the emirate now stands at 966, up from 922 manufacturers at the end of H1 2022
Business
Jordan exhorts ‘companies, institutions’ to switch to renewable energy
Amman, Jordan--Jordan is urging "companies and institutions" to switch to renewable and sustainable energy to reduce operating costs.In this regard,...
- The kingdom's energy minister said that opportunities exist for cooperation to cut energy consumption across various sectors
- The minister noted that in order to keep pace with the global energy transiton the kingdom must benefit from the experiences of various countries
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Five skills workers require in real estate
Saudi Arabia’s real estate sector is evolving with new regulations, creating fresh job opportunities. The latest initiatives seek to enhance...
- Saudi Real Estate General Authority introduces 12 new roles, including positions like real estate broker, advertiser, and property manager
- The initiatives are aimed at boosting the real estate sector's contribution to the Kingdom's GDP, enhancing the role of non-oil sectors
Business
Bahrain Central Bank’s Sukuk Al Salam oversubscribed 319%
Manama, Bahrain - The Central Bank of Bahrain (CBB) has said its monthly issue of the Sukuk Al-Salam Islamic securities...
- Subscriptions worth BD 137.151 million ($364m) were received for the BD 43 million ($114m) issue, which carries a maturity of 91 days.
- Expected return on the issue, which begins on August 16 and matures on November 15, is 6.25 percent, compared to 6.10 percent of the previous issue.
Business
Yalla Group H1 revenue $152m
The Group posted revenues of $79 million in the second quarter.
- The revenue grew by 2.9% compared to the first half of last year, while the net income in H1 2023 was recorded at AED176.9 million ($48.2m)
- Yalla displayed strong performance in the second quarter of the year where it posted revenues of AED291 million (around $79.2 million)
Business
KIB posts $19.5m net profit
The bank's total operating income reached approximately $115 million.
- The bank's total operating income reached approximately $115 million, a 14% increase compared to the first six months of 2022
- Its investment securities portfolio, focused on high-quality Sukuk, reached $1 billion, a 4% increase from the same period last year
Business
DP World boosts global supply chain resilience with major capacity expansion
DUBAI -- DP World expects to add approximately 3 million Twenty-Foot Equivalent Units (TEUs) of new container handling capacity by...
- DP World plans to add approximately 3 million TEUs of new container handling capacity by the end of the year
- The firm currently manages about 9% of the world’s handling capacity, ranking among the top five global port operators
Business
APIC H1 net profit down 39%
Total revenues grew by 7.2% YoY to $590 million.
- Net profits attributed to APIC shareholders in the first half of 2023 reached $11.08 million.
- Total assets increased by 8.74 percent compared to 2022's closing and reached $756 million.
Business
Dubai Chamber of Commerce achieves 46.7% success rate in mediation cases
DUBAI -- The Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers, has revealed that it...
- The combined value of mediation cases received during H1 2023 reached US$11.5 million, with US$5.7 million resolved
- Mediation offers advantages such as flexibility, speed, efficiency, and confidentiality, saving time, effort, and money
Business
Mawani adds 20 cargo services to Saudi Arabia’s ports in H1
Riyadh, Saudi Arabia -- The Saudi Ports Authority (Mawani) has added 20 cargo services to the ports of Jeddah, Dammam,...
- Transshipments gained 12.19 percent over the prior year’s volume of 1,391,221 TEUs to reach 1,560,790 TEUs in H1 2023.
- A total of 5,918 vessels called at Mawani’s ports during this year’s first half, up 10.68 percent year-on-year from 5,347 ships.
Middle East to receive millions of Chinese tourists lost in Covid pandemic
Dubai, UAE-- Outbound travel from China is estimated to almost double this year, compared with 2023 and will only be...
Business
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Alba sets new production record
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Penguin, SkyBlue ink MoU
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Abu Dhabi Islamic Bank adopts AI
Business
Telefonica to cut 3,421 jobs
Business
Deals worth $26.66 billion signed at Real Estate Future Forum 2024
Riyadh, Saudi Arabia -- Deals worth more than $26 billion were signed at the Real Estate Future Forum 2024, which...
Business
US approves inspection program to return Boeing 737 MAX to service
The FAA announcement is a major step after the agency grounded 171 MAX 9 planes after the January 5 incident...
Business
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Business
Nokia sees ‘challenging’ 2024
Last year, the company reported a profit of $739 million.
- Nokia and its Swedish rival Ericsson have launched cost-cutting programmes as their customers have reduced spending amid a slowing global economy.
- Nokia said last year it could cut its workforce by up to 14,000 people, reducing costs by up to 1.2 billion euros by 2026
Business
Emirates Islamic profit rises 71%
The Bank’s total income reached AED 1.2 billion ($326.69 million)
- The growth can be attributed to the upward trajectory of both funded and non-funded income, indicating enhanced business sentiment
- The Bank’s total income reached AED 1.2 billion ($326.69 million) in the fourth quarter of 2023, marking a noteworthy 24% year-on-year growth
Business
SK Hynix posts US$259.4m profit
The chip maker said the profit was boosted by strong sales.
- The company said it returned to profit after four consecutive quarters of losses driven by demand for chips used in AI
- The chip maker posted a quarterly profit in Q3 of 2022, after which it was hammered by an industry-wide downturn